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mises
Joined: 05 Nov 2007
Location: retired
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 Posted: Wed Jan 21, 2009 9:44 pm Post subject: |
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| Blockhead confidence wrote: |
| If Britain can be said to have a partisan newspaper, then the Telegraph is it. Its position is generally whatever makes the Labour party look bad, hence its nickname 'The Torygraph'. Take this for what it is worth. |
Well, if you feel this is partisan hackery, you can dump your savings into the FXB.. Short the Telegraph by going long on the pound.
http://finance.google.com/finance?q=NYSE:FXB |
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Blockhead confidence
Joined: 02 Apr 2008
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| Posted: Thu Jan 22, 2009 12:17 am Post subject: |
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| Fair enough. I wasn't disputing your point so much as questioning the use of that rag on a topic that it's most likely to be off the mark. On other topics it may be of use, and your may still stand. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Jan 22, 2009 11:16 am Post subject: |
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| More important than where the article is published is who wrote it. The last two articles I posted were by Willem Buiter (in the FT) and Ambrose Evans-Pritchard (Telegraph). Neither of these are hacks, partisan or unserious thinkers. Especially Buiter. |
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Mix1
Joined: 08 May 2007
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| Posted: Fri Jan 23, 2009 5:03 am Post subject: |
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| mises wrote: |
| rusty1983 wrote: |
And also, Americans will probably tell you that a many degrees are almost worthless when it comes to job hunting. They are in many countries. It feels like we were conned, like a degree was a promise of a secure future but I guess it's changed. |
Well, it depends on what you study. If you study an employable discipline (and there are still many with low barriers to entry) you'll find success. There are many, many graduate programs in the west that help liberal arts students prepare for a proper career.
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Any recommendations? This is basically the boat I'm in now. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Jan 23, 2009 6:59 am Post subject: |
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| Mix1 wrote: |
| mises wrote: |
| rusty1983 wrote: |
And also, Americans will probably tell you that a many degrees are almost worthless when it comes to job hunting. They are in many countries. It feels like we were conned, like a degree was a promise of a secure future but I guess it's changed. |
Well, it depends on what you study. If you study an employable discipline (and there are still many with low barriers to entry) you'll find success. There are many, many graduate programs in the west that help liberal arts students prepare for a proper career.
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Any recommendations? This is basically the boat I'm in now. |
That is the situation that all liberal arts grads will eventually face. |
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slideaway77
Joined: 16 Jul 2007
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| Posted: Sat Jan 24, 2009 6:36 am Post subject: |
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I am a big telegraph fan. Why? I see it as a voice of reason in the media wilderness. This article in my opinion does not go far enough in suming up the true dire straits the UK has been brought to under new labour. Please tell me what are new labour going to do?!
THEY DON'T KNOW WHAT THEY ARE DOING!!!
No other "official" media vehicle seems to be addressing the issues facing the UK. The BBC is the mouthpiece of the government and can't be trusted. It was the same under the Tories.
The other UK papers seem to bat off the same wicket. The extent of neo-fascist liberialism has gone too far in the media and the media does not address this inbalance.
When I left the UK I remember people looked down on me as some kind of vagrant loser. Leaving the UK for Korea in my 30s. I remember some chav I worked with saying to me "you have nothing I want" He had just got a girl pregnant and took out a morgtage..  I wouldn't mind seeing that little fecker now in negative equity. In the UK you get rewarded for acting like a t*at! Look at people on the dole. In my home town your actually better off claiming benefits then working. The government encourages it. Its like the whole country is being dumbed down. More labour votes so must be good?
Now this economic disaster unfolding has been on the cards for a while in the UK. Greedy and stupid people have been lording it for far to long. The Uk is no longer productive in any capacity. I can see society breaking down and the rise of extremist parties such as the BNP. Why was mass immigration allowed? Good for business- short term growth..
It wouldnt take much for the Uk to become another Iceland. And its not America's fault the UK economy is knackered- its the way New Labour has mismanaged the economy encouraging debt and greed. They KNEW it was a bubble. Gordon Brown sold all our gold AND pensions. Why? Short termism? The tories would've probably done the same. The whole polictical system needs a shake down.
Most Brits over here are hugely misimformed, liberal fantasy land dreamers. Living over here isn't real life as far as I'm concerned its just a big holiday. If you came out of University then come over here what do you really know about real life? I don't mention my policital views because most seem hell bent on ramming their own wrongheaded PC liberal down my throat. w8nkers!
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rusty1983
Joined: 30 Jan 2007
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| Posted: Sat Jan 24, 2009 8:02 am Post subject: |
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| That is good stuff! Good old angry pubrant! Everyones a wanker! hahaha. |
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PeteJB
Joined: 06 Jul 2007
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jan 25, 2009 7:04 pm Post subject: |
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Stunning.
http://www.dailymail.co.uk/news/article-1127278/Revealed-Day-banks-just-hours-collapse.html
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Revealed: Day the banks were just three hours from collapse
Narrow escape: The Bank of England was forced to contact RBS's creditors abroad to persuade them not to withdraw their funds
Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown's Ministers has revealed.
City Minister Paul Myners disclosed that on Friday, October 10, the country was 'very close' to a complete banking collapse after 'major depositors' attempted to withdraw their money en masse.
The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block hole-in-the-wall cash withdrawals.
Only frantic behind-the-scenes efforts averted financial meltdown.
If the moves had failed, Mr Brown would have been forced to announce that the Government was nationalising the entire financial system and guaranteeing all deposits.
But 60-year-old Lord Myners was accused last night of being 'completely irresponsible' for admitting the scale of the crisis while the recession was still deepening and major institutions such as Barclays remain under intense pressure.
The build-up to 'Black Friday' started on Monday, October 6, when the FTSE 100 dropped by nearly eight per cent as bad news on the economy started to multiply.
The following day, Chancellor Alistair Darling began all-night talks ahead of an announcement on the Wednesday that billions of pounds of taxpayers' money would be used to pour liquidity into the system. |
They're not out of the mess yet.. |
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slideaway77
Joined: 16 Jul 2007
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| Posted: Mon Jan 26, 2009 12:20 am Post subject: |
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| The BBC should be the last place anyone looks for news about the economy- always the last to report bad news and their coverage of gordon clown is a tad impartical. I don't understand how anyone with eyes can't see this ..... |
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michaelambling
Joined: 31 Dec 2008
Location: Paradise
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| Posted: Mon Jan 26, 2009 1:11 am Post subject: |
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| rusty1983 wrote: |
| This article is typical of the British media, and represents the attitudes of a large portion of British people. Doom and gloom, selfishness, everyone blaming everyone else. London can sink for all I care. |
Britain has destroyed itself in its own hysteria. Amazingly, I think the problem is WORSE in Britain than the U.S., I suppose because British rhetoric is more effective.
For example, front page story on The Times a few months ago: "In 20 years British lawns will be planted with cloves, since global warming will make the island inhospitable to grass."
This story in the American media would've been: "20 years from now your children will have no grass to play on ever again."
By being less hysterical, the absurdities in the British media seem less...absurd. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Tue Feb 17, 2009 10:50 am Post subject: |
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http://www.guardian.co.uk/business/2009/feb/17/inflation-retail
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Warning as UK heads for deflation
Politicians and analysts have warned that Britain is on the verge of deflation after economic data released this morning showed that living costs are rising at their lowest rate in almost 50 years.
Figures from the Office for National Statistics showed that the retail prices index, which includes mortgage costs, fell to just 0.1% in January following the recent falls in interest rates and cheaper fuel. This is the lowest RPI level since March 1960, and it is expected to enter negative territory soon.
Liberal Democrat Treasury spokesman Vince Cable said inflation was now "virtually disappearing" as a threat to families, although this might not be obvious to those facing higher council tax bills. |
http://www.guardian.co.uk/commentisfree/2009/feb/17/inflation-economics
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Sterling, not inflation, is the real worry
In the topsy-turvy world of today's economy, conventional wisdom is a poor guide. How should we react to the latest news on inflation for example? Is it good, bad, or worse? Inflation is falling � hurrah! But not by as much as we thought � boo! But we're still heading for deflation � hurrah? Er, hang on a minute.
Inevitably, the sight of slightly higher than expected consumer price inflation has brought out the inflation sceptics. We're storing up problems for the future, they say. In fact, their argument is largely historic. It dates back to the question of whether the Bank of England was right to slash interest rates as deeply as it did. In the face of overwhelming evidence pointing to an ever more severe recession, surely the bigger question is why the bank didn't act sooner.
Instead, the debate (such as it is) needs to be recast. Why it still matters that consumer prices are going up is because of the ongoing risk to our currency. If nationalising our banks, for example, were to cause a run on sterling, it would lead to a nightmare scenario: pushing up the cost of imports, deterring foreign investors and making the foreign liabilities held by our banks even more expensive to service. Think Iceland.
What little inflation remains in the system is a symptom of the falls in sterling that have already happened; not a cause of anything more worrying in itself. It is further uncontrolled falls in sterling we should be concerned about, rather than outdated battles about monetary policy.
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http://www.telegraph.co.uk/finance/financetopics/recession/4678440/UK-inflation-falls-to-lowest-in-almost-50-years.html
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| UK inflation falls to lowest in almost 50 years |
2 Guardian and 1 Telegraph. Hopefully we don't have to play the English Source Game.
Deflation is great for the debt-free, and terrible (really terrible) for people/institutions with debt. |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Tue Feb 17, 2009 6:31 pm Post subject: |
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| But deflation is still bad even for the debt-free because given enough time it will ravage the economy. |
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mises
Joined: 05 Nov 2007
Location: retired
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Tue Feb 17, 2009 8:21 pm Post subject: |
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| Hater Depot wrote: |
| But deflation is still bad even for the debt-free because given enough time it will ravage the economy. |
Inflation is bad for an economy. Real inflation happens when a government prints money unbacked by any commodity. Inflation only happens when you have a socialist monetary system, or if you have massive fraud by the money issuer printing unbacked paper money or massive counterfitting. All of these are "criminal theft" although the government makes its theft legal by statute to avoid the prison time they deserve.
Inflation ravages an economy because it causes malinvestment by sending false profit signals to individuals and businesses. It causes massive increases in the financial debt structure as these same actors take on debt to finance the misdirected projects.
Since government is printing the money that causes the inflation, there has to be a reason - and there is - the massive government debt (now $71 trillion in the US alone.)
This malinvestment and inflation eventually leads to recessions and in the current case, depressions. Since the profits were illusions created by inflation, and the inflation causes bubbles - massive overinvestment in certain areas - eventually the bubbles pop. The prices fall in those areas. The debt exceeds the falling asset values. Individuals and businesses cut back, sell property and try to unload the bad investments the govenment caused them to make - and there comes the recession or depression caused by the government.
Deflation is good for the economy. Deflation consititues the clean up of the previous inflation. It is good to get prices back to the proper levels, to get money back to proper values and to get rid of inflation so that market particpants can make proper financial decisions.
Today's deflation is good for those who are debt free. It will reward them by allowing them to get busy investing and building the economy again. However, we need to let the deflation happen as quickly as possible. Let all prices crash as far as they will go - all the way back to 5 cent beers, 5 cent hamburgers, $20 per ounce gold and houses under $20,000, if possible.
The debt must ultimately be abrogated anyway. It can never be repaid. We should just get on with it.
Today's deflation is not good for today's lenders. So be it. They know the axiom: "Neither a borrower nor lender be." (Thanks Bill) and they took the risk. We cannot afford to screw the whole world and continue to ravage our economy with inflation, including the built up past inflation, to save this unpayable hoard and keep the socialists in power and pelf.
In a free market with money backed by gold, inflation as we know it is impossible. Although there is more gold to be mined and money could be issued backed by that gold, the amounts have been historically small, and would always be small. Such inflation, although real, would not be felt by the economy because it would be smaller than the productivity gains and production gains in the economy.
In a free market then, the normal condition is that there is a tiny increase in the supply of real money and no fiat money. This coupled with productivity and production increases means that there would always be a slight downward trend in the price level. The price level (which is estimated by the CPI in the US) is NOT the same thing as inflation of deflation.
This slight downward trend in the price level is a very good thing for the economy. It encourages savings and investment and discourages wasteful consumption. It encourages quality in production. (Inflation incourages lower quality, which we can see in the shoddy construction in the modern bubble housing market - inflated prices/crappy product.)
The downward price trend in the free market keeps interest rates low, rewards the frugal, and discourages the spendthrifts. It rewards honest govenments with balanced budgets.
This is why the socialists have invented Ponzi economics. They need to obfuscate reality to ensure they can keep robbing the people, spending freely, rewarding their friends, families and associated lickspittles. |
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