Abandon All Fear

What nobody else seems to be saying…

Posts Tagged ‘stupid economy’

[Soul Searching] Vapours

Posted by Lex Fear on May 25, 2009

“Everything is meaningless,” says the Teacher, “completely meaningless!”

What do people get for all their hard work under the sun? Generations come and generations go, but the earth never changes. The sun rises and the sun sets, then hurries around to rise again. The wind blows south, and then turns north. Around and around it goes, blowing in circles. Rivers run into the sea, but the sea is never full. Then the water returns again to the rivers and flows out again to the sea. Everything is wearisome beyond description. No matter how much we see, we are never satisfied. No matter how much we hear, we are not content.

History merely repeats itself. It has all been done before. Nothing under the sun is truly new. Sometimes people say, “Here is something new!” But actually it is old; nothing is ever truly new. We don’t remember what happened in the past, and in future generations, no one will remember what we are doing now.

I, the Teacher, was king of Israel, and I lived in Jerusalem. I devoted myself to search for understanding and to explore by wisdom everything being done under heaven. I soon discovered that God has dealt a tragic existence to the human race. I observed everything going on under the sun, and really, it is all meaningless—like chasing the wind.

What is wrong cannot be made right. What is missing cannot be recovered.

I said to myself, “Look, I am wiser than any of the kings who ruled in Jerusalem before me. I have greater wisdom and knowledge than any of them.” So I set out to learn everything from wisdom to madness and folly. But I learned firsthand that pursuing all this is like chasing the wind.

The greater my wisdom, the greater my grief. To increase knowledge only increases sorrow.

Solomon, Ecclesiastes

A while ago I was discussing politics and the recession with a friend. I was doing what I considered my dutiful task of informing him of how all the decisions of Gordon Brown, since ZaNuLabour rose to power 12 years ago, have led to the bubble in house prices and the subsequent eonomic collapse. But my friend then asked a pertinent question which caused me to consider my very purpose.

If the Conservatives had been in power, would things have been different?

And the very truthful answer to that is, No.

It’s not just a political thing, it’s not just that ZaNuLabour stole Tory policies. It’s the old cliche that absolute power corrupts absolutely – greed, extravagance, gluttony, apathy,  envy, pride and anger. What have we not seen in recent days? There are very few people – and politicians are people – who did not fall into the trap of thinking the good times were never going to end. Everyone was happy to turn a blind eye to the injustices, to the corruption, the expense claims whilst the money kept rolling and the price of their house kept rising.

What would have been different? Nothing. And it’s this answer which has formulated my cynicism and means I will never have absolute faith in politics.

That’s not to say I don’t believe there are individuals who appear at times who see all this and really do want to change the system, but all too often they either fall to the dark side, or they find themselves being chewed up and spat out by a great machine which is fueled by the ignorance of man.

You think our politicians have learned from this boom and bust? You think things will be difference because they are putting rules in place to stop it happening again? Let me tell you that most of them don’t even know how to prevent it, or don’t really care, and of those rules they do make… they will be ignored by future generations just as we have ignored the rules and the lessons of the past.

So why bother even blogging about this, why bother discussing it? The most reward that any of us can get is the option to say “I told you so”, because we all lose. The truth about teamwork is that the team moves forward at the pace of it’s slowest member, and the same is true of humanity. For all our scientific innovations and discoveries, we cannot solve the problem sin. When I use this word, sin, I refer to human failings, things which are inherent in our nature which cause evil – deceit, selfishness, murder, greed, sexual desires, war… but instead of acknowledging these we redefine them. (The idea that someone would have sexual relations with a 10 year old disgusts us and strikes us as immoral, but the boundaries of sexual morality are being increasingly eroded. As adults fight for more sexual freedoms there is nothing to stop this becoming socially acceptible – all that’s needed is to redefine what constitutes being an adult. For instance at 10 years old in England, you can already be tried for a crime as an adult – why can’t you be considered sexually aware?)

But I digress. I have questioned why I should rail against something which cannot and will not be stopped as long as there is an unsanctified human race. A human race of which 1/3 does not even acknowledge God’s existance let alone as Lord. (And of those that do acknowledge and worship God, how many of them are truly taking a stand against corruption and not partaking in it?)

The truth is, I have lost the drive to blog about politics and world affairs, to question the system. I still hold strong political beliefs but since there is no longer any difference between man and pig, I no longer see a purpose in it.

Instead, I’ve taken some time to reflect on blogging, and I am going to go back to my roots in blogging about Christianity and experience – that means I’m still going to post the odd consumer post but I see my primary purpose in apologetics.

It may be something to do with having made my peace with the church.. or at least the church I now attend. It may be something to do with reading and listening to the arguments of atheists more.. which provides me a source of great mirth and sometimes deep thought.

Of course my co-author Hudson has a lot to say about politics and anyone else can be free to join and write for AaF about these topics, but I have said enough, and will now focus on something which is close to my heart.. and I guess, in that way, I’m being true to the subjects I’ve always posted on.. those that are important issues for me.

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Posted in Absolute Power, Anecdotes, Apologetics, Bollotics, Financial Terrorism, Metablog, Morals & Ethics, Realpolitik | Tagged: , , , , , , , , , , , , , , | 4 Comments »

[Profit of Doom] Blair Must Hang

Posted by Lex Fear on February 22, 2009

“In January 2008, J P Morgan Chase took him on as an advisor, plunging the bank into a crisis from which it may not recover. “Our firm will benefit greatly from his knowledge and experience”, they said. Over the next year the share price halved and profits plunged by more than 80%, much as I expected.

Now he’s helping to modernise Rwanda. Woe to that land that appoints Blair to modernise it! His normal way of expressing concern and trying to help is to send the RAF to destroy their infrastructure. I don’t know what precise form the catastrophe in Rwanda will take –could be genocide, could be a plague of frogs- but it will come. And if the Americans ever ask his advice on resolving the financial crisis he may yet succeed in ruining us all.”

From Chase Me Ladies, I’m in the cavalry

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Posted in Absolute Power, Anti-Terrorists, Bank Robbers, Bollotics, Financial Terrorism, Ha-has, Quoteyness, Untouchables | Tagged: , , , , , , , , | 2 Comments »

[Economy] It’s The Interest Rates Stupid!

Posted by Lex Fear on February 20, 2009

Says it all really.

7 Reasons Why Banks Should Increase Interest Rates

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Posted in Bank Robbers, Bollotics, Financial Terrorism, Profiteering, Property Market | Tagged: , , , , , , , , | Leave a Comment »

[Fools And Their Money] Property Investor Mentality

Posted by Lex Fear on February 4, 2009

Bet this guy feels like a right tit now.

“The place is full with slightly mad people, to say the least. Not a dangerous kind of mad, just weird kind of mad. The fact that a crash might not occur is simply beyond their comprehension. It’s pretty odd how people can be so ignorant towards possibilities. I don’t think there will be a crash per’se, but I wouldn’t laugh or disrespect anyone who thinks there is going to be one.

How magnanimous of you. Heh. Here he is whinging about one of his tennants, something he is prone to do every now and then if you read through the archives.

Which reminds me, I just refused to pay rent rise to my landlord for the second time in 6 months. Ho hum, I guess we’ll be looking at a bigger place for the same amount of money anyway come summertime. The lettings agent is practically begging now (they’ve bolloxed all the paperwork, something tells me they stand to lose a large amount of money soon).

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Posted in Dorks, Duh!, Ha-has, Opinion, Property Market, Quoteyness, Wealth Creation | Tagged: , , , , , , , , | Leave a Comment »

[Economic Meltdown] Flash… Aah Aah He’ll Screw Everyone Of Us

Posted by Lex Fear on February 4, 2009

Overheard at a desk in a major investment bank today:

“This MP basically said that they’re creating an inflationary environment… 15% interest rates, not this year, but over the next 3 years”

Make of it what you will, personally it tells me that everyone in the know is aware of what is coming next and what is needed, but for some reason Flash Gordon and Alistair Darling are out of the loop or didn’t get the memo. It’s also becoming clear that Flash is intending to pull a Zimbabwe and start printing money (he calls this “quantitative easing” – which is another fancy financial bullshit term for printing money).

You see there is only two ways out of a recession, inflation or raising interest rates. You should know what happens when the government uses inflation, it’s been done before by the Weimar Republic and more recently Zanu-PF.

But what about the other tool, interest rates? Well, you see, this would cause millions of feckless, leveraged, mewing borrowers to realise the difference between debt and wealth – can’t have that, or can we?

The fact is we’re dangerously close to the edge of falling into hyperinflation and while its difficult to predict how disastrous this would be we do know that fixed loans would be eroded away, but so would the value of GBP, the value of any savings and investments too (you know, the things used to fund borrowing) – basically our ecomony would become worthless and most likely we’d all end up informally adopting the Euro.

So why does Flash want to print money? There can only be one of three conclusions, either he…

  • Has lost all sense of reality, delusional, thinking he is the saviour of the world
  • Is incompetent. He has no clue what he is doing, no clue how to manage an economy and has sat on top of the biggest economic bubble in the history of the world, taking credit for something he had no part in. Or…
  • Has engineered this, in part, on purpose. The most far reaching conclusion however I can’t help but wonder if he was hoping for a bust sooner, so that it would damage Bliar (and oust him out of office), or even, guessing (or feeling) he will lose an election soon, hoping to pass the bubble on to the Tories just before it burst (securing a short term for them, allowing him to be elected back into power at the next election). Far reaching but not inconceivable – considering all the warnings he has ignored over the 10 years he was Chancellor.

Whatever the reasons for his contempt of savers, the UK economy and the poor, all his actions are delaying the inevitable (and making it worse)… depression and potentially more civil unrest.

Posted in Absolute Power, Bank Robbers, Bollotics, Doublethink, Financial Terrorism, Minitruth, Pharisees, Uncircumcised Philistines, Wealth Creation, WhatTheyDontWantU2C | Tagged: , , , , , , , , , , , , , , | 5 Comments »

[Minitruth] Loss of Confidence

Posted by Lex Fear on July 6, 2007

This Post Is Rated: C for Controversial. Speculation over the decline of trust in British institutions.

In may, the Economist highlighted a YouGov poll taken earlier this year showing a general decline in the British peoples trust in public services, politics, work and journalism.

“…Confidence in almost every area of public life has fallen since the invasion of Iraq in 2003.” – The Economist, Trust Me, I’m A Judge

Unsurprisingly the only people to have gained more trust from the public were judges, whilst the usual suspects, including police, NHS hospital managers, estate agents, MPs and newspapers lost trust.

It’s easy to see why. I speak from my own experience in dealing with ‘the system’. People are realising that whilst those in authority seek more and more power over every detail of our lives, restricting our freedoms, judges are our last great hope in clearing our name and keeping society in balance.

Whilst the government seeks to speed up justice and skip past important checks and balances, the judge is a human being, our last recourse and hope for clearing our name and defending our innocence and rights. As the government have introduced more and more restrictive legislation, more and more British people have come to rely upon the courts to treat them fairly.

When are we going to have an honest, competent, open government? One that looks to the bottom line when making decisions and laws, a government that stands for integrity and trust?

I’m fed up of seeing pandering to the rhetorical right, unaccountability, cover ups, tax solves all problems, empty promisestechnology solves everythingmotorists are evil, environmental hypocrisy, weasel words, VIP treatment, cultivating fear, wasted money, not protecting UK citizens and allowing foreigners to dictate policy.

Posted in Absolute Power, Databases, Doublespeak, Doublethink, Fact Erosion, Global Alarming, Justice & Mercy, Little Hitlers, Minitruth, Opinion, Predatory Systems, Propaganda, Realpolitik, Smear Campaigns, The Religious Wrong, Tick-Box Culture, Wealth Creation, Xenophobia | Tagged: , , , , , , , , , , , , | Leave a Comment »

[Housing Market Myths] Low Interest Rates Means I Pay Less

Posted by Lex Fear on June 2, 2007

This Post Is Rated: M for Midly Offensive. Discussion of house prices which may cause home-owners to scoff or worry. Some people my be offended by my accusations.

Previously: Prelude, House Prices Always Rise

In the previous Housing Market Myths post, I presented facts, figures and observations proving that house prices do not always rise, and in fact overall house prices rise in cycles or peaks and troughs as it were.

I am now going to demonstrate practically why low interest rates have been bad for the economy, home owners and naive or amateur investors.

The last property crash in the UK saw interest rates rise to record levels of up to 15.40% (1 Mar 1990 – AWD Moneyextra). Despite many bankruptcies and repossessions, high rate was nothing new. Just has house prices have always spectacularly risen and spectacularly fallen, so have interest rates in the UK:

  • 5.50% 2007
  • 3.50% 2003
  • 6.00% 2000
  • 5.13% 1994
  • 14.88% 1989
  • 7.38% 1988
  • 13.88% 1985
  • 8.05% 1984
  • 15.13% 1981
  • 5.00% 1977
  • 15% 1976
  • 9.75% 1975
  • Source: Bank of England

UK Interest rates, as can plainly be seen, hit their low in 2003, anyone who bought in 2003 at the bottom will be feeling the heat of a 2.0% rise (over 50% increase in their interest payments) more than recent lemmings buyers. Not only that, the future does not look good according to recent news reports.

Regardless of whether the rates rise or not, it is important to realise the effects of low interest rates on the economy and especially on the psychology on average potential house buyers. I’m going to start by making an arrogant but informed blanket statement about people in the UK:

British people are absolutely crap at maths.

I say this because, if they were any good, we would not have the current situation where even key workers struggle to buy housing made for key workers let alone the rest of the population. The problem is the perception in the public and the media: low interest rate good, high interest rate bad.

Low Interest Rate, Good?

It’s easy to see where this perception comes from. If you’re going to take out a loan for £300,000 for 25 years at a rate of 5% then your monthly payment is going to be lower than the same deal at a 10% rate of interest. People see low rates, then they think to themselves “I can afford this”, so what happens is everyone rushes to get this loan. Thus the market is actually pushed up, as the stock gets lower, the prices go up.

This kind of bubble can be corrected easily: by raising interest rates, making the loans less attractive, which in turn lowers the price of the stock as demand falls.

Unfortunately, this is where the UK government (and specifically the current Chancellor of the Exchequer: Gordon Brown) and the MPC, have done recent homeowners a great injustice. Instead of taking control of house prices by raising interest rates before the prices went astronomical, Gordon pressed ahead with his unachievable 2% target and they continued to try and keep the base rate low. As more sheeple took advantage disadvantage of the lower rates, prices continued to spiral upwards, and more people were priced out. Those who have stretched themselves to the limit in borrowing leave themselves vulnerable to very small rate changes. As the interest rate creeps up half a percentage, they start to find themselves struggling to meet bills and basic necessities, until they bail out by declaring bankruptcy.

Low interest rates are not only bad for increasing the risk and level of personal debt, they are bad for savers. So even people who are financially astute are punished because they get little reward for their hard work.

Finally low interest rates and increasingly larger loan amounts have had a detrimental effect on Britain’s industries at home. More and more people have had to tighten their belts, which has meant that shopping has significantly lost appeal and supermarkets are reduced to selling crap whilst killing UK agriculture at the same time.

High Interest Rate, Bad?

It’s pretty clear that if interest rates ever hit 15% again, that many people are going to find themselves in a lot of trouble. But there are a number of groups that will benefit including:

  • Seasoned property investors (who will be able to buy at rock bottom prices)
  • Tenants (Who can still choose where to live, and can rent from the group above)
  • Savers (Those who have more in equity than they have in debt)
  • First time buyers (buying at rock bottom of the cycle)
  • Commercial industry (customers are be able to afford quality and luxury goods again)
  • Employees (higher wage increases)

Higher interest rates discourage borrowing and encourage saving. If less people are taking out mortgages, less people are seeking to buy housing. All it will take is a bit of seller panic to set in and it will drop like sack of potatoes. Even if sellers hold on, the market will stagnate before dropping more slowly whilst waiting for wages to catch up.

This is the maths part…

This section edited in red, thanks Emily (comments)!

Let’s imagine a house that is worth £300,000 at present.

  • You take out a 100% mortgage at a rate of 6% over 25 years
  • This gives you a monthly payment of £1,956.00
  • The total cost of your house is: £1956 * (12 * 25) = £586,800 (a 97% increase of original price)!

Now let’s imagine interest rates rise to 15%, bringing the value of the same property down to £100,000. If you took out the same 25 year deal your costs would be:

  • £100,000 at 15% for 25 years
  • Monthly payment of £1289.00
  • Total cost of your house: £1289 * (12 * 25) = £386,700 (a 287% increase BUT almost £200,000 less than the same property bought at £300k at 6% interest)!

Since you know you can afford the original £2000 monthly payment, we can actually lower the term for repayment of the original mortgage (which should be the objective, low house prices, smaller mortgages):

  • £100,000 at 15% for 10 years
  • Monthly payment of £1660
  • Total cost of your house: £1660 * (12 * 10) = £199,200!

Therefore high interest rates actually prevent growth in borrowing, create affordable housing and allow people to either pay off their mortgages faster and/or lower the rate of their monthly payments.

With lower monthly payments you have more room to maneuver around interest rate hikes, or with a smaller term, the effects of a rate hike are not going to be long term. It is also far easier to pay off £100k at a high interest rate than £300k at a low one, with high interest your money also goes to further and if rates then fall you are also going to do even better. (However if rate falls lead to high inflation it will take a while for your wages to catch up, in that time price of goods and services increases and you find the power of your money limited.)

So why doesn’t this happen in the real world? Herd mentality is one explanation. Back in the late 90’s/early 00’s everyone was beginning to learn how investors make money from property and wanted a go at it themselves. The problem is they didn’t know the first rule of investing.

The result was that many buy-to-let’ers found they had to reduce their rental rates to compete with the flood of rental properties on the market. At the same time, many newbies who bought a ridiculously priced property found that the rent was not enough to cover their mortgage repayments. The real winners are those that have sold to rent or who have been in the game a long time.

What happens next?

Many will quote that overused byline that the government won’t let it happen. Well guess what? The government (Gordon Brown) turned over control of interest rates to the MPC 10 years ago. This means that if things get out of control, the MPC will be used as the scapegoat. There is nothing to suggest in history that governments have been able to control inflation and there is nothing to suggest that they can control it now. The only tool that they have, outside of introducing new regulations to cap prices or forcing home-owners to lower their prices, is the base rate, which they can either lower or raise.

EDIT: Thanks Ian (comments)
If everyone learned this basic economic principle then sellers would be forced to haggle instead of taking advantage of naive buyers. The housing market would probably regulate itself invisibly capping prices, since buyers would actually walk away from overpriced deals. It also helps if buyers tool themselves up before going out looking for a property.

Take my advice, look out for lower rents, be prepared to rent for a while and wait for interest rates to rise and prices to fall before committing to a mortgage which will leave you with negative equity.

Read: Myth: House Prices Always Rise
Coming Soon: Housing Market Lies: Your Home Is An Investment

Posted in Buyer Beware, Financial Terrorism, Housing Market Myths, Property Market | Tagged: , , , , , , , , , | 8 Comments »

[Housing Market Myths] House Prices Always Rise

Posted by Lex Fear on April 9, 2007

Some months ago I posted my intentions to blog regarding the UK housing market.

I will begin with addressing some of the myths that are commonly cited with absolutely no backing, usually by vested interests (VIs) and home owners.

The First Myth: House Prices Always Rise

This is usually the first one pulled out by those VIs who want to motivate you to stretch yourself to get on the first rung of the ladder. Statistics prove the exact opposite. Certain areas will rise and fall depending on age population, land value, attractiveness of the area and changes in infrastructure just to name a few. Below is a graph of average prices in the postcode area I currently live (edited to remove address details):

Read the rest of this entry »

Posted in Absolute Power, Bank Robbers, Buyer Beware, Duh!, Financial Terrorism, Housing Market Myths, Profiteering, Property Market, Video | Tagged: , , , , , , , , , , , , , , | Leave a Comment »

[Bwankers] Account-ability Advice for Banks

Posted by Lex Fear on March 28, 2007

Most blogs we’re so busy discussing the budget last week they missed the BBC’s undercover whistleblower program exposing underhand standard business practices by Barclays Bank. (Barclays was the focus, just like McDonalds was with fast food. And just like Burger King to McDonalds, you can bank on the rest of the industry using the same business ethic).

“A nine-month investigation by BBC reporters working undercover in a leading British bank has revealed a culture of ruthlessness and lies which will shock their customers.” – BBC Whistleblower

Undercover reporter Amanda Egbujo went undercover as an employee of Barclays for 9 months. In that time she witnessed common practices such as:

  • Treating customers with contempt (particularly those who struggled paying/complained about unlawful charges)
  • Lying – illegally claiming to be Account Consultants rather than Sales Monkeys
  • Moving money from accounts – without authority – to gain commission
  • Adding financial products to customer accounts without knowledge- for a monthly charge
  • Refusing customers products they require, but then offering a financial product they do not need.
  • Staff employed with no criminal background checks
  • Fraud accounts set up with relative ease

I asserted this was not just Barclays, and I have my own experience with HSBC, when they decided to cancel my Graduate 0% Interest Overdraft (which stood over £1000), then reinstate the overdraft a year later at a standard 15% interest. This case is currently with the small claims court.

Indeed this week Halifax had to issue an apology for stolen mortgage details. Unlike average joe who has £20-£35 penalties automatically deducted at the end of the month for going over agreed limits, Halifax is given plenty of time to get their act together by the FSA.

I’ve said this before, it’s not legal, it’s not business, it’s immoral and indefensible.

As a Christian, I believe that these corrupt financial institutions will one day have to answer to God:

“If you see that the donkey of someone who hates you has collapsed under its load, do not walk by. Instead, stop and help. In a lawsuit, you must not deny justice to the poor.” – Exodus 23:5-6

“But I, the Lord, search all hearts and examine secret motives. I give all people their due rewards, according to what their actions deserve. Like a partridge that hatches eggs she has not laid, so are those who get their wealth by unjust means. At midlife they will lose their riches; in the end, they will become poor old fools.” – Jeremiah 17:10-11

“How you hate honest judges! How you despise people who tell the truth! You trample the poor, stealing their grain through taxes and unfair rent. Therefore, though you build beautiful stone houses, you will never live in them. Though you plant lush vineyards, you will never drink wine from them. For I know the vast number of your sins and the depth of your rebellions. You oppress good people by taking bribes and deprive the poor of justice in the courts.” – Amos 5:10-12

Posted in Absolute Power, Bad Company, Bank Robbers, Buyer Beware, Financial Terrorism, Laymans Theology, Morals & Ethics, Predatory Systems, Profiteering, Property Market, Takeback, The Purpose Missing Church, Uncircumcised Philistines, Wealth Creation, WhatTheyDontWantU2C | Tagged: , , , , , , , , , , , , | Leave a Comment »

[Budgeting] Economics

Posted by Lex Fear on March 21, 2007

I find myself looking rather ironically at the Prime Ministers Chancellors budget announcements for a number of reasons.

1) It is the first time in my life, I find myself on the slight benefit side of a budget announcement, though I consider other members of my family who have not done so well.

2) It is interesting (but none-the-less welcome) to see that it is mostly Tories who are pointing out how Browns budget switcheroo affects the poorest tax-payers of society:

Gavin Ayling
Guido Fawkes
18 Doughty Street
Iain Dale
Praguetory

Meanwhile The Man Who Would Be King provides a link to Virtual Economy 2002 where you can play at having a go at your own budget. I had a go and I think I fixed it. Most notable changes:

Reduced the rate of income tax (percent) : 6
Reduced basic rate of income tax (percent) : 10
Reduced higher rate of income tax (percent) : 35
Increased basic rate threshold (£pa) : 2,400
Increased personal allowance (£pa) : 6,000
Increased personal allowance for over 65s(£pa) : 8,000
Value Added Tax : abolish it
VAT on fuel (percent) : 0
Duty on tobacco per pkt 20 (pence per pkt 20) : triple it!
Duty on a pint of beer (pence) : double it!
Extra duty on a bottle of wine : triple it!
Extra duty on a bottle of whisky (pence) : triple it!
Extra duty on petrol per litre(pence) : abolish it!
Lowered vehicle excise duty (£p.a) for cars above 1,400cc : 50
Reduced base rate of interest : cut by 1/4 point
Increased department of health : increase by 10%
Increased department for education and employment (DFEE): increase by 5%
Increased the ministry of defense : increase by 1%
Increased child benefit (per child) : 30
Lowered child benefit (extra for first child) : 2
Increased basic state pension : 100

Looking at the generated charts my changes brought about:

  • Economic growth boom 2003-2007 with a sharp decline by 2010
  • Steady increase in national income up to 2009
  • Sharp drop in unemployment to -7% I think that’s a record- companies can’t find enough employees- wages rise.
  • Inflation takes a nosedive in 2004- banks are actually paying interest instead of charging. lots of mortgage and equity release buyers, who are then made bankrupts in the 2000% rise over next 4 years.
  • government debt drops from current 40% to 10% by 2009 (after a small rise).
  • The exchange rate tanks… can anyone explain what this means?
  • To summarise everyone benefits- single, family and pensioners apart from unemployed couples with 2 children who are finding an increase in tax on tobacco and alcohol…

…however… I would like to point out that not all unemployed people, on benefits for whatever reason, drink, smoke and breed like rabbits. Many decent people have no choice but to rely on benefits, but are ultimately more responsible than the cocaine-snorting upper-middle classes.

See everyone can be stereotyped.

Posted in Absolute Power, Bollotics, Financial Terrorism, Justice & Mercy, Londonland, Profiteering, Realpolitik, Wealth Creation | Tagged: , , , , , , , , , , , , , , | 2 Comments »