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Everything posted by needsleep

  1. Of course it is. It's doomed to remain at best a limited niche currency and if it grows too big it will be killed by government. Stupid on so many levels unless you are looking for a short-medium term punt and get in early enough.
  2. There is clearly money to be made if it is a bubble
  3. My first post on this thread I said that the reactor building blowing up throwing debris several hundred metres into the air was clearly not good. It clearly wasn't was it. A little knowledge can be a dangerous thing sometimes, IMO.
  4. Isn't John Gummer supposed to turn up for those kind of sessions.
  5. FFS, the whole basis of these things is that they have some equivalent value in our broken fiat currencies and that people expect to trade them in return for fiat. No intrinsic value. All based on confidence. Utter stupidity. Again.
  6. Too simplistic a view again. You may have failed to notice that since the crash there has been no regulation put in place to cope with global trading in the newer, more exotic financial products within the shadow banking sector. And that is because nobody has any idea how to regulate a global trade between organisations that behave almost like banks but aren't actually banks (i.e. not subject to regs about reserves etc...). Certainly, the LibsCons have done nothing and have no solid plans to do anything other than passing the buck to the BoE which itself has an awful regulatory track record - people forget why they had the powers taken away to begin with (Barings, BCCI etc...) Incidentally, I have a friend who works for a company that does high frequency trading and their company view is that TOO MUCH regulation caused the crisis, that the complexity of the products was a result of innovative side-stepping of the regulations that were in place. I don't agree with him but if he's right then it might not have mattered what regulation was in place - we would have ended up with some other flavour of highly leveraged, high risk financial instruments created and traded complete outside regulatory control.
  7. These are the best comedy threads on HPC. Somebody moans about Labour and then the thread is flooded with ranters seeking to reinforce and validate their hatred. Before long somebody will be moaning about having to pay taxes, or moaning about benefit scroungers, or about how all the problems we have now suddenly appeared in the last 13 years or so, or the state is too big, or longing for austerity. And then more people will post to agree. Then everybody will feel all nice and better, because they hate someone and somebody else agrees with them. In a strange way it's almost like a kind of a religion. Shame it adds very little to the debate. Can anybody not see the importance and significance of the opposition (no matter how they fecked it up in the past) actually taking the government to task about house prices? Or would people rather they said nothing
  8. The system was set up to fail before that anyway. Like I said 80 years is for starters. fiat money is a one way bet, a system where money is invented out of nowhere in a seemingly never ending merry go round of increasing debt and leverage. Labour did not introduce fiat money to the UK in 1997. Neither did Thatcher in 1979. It was already there. Although it is nice to blame Maggie for some things.
  9. Time for a new Avatar, using my favourite picture of Christine.
  10. I think enough people like him should go bankrupt if it brings an end to this rotten system.
  11. The punishment is not too severe. It's ultimately for his own good. And if it happens on a grand enough scale it's for the good of everybody else too. The system has to be allowed to crash - it's what it is ultimately designed to do.
  12. Far too simple a view. We have financial organisations that don't work in that way, some of them massive. For example, the Nationwide has £250bn assets and the highest paid staff (the board) probably get paid less than a lot of very, very average staff at JPM and GS.
  13. Not quite. A company could devise a way of making products out of sub-standard components, sell them at huge profit for a short time but end up badly damaging their customers. No rational company would do this if it wanted to operate long term. No company would expect to be bailed out for that mistake. But banks do.
  14. You completely misunderstand and, I think, also betray your personal limitations. When I say ethical I don't mean the touchy-feely enviro boolocks. I men business ethics, how day to day business is conducted.
  15. Such a lazy argument. No doubt you'll be telling us next you support the idea of a small state.....tsk. The idea that the state can regulate every facet of an organisation's operation is nonsense. Banks have to behave ethically and have their own internal regulation. Every company has to do that really. My company has a whole raft of internal policy to cover business ethics, financial reporting etc... There are many things that my company could do that while not being illegal are not ethical and we could gain business advantage by doing them. Banks are no different. There has to be an element of self-control within a company - are you trying to tell us that financial organisations are incapable of that element of self-control?
  16. At the very least people should have been spending any surplus income because of low mortgage IRs on paying off debts.
  17. Haha, know where you are coming from but I think things have already gone too far now. We're not very far away from the spats dominating the media and a strong perception the disagreements are getting in the way of governing. Give it a few more months and one very unhappy summer in this country. If they try and cling to power when the public don't want them it would be ill-advised. The lesson is there, still very fresh - Gordon Brown.
  18. Read it a couple of times and I think it's even more than that. It's a great critique of everything that has gone sour with the UK economy over the last 30 years or so. He's gunning for Labour and he's gunning for the Tories, both of which have a terrible record with managing the economy since the 70s. The LibDems have to not only detach from the Tories they have to be careful not to lurch too far to the left so they have to differentiate themselves from Labour as well and reclaim their previous ground between the two parties. I sense an election in the not too distant future. The Tories do as well, hence the systematic destruction of Huhne in the media. In terms of electoral credibility they have the LibDems just where they want them now and aim to keep them there. A Clegg-led LibDem electoral campaign would be suicidal and Huhne is (well was) one of the few creditable LibDem politicians capable of leading a campaign.
  19. Say what sister? Are you sure about that? I would agree with you if you's said the vast majority were ok. They are. But a small minority have spent the last 30 years developing massively leveraged high risk products that are managed and traded outside the mainstream banking sector, and have done this in a globalised environment that is near impossible to regulate.
  20. It's the system that is wrong not them. Legally maximising benefit revenue is no different than legally minimising tax paid (i.e. tax avoidance). Both are a drain on the state. Both morally questionable.
  21. Are you loco? Posting that on here! Don't you know HPCers will be mentally burning you at the stake.
  22. A couple of things: 1. Moving to a place where nobody else wants to live is a seriously bizarre way to bring your spending impulses under control. 2. Most people in the countryside don't live the good life. Sure it's nice to learn the skills and a bit of land in case you need it but add up all the time and effort and yo're paying yourself £1 an hour to grow veg. It is more cost effective to have a proper job. But jobs in those areas are hard to get. And if you do get one you don't have time to spend on the smallholding growing the veg. 3. Point 2 is why nobody wants to live in those places. They are economic dead ends.
  23. There are huge profits to be made and maybe they are already being made. Was out for a meal tonight with some well placed people in the NHS and heard some very disturbing things about current practices in the medical profession, particularly about consultants that work in both the NHS and private sector. If true it is hard to believe. I'm looking to find out more.
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