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Assume The Opposite

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  1. I got emailed the details for buying a new build shared ownership off plan in Northants. The prices aren't insane compared the area generally but I refuse to buy off plan, especially putting down £500 deposit for something I can't even look at..
  2. This is it really. We've had 40 years of neoliberalism that has allowed the City of London to become the parasite and dictate where credit goes, mostly into housing for 'mad gainz'. Neoliberalism has spread globally across political parties both left and right. https://neweconomics.opendemocracy.net/the-ten-graphs-which-show-how-britain-became-a-wholly-owned-subsiduary-of-the-city-of-london-and-what-we-can-do-about-it/
  3. I don't even earn that a week! I'm in a skilled IT job yet would probably earn the same or more working in Aldi. I'm changing jobs anyways but I know of other people who are in worse situations. I went straight into the private rented sector from 18 years old and have usually spent around half my income on rent. Shared ownership allowed me to cut my expenditure on rent by half but not everyone can do that. If people's incomes are mostly spent on housing costs, it makes you wonder the true impact of less disposable income in the economy.
  4. I think HTB has worked exactly as intended... to inflate the balance sheets of big banks and developers. Help to sell as Max Keiser called it back in 2013 time. This was Japan's private debt bubble:
  5. Kier shares plunge more than 40% after profit warning https://www.theguardian.com/business/2019/jun/03/kier-constrution-firm-shares-tumble-after-profit-warning
  6. I think Osbourne knew the effect HTB would have but the sugar rush would wear off by the time he got in power again.
  7. Interesting post from BOE in 2015: "Depositors who deposit their money with a bank are therefore no longer the legal owners of this money, with the bank holding it in trust for them, but rather they are one of the general creditors of the bank" https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2015/banks-are-not-intermediaries-of-loanable-funds-and-why-this-matters.pdf?la=en&hash=D6ACD5F0AC55064A95F295C5C290DA58AF4B03B5 I wonder what the reaction would be if a lot more people understood this..
  8. The 1% have done really well out of QE, ZIRP with massive global asset inflation. I don't think Carney is incompetent or stupid.. his interests just don't align with the general public. He left Canada with a massive housing bubble and I've always wondered if he was hired to inflate a similar one over here..
  9. Public sector, education= 0%. I'm starting a new job as TPTB are looking to outsource our IT teams to private companies. It's funny how the trust team command obscene salaries while everything else is dwindled down. If the trust was dissolved tomorrow , things would mostly carry on as normal. It's easy to see where the money goes?
  10. It's always on the horizon.. 2016, 2017,2018 now 2019. Not that we don't have an economy built on sand and ever increasing mortgage debt but I'll believe it when it happens.
  11. Bang on, Bank of England admitted in 2014 that 97% of the money supply is created by private banks.. https://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity What do private banks mostly lend for? Mortgages. Private debt to gdp tracks house prices pretty well. "Henry Ford is supposed to have remarked that it was a good thing that most Americans didn't know how banking really works, because if they did, "there'd be a revolution before tomorrow morning". I opted for shared ownership a few years ago, and even with salary increases I still can't borrow enough to make up a full mortgage. I've been maxing out overpayments to the mortgage though. Funny thing is, the money I was paying for private renting was equal to a full mortgage.. ?‍♂️
  12. The Bank of England let the cat out of the bag a few years ago, essentially around 97% of our money supply is create by private bank lending. Creating money out of thin air. Banks mostly focus on mortgage lending, rather than the real economy where gains would probably be smaller. Combine that with globalisation, wage stagnation, privatisation, immigration etc, it's no wonder people are ******ed off.
  13. It's not only the loan costs that increase, but re-mortgaging options are limited too. With MMR they may face tighter restrictions with paying the loan interest and not many lenders offering products. "Help To Buy homeowners who want to switch to a cheaper mortgage face long delays and hefty administration fees costing them hundreds of pounds" "Homeowners may also find they have to pay large administration fees and that their choice of deals is very limited" https://www.thisismoney.co.uk/money/mortgageshome/article-6232649/Hidden-catch-Help-Buy-Homeowners-face-mass-red-tape-remortgage.html "And in some cases, borrowers may even find the lender they took out their original Help to Buy mortgage with, doesn’t offer remortgages under the scheme" https://www.thesun.co.uk/money/5862012/thousands-of-help-to-buy-mortgage-borrowers-trapped-due-to-lack-of-choice-and-high-fees/
  14. Barclays keep offering me a pre-selected loan up to £25,000 / 120 months on the app. That amount wasn't £25,000 a while ago and now they sent me a letter with the offer.. Desperate??
  15. Bail in's have been in law since 2013, and were done in Cyprus with little resistance. The Bank of England actually said in a publication: "Depositors who deposit their money with a bank are therefore no longer the legal owners of this money, with the bank holding it in trust for them, but rather they are one of the general creditors of the bank" https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2015/banks-are-not-intermediaries-of-loanable-funds-and-why-this-matters.pdf?la=en&hash=D6ACD5F0AC55064A95F295C5C290DA58AF4B03B5
  16. I can see this happening across the world, old political parties sticking to the neo-liberal status quo by serving the elites and 'wealth creators' while leaving main street to effectively rot. Trump, Le Pen, Corbyn, Podemos, and now Italy are manifestations of people fed up with the establishment and voting for alternatives whether left or right. I think it's worth pointing out that the mortgage many us have or might pay in the future was created out of thin air, requiring us to slave away so the bank keeps the interest. If that was spelled out to people, I think there would be an uprising? I'm also one of those 'millennials' the news always talks about?
  17. As banks create 97% of the money supply when they make loans out of nothing, they need people to continue in debt slavery. The money doesn't exist in the first place but the profits from the interest they get to keep. They thank you for slaving away to pay off a debt that was created on a computer screen.
  18. Momentum is run by a rich Jewish guy.. me thinks the antisemitism allegations are probably exaggerated or ********.. remember the same papers who told us that Sadaam had WMD's? Same newspaers owned by tax avoiding billionaires?
  19. I've met McDonnell in person, he has an understanding of the issues facing many people. It's hard to get the message through when the Daily Mail and Sun feed their intellectually challenged readers horseshit. The main takeaway to me is that the old days of saving and not being in debt are gone; The City of London banks have expanded their reach so much that we need credit to keep expanding to keep the economy growing. Private banks expand and destroy 97% of our money supply with credit. Most focus is on public debt, ignoring the private debt elephant in the room. During the 2010-2013 austerity by Osboon and Camoron, they realised that without consumer spending and a growing housing market, it wasn't just low growth but no growth. Hence HTB.
  20. More like 40 years. Bliar and Broon were a continuation of the neoliberal policies which have ungulfed the world and started under Thatcher and Reegan. From Canada to Australia, most mainstream parties are wedded to the idea of neoliberalism: privatisation, globalisation, immigration and liberalisation of finance. What did we get out of it? Public assets in private pockets, declining living standards, higher wealth inequality, and a MASSIVE GLOBAL PRIVATE DEBT BUBBLE. The economy is now heavily weighted towards finance, and HPI equals massive gains, leaving those with no assets or capital little chance of chasing those ever increase prices. HTB was adding fuel to the fire.
  21. HTB worked as intended. The economy flatlined in 2010-2012 and it created a mini boom, enough to get through the 2015 election. Banks got lending again, developers could sell overpriced houses as the govt would backstop 20%, and Osbooon/Camoron got voters cheering. Win win.
  22. I said to people I know that TM won't actually want a brexit because she was and is a remainer and entrenched into the establishment. This year someone from the Telegraph (I think?) actually said what I was thinking on question time! Apparently May was tapped for PM quite a while ago and the one of the abuse scandal victims was told to hush as they didn't want the bad press affecting her PM slot. I don't know if it was intentional but the 2017 elections was a shambles, resulting in a reduced majority making Brexit more difficult.. from a manifesto that pushed voters away, and didn't involve her party. Maybe that's just a coincidence..
  23. 1- private bank lending drives house prices. No credit, no boom. HB is only part of the equation. The economy is severely rigged to asset price inflation and when Osboonne/Camoron strangled the economy with austerity they quickly realised with little consumer spending and a deflated housing market, it wasn't little growth, but none. Hence the HTB boom, 2015 election win and now the Tory party running out of steam. If the current austerity was about spending less money, the national debt wouldn't of doubled in the space of just 7 years. We've had austerity for the plebs and socialism/ tax cuts for the rich, banks and housing developers. Public money into private pockets while no one notices. I can appreciate cutting benefits is at the forefront of a lot people's mind, but I'm not sure exactly what would be achieved. I'd personally focus on restricting benefits to foreigners as any government should put their citizens first. But that's my opinion. I'm apparently a left libertarian according to political compass, but it's interesting how all our opinions fit into all sorts of boxes!
  24. I had a colleague who said he'd rather have his nails pulled out than vote Labour. Then again he was over 60, quite racist, divorced, and was a smug homeowner. He had a friend who was disabled and had apparently said they'd vote Tory, knowing how they've treated them. It's amazing how some people are so sheepish with the drip feed newspaper propaganda, and actually go out and vote against their own interests
  25. I think the production of smartphones requires the extraction of hard to reach minerals from countries in Africa that have conflict, famine etc? Imagine what would happen if these couldn't be as easily obtained..
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