Monday, September 26, 2011

Truth slips out on the BBC

BBC Speechless As Trader Tells Truth:

In an interview on BBC News this morning that left the hosts gob-smacked, Alessio Rastani outlines in a mere three-and-a-half-minutes what we all know and most ignore. While the whole interview is worth watching, the money shot for us was "This economic crisis is like a cancer, if you just wait and wait hoping it is going to go away, just like a cancer it is going to grow and it will be too late!". While he dreams of recessions, sees Goldman ruling the world, and urges people to prepare, it is hard to disagree with much (or actually anything) of what he says and obviously interventions and machinations means we will have days like this, there is only one endgame here and we hope there is less hopeful euphoria (and more preparedness) as we pull back the curtain further and further.

Posted by general congreve @ 05:49 PM (4936 views)
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57 thoughts on “Truth slips out on the BBC

  • general congreve says:

    Two choice quotes from the interview:

    “This economic crisis is like a cancer, if you just wait and wait, thinking this is gonna go away, just like a cancer it is gonna grow and it’s going to be too late. What I would say to everybody is ‘get prepared’, this is not a time right now for wishful thinking that the government is going to sort things out, the governments don’t rule the world, Goldman Sachs rules the world. Goldman Sachs does not care about this rescue package, neither does the big funds.”

    “The first thing people need to do is protect their assets, protect what they have, because in less than 12 months, my prediction is the savings of millions of people is gonna vanish and this is just the beginning.”

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  • GC i wouldnt take this guy too seriously…. well not yet anyway. If he were right we would be collapsing already and since we are de facto not then i would take what he says with a pinch of salt…… Of course you know i am a stock market bear, a dollar bull and a PM – erm not sure anyway!

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  • 2:34 on that vid…… enough said?

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  • general congreve says:

    @3 – So all about holding up at resistance and looking for the reversal, if we get it, it’s off the the races. If it plays out like that then fair play to the traders. I’m long haul as you know, so the short term trading is not of any real interest to me. Whatever the immediate price movements, I’m sure the global financial conditions will see us off to the races sooner or later.

    If I was a rich play boy I’d probably amuse myself with some trading, but I’m an ordinary guy just trying to save guard a little currency and hopefully make a few quid in the process. However, I’m seen enough to know there is quite a bit of stock to be put in MDA’s and resistance levels.

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  • gc,
    Any comment on gold? Quite a sharp reversal these pas few days. I see a trendline at $1600, but if it can go way about that ($1900+) then surely it can undershoot considerably too? Obviously it’s not just fear driving this market; there must be heavy speculation to see such sharp moves.

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  • general congreve says:

    @8 – A 20% margin hike on the new Shanghai gold exchange doesn’t help either!

    http://www.businessinsider.com/shanghai-gold-exchange-hikes-silver-margin-by-20-2011-9

    Someone famous once said: “Markets can stay irrational a lot longer than you can stay solvent!” – with and without outside help 😉

    However it has come about, what we are seeing now is a decent buying opportunity. Will there be an even lower entry point in days to come? Perhaps. Either way, if people want to hold the currency of a bankrupt nation against the ravages of global financial Armageddon, that is their call (note – I think the trader is wrong, at least long term, in his earlier assessment in the interview) . Buy and hold is the name of the game, with a plenty of patience thrown in, few rarely make a mint overnight!

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  • I like this guy. I wonder how long it will be before he is found after ”apparently” committing suicide……

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  • The irrational moves have been in the metal markets, everyone way overbuying the inflation story (and then fuelling inflation by investing in commodity hedges). No-one talks about how tight cash is and the relevance of that, or how QE isn’t money printing, or how the appetite for further stimulus is waning, or how reluctant the germans are to get involved in anything that amounts to a bail out.

    Silver has been a bubble since it headed north of $25. It’s recent drops were as dramatic as they were predictable. 40% drop in 5 days is not a sign of health. Short since $35 on the way up. Knew it would break. Can’t get enough of the disbelief on Zero Hedge.

    http://finviz.com/futures_charts.ashx?t=METALS&p=d1

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  • Silver has been a bubble since it headed north of $25.

    Major pull back yes, bubble no. But lets just wait and see what happens next – if it pops and never returns to the $35 to $40 region then you can call it a bubble. Otherwise you are wrong…….

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  • “no one” b/wether?

    hpw what are you going on about … “‘apparently” committing suicide…..??

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  • Well my voices told me to buy some silver today. So I did.

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  • TC is that all your own work?

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  • No TC i am actually quite impressed “straight up gov.”. Have a good evening mate .

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  • general congreve says:

    So what happens when everyone’s run to US treasuries and the Dollar? Oh yes, of course, deficits don’t matter and by logical extension neither does towering national debt. Everyone lives happily ever after. The End.

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  • general congreve says:

    @12 – Major dead cat bounce going on in silver to $30.61 from $26 in the space of about 11 hours. It’s all over, the dollar is king. Who did I think I was kidding? Little old me and my common sense. Smart bloke that Bernanke.

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  • By the sound of things, perhaps buying shares in Goldman Sachs wouldn’t be a bad move.

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  • @22 Think I bought a dead cat today. I shall call him Argento.

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  • GC correct the deficits don’t matter, or rather they don’t matter as much as metal heads would have you believe. The whole end of fiat meme is based on some basically sound ideas that are then exaggerated, possibly to enable people who don’t like complexity to believe they have a grasp of thing/there will be a simpler world in the future.

    It is for example true that elements of growth in recent years have been what might be called ponzi, but that doesn’t mean that the US/the Eurozone are in their entirety ponzi.

    Things can be bad in parts only. If you want to truly work out the prospects of metals or other investments, do some research. Work out what parts of the economy are likely to be long term productive and real, and what parts are an illusion. Work out how much cash there is in the system relative to the productive parts. Work out if the deficits can be closed some. Work out if it’s possible to run a deficit permanently and it doesn’t matter – the US has done a good job of this for 100 years or so. There are a load of complex questions, and comparing the US to Zimbabwe just doesn’t cut it.
    Not really.

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  • general congreve says:

    @25 – Well it seems the government can’t make the cuts – deficit spending up on 2010 this year and spending higher than under Brown – so the debt will keep expanding at an increasing rate, ultimately this will cause our currency to be devalued, one way or another.. We also have to couple the debt with the state of the banks and the risk to peoples savings.

    I am not one of these people who thinks we’ll all be living under rocks with tins and beans in a year or two. A devalued currency won’t rob us of productive farmland, factories or our growing legions of empty shops, but it will rob people of wealth and spending power.

    I was in Zimbabwe, there was beer for sale if you had the money (preferably dollars) and some stuff in the shops, but for many of the locals it was beyond sh1t. I know, I worked with several of them.

    Anyway, it matters not, we disagree, there’s little point in going round in circles endlessly on here. Time will tell.

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  • hpw what are you going on about … “‘apparently” committing suicide…..??

    yawn.

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  • Yep its early!

    illuminating as ever. The guy is a trader you really think he is gonna be killed.?? OMG I had you down as someone a few sandwiches short of a picnic, but never a conspiraloon. Thats why the question, to give you the opportunity to set the record straight.

    Just goes to show.

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  • Talking of conspiracy and the yellow stuff, and even the pinning the moves on margin increases and such nonsense, here is a site that the gbugs might find interesting. In summary :

    “[this] decline is a normal, regression to the mean, profit-taking event that occurs when gold gets too stretched above the mean. It is not a take down by an anti-gold cartel. Anyone with a modicum of common sense can look at the long-term chart of gold and tell that this is not a manipulated market. This is just a normal secular bull market, and it is acting exactly like a normal bull market acts. ”

    and

    “Folks, these conspiracy theories are now bordering on the insane. I even heard the other day someone blame margin increases for the drop in gold. I guess they completely forgot that we’ve already had two margin increases in the last two months that had virtually no effect on gold.”

    and finally

    “Actually it’s one of the oldest scams in the book. You find a bull market, make a one-way bet on rising prices, tout these “to the moon” prices to suck in subscribers lured by the reward of gigantic financial gains, and then blame an invisible cartel every time a correction occurs that you don’t foresee. It’s a great way of not having to take responsibility when subscribers get caught in a normal corrective decline.”

    http://goldscents.blogspot.com/

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  • GC but there is no science to your conclusion of an ever expanding debt. I’ve tried in many ways to understand the perspective but it does seem “one dimensional” – as Flash once put it. A devaluing currency would be met by eg truly spiralling oil price for the country in question, at this point people would be on the streets, are we really to believe that the policy causing fuel increases would be pushed. even now the Fed are struggling with implementing something as meagre as QE3.

    Also the conclusion of a debt death spiral is based on the notion that it is all ponzi. It’s not, only part is. If you are to have credibility with such extreme ideas then you need to address this with specific worked figures and examples as to why we get to the suggested point, otherwise I’m afraid its just Zero Hedge sound bites.

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  • Techieman at 29 – exactly. All this take of conspiracy is nutty. It’s also ironic. We are told by the likes of ZH that gold and silver are all about the physical market, with investors buying and taking possession, and that price rises are all about getting away from the paper ponzi.

    Then when the price crashes, because in truth the price is driven by speculation on the margin, we’re told that its just the paper market and the lows can be ingored. So high prices driven by speculation are cheered, and low prices driven by speculation are ignored. The heremetrically sealed world of ZH!

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  • b/wether all i can say about Gold is – like any market – there are times when there are opportunities because of extremes. To be frank thats why i have been in it the last few weeks, on both the long and short side as trading positions because it was just looking too good to miss. [albeit with big stops and therefore smaller positions].

    I do know is this will all end in tears for many many people. When it will end and how it will end and who will be left holding the baby and crying….. Well of that i can only guess (as can everyone else – and anyone who says that they are certain is a liar or a fruitcake). The only other thing i know is its unlikely to be you and it definitely wont be me!!! Good Luck.

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  • Well of that i can only guess (as can everyone else – and anyone who says that they are certain is a liar or a fruitcake). The only other thing i know is its unlikely to be you and it definitely wont be me!!! Good Luck.

    So much modesty…..so on the one hand you say that ”i can only guess” and then that it ”definitely wont be me!!!” – isn’t that a bit of a contradiction?

    Of course, it’s typical that you would completely miss that. ;-0

    Then when the price crashes, because in truth the price is driven by speculation on the margin, we’re told that its just the paper market

    Oh, of course, it’s bellweather, after being quiet for weeks and weeks – and kicking himself that he missed the boat – true to form when the price dips he suddenly comes out and starts saying that it’s a crash, a price bubble and that he was right all along. What rot!

    Lets just see what happens next, before you get too wrapped up in your own drama.

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  • Interesting debate folks, edging into properly loopy territory like the good old days…

    Found it strange that when the stock markets tanked gold and silver did too. Where was everyone fleeing to, cash??? Houses???

    TC, make sure that it really is him, and not some Bilderbarti clone implanted to bedazzle us further! Looking forward to the article.

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  • …and hpw, do you really think people use this board to ramp their own VI? I think you over-estimate the influence of a few hundred readers, to make Bellweather out to be the Hunt brothers or something because he comments negatively on silver is stretching things a bit. Try not to react so aggressively to people with different opinions to you, if we all agreed this would be a very boring read.

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  • Just to clarify I said Silver was a bubble. I’ve said the same thing a few times over the past few months comparing it to the price action with Cotton.

    I don’t think gold is a bubble yet, but it’s on it’s way. However I wouldn’t call any sort of top until we get a parabolic move well above recent highs. Quite when that happens no-one knows, but shortly after that those holding physical will also be holding the bag – to use Techie’s phrase. The down draft will be fierce and months of “gain” will be wiped out in a day, and all the theories that persuaded people to convert their worthless fiat will be seem horribly threadbare.

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  • Thanks Bubba. I guess the discussion is relevant because it relates to whether in the near future we live in a world much like the one we’re in with house prices griding done, or if we move into a true inflationary world that is supportive of house prices.

    One’s view on that pretty much determines any investment decision, and the metal market tends to be (for better or worse) a focal point for it.

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  • Silver was a bubble

    The historical silver/gold ratio indicates that silver is still severely under priced. In historical terms it should be around $80 – $110 an ounce, and that’s being conservative. In my view this one still have quite a long way to run, but we shall see…….

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  • time to sell metals and get into shares i say, shares are very cheap some chances are too good to miss

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  • …or the historical silver/gold ratio indicates that gold is severely over priced. No such thing as a sure thing hpw…as you say though, we shall see, and I hope no-one will be crass enough to jump around shouting I told you so when things go one way or t’other.

    TC, what is the ETA for this chap’s article? I’m all agog…need to reassure the missus too, she watched it and somehow came to the conclusion we’re about to be invaded by China. Curious.

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  • …and hpw, do you really think people use this board to ramp their own VI? I think you over-estimate the influence of a few hundred readers, to make Bellweather out to be the Hunt brothers or something because he comments negatively on silver is stretching things a bit. Try not to react so aggressively to people with different opinions to you, if we all agreed this would be a very boring read.

    As you wish.

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  • Cheers TC, should have thought of that, instead I showed her a You Tube clip of “I like Chineese” by Monty Python, that seemed to do the trick.

    Was talking with a chap yesterday about different prices for physical and ETF, he thinks it quite likely – as people get jittery about is gold actually there, ETF’s go down, physical goes up…then again he was a chap who used his gym locker to store his gold coins so I question his sanity a little.

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  • is it just remotely possible this guy is a stooge to scare public into selling off shares in panic mode? so the likes of him and others can buy in even cheaper

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  • hpw:

    Irony? nope none at all.

    I have said I have an oco order on my core position between $600, downside and a high level “if it spikes crazy”. At $600 that gives me about a 100% profit – on not very much now, since I have got out of some along the way, as you well know!

    As for any trade positions I trade with guaranteed stops so no nasty gap fills.

    Now I hope that makes sense to you, but if not then you need to sit in the corner and wear a pointy hat . Now lets chat about why you perceive there to be some kind of fatwa / kill order shall we?

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  • general congreve says:

    @27 – In muted defence of HPW, do you really that we, ‘the good guys’, don’t bump people off? I am not for one minute suggesting our friend on BBC News has qualified himself for early retirement, especially as he was using the problems in Europe to push people into the US dollar and treasuries, that is pretty far fetched. However, have a look at this from Fox News (sensationalist yank fodder I know!). Of course it’s not clear cut, but it’s highly suspect someone would kill themselves over the possibility of five years in prison, especially when they are on the record saying they were in no way planning suicide. I’m not saying DC Madam Palfrey, who’s clients were top Washington big wigs, didn’t kill herself, but the evidence gives serious pause for thought:

    @29 – I am in broad agreement with most of that, the Zerohedge stuff can be a bit wild in its reactionary sentiment. Although to say margin increases have no impact isn’t true IMO. The two margin increases that took place in the last two months did have some effect, but not enough to stop the train. A bit like how hard you press the brakes in the car. Also, no one is suckering me into ‘buying their product’ and most I see touting gold don’t sell the physical they recommend.

    @30 – Sure a devaluing currency would be met with riots. So, do you stop printing to avoid riots, only to see your economy collapse from the debt burden instead and your currency devalue that way, followed by riots. There is no free ticket out of this. A quick figure for you, the EFSF has increased and increased in size these past few months. This weekend we discover it will more than quadruple to 2 Trillion from 440 Billion. Doesn’t look anything like a debt spiral to me, especially when I’m told that most of the extra money will be met buy the same self banks that need the bailout?!

    @35 – An interesting point. It has been noted that the fall in gold hasn’t been accompanied by a correspondent rise in the dollar. Where did the money flow?

    @44 – A good place to look for decoupling is ebay, although always take into account the level of margin for each coin and bar size, i.e. ignore the massive premiums over spot for the small coins, that is normal. Of course, the prices on dealers sites typically reflect the lower spot price, but that does’t mean they have stock at those prices. Perhaps everyone buying on ebay is a gullible idiot too, so don’t read too much into it. This site brings together the latest info on coin sales from ebay for easy analysis:

    http://www.24hgold.com/english/buy_sell_gold_coins.aspx?co_id=0

    @48 – A stooge to scare people into dollars and US treasuries perhaps? But then on his own site he is bullish gold, didn;t get a mention on the BBC. Who knows. But he gets credit from me for leaving the BBC presenters gob smacked and getting away with what he had to say.

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  • general congreve says:

    @51 – The meat of that clip is from 1.54 by the way, to save you some time.

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  • GC – I’m not really interested in whether or not people get bumped off. We were discussing this guy in particular. ALL he is doing is trying to drum up some support for his services end of. To suggest he (or any trader) will be bumped off for their views or even actions is just ridiculous. If that were the case i would be pricing Soros at a spread of 6 feet to under.

    @29 I wasnt suggesting anyone in particular and nor was the site.

    As for 48 mark again this is just absurd. All a bit too conspiraloon for me, I am afraid.

    Look at whats happened today in the S&P / Dow – i.e. +170 / 19 points respectively. Not really scared da boyz has he! Now thats not to say i dont agree that there will be some big falls, its just people like this talking their own book are often made to look silly before ultimately they are proved right.

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  • general congreve says:

    BTW – Things looking a lot healthier in gold and silver today.

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  • general congreve says:

    @54 – Wasn’t taking 29 personally Techie, was just giving my view on the comments.

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  • Here’s a 6 year graph of silver. Do recent price movements look “healthy”

    http://finviz.com/futures_charts.ashx?t=SI&p=w1

    The same graph for gold looks more coherent hencewhat I see as a difference between the 2 metals.

    @51

    What % of the productive economy is unpayable debt load? Or put another way how much needs to be “printed” to make up the gap between production and debt? Give the answer with reference to the US, and no “quick figures”, detailed analysis please with references and also with caveats for where matters aren’t certain – I’d expect to see a lot of caveats.

    Without a detailed answer of this sort,then all the idle chatter about the value of gold relative to fiat is just that idle chatter, a bit of fun but like cliches a la “there’s not free lunch” not to be taken seriously eg

    Sure a devaluing currency would be met with riots. So, do you stop printing to avoid riots, only to see your economy collapse from the debt burden instead and your currency devalue that way, followed by riots. There is no free ticket out of this. A quick figure for you, the EFSF has increased and increased in size these past few months. This weekend we discover it will more than quadruple to 2 Trillion from 440 Billion. Doesn’t look anything like a debt spiral to me, especially when I’m told that most of the extra money will be met buy the same self banks that need the bailout

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  • Very interesting graph for silver, Bellwether, reminds me of something but I can’t think what, it’s on the tip of my tongue, is it life-cycle of a Bubba? Bubonic Plague? Expert help would be appreciated.

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  • general congreve says:

    @57 – Had a little dig through my archives for you Bellwether and I think this graph of private and public debt neatly encapsulates what you are after. As you can see the debt, especially in the UK, has risen sharply relative to GDP – remember 58% of the UK economy is dependent on government spending in one way or other –

    Image and video hosting by TinyPic

    Obviously all this borrowing sustains our economy as it is, the consequences of meaningfully cooling, let alone reversing, the trend would weigh heavy on our economy and currency (although this is the best path), the cost of doing nothing to curb spending is ultimately much higher. I personally can’t see how this can end well for the value of Sterling versus anything. The same applies to varying extents to the other currencies, hence why I prefer to hold gold (and a little silver).

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  • Thanks General, this isn’t what I asked for but I think your point about Sterling is interesting.

    A couple of points:

    (1) This is a measure of all debt (public and private) relative to GDP. In a mature economy where a great deal of people borrow to buy a home then it is to be expected and normal for this combined debt to exceed GDP ie i think there is nothing in itelf wrong with or alarming about a figure well in excess of 100%.

    (2) Nor do I think we could easily name the outer limits of what is manageable, especially where what is manageable is only defined by what everyone else is up to. Based on the graph relative health seems to be anything below 300%, which given mortgage debt seems not unreasonable and also seems to rather puncture any comparisions between the US and Zimbabwe – as if there could be any, not least because if the US were to do a “Zimababwe” the world would go down with it.

    (3) The UK figure if accurate is however a real stand out, and on the face of it I think does give cause for concern regarding our currency.

    I think it’s normal for all countries to run with a level of debt in exceess of GDP

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  • What was the source of the graph? The UK thing has got me thinking.

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  • general congreve says:

    @61 – I figured it was the closest thing that covered the question, namely the mismatch between productivity and debt levels. If you can you be a little more specific on the sort of thing you’d like to see, I’ll do my best to find the data.

    1) Yes, this is combined with private debt, the bulk of which is mortgage debt, secured on overpriced housing (I think we agree on that), the value of which apparently accounts for two thirds of this country’s ‘wealth’, of which any serious fall in value would dent the fortunes of our weakened banking sector and economy, and by extension our currency. So it is debt that must be serviced, rather than defaulted on, to avoid such problems. Therefore, in my view there is little difference between private and public debt, as ultimately it must be paid back to maintain the fortunes of the UK and it must all come out of taxpayers pockets (thereby affecting disposable income, necessary for economic growth, in a similar way), regardless of whether it pays down debt via mortgage payments, or via taxation.

    2) Even if 300% is manageable (they claim anything over 90% pretty much means the end is nigh ultimately), then it is only a matter of time before they hit the levels we have, unless they are going to p1ss off voters with austerity. I doubt the USA would go all out Zimbabwe (hopefully some common sense will take hold at some point when the pain gets too great), but it will have to endure significant fall in the dollar at some point, which could prove to be the end for the World’s Reserve Currency and therefore our current financial system, which could also trigger bigger problems. Financial systems of all stripes tend to disintegrate after about 40 years, the transition can be painful for those on the wrong side of the deal.

    3) Glad to hear to agree.

    It is ‘normal’ for countries to run with a level of debt in excess of GDP in our current system, most certainly. But if you stay on that path where do you end up? With a continually debased currency and at 460% debt to GDP, like the UK.

    @62 – I’m normally pretty good on these things, but didn’t make a note of the source. It is most likely from Moneyweek though.

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  • General no doubt we have time for each other’s post because there is some value in them, but I get frustrated when the dialogue stutters due to basic misstatement.

    There are some questionable papers (by Roffe I think) which say something about 90% of GDP but a great deal of these observations were made with reference of foreign denominated debt which doesn’t apply here. Also they refer to public debt only not public and private.

    Also public + private debt in excess of GDP based on the past 100 years a so a sign of health, and is where the Chinese are looking to push their economy for growth. I just don’t buy the notion that all debt is bad. I think alot of debt ties people to a place and forces them to work.

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  • general congreve says:

    @64 – The debt forcing people to work is a reasonable theory, providing there is the necessary growth providing jobs for those people to work in. If not, the whole construct risks collapse.

    Alternatively it may be the case that more debt can equal more jobs which in turn can outpace, and therefore pay off, the growing debt used to create those jobs in the first place – if you’re trapped inside the fantasist mind of Gordon Brown for example.

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  • Getting deep around here, so riddle me this: why is growth a good thing? The main argument behind debt is that it fuels growth, but is growth the be all and end all? Back in the day, people had the same job for 40 years, all that kind of stuff and things seemed to tick along quite nicely. Seems to me that the over-riding desire for economic `growth’ is right at the heart of a lot of our present issues, and is it therefore virtually inevitable that in 20-30 years the big story will be China’s debt-fuelled bubble bursting? The trader in the vid that prompted this whole thread (whilst being admirably open) seemed to live by the fact that earning shed loads was the be all and end all – when `cautious’ countries like Canada are set on debt of more than twice GDP it makes me think the world has gone well and truly potty.

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  • general congreve says:

    @66 – Growth is a requirement if you have large debts, a bit like getting a higher paying job is if you’ve over-leveraged yourself on a liar loan mortgage and can’t afford to pay it back on your current salary. Of course, if you’ve been foolish like that, it is more likely you won’t find yourself the job you need in time and will lose the house etc.

    Growth is also a requirement in modern society. We have conquered disease and old age to such a degree that we now have to keep people, who are largely past their productive years, fed, warm and in Caribbean cruises for up to 30 years. Without growth the upcoming generations cannot generate the wealth necessary to pay for themselves, their children and the old spongers. In many tribes, like the San Bushman of Southern Africa, they leave the oldies behind when they can’t hack it anymore. Cruel, but ultimately kind for the tribe.

    Of course, infinite growth on a finite planet is a fiction, the genre of which ultimately turns out to be a horror. They say a little knowledge is a dangerous thing and I think that is true with humans. We’ve continually broken the chains of our evolutionary place on this planet, taking us further and further away from a sustainable lifestyle with each advance we have made. First we invented spears and drove the likes of the mammoth to extinction and so it has continued, each new technology and system of societal organisation just throwing up new and bigger problems. At the end of the day, you can’t defeat entropy.

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  • Growth is a requirement in the society that we want, not the society that we need. The need for growth seems to be driven primarily by greed and self-service; advances in medicine should simply drive us to spend a little more of our time and money looking after the elderly.

    Could be an interesting discussion but I’m signing off. Re-read your third paragraph and ask yourself is this really progress? Or the exact opposite.

    “Make it your ambition to lead a quiet life, to mind your own business, and to work with your hands.”

    …from my favourite book (you’ll never guess which one)

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  • general congreve says:

    @68 – What I’m really saying is what is the point of ‘progress’. It’ll probably be our demise. Then again, so would just running around being apes, ultimately. But then again, nothing can live forever. Who knows what the human race is working towards? It seems one ambition since we conquered space is to migrate to other planets, so we can trash those too I guess.

    One interesting thing I read once was that life, in particular intelligent life, was the universe waking up and looking at itself. If you believe in evolution I think that is very true. So I guess that here on Earth humanity is the universe on a quest to answer what itself is, although making a right old mess in the process!

    Anyway, enough philosophical ramblings, my head hurts. Think I’m just going to go back to thinking about lovely gold. 😉

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