-
Posts
666 -
Joined
-
Last visited
Content Type
Profiles
Forums
Events
Posts posted by Greater Fool
-
-
I created a thread about this a while ago. Money printing Bank of England prints book about printing money. 🙄
-
5 minutes ago, henry the king said:
Well I am happy to predict sub 20k by September and sub 10k by December.
All because BTC and crypto cannot survive without loose monetary policy. It just makes no sense for anyone to have BTC in such a scenario.
Only positive I can think is to get exposure to something priced in dollars. But then why not just buy treasuries.
I think the boom was just a Covid thing, even the price of second hand cars is falling now as people are fed up paying the spiv prices.
-
1 hour ago, henry the king said:
Ok, well I am prepared to say there is basically a 0% chance that it will be over 20k. OFC I can't predict a future time line. Maybe it won't be under $1k, although I would guess it might be. But there is NO WAY it is over 20k in 18 months.
0% chance.
I doubt it will be over 20k in 3 months even.
You can't say that round here, we're on the very cusp of mass institutional adoption, remember?
-
3 hours ago, simon99 said:
My nephew (who is at school) tells me he is going to be a multi millionaire because he's going to invest in Crypto. I've never seen a mania like it where school kids think they're financial whizzes.
Is he going to start by shining shoes as well?
-
28 minutes ago, Dweller said:
So does this make more sense?
https://www.eureporter.co/world/uk/2022/04/29/an-army-of-indian-workers-ready-to-ease-uk-labour-shortages/?fbclid=IwAR3ridKCsSkvSRRVcv-v1c96__yC62uhzfvyP8mitasVEbr0KhXyALUKQKMUKAn 'army' of Indian workers ready to ease UK labour shortages
Shame there will be no spare housing available for masses of Indians or anyone else when they actually get here. All I see is p*ss take rents, and that's "Oop North"
-
10 minutes ago, winkie said:
There are not only two or three ways of living in a secure stable affordable home......buying, renting or leasing.......we need to be more creative.....
Trailer parks for those priced out living in permanent structures?
-
1 hour ago, cnick said:
Tedious question, I know. but where does the money come from??.... probably safe to say they won't be cash buyers?
Are you suggesting some sort of government prop scheme, Help to Housing Association Buy or similar?
-
Why would housing associations purchase properties only to sell them on to the tenents? Surely the HA wants to own the asset not have the cash.
-
1 hour ago, byron78 said:
Everyone who isn't born into wealth and land will be a tenant again. Ordinary people could not afford assets historically and this was never a problem historically either (well, not for the asset hoarders at any rate).
Same way it worked for a thousand years before that brief window after WW2 liberated a generation.
The world relies on oil and gas for energy but almost all of that is owned by a handful of individuals and rogue states. That doesn't stop the rest of the world being reliant on them/ using them, it just means some pretty unequal societies.
Welcome to the 21st century. Mind the gap.
When crappy little houses on crappy streets are considered almost unobtainable "high value assets" then It's time to pack it in and live in a trailer I think. I mean why bother playing the rat race?
-
1 minute ago, winkie said:
So will you be running towards it or away from it....where is that place to run to or to hide from?
My aim in life is to achieve immortality as a nuclear shadow on the wall of a Taylor Wimpey house.
-
Proxy war until Russia does something really nasty like use a small thermo nuke. Also if the confilct spills over borders into another NATO country from artillery, missiles or fallout etc.
Fully expecting this to eventually escalate to a Cuban Missile Crisis type situation, which should dampen the housing market.
-
4 hours ago, Gawdon Bwown said:
We are currently trying to help my nephew buy a flat in Dublin. In January we were outbid on a shoebox in Dundrum that went STC at 400k.
The agent called last week to say it hadn't completed (buyer supposedly had a family death) and was now back on the market at 420k !!
Worse than that there are already new bids at 430k...
Anything in a decent area is 10% or more over asking at the moment. It's just crazy over there.
Sounds like it's time to pack it all in and live in a trailer.
-
The BOE are coming to the rescue of falling prices.
Reckless Bank of England is opening the door to a property disaster
Decision to allow house buyers to borrow more could backfire spectacularlyIt’s been 14 years since the financial crisis took hold and the housing market was upended. But next week the Bank of England is poised to relax lending rules, undoing much of the work it did to stop it all happening again.
In allowing home buyers to stretch themselves further, it is endangering borrowers by offering more easy credit that could backfire spectacularly.
Currently, borrowers have their finances stress-tested to make sure they can afford their monthly repayments both today and if rates are significantly higher in future.
Banks are obliged to ensure borrowers could make repayments on a mortgage whose rate was three percentage points higher than the current standard variable rate, which is linked to Bank Rate. As a result, borrowers have been required to prove they can afford rates of 7pc or higher even when they are taking out a loan with a 2pc interest rate.
The Bank is not rolling back all its post-crisis precautions, and says borrowers will still be sufficiently protected. But the changes will be significant. Under the new plans, borrowers would have to prove they could afford repayments of only 1.5 percentage points above SVR.
This means average borrowing power would increase to 5.8 times income – equivalent to 16pc more. First-time buyers will be able to add £27,520 to their average mortgage of £172,000. In London, where buyers must typically borrow £309,000 to get on the housing ladder, they would be able to add almost £50,000 to their budget.
-
4 minutes ago, zugzwang said:
Or maybe they'd have kept the economy open and lockdowns to an absolute minimum like the Labour Party did in New Zealand?
Err no, they wanted more unnecessary lockdowns.
-
36 minutes ago, Social Justice League said:
Printy, printy has destroyed western economies because, as usual, governments can't control themselves to be responsible.
The Tories were all about being responsible guardians of the economy.......until they needed to prop up the housing market, or pay furlough and loans to robbing zombie deadbeats.
Sad, useless, troughing b4stards.
Whist people were clapping they never twigged that the £500 billion Covid response would be inflationary, Labour constantly complained that it wasn't enough, maybe if they had the reins it would be £1 trillion of printed cash into the economy.
-
44 minutes ago, Save me from the madness! said:
I don't think the elite care about the currency being trashed. Most of their wealth is in assets. Assets like London property, which with a high speed rail link becomes a slightly more valuable asset. Assets like businesses based in London that can now extend their talent pool reach out to Birmingham to grab staff on a cheaper wage and make them travel to London occasionally at no notice and avoiding hotel's etc. Assets like HS2 itself, a nice government backed money making machine. If some everyday people's savings in £'s get trashed well that's unfortunate.
Yes, I'd agree with that explanation, cash is for losers nowadays.
-
1 hour ago, Lagarde's Drift said:
Tulips aren't about to replace the costly and slow financial payments systems, or various contractual methods. Someone posted in this forum about how to bring a 5-figure euro sum back to blighty without incurring tough fees. crypto will solve that. But hey, anyone can be a late adopter 😂
Meanwhile the highly evolved and efficient global banking system processes billions of transactions evey single day. But that's not good enough and needs to be replaced "eventually" by a first generation 15 year old crypto technology which couldn't scale.
Isn't there another thread for this?
-
24 minutes ago, cnick said:
They used to speak of the race to the bottom?......who's winning that race?
https://www.telegraph.co.uk/business/2022/04/26/britain-just-got-10pc-poorer/
Sterling has suffered a battering against the US dollar over the past year, falling all the way from $1.41 to the dollar to $1.27 – effectively a 10pc devaluation.
Putting the best possible gloss on things, policymakers often portray currency adjustments like this as a good thing, in that they seemingly make the economy more competitive. Imports become more expensive, but our own goods and services are relatively less so. Ergo, demand turns to more home-produced stuff.
Well, up to a point. Certainly it is true that currency realignment is better than the alternative, which is to make the adjustment back to a more competitive economy via cuts in jobs and nominal wages – what is known as an "internal devaluation". That's what they did in the eurozone during the sovereign debt crisis of a decade ago, and a deeply unhappy and divisive experience it was too.
But make no mistake about it. Harold Wilson's famous pound in your pocket speech, in which he tried to pretend that despite devaluation, people would be no worse off, could not have been more misleading.
The reality is that Britain has just got that much poorer; we see it not in nominal wage or job cuts, but in inflation and the accompanying cost of living crisis. The eventual impact is no different, but politically and socially, currency adjustment is easier to manage.
How did this happen? In part, it's down to the Bank of England.
The Old Lady of Threadneedle Street has never been much good at messaging, but ever since the start of the pandemic, it's been all over the place.
-
14 minutes ago, kzb said:
I think one office of the BoE has to pay it back to another office in the BoE. It doesn't appear in the national debt sum.
It's questionable if any of the state debt has to be repaid. It's been printed into existence and all it represents is the sum of money out there in the economy, put there by the reptiles, to incentivise us to work. It's one viewpoint anyhow.
Regardless of if it has to be "paid back" these unfunded obligations just help to trash the value of the pound and increase inflation.
-
I've never understood how HS2 was ever going to be funded, it was always an unfunded obligation, did the government just expect to add £200bn+ to the national debt to pay for it and no one would notice? Does anyone know?
-
The problem with inflation is that government spending and new debt also rises with inflation, so trying to inflate "old" debt away whilst simultaneously controlling the growth of "new" debt is walking a razors edge.
-
7 hours ago, classimmons said:
No you could not be more wrong - I have worked a consultant in housing assoc which are public sector - they are totally inefficient and the waste is extraordinary - the staff get a high salary they would never get n the private sector - 30 days leave - sick pay - pensions
Great minds think alike. 😉
-
5 hours ago, shlomo said:
A pawn broker who is doing very well in Rolex and handbags
Rolex watches have become the next thing Greater Fool investment now interest has moved on from Bitcoin. 😂🤣🤣
People will pay 25k for a 15 year old Submariner with a green bezel, FFS.
-
16 hours ago, Pmax2020 said:
You sure? The use of face coverings was always higher in Scotland than the rest of the UK however in the last week or so since the legal requirement end it’s fallen to nil.
Over the weekend I started to notice literally no-one was wearing masks in smaller shops and when paying for fuel in garages etc. We also went to the zoo this weekend where I thought at least some people would still wear masks. Nope - literally couldn’t find more than a dozen masks outa several thousand visitors.
Yes, I know people who still can't be arsed with foreign travel or holidaying abroad "because of Covid." Also trips to big cities e.g. London. There are hangers on, like I said its going to be next year till people have forgotten all about it.
Boris Johnson orders cuts to around 90,000 civil service jobs
in House prices and the economy
Posted · Edited by Greater Fool
Why is it all the ills of the country are being blamed on the poor old Royal Mail's Track and Trace app?
https://www.postoffice.co.uk/track-trace
🙄