Friday, August 24, 2012

What a surprise!

Bank's stimulus plan 'has lined pockets of the rich'

"an analysis by The Independent reveals that the wealthiest 10 per cent of households would have benefited from QE more than 240 times as much as the poorest 10 per cent." and " the richest households gained by an average of £350,000 each from quantitative easing, while the poorest benefited by an average of £1,400 – more than 240 times less." Mervyn's position looks very precarious, given that he also was the principal designer of the gross credit expansion forcing all this attempted patch up work.

Posted by stillthinking @ 03:37 AM (3519 views)
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21 thoughts on “What a surprise!

  • mervyn is just as corrupt as the rest of them, they are all lining friends pockets, nuclear powering the gravy train etc

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  • general congreve says:

    Image and video hosting by TinyPic

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  • General Contrieve. It is easy to blame the parents, but simple fact is that they purchased assets prior to the currency being devalued so had a life raft. They were not greedy, they got what they paid for. What they were, was naive, believed in the system and became apathetic, not campaigning to maintain our way of life mainly due to indoctrination, brainwashing and poor education from state schools, BBC and corporate mouth pieces owned and run by the very folk ripping us off. Its all very sad, but even more sad to see people plumb to the depths of class and even age warfare, which is all a great distraction limiting us from the solution, which will only come from unity between all ages and classes against the parasite banking and political class.

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  • mark wadsworth says:

    GC, excellent illustration

    L, wrong. It’s the Home-Owner-Ists who love inflation because it pushes up the value of land relative to the value of good old fashioned honest cash savings and erodes their debts for them. What you call “the parasite banking and political class” I call “the Home-Owner-Ist elite”, it’s the same people, only I have a proposed workable solution and you just rant.

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  • general congreve says:

    @3 – Was just digging through my archives and rediscovered the little gem, made me laugh, so put it up.

    I don’t think it is a blame the boomers commentary as such, more a comment on the differences between now and then, thanks to the corrupt banking oligarchy we live under and political mismanagement over the years.

    My boomer Dad, for example, only crime is ignorance. He has never purposely striven to deny my generation anything. He just believes he is very talented and that the economy is doing fine every time he wins another govt. deficit funded contract for his business.

    No, it is the fault of the banks, politicians and media.

    The media earn extra disrespect as they are supposed to be the ones keeping a check and balance on things for the unthinking proles. They championed high house prices all the way, never stopping to warn the idiot populace that as prices go up, so does the distance between the steps on the ladder, and therefore your long term living costs, and so does the chance of your offspring will be staying at home into their 30’s and even 40’s. It’s pretty much all negative unless you have no kids and were already at the top of the ladder.

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  • Lets look at the situation:
    1. We have printed money – loads of it.
    2. We cut BoE Interest rates.

    – can’t see how that’s changed much in 3 years. Except pensioners get lower rates on savings. Most of the cash is in banks, propping them up. Being used for bonuses etc. Every week that goes by shows up another bank for working a fiddle…..but we have to defend them…they are the heart of London (says Boris).

    …..Oh, who can we blame…not the Banksters then, or Politicians, the BBC’s Social Engineers and useless Civil Servants, surely?

    Lets put the blame on “home owners” typically Fred Smith who owns his own terrace house in Clacton on Sea where he retired from the post office…etc. It must be Fred’s fault, mustn’t it?

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  • mark wadsworth says:

    Alan, we appear to be broadly agreed on who at the top is running the whole scam.

    Problem is that people like Fred Smith are propping up the whole pyramid scheme, i.e. voting the buggers back in every four or five years and turning a blind eye to what the bankers are up to, because he refuses to accept that he’d pay far less in LVT than he would in income tax, NIC, VAT, council tax, blah blah blah. Fred is too blinded by the illusory theoretical selling price of his house and thinks that if it fell in value that he’d be poorer, even though clearly he’d be paying less in tax every year, and with no land values left for bankers to encourage us to speculate on they wouldn’t be able to siphon off a tenth of GDP or some such insane figure.

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  • You could always emigrate to a country like Ireland where you fit the demographic majority.

    You will find that the pain in Ireland is spread much more evenly about the populace and not just felt by the under 35’s. You would not have the stress of worrying about those boomers either.

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  • mark wadsworth says:

    khards, you have done your homework before thinking about emigrating 🙂

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  • I do agree with Mervyn on one thing – it was a “wealth transfer”. For Mervyn, it’s completely irrelevant that whether the transfer was just or justified or justifiable, the only thing mattered was that it happened, Mervyn had to find the money somewhere, It had to happen and now it’s a done deal.

    For Mervyn, it’s just a little bonus that he’s done it without having to send you to a concentration camp, gas and incinerate you in order to transfer your wealth. Not that he won’t, but he would rather not, as it would be too time consuming and he rather enjoys his precious lunch time with bankers.

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  • Can anybody here tell me – what’s the difference between the Bank of Englands tactics (pension fund et al) and that of Asil Nadir of Polly Peck fame? Other than the time involved and self-licensed corruption, of course.

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  • nothing

    in fact I’d say boe tactics is more like enron or madoff

    makes nick leeson look prudent

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  • general congreve says:

    @7 – Come off it MW, Fred Smith doesn’t even know what LVT is, before it gets to the relation between it and the value of his home!

    Apart from you, a handful of economists, those of us you educated on here and an elite ruling class who have no intention of it ever seeing the light of day- as it will prevent them living off the rest of us (we’ll see a new gold standard long before LVT!) – NO ONE, has even heard of LVT.

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  • mark wadsworth says:

    GC, I’d never heard of LVT until five years ago. It had always struck me as pointless to subsidise land and buildings, because all that happens is that land prices go up, that’s easily observable. I didn’t realise until I got into “tax simplification” in 2005 or so that some people had already joined the dots – hundreds of years ago – and drawn the obvious reverse conclusion.

    But everybody has heard of council tax and fuel duty or inheritance tax, and those appear to be the taxes which most people get upset about, relative to the amount of money they raise (peanuts) and those happen to be the taxes which are vaguely closest to LVT.

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  • @3 libertas, I concur.

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  • stillthinking says:

    I am extremely surprised to see the Irish demographic. Wow.

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  • … anyone got a chart for the UK (or other countries for that matter). Best i could find was this:

    http://www.nationmaster.com/country/uk/Age_distribution (estimates going forward – wonder if that includes effects of migrations)

    and

    http://www.ons.gov.uk/ons/dcp171778_244768.pdf

    :

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  • general congreve says:

    @14 – I’m not disagreeing with LVT, I think it sounds like a very egalitarian from of taxation. All I’m saying is that Joe Bloggs hasn’t got a clue about it (you yourself now tell me you only heard of it five years ago), so they can’t be held up as guilty parties in the respect that they don’t want it, they just don’t know about it.

    Tis true people complain about fuel duty and council tax the most, but I think that is because they already feel they’re paying enough through income tax (which they are – if it wasn’t for horrific wastage and corruption in the system I’m sure we could run the country deficit-free on income tax alone), not because the public have a solid understanding of the most egalitarian forms of taxation and still decide they want to be taxed unfairly.

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  • mark wadsworth says:

    GC, that’s a reasonable summary.

    But those at the top who know about (and fear) LVT have done a splendid job of brainwashing the majority of people in this country. When somebody or other suggested Mansion Tax, the knee jerk reaction was “Oh we can’t have that what about Poor Widows In Mansions” and that was the end of it. And most people seem to believe that VAT is magically a “tax on consumption” which does not discourage or tax hard work investment etc.

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  • general congreve says:

    @19 – From that angle I would agree that it is the public’s fault for being moronic brainwashed and easily led. But thank god they are, or there would have been no gold left for me to buy at reasonable prices when I finally discovered the truth about money three and a half years ago. 😉

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  • general congreve says:

    @20 – And some sucker wouldn’t have bought my house off me at peak prices in 2007 and given me the free sterling to convert to gold if it wasn’t to for the epic stupidity of the public. Three cheers for the Great British Public 🙂

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