Comments on: The Bank of England’s MPC remains useless(updated)

By: Adrian Peirson

Adrian Peirson — Sun, 12 Jul 2009 12:45:31 +0000

I’m sure most savers also have loans, credit card debts, mortgages, practically everyone would benefit in some way.
They wouldn’t lose their savings, the New Banks could honour their deposits.

By: jean baker

jean baker — Sun, 12 Jul 2009 08:22:24 +0000

Flu innoculations is a profitable business – not ‘political’ unless the pharmaceutical suppliers are allied to the government.

By: jean baker

jean baker — Sun, 12 Jul 2009 08:06:35 +0000

Corruption and oppression is, indeed, widespread – Zanuliebor & Mugabe have a lot in common !

By: Denis Cooper

Denis Cooper — Sat, 11 Jul 2009 14:22:59 +0000

“No wonder the printed money is not yet hitting the High Street.”

Of course it is; the printed money has been passed to the Treasury via the gilts market; the Treasury has provided it to government departments to pay public sector employees and contractors; then the recipients have been spending it in the shops and elsewhere.

I’ve said before that if the Bank was literally printing money, and teachers, nurses, council workers etc were still being paid in notes and coins in a brown wage packet, then by now they would have noticed an unusually high proportion of crisp, newly printed banknotes in their pay; and also by now shopkeepers would have noticed that they were being offered a lot more new banknotes than usual.

By: Denis Cooper

Denis Cooper — Sat, 11 Jul 2009 14:10:55 +0000

But while that might punish the banks, above all it would punish savers. One man’s debt is another man’s savings; cancel the debt owed by the first, and you also have to cancel the savings built up by the second. I wouldn’t take kindly to that suggestion!

By: Jon

Jon — Sat, 11 Jul 2009 09:39:52 +0000

A lot of sense there. There are lots of repossessions at huge cost to the tax payer in more toxic debt. This should have been managed by the government owned banks. I would rather knock 20% off someones mortgage in exchange for a share in the property that theowner could then afford to pay rather than repossessions and a big debt on the tax payer.

Unfortunately for banks like RBS many of the loans are foreign.

By: Javelin

Javelin — Fri, 10 Jul 2009 22:27:27 +0000

I’ve been wondering whether the predicted 3m unemployed includes the 10-20% of Expected government cuts. I don’t think it does because it is calculated as the 4Q2010, which if you think about it doesn’t give enough time for public sector cuts after the election to start rolling.

So I think Im on pretty safe ground predicting 4 million unemployed, which doesn’t include the 1 million faux disabled sick. So I think a figure of 5 million unemployed turns out to be quite a conservative estimate.

By: Adrian Peirson

Adrian Peirson — Fri, 10 Jul 2009 19:15:29 +0000

They can’t allow sound money, sound money allows us control over our lives and prevents them from having control of our lives.
The BofE lowers rates, making it attractive to us in terms of credit and loans, when enough of us bite, they raise raites again and haul in the assets of those who can no longer afford the new Interest rates.
Rinse and Repeat until the Banks own almost everything, that is the purpose of the Boom bust economic cycle.

All this wealth, misappropriated by thin air credit and unbacked fiat money which they simply conjure up out of thin air.

By: Adrian Peirson

Adrian Peirson — Fri, 10 Jul 2009 19:08:48 +0000

The banks will be waiting for the Economy to really tank so they can buy up the UK at knowck down prices.
I don’t know if there is any money to be made
in that prediction but there it is.

Now if that money had been given to the Britsh people, say by wiping off their collective mortgage debts, their Car loans and Credit card debt as punishment to the Banks, we’d still have a bouyant economy.

By: jim

jim — Fri, 10 Jul 2009 13:49:55 +0000

I hope that with the oil issue the recently discovered fungus in Patagonia, which converts plant cellulose to bio-diesel offers some hope. But development time won’t stop us meeting our crunch.
As things stand we face a government that can’t pay its bills and a deeply divided population.
It does very much look like we are being intentionally gutted doesn’t it?
As Waramess says high inflation looks likely, though the BoE seems to have cancelled Brown’s credit card and plans to stop buying our debt. Which means a panic out of sterling can’t be far away. If that is the case then it will be Brown who will have to take the axe to the public sector.