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Methodius

Interest Rates Are Now Irrelevant

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Mortgages in the United States now cost more than before the Federal Reserve began its futile series of interest rate cuts. Ben Bernanke, a learned but misguided man, believes the country to be a financial island when, in fact, it is part of a global financial continent, the tectonic plates of which are rending themselves asunder beneath his feet. There is 50 trillion dollars of global mortgage debt that will be written down to a small fraction of its current worth before this catastrophe is over. As I have said before, that is not a write down of imaginary gains as happens when stocks crash, it is a real loss of cold, hard, cash. The total written off will be greater than 5000 dollars for every single living person on the planet.

The once mighty Bear Stearns, a company that as a partnership survived the depression of the 1930s, has failed. Lehman Brothers would have failed yesterday if not for the collective efforts of the leaders of Wall Street. Many others will soon go the same way. Once the full scale of the debt writedown tsunami becomes clear, it will be seen by all that the current actions of the world’s bankers were merely a minor re-arrangement of a few deck chairs when what was required was a bulk order for life-rafts. And don’t think that Europe will be spared the misery that is to come; each financial failure is one more clod of the land of our collective future washed into the ocean of misery and loss that is lapping even now at our feet. Each multi-billion dollar banking failure diminishes each of our lives, and the lives of generations of mankind to come because, like it or not, we are all involved in this.

The bell rope of interest rates can be pulled, but pushing it is pointless as bailing out the water in the hold of the Titanic with a tea-cup. So, ask not for whom the bell tolls, it tolls for all of us.

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An impressive array of metaphors.

So, ask not for whom the bell tolls, it tolls for all of us.

But let's not forget that it tolls much louder for some than for others.

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A rain of fire and brimstone will descend on the housing Sodom and Gomorrah soon enough alright.

Do you think that this will make a property more or less desireable?

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Guest DissipatedYouthIsValuable
A rain of fire and brimstone will descend on the housing Sodom and Gomorrah soon enough alright.

And it will hurl itself upon the heathen and the filthy mammoners rending their livers asunder! Black bile will cover the land and all crops will fail! Children will eat their mothers.....

More passion.

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As I have said, houses will be very cheap indeed. But that won't concern you when you have no food to eat.

I can't find it now but I'm sure that Revelations says something about Drive-thru McDonalds being open 24 hours a day, including bank holidays.

p-o-p

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Guest DissipatedYouthIsValuable

And you missed out 'much wailing and gnashing of teeth'

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Quality doom-prose 8/10.

Not enough brimstone.

I'm with you, didn't do the "100% Guaranteed" which lost it a potential 9 rating there. Good effort. :ph34r:

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I realise that we are no longer allowed to discuss yellow bricks..........

But with all this doom mongering are we allowed to discuss the W word?

You know that three letter word that begins with W and ends with R

I think this little human enterprise has been around, as long as yellow bricks have perhaps.........

Oh dear, have I said to much?

Edited by A:gent W00

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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