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House Price Crash Forum


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Everything posted by Biggus

  1. Obama planned to repay the US debt held by the Fed by minting a few trillion dollar coins. https://hangthebankers.com/obama-to-pay-us-debt-with-trillion-dollar-coins/ The Fed threw a tantrum. It wouldn't be fair. Paying off the paper cash they printed with coins minted by congress would be immoral. It must be paid with real goods and services created by the hard work of the population!
  2. It's more a question of how much the government should spend. The budget in 1999 / 2000 seemed reasonable at £338,578 bln. Perhaps a little too high, as there was not a surplus in 1999. The Bank of England tells us that adjusted for CPI that equates to £600,048 bln in 2020. But the state consumed 842 billion in 2019 -20. My view is that the state should copy the budget for 1999 and throw out their current 'budget'. Then we might find that tax increases are not needed.
  3. 'Tonight: A deep freeze sends Texas electricity prices soaring 10,000%' https://edition.cnn.com/2021/02/16/business/nightcap-texas-energy-mcdonalds-citibank/index.html Also rolling blackouts across Texas and other parts of USA. Oil production in Texas brought to a halt and prices being driven up. Posted in wrong place. Sorry!
  4. I'm hearing people comment more and more on rising prices. There are comments on a few forums complaining about, for example, supermarket price increases. Government proclomations that inflation is at 0.5% or whatever are just feeding into a general distrust of the state. Inflation is the price we pay for the economy being shutdown. People produced nothing and were paid in printed money. If this becomes a spiral of rising prices and government printing ever larger amounts to pay for their extravegant spending, leading to even higher prices we could be in trouble. There's no appitite for making tough choices and balancing the budget and inflation in everyday consumer goods seems to be taking off.
  5. People in the UK already pay too much tax. The job of the chancellor should not be to soak the public to pay for an oversized state. Instead the amount collected in revenue ought to be spent carefully on priorities, using what's known as a 'budget'. That means making tough choices and cutting spending when needed. Last year the government caused the economy to contract by shutting large parts of it down. So this year they should spend less money as their revenue falls. In my opinion the first step should be the appointment of a chancellor that understands the meaning of English words. Take this comical sttement, for example. 'Since the start of the pandemic we've invested over £280 billion to protect jobs and livelihoods across the UK and support our economy and public services. "This has clearly been the fiscally responsible thing to do' https://www.express.co.uk/news/uk/1388359/Budget-2021-when-is-the-budget-2021-uk-evg The word invest does not mean the same thing as spend. Spending two hundred and eighty thousand million pounds paying people to do nothing for a year is not an investment. It is spending. Also fiscal responsibility does not mean chucking piles of cash around like a crazed chimpanzee. Rather it means spending as small amount as possible on priorities.
  6. The BOE has printed 450 billion pounds over the past year. I think that's between fifteen and twenty percent of all economic activity.
  7. Good builder, Pemissons. Great quality work. https://www.mirror.co.uk/news/weird-news/labourer-slates-laughable-brickwork-new-23379058
  8. Median income in 2020 was about 5% lower than it was in 2008 when adjusted for CPI. No idea how much worse off we would be using an accurate measure of inflation. https://commonslibrary.parliament.uk/research-briefings/cbp-8456/
  9. Council tax went up 4% last year and 5% this year while CPI is less than 1%. I bet the councils are really feeling the pain. I can hear them now. 'Ouch! Ouch! These massive revenue increases are really painful!' I'll bet other tax increases soon follow. Probably sqeezing the people who worked through the year long holiday hardest. I'm not sure how the government will be able to stand it.
  10. Interesting discussion. An internet news search for grocery price inflation tells me prices are falling in supermarkets! What are we to believe, our own experience or official statistics? I think I'll go with the experience of mums and housewives. 'There is little sign of a post-Brexit inflation spike as supermarket appear to have avoided passing on any extra costs incurred importing goods into the UK so far this year. The Grocer Price Index, which tracks more than 61,000 individual SKUs collated by Edge by Ascential, found overall supermarket prices were marginally cheaper in January than they were a year ago. The overall GPI, which includes the big four, saw average prices fall 0.1% across January. It marked a reduction from the 0.4% inflation seen in December, though November had recorded deflation of 0.8%. Three of the big four were in annual price deflation during the month, with Asda prices were down 0.3%, while Sainsbury’s and Morrisons were just below flat. Tesco was the only grocer to record annual inflation, but this was only 0.04% and marked a sharp downturn on the 1.5% inflation it recorded in December.' https://www.thegrocer.co.uk/economy/shelf-prices-fall-as-supermarkets-brush-off-import-cost-concerns/652906.article
  11. Poll tax is supposed to be going up 5% this year too. Ten times CPI.
  12. Heh. Maybe it's on OTT claim. But hear me out. They are an unelected, unaccountacle to the public central planning committee. They set prices, such as the price of government bonds, stocks and housing. They provide the state with unlimited rescources by printing money to buy government bonds. They support huge massive government spendind or 'stimulus'. They set the levels of investment and debt, currently trying to grow the economy by preventing all investment and trying to get everyone to buy a new telly fromRumelows on a credit card. The is market prevented from fucntioning by BOE money printing and cheap credit. How do you describe an economic system that is rigged by a small group of unelected planners? What is the word for it?
  13. The problem is that there is no way to remove the communists at the BOE. They are never held to account. Pretty sure any competent no Marxist economist would rip them to pieces if given a chance to question them. How is it possible that they still think reducing investment and increasing debt is the solution to any and every economic malaise? This is in the face of them completely trashing the economy over a couple of decades. They are mental but there is no way to get rid of them. No way to vote them out. No political party wants to see them replaced. The economy is their own person plaything. Sack the lot fo them. Get rid of the BOE completely. Give the Royal mint control over the money supply and tell them to keep it constant. Job done.
  14. What you say is true. Right now we are not experiencing hyperinflation. We are, however, seeing the price of some assets being bid up by printed money. A fever of speculation has been created. At the same time it is clear that markets are being rigged for the benefit of a few.
  15. The same happened in the French hyperinflation. https://www.gutenberg.org/files/6949/6949-h/6949-h.htm
  16. WSB was always a gambling site. You would get a few people trying to use market data to pick stocks and failing spectacularly, and people who just bought random garbage making a fortune. It was great fun. I don't see buying slv or any other silver stock creating a short squeeze. They'll sell you as much paper silver you might want, not problems at all. Maybe if people took delivery there could be a problem. But remember what happened to the Hunts. Gold ownership was banned, so they tried to beat the Fed's destructive policies by buying silver. There banks were squeezed so buying silver was banned and only selling allowed. This was painted as the Hunts trying to corner the silver market and being stopped by the good guys.
  17. The NHS tell us that if they put you into a coma you have about a fifty percent chance of kicking the bucket. And they seem to love putting people into an induced coma. https://www.theguardian.com/world/2021/jan/31/im-an-nhs-consultant-anaesthetist-i-see-the-terror-in-my-covid-patients-eyes?CMP=Share_AndroidApp_Other Maybe it's necessary. But life and death is a cointoss on a ventilator. When I had Corona I figued there's not much anyone could do so I may as well stay home and watch cartoons. Only if I was on death's door would I have allowed myself to be put into a coma.
  18. The whole system is rigged. Against ordinary people. We are at the point where people are willing to lose money just so long as it makes the rich lose too. Summed up in a conversation I found elsewhere '>"What's your endgame here?" To make billionaires become millionaires. ****** you. I was aiming to make them hundred-aires who have to live paycheck to paycheck like the rest of us. My goal is to see them have to get by with a 2009 Dodge Caliber with a leaky head gasket and squeaky brakes that they need to rely on to get to their warehouse job at 3am everyday. My goal is for them to have to decide if they want their kids to get braces or to keep up with the rent. My goal is to see them live like the rest of us, to eat some humble pie, to smack that smug, self-satisfied look off their faces and get them to admit that they were never smarter or better than the rest of us, they were just richer for a time before we took it back from them.' One of the problems is that the estblishment now believe their own lies. To 'help the poor' they will print money, lower interest rates, bail out banks and big corporations and increase government spending. Then they'll wonder why the poor are poorer and angrier and the rich are even more stupendously wealthy.
  19. It would be easier and less expensive to simply pass a law fixing the prices of stocks. That way they need never crash ever again.
  20. They are not really economists. The article is about the IMF's managing director, Kristalina Georgieva's comments. She is a politician, not an economist. Sure she has a Phd in economics. But it's from the Karl Marx Institute of economics. For me that qualification indicates political alignment. Anyone who believes the government can spend a nation to prosperity is not really an economist. Same applies to those who think an accounting trick is a good substitute for actual production. It's unfortunate that these people are taken seriously.
  21. To be honest I think it's more to do with attracting the muslim vote and sympathy for Palestinians. I very much doubt Corbyn is really filled with hate. Hopefully it gives the Labour party a taste of being accused of hate and they stop flinging mud around.
  22. Anti semitism seems to be associated more with the UK Labour party these days. Corbyn in particular.
  23. To me paying only £2100 pa on a half million pound house seemed a bit low. I based that on the idea that a 50k heap of garbage in Sunderland probably has a council tax that is similar. To check if I was right I googled lowest council tax. The results are a bit of a revelation. Lowest council tax in England is Westminster. Average price of a terrace in Westminster is £3,116,862. Next lowest is Wandsworth, £450 per year. Then Hammersmith and Fullham. Kensington and Chelsea is five. All of the top ten lowest tax rates are in London. In the places where the wealthiest live. https://www.mylondon.news/news/zone-1-news/people-westminster-pay-less-council-17783987 To me it seems incredibly fair and well reasoned. The wealthiest need to stimulate demand for things like private jets, luxury cars, Champaign yaughts and cocain. Therefore they ought to pay less tax. It's for our own good!
  24. Wow, in hindsight it took off really quickly. I guess testing must have been really poor back then. Clearly 20% fatality rate does not look correct! I guess we're catching most cases now, though? Yeah, my memory is not the most accurate. Especially at the moment.
  25. I'll take your word for it. My memory is a bit flaky at the best of times.
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