Urban75 Home About Offline BrixtonBuzz Contact

Global financial system implosion begins

Same page....





alors..

c'est tres diffificle....
mais je comprendre (j'espere)

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.
 
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?
 
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?
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?
 
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.
Was a bit after my Dad's hovering off the coast of Vietnam if I'm honest....Quite easy to build a counter argument to Mr Starr of all the devepments that wouldn't have happened without war...but thermonuclear ...leave that to Joshua
 
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?
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?
There are loads of funded defined income benefit schemes that would be affected.

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!
 
There are always people preaching doom and there are always people saying it’s all about to go to the moon. At any point in time, there is somebody saying expect an imminent 50% collapse and there is somebody advising you to put it all into the latest fad. It’s worth remembering, however, that the market is overall made up of the balance of these people, and the prices already reflect the current average view of things.
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.
 
Lots of investors there in that article. Where is chairman Mao when you need him ?

There are loads of funded defined income benefit schemes that would be affected.

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!
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.
 
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
 
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.

Capture.JPG
 
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.
 
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.
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.
 
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.

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.
 
Well my question is this:
Is it worth moving from National Savings @1.2% into a 2-3 year fix with the Market Harborough Building Society @ 4.05%.?
 
Well my question is this:
Is it worth moving from National Savings @1.2% into a 2-3 year fix with the Market Harborough Building Society @ 4.05%.?

It's a tough call, especially if you have exit fees. But currently it's the only thing that will give you short term certainty and there's absolutely no certainty that rates won't go above 4.05% right now.
 
  • Like
Reactions: CH1
It's a tough call, especially if you have exit fees. But currently it's the only thing that will give you short term certainty and there's absolutely no certainty that rates won't go above 4.05% right now.
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.
 
Well my question is this:
Is it worth moving from National Savings @1.2% into a 2-3 year fix with the Market Harborough Building Society @ 4.05%.?
Lots of useful advice on this thread

 
  • Like
Reactions: CH1
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.

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
 




 
Last edited:


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
 
It’s been 20 years of protecting house prices at all cost.
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.
 


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
How come when interest rates change derivatives traders seek to get bailed out?
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?
 
How come when interest rates change derivatives traders seek to get bailed out?
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?
"There must be in-groups whom the law protects but does not bind, alongside out-groups whom the law binds but does not protect."
 
Back
Top Bottom