Saturday, July 28, 2012

Video

Debt Bomb

Dominic Frisby's hit. (Watch out for those bubbles, chaps!).

Posted by alan @ 05:42 PM (3521 views)
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16 thoughts on “Video

  • Surely it was Tom Jones’s hit ??!!

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  • blinktoofast says:

    Pure genius

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  • general congreve says:

    Frisby is one of the leading proponents of gold in the UK financial journalist fraternity, ignore him, he’s talking his book, there is no debt bomb.

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  • general congreve says:

    Ignore that article below about Spain requesting a $366Bn bailout too, that’s all made up nonsense. Nothing to see, move along.

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  • Anecdotal: I was chatting to my boomer uncle earlier. He has just retired, worked in the city and has a very comfortable lifestyle in Essex.
    Generally I do not talk politics, finance or banking with him, however today he was telling me how pissed off with the banks he is, he is moving all his savings from Barclay’s after 40 years! He was also telling me that he felt sorry for my generation and telling me how bad things have turned over the last 10 years.
    I wash shocked to hear this coming from him since he is totally unaffected be the currency depression (?Nice house, no mortgage, good savings)

    It has made me think that if he has now woken up to how much corruption there has been in the banking sector, the majority must be thinking the same.

    Confidence in the UK banks and government is crumbling…

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  • Police numbers are now down to 2003 levels. Pray there are no riots during the Olympics. If there are, it won’t be you the cops will be protecting….

    GC,
    IMHO a bailout will cost more than $366bn, just wait for Monday’s papers…..

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  • 4,500 hits on Youtube. Frisby may have somewhat overestimated his popularity.

    Besides, government debt is meaningless under a fiat money system.

    @alan,
    It’s ok, we have 8,000 troops protecting us during the Olympics. If I were a rioter or terrorist I’d wait until after the closing ceremony. You’re bang on about Spain though, €300bn is just a starting figure. The euro is a horrendous crisis and they need to abandon it as soon as possible. Politically that may not happen for a long time, even if the economics demands it. Politicians can ignore reality for a very long time if they choose to.

    @gc,
    How’s that yield on gold looking?

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  • general congreve says:

    @5 – Not at all, my old man and uncle laugh at me. I saw them this week, when I showed up they were discussing buying a VW Sirocco. I joked that my uncle was a bit old to pull that off, he told me is wasn’t for him, he was looking for one for his step-son. His step-son is 22 and fresh out of Uni this year, no doubt with monster debts. He is living back home with his mum and has only been working 10 weeks (not even finished probation period), he already has a car, an 03 plate MG, but apparently does have a bit of trouble starting it in winter – probably just needs a new battery. And the biggest kicker, he cycles to bloody work in 10 mins!!!

    My uncle was looking at new ones for 25k and second hand ones for around 15k, hire purchase around £200 a month (for bloody ever). Seems to think that’s a good deal for some young guy just starting out who lives at home. I pointed out that he could save the same amount of money in the first year of work and buy a second hand reasonable condition focus outright. He could then put the 5k he would save over the following 2 years, that he would have been paying for a cod piece he’ll hardly ever drive, towards saving towards a deposit. By which time he may be very well placed to pick up a very cheap house if the HPC finally gets going (and also very ready, as he’ll probably have had it up to here living with his mum by then).

    Apparently he is young and it is his right to have a flash car if he wants and apparently debt makes the world go round – what would happen if everyone took your attitude they said (of course they are right and if everyone took my attitude the ponzi would collapse tomorrow, hurray!). They’ll do nothing to dissuade him from wasting his money on a depreciating asset, only encourage him, as they both love cars. So with the car and the student debt, he’ll finish off any slim chance he may have of getting meaningfully started in life.

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  • general congreve says:

    @6 – You are right, even if $366Bn is enough for Spain, we have Italy and then France in line next. They better magic up a cool trillion if they want to ‘save’ the Euro.

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  • general congreve says:

    @7 – Besides, government debt is meaningless under a fiat money system.

    Really. If you’re a politician perhaps. Not if you’re a ‘soon to retire’ citizen who has worked hard all their life and saved into a pension that is heavily invested in UK gilts. The result of the debt becoming meaningless will be pretty meaningful for poor suckers like them.

    As for the gold yield, try mocking 60% since I invested, or 1.5% per month. That’s right, per month. Of course, feel welcome to take small comfort that it is slightly less of a monthly return than I had this time last year, if it makes you feel better.

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  • general congreve says:

    @10 – You can also take comfort in the fact that that’s 1.5% averaged return on the original investment, not compounded. Although add in the silver and the figures are a bit better still.

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  • [email protected]

    An 03 MG … now that is a money pit. New head gasket every couple of years and a new engine every 5.

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  • Forget all this doom and gloom, the Olympics are on telly!

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  • @8 There is no need to get into debt buying a nice car. Try an 03 MR2 (3k) as they hold there value well and don’t cost the earth to buy or run.
    If you want something with a bit of grunt my vehicle of choice is an 07 Vectra 2.8t. Woolf in sheeple clothing + cheap as chips (4k).

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  • @13 – I haven’t got a TV. How do I get brin washed involved ??

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  • general congreve says:

    @14 – Some good suggestions there, I will pass them on if it isn’t all too late.

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