RockySpears
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Posts posted by RockySpears
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"And the households and companies who receive the money created by new lending may take actions that affect the stock of money — they could quickly ‘destroy’ money by using it to repay their existing debt, for instance"
So they take on Debt - to pay off Debt? Tell me please how that means less Debt (money) at the end of the process? And this is the Bank of England telling us so!
So where did the Interest come from? The Bank creates the Debt (money) but the Interest MUST come from some OTHER Debt, so the overall Debt is bigger. AT every turn MORE Debt is created because the Interest MUST come from some OTHER Debt.
"So its not as as simple as you’ve made out at all is it? You paint a picture of banks clicking their fingers and billions of pounds enter their accounts. "
That is EXACTLY it, They click their fingers and they collect Interest on the money they just created. Please, if you have a point to make that in anyway shows that Banks do NOT simply create almost any amount of money (OK, it is limited by the fractional reserve required by the Central Bank - BoE, ECB, FED etc etc), as and when they wish, and can find a stooge to borrow it, let us all know.
"So it's the bankers fault that some people are poor?"
The Banks like poor people. The Gov then gives these poor money to live on, but Gov doesn't have the money (too many poor because the jobs are overseas), so it borrows from ..... The Banks and creates Government Debt (now at almost £2,000,000,000 (that's £2 Trillion) http://www.nationaldebtclock.co.uk/ ). Now, when a Government tries to pay down its debts, we get AUSTERITY, the people most affected by AUSTERITY are .... drum roll ..... the poor. The poor currently may go hungry and may yet reach starvation point, you never know.
Who benefits? The Banks, because they charge the Gov interest on the money the Gov borrowed to sustain the poor. But the money was just created by the Bank out of thin air and it collects the interest.
The amount of Interest the Banks/Investors receive from the UK Gov can be found here where you can also see that the BoE owns £435 Billion in UK assets which it has used as collateral for the all the QE it gave away, to the Banks, who gave it away to
their friendsother financial institutions.Yours,
RS
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10 hours ago, Lloyd90 said:
Rocky, you’d make a good politician, taking a large document and picking out the single sentence that suits what your saying.
Let’s take a look just a couple of lines below
”Although commercial banks create money through lending, they cannot do so freely without limit. Banks are limited in how much they can lend if they are to remain profitable in a competitive banking system. Prudential regulation also acts as a constraint on banks’ activities in order to maintain the resilience of the financial system. And the households and companies who receive the money created by new lending may take actions that affect the stock of money — they could quickly ‘destroy’ money by using it to repay their existing debt, for instance.”
So its not as as simple as you’ve made out at all is it? You paint a picture of banks clicking their fingers and billions of pounds enter their accounts.
Now let us consider, what would happen if banks didn’t operate this way?
Situation: You go to the bank for a mortgage - the bank tells you sorry, we’ve loaned all of our money out already - after all there are a lot of ‘homeowners’ out there lending for houses. Loans for cars, loans for holidays, all sorts.
What then? Who would you lend off? You going to lend hundreds of thousands off your mate down the pub at a decent rate?
Its not going to happen is it...
Yes it is that simple. QE was in fact the creation of over £400 billion, just like that.
"Now let us consider, what would happen if banks didn’t operate this way? "
It would mean that house prices (and EVERYTHING we take a Loan for) would have to remain at a level that did NOT exceed the amount of money available. Which, to me at least, if not to you, would mean that the country was living within its means. This is how the empire was built, if you wanted to go on an expedition, you actually had to stump up the CASH from somewhere, you needed sponsors, real money. If a Bank over-lent, there was a run on the Bank and it went under or paid its debtors. A new Bank would rise to take its place and better lending would ensue.
Running our country on Debt is not a good thing, we are seeing the end results now.
People want to know why we have Poverty in a 1st World economy? Well maybe it is because we are no longer a 1st World economy, just a 3rd World with a pretty frontage and compliant Governments,
RS
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Lloyd90
" You sound like a communist"
Wow - less of the Ad hominem eh! I've been called a few choice things, but no one has ever gone that far!
"Your talking about fractional reserve banking, and you make it sound far simple (and much more conspire theoryesque) than it all is."
OK. Lets not take my word or links as being true, let's ask, say, The Bank of England itself shall we:
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf
"Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money."
So I guess the BoE are Conspiracy Theorists too?
"You can lead a horse to water ..... "
RS
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Hamster
" the important point here, why on earth do we as a 1st world nation even have such poverty "
Exactly! My point being, it is concealed, hidden in the charitable nature of our country. I am sure most here know exactly who is to blame, it is the Banking system and the Govs cosy relationship with it. It is NOT a left/right Tory/Labour thing, but is always made out as such.
Banks create money out of thing air; When you borrow money (mortgage, loan etc) they create around 90% of that money there and then. They give it to you and charge you interest on money that previously did not exist, who would not want that scam? There are plenty of places you can verify this astounding fact, here is one: http://www.theeventchronicle.com/finanace/bankers-admit-its-money-out-of-thin-air/#
I'm sure you can Web Search a million others.
So why poor people? If they wanted to, the banks could simply create money and give it out. Hell, why does the Gov not have the ability to create money, you would think it fairly important for a country wouldn't you? Some among you will immediately know the reason - INFLATION. Think pre-war Germany.
BUT that has not stopped the Bank of England from creating north of £400 Billion in Quantitative Easing, and giving it to the other Banks, who gave it to businesses, who paid off bad loans they had and then bought their own shares (go look at stock values/buybacks since 2008). This money, we were told, would "trickle down" to the man in the street, it hasn't, they kept it all.
We have poor people, because the BBC and all the rest of the corrupt, paid for, Media, does not put up a program about this.
We have poor people because they want poor people as a distraction, to fight over.
We have poor people because no one gets angry any more (poll tax riots anyone?).
We have poor people because their jobs are overseas.
We have poor people because we choose to pay £1.00 for Far Eastern plastic, that would cost £2.50 to make here.
We have poor people because a Far Easterner only needs £50 a week to not be poor.
We have poor people because we simply do not see the bad stuff as bad enough yet.
We have poor people because at the moment, they are just hungry, when they are starving, it MIGHT be different.
RS
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7 minutes ago, henry d said:
Nice, let people starve! way to go!
People are NOT going to starve, that simply is not going to happen, just yet. The problem is that the severity of the problem, the difference between the Haves and the Have-nots is being covered over.
Just one picture in the Papers of a Malnourished UK child, would send the Gov into a tizzy, there would be real uproar and things MIGHT change. As long as Charities, with all their good intentions, keep the problem under wraps, nothing will happen.
It is disingenuous of you to think that I want to see UK citizens starving, but the fact is they are on the edge, but we will not see the edge until we look down, and we will not look down if there are people leading us on merrily over the cliff,
RS
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Perhaps if these places were called "Soup Kitchens" people would actually realise that we have been in recession for the last 10 years (despite what Gov. figures may say).
In my opinion, Food Banks should not be set up at all, because they paper over the cracks.
Things are about to get a whole lot worse, but no one is going to care, until they do. Do what you can for you and yours, a healthy stock of provisions is a good start,
Yours,
RS
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33 years a driver of cars.
NEVER used the expensive stuff, supermarts all the way, even my Lexus Soarer got the "cheap stuff".
NEVER, not once, had a fuel related repair.
New shocks, tyres EGR, belts, lightbulbs, brake pads, discs etc etc etc, NEVER had anything more unusual.
TESCO currently giving away 10p per litre, used 3 tickets so far, 4 cars in family, all CHEAP FUEL users, NEVER had anything but wear-outable parts issues.
Super market fuel is fine. OTHER fuel may be better, but SM fuel is not an issue,
RS
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2 hours ago, TIGHTCHOKE said:
Wabbitbosher will sell you one and send it to your RFD for a very good price!
Yeah, but RFD adds too much to the price at my entry point. At least £15 each way, and I have seen people pay £25 each way, but on £1,000 it is a lot less noticeable,
RS
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If I lived near Wabbitbosher, this would not be an issue. But here I am in Stockton on Tees (Middlesbrough)
Looking for a clean, cheap 1st clay/pigeon gun.
Nothing flash, just a clean OU ejector or a semi auto, probably not SbS. Long a chamber as I can get to avoid worries over cartridge.
I need as long a LOP as is possible as I have tried 14 to 14 3/4 and they put my trigger finger on the damn fore end. Right Handed/Ambidextrous. No need for engraving or flashy decals, but something that is tight and clean with good bores, something for the next couple of years so I can learn to hit a barn door at 20 paces.
Under £200 or less
Cheers
RS
Yes I am novice Shotgun, yes I probably do not know what I'm talking about, but I would still like a go.
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5 hours ago, loriusgarrulus said:
Well that was a non event. Not a flicker.
For this you should be glad.
Seeing the Aurora as low as the UK latitudes means there is either a weakening of the Earths magnetic field, or stronger incoming particle streams from the Sun.
WE DO NOT WANT EITHER! Believe me. The Earths Magnetic Field is weak enough as it is.
A Carrington Event right now would most likely send us back to the Stone age, and in very short shrift.
Be careful what you wish for.
RS
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"now that ddt etc is out of the picture"
DDT has never been IN the picture, at least it should not have been.
http://www.safechemicalpolicy.org/rachel-was-wrong/
https://www.skepticalraptor.com/skepticalraptorblog.php/ddt-facts-examining-evidence-50-years/
The apparent thinning of eggshells by DDT has never been proven, and indeed studies show that thinning started 50 years BEFORE the introduction of DDT
http://reason.com/archives/2004/01/07/ddt-eggshells-and-me/
I know many of us grew up with the DDT scare, but, as with everything the Greenies say, there is more to it than they admit, and their science is appalling.
Much of what they say is plain wrong too: Sea Level rise due to melting Greenland and Antarctica - What rise?
Scientists Affirm ‘Recent Lack Of Any Detectable Acceleration’ In Sea Level RiseRS
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Nope, but I read the Alistair Mitchell article in which HE wrote that Polar bears numbers were on the increase. Drop him a line care of The Shooting Times.
Is this not good? Are we in fact saying the same thing?
No danger to Walruses, no danger to Polar Bears. The Man-Made Climate Change hoax is collapsing.
Mr Attenborough was/is just plain wrong. I will give that the report only came out early October and so Mr Attenborough may not be aware of his error, but it is his error to correct.
Pound to a penny he doesn't,
RS
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"Polar bears are doing very nicely as well according to an article by Alistair Mitchell in the Shooting Times recently."
Not sure how you mean this, but I think sarcasm is involved, but anyway, you are correct, the Polar bears are fatter than ever:
Original report:
Go on, throw me some more fish!
RS
PS. Did you even read the report Penelope?
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Just a shame about all the Global warming BS.
Walruses ARE NOT in any danger, in fact, just this year it was reported that they are doing better now than at almost anytime.
I love the programs, but Attenborough needs to keep his show out of the Politics arena.
"After Comprehensive Review, Service Determines Pacific Walrus Does Not Require Endangered Species Act Protection
October 4, 2017"Original study: https://www.fws.gov/news/ShowNews.cfm?ref=after-comprehensive-review-service-determines-pacific-walrus-does-not-&_ID=36158
Sad to see such a great man try and use his influence to destroy our way of life.
Without fossil fuels, we are nothing.
RS
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"once advancements in energy storage are made", yes, won't it be nice to know that the building beside your office has enough energy stored to recreate Hiroshima, just so no one misses Strictly and a cup of tea.
It won't be the oil industry that screams, where does the Gov. intend to get the £53 billion in tax revenue from if no one sells fossil fuels?
You can see the green garbage starting to crumble now, clear signs that the AGW hoax is coming to a well deserved end.
Stopping the use of FF for power is intended to keep the poor countries poor, stopping it's use for transport is a complete non-starter.
RS
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does no one ivest in property to let either comercial or residential ?
Lots of people, the government have noticed and are now starting to tax buy to let owners on rental income, rather than profits.
Many landlords are being pushed into the 40% tax bracket, and many are losing the higher rate relief on the mortgage payments.
I'm not sure about commercial property.
Residential only, the returns on commercial are way lower and the "legal" stuff can be a nightmare. We have all bought or rented property, so there is nothing new.
The Tax changes really only affect the higher profit landlords. I do not pay higher rate Income tax, so am mostly unaffected by the changes. I also live in the North East England, my rentals cost me, on average, £35,000 a piece and rental is about £500pm. My mortgages cost me about £8,000pa and there is very little else to pay for. They each get anew kitchen every 10 years or so, the insurance it £1,000 per year for them all and 6 gas safety checks roll in at about £200. I like to keep mine in good repair so spend around £5,000 on building maintenance each year. If you wanted to use an agent, to avoid the hassle, knock 10-15% off the Gross rent, still good returns and not worries.
I work full time, so I do not spend the profits, I buy Sovereigns, no silver, the VAT is silly.
As I retire, i will sell one at a time every couple of years to minimise Capital Gains, although, I have had them long enough for CG to taper off.
At current Valuations I will get about £50,000 for each as profit. Couple this with the SIPP which I chucked into Gold a few years ago, I should be fine, a lot better than most I would hazard. Certainly enough to see me to my 80's, after which I suspect I will not be too bothered.
There you go, my entire retirement plan in a Nutshell.
RS
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"The problem I have with a physical commodity such as gold is that it doesnt return you anything while sitting in a vault. Other assets do."
That's fine, so long as you do not think of Stocks/shares as assets.
Gold does not "return" anything, but is wholly inflation proof, and, as the Fiat currencies collapse, it remains solid (so to speak).
Stocks and shares are gambling in some one elses casino, I don't gamble. When the rush for the exit comes, you will NOT be at the front of the queue.
Best of luck (cos that's what it takes) with your investments,
RS
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The problem I have with a physical commodity such as gold is that it doesnt return you anything while sitting in a vault. Other assets do.
My balanced portfolio returns me about 3.5% pa yield and over the past 5 years has grown about 10% pa. so fairly conservative but consistent.
It is hedged across currencies and regions and is about 60% bonds, 30% equities, 10% cash.
I am a firm believer in balanced investments.
Out of interest why did you let your pension lose you money? Assuming it was a DC scheme surely you had options as to where it was invested .
This was the days before you could do anything about it other than move it and take the loss on fees.
Those increases will not even cover your losses to inflation and fees I would hazard.
Remember they are NOT profits until you take them out as £, they are just losses waiting to happen,
RS
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AVB
Gold and hard assets, property mostly. I paid into a pension for 10 years+, the Gov. added in my tax relief and after 10 years I had less than the total I contributed. Not with any old pensions schemes either, Scottish Widows and Pearl.
I have now converted all that to an SIPP in Gold bullion with Bullion Vault.
I took my contribution and got a mortgage on a 2 up 2 down terrace, etc. Now have 6 properties and will not bother with more as it is plenty, not interested in being a landlord, just solvent. Don't "flip" houses either, not interested in the buy/sell forever malarkey.
All my Spare cash is used to buy Spot-price Sovereigns, 1/2s or whatever I have spare. Being legal tender there is no Capital gains on my collection.
I have to say I am surprised people here actually play the "Markets", but I guess BTFD is not a hard trade. Nobody is interested in Fundamentals anymore, Draghi has their backs as far as they are concerned.
Just take a look at the valuations of these companies, they far out-way any increase in profits/productivity. The Maccy D example is pretty much the same for them all. Most of the big companies today are actually just shells for Government handouts. Netflix a company that is burning through cash at an unheard of rate, but somehow it still has "value", well, not in my opinion.
Look at this:
How the hell is this possible, a company with a revenue of less than 5% of its rivals has a greater or equivalent "market" capitalisation.
Please, any one, tell me where these investors see their returns coming from?
Netflix - a cash burn of $2.5 billion for 2017, with no end in sight, a good investment? Really?
Actually, looks good, doesn't it?:
http://performance.morningstar.com/stock/performance-return.action?t=NFLX®ion=usa&culture=en-US
Hell yeah!.
RS
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Im surprised some PWers arent still living in caves. Lol.
Why would the North Koreans hack your smart meter? They might target a power station but I cant imagine Kim Jongs hackers sitting there saying lets see if we can muck up Fred Smith from Arcadia Avenues smart meter.
I also dont care about privacy of how much Electricity or gas I am using. Who really cares? Only me when I have to pay the bill.
I have a smart meter. For one it means I dont have to read and submit the meter readings (or suffer the consequences of estimated readings). I can also see real-time the usage in real-terms (pence per hour) and that reminds me to shout at the kids to turn all of the lights off that they have left on.
There again I like technology. I also have Hive to manage the heating remotely. Again far more convenient that fiddling with timers and thermostats.
All of the technology available is simply a lot more convenient for me.
Because your meter is a doddle to hack, Power Station maybe not so easy.
In any case it may not be the Hackers you need to fear; the point of the meter is that they can disconnect you if they wish. If there is an emergency, they can take your power.
The Renewables drive has pushed power generation in many western (inc Australia and NZ) to the brink with no "Base Load" having been built in many years. On those glorious winters days, when it's freezing, but still and dark, there will be no "Base Load" power supply and power will be redirected to where THEY think it best used ie London.
RS
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If you had £10,000 in 1997 and bough Gold - 50oz
and you now sold your Gold, you would have £48,750.
Your £10,000 from 1997, now has a purchasing power of £6,600 due to inflation.
Take the current figure you have for your investment and multiple by 0.66, that is the 1997 worth of you investment.
How has you money done in your chosen investment?
If you want to know the future of stocks, here is a simple analysis* of McDonalds over the last 5 years:
Stock price UP 73%, Revenue down 12%, Net income down 5.5%, Company assets down by $17 billion to -£2 billion
There are no markets these days. NIRP and ZIRP mean that companies are borrowing huge sums against assets, buying their own shares and calling it growth. No investment, no productivity gains, nothing.
Would you buy shares in a company that is is losing money hand over fist?
This is not just a McDonalds thing, this is a whole Stock "Market" thing (Tesla loses $13 million per day, sounds like a great investment, Yes?).
There is no "Value" in these companies, just a share price. QE and Mario Draghis' "Whatever it takes" has destroyed all semblance of markets.
You can play in their Casino/Ponzi scheme, but you will get stiffed.
RS
Oh, and there are NO Tax implications with Gold, it is legal tender and not subject to such (sovereigns).
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Tone generator,
Know any one in BT/Open reach? I can send you one to borrow. Basically used to find dead cables. Tone generator applied to one end of cable, then a probe "listens" for the other end or any part in between. It has short range but usually works ok,
RS
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I read about the recall, but this has the cross bolt. In any case, if there is nothing in the chamber, nothing goes wrong.
If you don,t use it ... is it available?
RS
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Anyone any comments, good or bad, on a Franchi Law 12?
Looking at one for PSG and might have found a Bargain at £200! or not, according to your comments,
Thanks,
RS
Food banks.
in Off Topic
Posted · Edited by RockySpears
Wrong image.
"there would have been very serious economic and social consequences"
... and there are not now? £2 trillion Gov debt is NOT a problem? Hungry families are NOT a problem? Wages that are still 10 years behind (in real terms) are not a problem?
The problem with bailing out the Banks is that the Banks now expect it, so they don't care (Draghi says the ECB will "do whatever it takes").
Yes, I believe we should have let them go to the wall. The purge would have been very painful, but I suspect that ten years later (Now) we would be in a much better place and the Banks will have seen the error of their ways. Instead we have had ten years of nothing at all, no growth, lost jobs, less workers now than almost ever.
"So who exactly is the nastiest?"
It has NOTHING to do with Parties as I have already said, it is solely the Banking system and EVERY Governments cosy relationship with it.
The Banks take Interest for giving Govs money, for giving us money, for giving business money that THEY JUST CREATED out of nowhere.
Why should the Banks have this power?
Yours,
RS