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House Price Crash Forum

frugalboy

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About frugalboy

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  1. The answer then is to never let it get to the stage where the 1% (more like 0.01%) control everything, because like you say, human nature takes over - there has to be a way to get to a middle ground between communism and the kleptocracy that we have today. When the super rich hoard everything and would rather gold-plate the swimming pool on their mega yacht than pay more (any?) taxes to help the masses, what do you think the masses are going to do? The problem is that they'll end up attacking the wrong people because it's easier to seize the wealth of people who are simply "well off" than go
  2. We're not letting the 1% off the hook - the banksters are evil and deserve to lose everything (and more) but the behavior of the banks/govts isn't responsible for the inevitable gradual decline of the West - they're just speeding it up!
  3. I agree with the overall theme but it's hard to tell if the banking/mortgage crisis in particular was caused by this. The West has had 500 or so years of global domination based primarily on two things: (1) plundering other countries' resources and (2) being the source of most of humanity's scientific innovation and thus wealth creation. Humans have now evolved to the point that colonialism is no longer acceptable so there goes (1). And communications/technology has made it very difficult to safeguard intellectual property so that even if the West keeps on inventing all the great stuff that t
  4. You probably shouldn't be lumping in Trinidad & Tobago with the other islands when discussing the effect of dwindling tourism on their economies. Trinidad has lots of oil (and subsidises Tobago's full-of-potential-yet-woefully-underdeveloped tourism industry) and has never had to "**** kiss" tourists to make a living. It has,I agree, been run by a few "mini-Mugabe's" (very sad how it has squandered its oil wealth), has a dreadful police force and is indeed run by drug barons, but I just thought I should point out that its future is not really affected by whether or not wealthy Brits decide
  5. Over here in the US, apart from celebrity drivel, the 24 hr cable news channels are obsessed with the day-to-day point scoring between the two main parties. I'm a news junkie and I would have gone mad by now without the internet. You only get international news when something massive hapens (eg Egypt). Jon Stewart routinely mocks CNN for only devoting a few mintues at a time, maybe once an hour, to actual important news, often cutting away saying "thanks for that report, that's all the time we have". You have 24 hours!! And correspondents all around the globe! I think this is only in the US th
  6. The fact that we've had (still have?) a credit crunch and now have a bankrupt gov't should mean that the days of easy credit and a comfortable safety net are over, so the ability to play the system should have been a one off and is now off the table. I said "should".....With these twilight zone economists and politicians we have running things who knows how much longer the games will continue.
  7. Well said....To be a bit fairer to Denninger though, he has been on a few MSM news shows (if only for a few minutes at a time which is hardly enough for him to really explain the issues) and is quoted on some of the more popular blogs. He can be a bit too libertarian for my tastes though - he's obsessed with any attempts to control gun use and he actually supports doing away with drivers licences (except for commercial transport). Imagine the Wild West world we'd be living in if people like him had their way. Back to your point about nobody else really caring, I was at a dinner a few months a
  8. So you think we should all just not bother saving then? This absolutist doom and gloom argument always annoys me (and I'm as pessimistic as they come!) However bleak the future, life is always relative - people with something will have a better life than people with nothing, even if that life is a lot worse than they were expecting. If having saved means I get to eat 3 times a day and the person with no savings only gets to eat twice a day, then those savings will have been worth it. A world where having saved for the future yields absolutely nothing is not very realistic and the downside risk
  9. There has to be a better way....at least aim for a limo carrying a bankster....
  10. A defined contribution (money purchase) scheme can't, by definition, be insolvent so how would the gov't go about confiscating it other than outright theft? (I can see how they'd confiscate defined benefit schemes - "It relies on the PPF in the end anyway, so we're just going to put it into the PPF now and let us figure out how to divide it up"). Maybe they'd use some windfall tax to take the DC money - I suppose they could say it was free of tax on the way in so now we want the tax back and btw, things are so bad that tax is now going to be 90% (they wouldn't dare take everything would they?)
  11. Shocking yes, but not quite as bad (on a per capita or % of GDP basis) as the US if these numbers are to be believed http://www.usdebtclock.org/ Which makes me wonder why the pundits sometimes give the UK even less of a hope than the US. What am I missing (apart from the small island/no natural resources thing)? Non-gov't debt?
  12. That is some clusterf*ck! The way these things work though, I'm sure that Britain, France and Germany also owe those 5 countries several bn so you'd need to know the net exposure before declaring victory.
  13. OK, brain fart from me - didn't really register the emphasis on staff shortages in your excerpt (despite the fact that you highlighted it!). Still, if budget caps force authorities to prioritise duties away from drug sniffing and towards enforcement of immigration laws then I'm not too worked up.
  14. But if these are frothy non-jobs in the first place then there'll be no need to rehire in the future? Also, surely any future hires will be on lower pay/benefits so there must be some level of long term savings. I'd still prefer to see some legal way of undoing these ridiculously generous redundancy packages and forcing the non-jobs off the rolls now. It's cheaper to pay someone benefits than to keep them in a job that serves no real purpose.
  15. And this is relevant to the economy/house prices how? Anyway, to me it's not a big deal....the drug war cannot be won and fighting it is a huge waste of time and money.
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