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ClunkingFist

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About ClunkingFist

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  1. Yes indeed. Basic principles of accounting include the accruals concept (match costs to benefits) and prudence (don't recognise profit until sale is made). These, together with the going concern principle, give rise to the concept of a fixed asset: an asset providing benefits for the long term. You can revalue your fixed asset (house) in line with the market, but you can't recognise the gain as profit. It becomes a reserve; only usable to offset the depreciation you've charged on the revalued asset. But of course, the reserve is used to borrow against, effectively subverting what is a re
  2. The same Jeff Randall who share-tipped RBS at the end of 2006? I think he described it as a "quality business"...
  3. Because many people remember the destruction of heavy industry and the feting of the yuppies; the preference for regressive taxation; and because we get regular anecdotal evidence of Tory contempt, or at best misunderstanding, for and of people not born into privilege. Next question?
  4. Agreed. I'd group politicians and regulators together. They have something in common with bankers in that they cannot conceive of giving voters/customers a less easy option of home truths/more difficult credit when there is nothing stopping them continuing to propagate an illusion of prosperity. How to stop this though? Restricting the franchise has an appeal, but would have to be done with a bill of rights. Longer parliaments. Reining in a media which promotes a dumb and greedy common denominator which focus groups obsess over. I particularly hate "voluntary codes"; it should be ensh
  5. To the OP: it's most definitely doable if you dive in. I'm 33 and recently came back from 2 months in South America; didn't know any Spanish before going. We did two weeks of private lessons at a language school in Lima before heading out: well worth doing as you need both real world experience mixed with some proper tuition. In Peru and Bolivia, and to some extent Chile, they speak Spanish quite clearly and rather slower than your typical Spaniard. Argentina is different; bit more flamboyant and different pronunciation. But the point is, you absolutely have to immerse yourself, read al
  6. The common themes of the powder keg as listed here are self-determination (do you think what you do makes a difference) and outcomes (if you make a difference for yourself, what does that amount to). It's becoming ever more apparent that one's own effort makes little difference to outcome, at a time when the more impressionable are baited by images of success. The more interesting question is how the frustration manifests itself - as it certainly isn't doing through people voting to the left.
  7. Interesting, reminding me how little I remember of the Communist Manifesto. Problem with such a sunny-side-of-human-nature view is that it doesn't really acknowledge that we're a rapacious and insecure species. We can probably exist in the way described in a village or tribe but we cannot help but socialise into larger groups which are anonymous, through an abstract social contract. That body develops rules, and by extension high finance, to facilitate their schemes of individual self-advancement which are driven by our insecurity. The other side of sunny-side cooperation through trade is
  8. Well, hello all. I've been an increasingly avid reader of this forum for a couple of months now and I hope to channel my anger into some constructive commentary. I returned to the UK in June after six months of travelling the world, during which I was hoping the crash would arrive. Sadly not. Having had time to think I'm convinced we are a deeply disturbed country. We are systematically screwing our under 30s and our future to protect the profligate and the already wealthy; and I'm coming to the view that it's actually democracy, in this form, which is failing us on a criminal scale. The
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