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Sledgehead

Carney Declares War On Savers

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So Carney says there will be no rate rise until everyone shares in the recovery.

But savers won't share in the recovery until rates rise.

Therefore there will always be some (ie savers) who will not benefit from the recovery.

Therefore the condition "everyone benefits" will never occur.

Therefore rates will never rise.

Conclusion: Carney / Osborne have declared outright war on savers. What's that old expression: "everything is fair in love and war". So a fair man would have to conclude Carney has accepted his behaviour is inviting, indeed inciting just about any reaction.

I think a fair man would therefore have to conclude he is inciting violence / law breaking, which, if I remember correctly is a breach of the law in itself.

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I think a fair man would therefore have to conclude he is inciting violence / law breaking, which, if I remember correctly is a breach of the law in itself.

This pre-supposes that the Law exists to protect the poor against the actions of the wealthy. ;)

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I will never forget his smug look on TV when he told "savers" the low interest rates were for their own good.

I think what he meant was it was for the good of his banking chums and we had to just go along with it.

The media/propaganda/debt led recovery is not sustainable or fooling anyone but the simple minded.

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I will never forget his smug look on TV when he told "savers" the low interest rates were for their own good.

I think what he meant was it was for the good of his banking chums and we had to just go along with it.

The media/propaganda/debt led recovery is not sustainable or fooling anyone but the simple minded.

A bit like the sanctimonious look that the police put on when berating you for not wearing a seat belt "It's for your own good" :angry:.

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Carney, his boss and Captain Cameron Chaos are liars, and will say whatever they think will do them good. Captain Chaos has never won an Election, even with that mad Scottish geezer "in charge", providing an open goal, with no UKIP too. I see some job hunters come May 2015. We have just got to put up with this shower until then, or when the coalition is dissolved.

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This pre-supposes that the Law exists to protect the poor against the actions of the wealthy. ;)

To bring about the rule of righteousness in the land so that the strong shall not harm the weak - Hammurabi

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The answer is to 'declare war' on him.

1) Buy everything you can second hand. No adding to growth for them (of course, what the recipient spends their money on is out of your control, but it's still more likely than not a way to reduce their overall VAT tax take).

2) If you can afford it, pay every last pence of your taxed money into your own SELF MANAGED (i.e. SIPP) pension. And look into ways to maximise the utility of it ;)

3) This one is a bit shakey because it uses banks, but it does maximise it your benefit. Any new purchases you do make, make them on a 0% credit card. Make the minimum payment monthly. Keep surfing the money to other 0% cards whenever there is a zero fee balance transfer available. All the while, have the cash to pay off at an instant sitting available earning the piddling interest you can get elsewhere. I don't like this one, as it feels I'm complicit in the debt ponzi, but it also feels like I'm hedging inflation by doing so (my purchase price for food is getting 'inflated' away).

Edited by Frugal Git

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For those that care:

http://www.zopa.com/

Im getting a good return (5.4) but it seems to me that since Christmas...people have stopped borrowing.

10K loans were very common till the FLS scheme was withdrawn rolleyes.gif

Zopa used to give proper returns. Its name used to stand for Zone Of Possible Agreement, where you offered a rate for your money and borrowers who accepted that rate, would agree to it. You chose a nice high rate and eventually people would borrow at that rate. If it was too high fewer people would bite, but eventually someone would - or, you chose a lower rate to lend the money more quickly. But when it's going to be lent out for a minimum of 3 years, it always made sense to take a few weeks to get a decent rate.

I've got 3yr loans being repaid at 6.46% and 7.30%. Now with "Safeguard", that's utterly impossible. I'm only allowed to offer just over half that, and I'm not even allowed to TRY to offer higher.

But recently Zopa threw all that out of the window. Now THEY set a rate, which is really low, and you can't set a higher one like you could before. Makes the whole thing pointless, and renders the meaning of their name redundant.

Edited by mrtickle

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I closed an account at Santander today - took about half an hour. Seemed to take forever and they wanted to post me a cheque. I said I preferred to take my money now.

Anyhow, they asked why I was closing it and I said that 0.01% was no good and that their 3% best rate did not keep up with inflation. I was in a long queue of people paying bills. Savers seem rarer than hens' teeth.

Carney wants us all to buy houses or stocks IMPO.

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If your hard earned savings are worth nothing...what are your hard earned savings worth? Nothing......debt is worth nothing.....so earn little, save little and spend little......borrow no more than you need to live cheaply.....everything else costs...fine if you can afford it and want/need it........they say the happiest live below expectations....expect too much never satisfied, always looking for more. ;)

http://m.youtube.com/watch?v=C1bJnEpUk3A

Edited by winkie

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I read an article over the weekend showing Western bank lending to China - UK banks were the highest coming in at twice as much lending as US banks. Oz banks were the third biggest lenders having apparrntly borrowed the money from.... UK banks.

Why pay interest to UK savers when you can lend money to China?

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With interest rates at 10% or so we could afford housing, we could save and see the results, this was in the days when interest rates were on par or higher than inflation. Savers would save up an then spend on what they wanted. Now savers hoard money on account of correctly believing that they have to in order to protect themselves in the future. This is the opposite of what the 'C&*T's' want us to do, we also have bought things like gold and thats hoarded away, also cutting against 'their' grain. When interest rates were propper, as a saver by nature I used to buy a lot more things, not now,, its all about camping in tents, 10 year old TV's, byo food for days away, etc etc. need to save for retirement and forced unemployment etc etc. Dont they get it?, In the UK there is even a big lobby group, 'save our savers' that are laughed at by govt and BOE.

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3) This one is a bit shakey because it uses banks, but it does maximise it your benefit. Any new purchases you do make, make them on a 0% credit card. Make the minimum payment monthly. Keep surfing the money to other 0% cards whenever there is a zero fee balance transfer available. All the while, have the cash to pay off at an instant sitting available earning the piddling interest you can get elsewhere. I don't like this one, as it feels I'm complicit in the debt ponzi, but it also feels like I'm hedging inflation by doing so (my purchase price for food is getting 'inflated' away).

Any credit creation even at 0% still plays into the hands of TPTB since it increases money supply and hence asset prices.

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With interest rates at 10% or so we could afford housing, we could save and see the results, this was in the days when interest rates were on par or higher than inflation. Savers would save up an then spend on what they wanted. Now savers hoard money on account of correctly believing that they have to in order to protect themselves in the future. This is the opposite of what the 'C&*T's' want us to do, we also have bought things like gold and thats hoarded away, also cutting against 'their' grain. When interest rates were propper, as a saver by nature I used to buy a lot more things, not now,, its all about camping in tents, 10 year old TV's, byo food for days away, etc etc. need to save for retirement and forced unemployment etc etc. Dont they get it?, In the UK there is even a big lobby group, 'save our savers' that are laughed at by govt and BOE.

Now there is a great example of how low interest rates reduce the velocity of money. You can now see that reversing the example, higher interest rates will lead to higher inflation - possibly hyperinflation with all that new base currency.

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Basically.....what they are saying is if you want to earn some interest, take a big risk and buy a house/BTL....or gamble it on the stock market, in the betting shop, on premium bonds, the lottery, or bingo...or lend it to others, or the country, those that may or may not repay....or blow it all on a Ferrari, a lump of gold or a masterpiece. ;)

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