Credit deflation and the reflation cycle to come (part 2)

[feed]

It’s kicking off at our place. In manufacturing and plant there are been allegations of abuse and bullying for years, most of them have been fairly legitimate, and most of them have been largely ignored.  

But it looks like the unions have decide to start to take them seriously and are getting feisty with the company. 

All employee company response.  

We wish to reassure our employees that the Company takes all complaints of bullying and harassment seriously and does take action where appropriate, up to and including dismissal.   We encourage any employees to come forward if they have concerns about bullying and harassment and want to assure you that they will be handled fairly, and that support in such engagements is available as needed. 

Our primary concern is the health and wellbeing of our employees.  We have detailed below the support structures available for employees to access and seek additional help and support in circumstances such as this, or in a variety of situations they may find themselves in.  These support structures are both internal and external, and offer flexibility in terms of access.

We have made it clear in our discussions with the Salaried Union, most recently on 11 June, that we are keen to understand the specifics of their concerns, as outlined in their grievance of 20 May,  and find a positive way forward. 

 

Conversation with my union friends, it's all part of building a position for a 5%+ pay increase this Nov.  
 

[Chewing Grass]

17 minutes ago, feed said:

Our primary concern is the health and wellbeing of our employees.  

We get grade A diarrhoea like this one which is even tweeked for men.

They treat people like idiots so they can tick boxes, in reality they only give-a-fuck if you're not at work and that costs them money.

'Why we should talk about menopauze'

[Hancock]

18 minutes ago, feed said:

Conversation with my union friends, it's all part of building a position for a 5%+ pay increase this Nov.  
 

Its no wonder companies hire agency staff and they get so low paid, when the Great British unions are fighting on their own your behalf. Bunch of communist and scouse agitators. 

If i was a manager at that company i'd sack every single person who joined a union.

We need to get rid of the EU employment laws so its easier to get fire people, then the money will go to workers, as opposed to agencies and other 3rd party's.

[feed]

17 minutes ago, Hancock said:

Its no wonder companies hire agency staff and they get so low paid, when the Great British unions are fighting on their own your behalf. Bunch of communist and scouse agitators. 

If i was a manager at that company i'd sack every single person who joined a union.

We need to get rid of the EU employment laws so its easier to get fire people, then the money will go to workers, as opposed to agencies and other 3rd party's.

unions at our place are legacy, still a large number of hourly union workers, so the company doesn't have all that much choice.  And they've a hell of a problem coming, bottom end / min wage increases are getting ever closer to hourly and the top end London wages are recruiting our senior staff.  

The pay middle range and hope no one notices just stopped working.

[leonardratso]

do you make shithouses and the such like?

 

[Lightscribe]

1 hour ago, Hancock said:

Its no wonder companies hire agency staff and they get so low paid, when the Great British unions are fighting on their own your behalf. Bunch of communist and scouse agitators. 

If i was a manager at that company i'd sack every single person who joined a union.

We need to get rid of the EU employment laws so its easier to get fire people, then the money will go to workers, as opposed to agencies and other 3rd party's.

If there was any sort of ‘balancing the books’ then maybe, but it’s too far gone to save. It’s now print to the moon until economic implosion or raise interest rates.

Businesses have been able to hire and fire contractors and agency staff for peanuts for far too long thanks to subsidising through tax credits. They’ve managed to pull the wool over working families eyes with cheaper goods whilst making them pay through taxes instead.

The 1%ers and big corporations have had it their way for decades. They’ve rolled around in QE stimulus, tax havens and cheap labour like a pig in shit whilst whilst leaving the tab for the working plebs to pick up.

Businesses now have to sink or swim. No cheap debt or company share buybacks in an inflationary environment. That puts the shoe on the other foot when it comes to hiring (and keeping) skilled labour.

 

[Chewing Grass]

Ronaldo (the dude) knows £4Bn from the stock price of Coca-Cola by moving two bottles.

Superb.

[23rdian]

5 hours ago, Harley said:

If I endeavour to tell you will you promise to DYOR?

Of course. Were you genuinely worried that people wouldn't?

[Hancock]

27 minutes ago, Lightscribe said:

If there was any sort of ‘balancing the books’ then maybe, but it’s too far gone to save. It’s now print to the moon until economic implosion or raise interest rates.

Businesses have been able to hire and fire contractors and agency staff for peanuts for far too long thanks to subsidising through tax credits. They’ve managed to pull the wool over working families eyes with cheaper goods whilst making them pay through taxes instead.

The 1%ers and big corporations have had it their way for decades. They’ve rolled around in QE stimulus, tax havens and cheap labour like a pig in shit whilst whilst leaving the tab for the working plebs to pick up.

Businesses now have to sink or swim. No cheap debt or company share buybacks in an inflationary environment. That puts the shoe on the other foot when it comes to hiring (and keeping) skilled labour.

 

The corporations have had it their way since companies could just hire and fire via agencies with the added bonus off mass immigration into the country, meaning workers are as dispensable as they could dream .... but the worker gets half their wage taken from them by the agency.

The agency needs to be taken out the picture, so the worker can double his day rate but be dispensable. 

Fuck the British unions those communist fucken pigs hate the British working class, they'd sooner there was no industry to get back at Thatcher and the Tories, than people actually got ahead in life. The unions supported mass immigration from the EU and everywhere else on earth, hardly a benefit to the British working man.

 

[Loki]

 I guess the Fed just made an announcement 

[Loki]

Of course silver dropped too, that makes perfect sense if people are worried about inflation.

[JimmyTheBruce]

1 hour ago, Hancock said:

The corporations have had it their way since companies could just hire and fire via agencies with the added bonus off mass immigration into the country, meaning workers are as dispensable as they could dream .... but the worker gets half their wage taken from them by the agency.

The agency needs to be taken out the picture, so the worker can double his day rate but be dispensable. 

Fuck the British unions those communist fucken pigs hate the British working class, they'd sooner there was no industry to get back at Thatcher and the Tories, than people actually got ahead in life. The unions supported mass immigration from the EU and everywhere else on earth, hardly a benefit to the British working man.

 

Whilst I appreciate your point, there are unions at my work, and there is the executive.  One of those (ostensibly) engage in collective bargaining, the other take multi-million salaries, prioritise share buybacks over staff reward because they're incentivised on the share price, and offshore everything, making life a misery for both those sacked and those left to deal with the incompetence of HCL, TCS, or whatever other acronym the Indians have come up with to hide the origin of their staff.

I generally focus my ire on the latter.  Not because I'm anti-capitalist, more because my interactions with them have generally confirmed my suspicion that they are greedy, ignorant, arrogant cunts.

[nirvana]

2 hours ago, Loki said:

Of course silver dropped too, that makes perfect sense if people are worried about inflation.

Markets are fooked and dumb fuks at FED just making it a lot worse.......the whips in the market when those cunts start saying anything are just feckin bonkers.... 

[BWW]

19 hours ago, Agent ZigZag said:

Just renewed my electricity and gas for a 12 month contract. An increase of 3% on the previous year. I view this as very fair and reasonable. Lets see where we are a year from now or is inflation now baked in. As someone once said inflation is like a tube of toothpaste. Once its out you cant put it back in.

Did you just accept the 3% from existing supplier or is that the comparison with others/uswitch etc?

I previously recommended green.energy here. Because they answerED the phone evenings and are chilled youth who were pleasant to deal with. They have now lost my recommendation that as they insisted I called them to do something they could have allowed me to do online. Then were 30-60mins wait time answering phones. Every time.

After that, their renewal offer came which was only valid at the moment they sent it and after that you could renew online but only find out at what rate if you called them. Ugh. Switching much easier - allowed me a real time offer to accept/reject from various different companies. No contest, switch.

I administer 3 energy accounts and have in the past checked the various low price upstarts before switching. Was caught out by the Yorkshire insolvency last year so now understand the SOLR process. [Will cost a little on the temporary SOLR high rates but much less than the year's saving on just taking the cheapest company each year.] If you don't bother doing any checks/research just switching to the cheapest from a comparison engine really does take a few minutes only. A 2min MSE search to see if gossip says they are about to declare insolvency probably makes sense though.

If your supplier goes tits up my conclusion from reading what others did on MSE is the best action is ignore all the SOLR/ofgen advice to wait before switching, start a switch as soon as you hear about the insolvency. The SOLR process will cost some time but only way to avoid is pay 200-500/year extra to one of the utterly awful big companies.

I am now intending to just spend the 15 mins switching to the cheapest offer [except those I blacklist] every year on every account if the saving is any more than 50 quid or so. No investigation, just search/switch. I have in the past had complaints out against [and thus blacklist] npower, edf, ovo [the worst] and e-on. Bottom line, they're all shit. Pursuing complaints achieves little for me other than frustration, starting the complaint gets you passed to a seperate avoid-paying-ombudsman-200-notes department who will do the minumum to provide service you're entitled to more efficently than the usual customer service idiots.

[HousePriceMania]

 

[leonardratso]

28 minutes ago, HousePriceMania said:

 

PS. northerners need not apply.

Immigrants fast tracked (must have outbound plane ticket and fake vaccine certificate as proof).

 

[Sugarlips]

17 hours ago, Loki said:

Of course silver dropped too, that makes perfect sense if people are worried about inflation.

Dropping like a stone, currently $26.27, think I’m gonna need a bigger truck..

[Funn3r]

20 hours ago, Hancock said:

Its no wonder companies hire agency staff and they get so low paid, when the Great British unions are fighting on their own your behalf. Bunch of communist and scouse agitators. 

If i was a manager at that company i'd sack every single person who joined a union.

We need to get rid of the EU employment laws so its easier to get fire people, then the money will go to workers, as opposed to agencies and other 3rd party's.

I'm afraid I'm going to have to file this under "emotional response doesn't make logical sense." It's illegal to sack people for being in a union. Even Thatcher didn't go that low. I suppose you're only against pleb unions as well; expect you're fine with things like the FDA and CBI.

I spent years as a union rep and 90% of any time I got involved with some trouble it was started by the employer trying to pull something dodgy. Not that I am much in favour of unions per se as to my mind they are the very opposite of "bolshie agitators" and instead they let down their members by taking their subs but not doing anything meaningful on their behalf. Maybe we'll see changes coming if genuinely a new business cycle.

 

[reformed nice guy]

Since the Fed has said interest rates will be going up, are we going to see a temper tantrum by Wall street to test their nerve?

Judging by the US unemployment numbers it still looks messy so they must surely continue to print to pay for infrastructure programs

[sancho panza]

On 15/06/2021 at 06:34, Sugarlips said:

Still the right time to increase silver exposure by the looks of it:

https://goldsilver.com/blog/the-coming-reversal-in-the-silversp-500-ratio-will-be-shocking/

Only at the beginning of the new millennia has this ratio been lower than it is right now.

Must admit FRES starting to get my interest.

This could be a sweet spot over the next few days to pick up some PM miners.We're going to be selling our royalty streamers.With a bit of luck this could send Barrick under $20 before anyone notices they're still doing $80bn of QE per month.

[janch]

18 hours ago, Loki said:

 I guess the Fed just made an announcement 

Sterling and euro are both down too as well as gold and silver.  Sterling was $1.41 yesterday and is now $1.39.  Euro now $1.19 and was around $1.21(?)

[jamtomorrow]

4 minutes ago, janch said:

Sterling and euro are both down too as well as gold and silver.  Sterling was $1.41 yesterday and is now $1.39.  Euro now $1.19 and was around $1.21(?)

And that DXY chart after another day ...

... headfake or "fundamentals"?

[janch]

Shaun Richards gives a good take on the Fed action:

https://notayesmanseconomics.wordpress.com/

We have become used to central banking being a bit dull, certainly compared to March last year. They essentially opened the monetary taps and have spent the intervening period not doing much. We have had some fiddling at the edges and a lot of open mouth operations, but last night the stakes were higher because of the pace of the recovery in the US economy. If we move to the effect we can see that markets made an immediate response.............

 

more in the rest of the article

[sancho panza]

22 hours ago, Cattle Prod said:

Great points here from DH @sancho panza:

I'd agree with him on the garbage in/out comment.There are facts in investing and then there are guesses.

I remember a psot I put up on US Real GDP data and pointed out that the deflator is a key metric in deciding when recessions start/stop and it doesn't take much adjsutment to drop 2 quarters off the recession.Noone questions it.

I'm not Shaun Ricards by any stretch and don't know the ins and outs of how it's done,but the key thing we need to remember is that the infaltion data is heavily gamed.

It's worth noting the range of different inflation measures tthere are as well.RPI not lsited-Trading Economics.But it's funny how they use CPI for pay and the GDP deflator for GDP...........why not use the same measure?????

My own suspicion is that the rate of infaltion being experienced by lower income deciles is way higher than that for those in the top deciles.

3 minutes ago, janch said:

Shaun Richards gives a good take on the Fed action:

https://notayesmanseconomics.wordpress.com/

We have become used to central banking being a bit dull, certainly compared to March last year. They essentially opened the monetary taps and have spent the intervening period not doing much. We have had some fiddling at the edges and a lot of open mouth operations, but last night the stakes were higher because of the pace of the recovery in the US economy. If we move to the effect we can see that markets made an immediate response.............

 

more in the rest of the article

How strange I awas literally jsut mentioning him in my reply to CP.

[sancho panza]

9 minutes ago, janch said:

Shaun Richards gives a good take on the Fed action:

https://notayesmanseconomics.wordpress.com/

We have become used to central banking being a bit dull, certainly compared to March last year. They essentially opened the monetary taps and have spent the intervening period not doing much. We have had some fiddling at the edges and a lot of open mouth operations, but last night the stakes were higher because of the pace of the recovery in the US economy. If we move to the effect we can see that markets made an immediate response.............

 

more in the rest of the article

Shaun comments are bang on.Especially when he talks about how regarding 2 x 0.25% rate hikes in 2023 is somehow regard as hawkish with CPI at 5%.Spare me.