Global financial system implosion begins
- Thread starter Falcon
- Start date
CH1
"Red Guard"(NLYL)
I remember both well. Edwin Star was v popular in my Methodist youth club - it was the rhythmic "hook" as much as the lyric. I think Nixon's abolition of the Gold Standard was not fully understood at the time - but then we had the Heath government "doing a Kwasi Kwarteng" to occupy our tiny minds.
CH1
"Red Guard"(NLYL)
Its been noted upthread about Chinese property disasters - how about this one closer to home? They even have the cheek to say to investors who have put a 50% deposit into an "off-plan" apartment that the only way they will get their money back it to convert their deposit into a loan - and subscribe more.
Do property spivs not get regulated in this country?
www.manchestereveningnews.co.uk
Do property spivs not get regulated in this country?
People left in limbo for years after sinking deposits into unbuilt apartments
'£12 million paid out and all we've got are two empty shells of buildings'
not-bono-ever
meh
Lots of investors there in that article. Where is chairman Mao when you need him ?
CH1
"Red Guard"(NLYL)
This grabbed me - lifted from the FT I think
www.newsncr.com
I haven't had access to a defined income pension scheme since 1983. These are for civil servants and knobs, surely?
I can think of a couple of BT executives in Brixton who have benefitted greatly from "early retirement" [like 25 years early on such inflation busting deals].
Why are "we the people" paying £65 bn to preserve pensions for parasites?
What does the bond rout imply for my pension?
The Bank of England’s intervention within the bond markets on Wednesday has headed off a right away funding disaster for remaining wage pension schemes,
www.newsncr.com
I can think of a couple of BT executives in Brixton who have benefitted greatly from "early retirement" [like 25 years early on such inflation busting deals].
Why are "we the people" paying £65 bn to preserve pensions for parasites?
strung out
💩 🤣 🍆 💦 🧐 👻 🐝 🐈⬛
There are loads of funded defined income benefit schemes that would be affected.This grabbed me - lifted from the FT I think
I haven't had access to a defined income pension scheme since 1983. These are for civil servants and knobs, surely?What does the bond rout imply for my pension?
The Bank of England’s intervention within the bond markets on Wednesday has headed off a right away funding disaster for remaining wage pension schemes,
I can think of a couple of BT executives in Brixton who have benefitted greatly from "early retirement" [like 25 years early on such inflation busting deals].
Why are "we the people" paying £65 bn to preserve pensions for parasites?
Mine is the Local Government Pension scheme, with something like 6 million members and is worth £342bn. I'm guessing that's one of the schemes that could have come completely crashing down without intervention from the BoE. Loads of others too - even though most private ones have been phased out, they'll still be paying out benefits to retirees.
Glad we're all parasites to you!
Idaho
blah blah blah
This is completely true every time, until it's not. Humans are ever in a state of either normalcy bias or mortality panic.
The current political and economic paradigm will inevitably breakdown and become something else. And 50 years after that happens, the narrative will then present the past as an inevitable movement toward that change. But during "normal times" it's very hard to predict future change without seeming a little bit cracked or just being wrong.
I realise this is a bit of a non post.
CH1
"Red Guard"(NLYL)
It's divide and rule mate! All very well if "one" is ex Lambeth Council early retired on 2/3 of a good salary.
But for those of us who had to work for a living!
re the Manchester tower block investors - are these supposed to be all Chinese? Or just incautious buy-to-let merchants without defined benefit pensions? Just curious.
skyscraper101
0891 50 50 50
Sterling briefly touched $1.10 a moment ago. A 'high' not seen since Friday. Since I began this post it has dipped to $1.0930 though.
not-bono-ever
meh
Problem hasn’t gone away. We are still propping up the pound using HMG cash. Nothing has really changed, certainly in terms of a substantive policy action
platinumsage
HaveMyPassword123
Seems weird waiting until the next scheduled MPC in November for a rate rise. It's funny remembering before BoE independence, the Chancellor would raise or lower rates whenever it seemed a good idea, simply by issuing a statement:
e.g.
e.g.
skyscraper101
0891 50 50 50
The BoE is always way too slow to react on interest rates IMO (insert joke about the MPC and 'design by committee' here).
I was mildly surprised that they reacted as quick as they did on buying the government bonds yesterday. I say mildly because not acting there and then may have sunk pension funds that very afternoon with some very real individual consequences.
I was mildly surprised that they reacted as quick as they did on buying the government bonds yesterday. I say mildly because not acting there and then may have sunk pension funds that very afternoon with some very real individual consequences.
brogdale
Coming to terms with late onset Anarchism
It seems that some of pension funds facing an inability to meet margin calls from the banks etc. had been crying out for action from the Bank in the days before they moved.
skyscraper101
0891 50 50 50
I just don't understand why they're so slow. Continuing to meet only 8 times a year is crap when the markets are volatile and we knew there'd be Kwarteng/Truss partnership on an ideologically driven economic suicide mission weeks ahead of the vote. How can they not have seen such an obvious train wreck coming down the track.
Also I'd have so raised the interest rate by 100 basis points back in August. Just saying.
skyscraper101
0891 50 50 50
CH1
"Red Guard"(NLYL)
I meant savings not a mortgage, so no exit fees - but in any case your answer still seems right, which is why I'm holding on.
skyscraper101
0891 50 50 50
teuchter
je suis teuchter
Lots of useful advice on this thread
Low interest rates on savings
Received an email from my bank saying that they're going to be reducing the interest rate on their 'Online Cash ISA' accounts. Tbh, I didn't have a clue what the current rate was, so just checked: 0.15%. And it's going down to 0.09%. If I'd had to guess, I was vaguely aware interest rates...
www.urban75.net
Artaxerxes
Look out, he's got a gnu!
It’s been 20 years of protecting house prices at all cost. A 0.5 percent increase used to see thundering condemnation and headlines for weeks.
No wonder the bank takes ages to raise them
gosub
~#
China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing's prior interventions have failed to stem its currency's worst year since 1994
The amount of dollars to be sold hasn't been decided yet, but Reuters said it will primarily involve state banks' currency reserves.
markets.businessinsider.com
not-bono-ever
meh
they did that in 2016 IIRC but it was more political and included US Bonds I think. massive impact.
gosub
~#
EXCLUSIVE IMF, 10 countries simulate cyberattack on global financial system
Israel on Thursday led a 10-country simulation of a major cyberattack on the global financial system in an attempt to increase cooperation that could help to minimise any potential damage to financial markets and banks.
Not recent, but interesting
gosub
~#
Senate Confirms Lael Brainard As Fed’s New Vice Chair. Here’s What We Know.
The sole Democrat on the Fed’s board of governors was at one point a favorite to unseat Chair Powell.
www.forbes.com
US Federal Reserve announces inaugural climate scenario analysis exercise in 2023
Wall Street heavyweights Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo have been tapped by the Federal Reserve for its first climate scenario analysis exercise.
www.responsible-investor.com
Climate Change and Financial Stability
The Federal Reserve Board of Governors in Washington DC.
www.federalreserve.gov
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not-bono-ever
meh
Credit Suisse Turmoil Deepens With Record Stock, CDS Levels
Credit Suisse Group AG’s gauge of credit risk rose to a record high while its stock hit a fresh low, adding to the turmoil after the bank’s attempts to reassure markets on its financial stability backfired.
www.bloomberg.com
Just thought I would hoy this up
It’s not a lehmans and don’t think it’s massively systemic. Just a shit company in a shit business . Meh. More grist to the Bitcoin hype industry . Fiat etc
Thesaint
Active Member
Pretty much I agree. Or maybe from the BofE's point of view it's not so much protecting homeowners but the lenders from any falls. Politicians would be wary of the wrath of homeowners though AND not wanting another round of lender bailouts.
CH1
"Red Guard"(NLYL)
How come when interest rates change derivatives traders seek to get bailed out?
Credit Suisse Turmoil Deepens With Record Stock, CDS Levels
Credit Suisse Group AG’s gauge of credit risk rose to a record high while its stock hit a fresh low, adding to the turmoil after the bank’s attempts to reassure markets on its financial stability backfired.
Just thought I would hoy this up
It’s not a lehmans and don’t think it’s massively systemic. Just a shit company in a shit business . Meh. More grist to the Bitcoin hype industry . Fiat etc
I thought derivatives were supposed to stop traders in real things needing to be bailed out.
Couldn't we cut out a whole layer of parasites here?
CH1
"Red Guard"(NLYL)
Durkheim or Karl Marx?
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