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

[JREWING]

6 hours ago, DurhamBorn said:

 

If you stop work go self employed and sell one 2nd hand item on ebay and when prompted on tax form if you want to pay class 2 stamp say yes.That gets a years state pension for £160 quid,much cheaper than buying years.

 

Cheers buddy. Never knew this.

I'm 53 too f**king soon. I've only got 20 qualifying years in the pot. Took a lot of time out and lived abroad for six years.

I've no intention of topping up any of the past year's lost.

Nor have I any intention of paying PAYE into their magic money tree system in the next fourteen years.

I've got fourteen years till 67. If by any chance the state pension still exists in fourteen years, and we are allowed out to enjoy ourselves ever again.

If I sell something second hand on ebay during that given tax year.

So in that given tax year I go self employed. When submitting the end of year tax return. It will prompt me if I want to pay class 2 stamp (NI contributions) for that given tax year.

I say yes please.

Then for a £160 contribution, this will add another qualifying year to my already 20 years of state pension qualification. Roughly £5 a week.

Have I got that right?

Seems too good to be true.

BTW. I just trade stock to make a living. Submit self assessment for CGT and divi income at the end of each financial year.

Thanks for the heads up.

[No One]

4 minutes ago, JREWING said:

Cheers buddy. Never knew this.

I'm 53 too f**king soon. I've only got 20 qualifying years in the pot. Took a lot of time out and lived abroad for six years.

I've no intention of topping up any of the past year's lost.

Nor have I any intention of paying PAYE into their magic money tree system in the next fourteen years.

I've got fourteen years till 67. If by any chance the state pension still exists in fourteen years, and we are allowed out to enjoy ourselves ever again.

If I sell something second hand on ebay during that given tax year.

So in that given tax year I go self employed. When submitting the end of year tax return. It will prompt me if I want to pay class 2 stamp (NI contributions) for that given tax year.

I say yes please.

Then for a £160 contribution, this will add another qualifying year to my already 20 years of state pension qualification. Roughly £5 a week.

Have I got that right?

Seems too good to be true.

BTW. I just trade stock to make a living. Submit self assessment for CGT and divi income at the end of each financial year.

Thanks for the heads up.

this is fucking amazing, I'm going to try it

 

whats the process?

[Harley]

8 hours ago, Cattle Prod said:

Where'd you manage to get 10 years supply from?! I'm at about 2 years, and struggling to see where I'll get more from, unless I buy a woodland like you say.

I had to fell a lot over the years and was not a heavy user.  Started with some old spruce which I did not care for properly so a bit iffy but now a load of ash over the last few years.  A bit of die back but mainly badly shaped, too near the house, etc.  Also pounced on one that blew over down the lane as payment for clearing it.   Still many left and I planted a few hundred but more for shelter.  Will probably hold a lot of the bigger ash rounds back for tables, etc.

[goldbug9999]

4 hours ago, JMD said:

 I recently wrote that the term crypto 'coin' is misleading, and a more apt description would be Blockchain applications, and the main endeavour is to provide the infrastructure/processes in order to digitally automate and integrate our lives. So in regard to the changes/revolution ahead, discussions around which cryptos might become a future money or a store of value, though important considerations for investors, could at same time almost be seen as a very separate and maybe evan secondary debate.

My view is that you have it back to front. Its the financial incentives of the currency which gives a blockchain its unique property of Byzantine Fault Tolerance (https://en.wikipedia.org/wiki/Byzantine_fault).

Hence money on a blockchain creates a unique symbiotic relationship between money as the BFT incentive structure and money the application which requires BFT. 

Most applications dont need BFT and so a blockchain just becomes a really inefficient database.

Explained here much more articulately than I can manage ... 

Longer version ..

Everyone should watch at least a dozen of Andreas's talks otherwise you have no business claiming to understand the subject matter (IMO)

[invalid]

6 hours ago, DurhamBorn said:

@Yellow_Reduced_Sticker add a pinch of this to any savoury dish like that,really brings the flavour out,its what all Chinese takeaways add to their savoury dishes,they all use it,superb in egg fried rice,chow mein etc etc,last ages s well.My partner was wanting far too many chinkie takeaways,but my egg fried rice now is just as good and only costs £1.50 for two people,i simply strip the leftovers from a cooked chicken,(i got a large one reduced in Lidl yesterday for £2.10)

https://www.ebay.co.uk/itm/100g-Lotus-Monosodium-Glutamate-MSG-Flavour-Enhancer-Seasoning/262713589935?ssPageName=STRK%3AMEBIDX%3AIT&_trksid=p2057872.m2749.l2649

 

Ok, enough with the teasers, are you going to share this egg fried rice recipe or not?

I recall many years ago being shown how to cook egg fried rice, it was all done in the pan and really simple and tasted great. So simple that for the life of me I can not remeber it!

Please forgive the utter off topicness of this!

As regards MSG, I can recall many years ago it was considered a rather dodgy thing to be adding to food. 30 years on and it seems the conclusion is that its quite harmless and safe to eat.

[King Penda]

3 hours ago, JMD said:

I agree Agronomics is a good fund I think. Coincidentally I have just asked DurhamBorn if he could comment whether he has any further thoughts about vertical 'factory' farming/agritech, because he mentioned a while back that he was looking specifically into this sector. 

The future for protein is insects and the skys the limit on that ie upwards.laugh all you want but it’s just a matter of time 

[Mooping]

3 hours ago, JMD said:

Not really sure what you mean by 'best way'. But for me I own some Jupiter gold and silver fund because I think it is one of the lower risk ways to invest in precious metals (I also own individual stocks but I think that is high risk). The fund provides exposure to both gold/silver mining stocks and also physical gold/silver which I think is good. But not meant as advise and please dyor.

I may buy one of  those funds.  But I am interested in buying some miners.  Between 5 and 10 miners for diversification.  Where do I start though?  Have they been discussed on here?

[working woman]

56 minutes ago, No One said:

whats the process?

Two years ago I became a Self Employed Sole Trader and last December put in my first return.

I found the process easy as they send emails telling you what to do for the next step.

- The first step is to go to the HMRC website and register as Self Employed. 

- For the Class 2 NI payment, I had to register for NI and once I had submitted my first return,  they gave me a phone number to call and I paid with a  Debit Card. About £160.

(A couple of weeks later I checked my State Pension record and it showed the year having a Full Contribution - yay!).

------------------------------------------------------------------------------------------------------------------------------

Here is the process copied from the HMRC website.

 

1. You need to register for Self Assessment and Class 2 National Insurance.

 

Register by 5 October in your business’s SECOND TAX YEAR 

1. Register online. Once you’ve completed the questions, HMRC will create your account.

2. You’ll receive a letter with your Unique Taxpayer Reference (UTR) number within 10 days (21 if you’re abroad). You’ll need your UTR to file a return.

3. You’ll then receive another letter with an activation code for your account. You can get a new activation code if you do not receive it or you lose it.

Once you’ve activated your account, you can file your tax return any time before the deadline.

[JREWING]

18 minutes ago, working woman said:

Two years ago I became a Self Employed Sole Trader and last December put in my first return.

I found the process easy as they send emails telling you what to do for the next step.

- The first step is to go to the HMRC website and register as Self Employed. 

- For the Class 2 NI payment, I had to register for NI and once I had submitted my first return,  they gave me a phone number to call and I paid with a  Debit Card. About £160.

(A couple of weeks later I checked my State Pension record and it showed the year having a Full Contribution - yay!).

------------------------------------------------------------------------------------------------------------------------------

Here is the process copied from the HMRC website.

 

1. You need to register for Self Assessment and Class 2 National Insurance.

 

Register by 5 October in your business’s SECOND TAX YEAR 

1. Register online. Once you’ve completed the questions, HMRC will create your account.

2. You’ll receive a letter with your Unique Taxpayer Reference (UTR) number within 10 days (21 if you’re abroad). You’ll need your UTR to file a return.

3. You’ll then receive another letter with an activation code for your account. You can get a new activation code if you do not receive it or you lose it.

Once you’ve activated your account, you can file your tax return any time before the deadline.

WW. Cheers for that.

Can I ask. Do you have to register as self employed to be able to pay the Class 2 stamp.

My first self assessment year ending 05/04/21. Will the opportunity arise when completing the online form to be able to pay the £160? So one in the bag before my 53rd birthday?

I need 15 years. If I get the 20/21 year in that'll leave me just enough year's to cover the fourteen years before hitting 67 in July 2035.

Cheer's.

 

BTW. I already have a government gateway login. Do I need to login to register or is it a different platform?

[working woman]

7 minutes ago, stokiescum said:

The future for protein is insects and the skys the limit on that ie upwards.laugh all you want but it’s just a matter of time 

Insects - I can see them ground up into a powder and used as an ingredient in processed foods.

-----------------------------------

Beans/Peas/Lentils - Many people around the world who are vegetarian or vegan eat these as a source of protein. 

-----------------------------------

Quorn is a Mycoprotein. I am a bit of an expert on it as I am one of a small % of people that are ill when eating it.

Basically in the 1960's, concerned about a growing world population, scientists tried to find a new source of protein.

They found it in a field in Oxfordshire. It is a mould/fungus that grows in thin sheets below the surface of the soil.

Quorn grow it in vats of glucose.

Most people can happily eat it and Quorn now sells in many countries throughout the world.

----------------------------------

 

 

[leonardratso]

i love lentils, i can eat them all day and night, but my toilet disagrees.

[Loki]

Look at the state of countries where insects are a 'staple'.

The brains and minds of Western civilisation as we know it was not built on crickets and wichity grubs.

Sorry but that's just the way it is.

Nutrition is not fungible. 

Edit: Let them eat bugs

http://news.bbc.co.uk/1/hi/uk/4310889.stm

[working woman]

1 hour ago, JREWING said:

WW. Cheers for that.

Can I ask. Do you have to register as self employed to be able to pay the Class 2 stamp.

My first self assessment year ending 05/04/21. Will the opportunity arise when completing the online form to be able to pay the £160? So one in the bag before my 53rd birthday?

I need 15 years. If I get the 20/21 year in that'll leave me just enough year's to cover the fourteen years before hitting 67 in July 2035.

Cheer's.

Yes, Class 2 is for Self Employed people.

----------------

Yes you need a Govt. Gateway Account. 

(I have forgotten my number in the past and been able to create a new one).

-------------------

If you have gaps in your NI record, you can pay Class 3 Voluntary NI contributions. 

It is more expensive than Class 2, about £13.50 a week I think.

You can go back about 6 years.

At one point, I had 2 part-time retail  jobs but didn't work enough hours in either to pay NI, so every year paid Class 3.

I used to ring up, ask how much I needed to pay and sent off a cheque.

Now you can go online and check your record, it shows if you have a gap, how much you need to pay and the deadline, usually several years.

 

 

 

[working woman]

49 minutes ago, JREWING said:

My first self assessment year ending 05/04/21. Will the opportunity arise when completing the online form to be able to pay the £160? So one in the bag before my 53rd birthday?

When you fill the self assessment form in,  it does a calculation at the end showing how much Tax and NI you owe.

The HMRC Payment Line is 0300 200 3402. I rang up, gave my NI number and paid with a debit card.

[working woman]

49 minutes ago, leonardratso said:

i love lentils, i can eat them all day and night, but my toilet disagrees.

Maybe it is the quantity eaten?  I love Dahl, went through a phase of making it regularly. One time ate way too much and had the same experience as you. I now stick to eating it as small side dish and am fine with it. 

 

[DurhamBorn]

3 hours ago, invalid said:

 

Ok, enough with the teasers, are you going to share this egg fried rice recipe or not?

I recall many years ago being shown how to cook egg fried rice, it was all done in the pan and really simple and tasted great. So simple that for the life of me I can not remeber it!

Please forgive the utter off topicness of this!

As regards MSG, I can recall many years ago it was considered a rather dodgy thing to be adding to food. 30 years on and it seems the conclusion is that its quite harmless and safe to eat.

I use the MSG,you can get on ebay for £3 for 100g lasts ages,the chicken powder in the recipe is out of stock on Tesco etc so i use the MSG,Oxo chicken stock cubes are very similar though and contain MSG if you want to use those.

I do this recipe when iv stripped the bits off a roast chicken and sling them in at the end,its take away quality,but works out about £1.50 for two.

[DurhamBorn]

3 hours ago, JREWING said:

Cheers buddy. Never knew this.

I'm 53 too f**king soon. I've only got 20 qualifying years in the pot. Took a lot of time out and lived abroad for six years.

I've no intention of topping up any of the past year's lost.

Nor have I any intention of paying PAYE into their magic money tree system in the next fourteen years.

I've got fourteen years till 67. If by any chance the state pension still exists in fourteen years, and we are allowed out to enjoy ourselves ever again.

If I sell something second hand on ebay during that given tax year.

So in that given tax year I go self employed. When submitting the end of year tax return. It will prompt me if I want to pay class 2 stamp (NI contributions) for that given tax year.

I say yes please.

Then for a £160 contribution, this will add another qualifying year to my already 20 years of state pension qualification. Roughly £5 a week.

Have I got that right?

Seems too good to be true.

BTW. I just trade stock to make a living. Submit self assessment for CGT and divi income at the end of each financial year.

Thanks for the heads up.

When the government shit on my class,town and everyone i knew when i was 13 i made damned sure i would learn how their system worked.£800 for a NI year?.no thanks,£160 if needed.

[working woman]

Looks like it is recipe night tonight.

Thanks DB, I will try out your fried rice recipe.   

----------------------------------------------------------------------------------

I have been meaning to post this recipe for ages.

Chicken with lemon, garlic and rosemary. 

I cook it pretty much every week as it is easy and delicious. 

It also seems to have an interesting side effect, more at the end...................

-----------------------------------------------------------------------------------

A packet of 8 chicken thighs - put into a large casserole dish. No need to brown.

Mix together - juice of 2 lemons and 4 tbsp of olive oil. Pour over the chicken.

Add lots of crushed garlic cloves and 6-8 long sprigs of rosemary.

Season with salt and pepper.

200 Degrees in the oven for 40 minutes.

Serve with rice as it mops up the juices well.

Add a side of veg such as carrots and broccolli.

The chicken skin comes out lovely and crispy as does the Rosemary, you can eat all of the rosemary.

Serves 4.  

---------------------------------------------------------------------------------

The side effect?????

After a year of eating it every week, (we cook enough for two nights) we noticed we hadn't suffered from colds. We both usually get a few each year. The second year, I got one as there was a really bad cold going round at work, my husband, nothing.  Last year was the 3rd year, still no colds, maybe helped a bit by Covid masks etc as well.  

I also found out there is an area in Italy where the population enjoy a longer than average lifespan, and they concluded it may be due to their diet being high in Rosemary, which grows in abundance locally in the wild. 

With all the garlic, it probably keeps all the vampires away  

[JMD]

3 hours ago, goldbug9999 said:

My view is that you have it back to front. Its the financial incentives of the currency which gives a blockchain its unique property of Byzantine Fault Tolerance (https://en.wikipedia.org/wiki/Byzantine_fault).

Hence money on a blockchain creates a unique symbiotic relationship between money as the BFT incentive structure and money the application which requires BFT. 

Most applications dont need BFT and so a blockchain just becomes a really inefficient database.

Explained here much more articulately than I can manage ... 

Longer version ..

Everyone should watch at least a dozen of Andreas's talks otherwise you have no business claiming to understand the subject matter (IMO)

Thanks, I will rewatch those videos. I actually viewed some of them a few years back but I thought the presenter a bit too evangelical and tbh it turned me off.                                                                                                     But am interested why you say 'i have got things back to front'? I could have introduced the notion and the risk that the ideal (which I do favour happening) of a decentralised trustless public Blockchain might not happen, and instead we just get many private Blockchains (Visa, etc) and so where mining reward incentives for authenticating blocks on the chain is not required, therefore causing most crypto values to be crushed. I don't think all we will get is private blockchains. But I accept that perhaps my earlier post was clumsily written. As I said I did watch a few of those videos a few years ago but i wasn't convinced. I have only recently changed my mind and am now on a learning curve. Did you mean that the value case for investors simply doesn't exist if decentralised mining doesn't happen or is not required?

[DurhamBorn]

When i closed my import business 18 months ago i was paying around $2600 to ship a 40 container.Spot is now $8000 and contract as below,this will add around 14% to prices on anything at retail made in China.Thats before increased costs here.

https://theloadstar.com/rates-hold-steady-despite-softer-demand-with-carriers-firm-on-contract-prices/

 

“We have had to bite the bullet and agree to the line’s ‘offer’ of $6,500 (per 40ft) for the rest of this year, compared with the $2,250 we paid last year,” a director of a UK-based NVOCC told The Loadstar this week.

“We will definitely not have as much business from China this year, as the rates are just too much for some of our customers, but we had to protect clients that can sustain the rate hikes by nailing down a deal with the carrier,” he added.

[JREWING]

2 hours ago, DurhamBorn said:

When the government shit on my class,town and everyone i knew when i was 13 i made damned sure i would learn how their system worked.£800 for a NI year?.no thanks,£160 if needed.

I hear ya.

[Lightscribe]

Case in point in regards to the decline in quality checking of media articles. Looks like someone forgot to update the template this morning.

 

[MrXxxx]

18 hours ago, sarahbell said:

 

 

[invalid]

10 hours ago, DurhamBorn said:

I use the MSG,you can get on ebay for £3 for 100g lasts ages,the chicken powder in the recipe is out of stock on Tesco etc so i use the MSG,Oxo chicken stock cubes are very similar though and contain MSG if you want to use those.

I do this recipe when iv stripped the bits off a roast chicken and sling them in at the end,its take away quality,but works out about £1.50 for two.

 

Superb, I've ordered some MSG and will try that recipe out next weekend.

EDIT - he says to cook the rice the day before, I wonder if batch cooked rice frozen would work ok? Used to know a lovely carribean lady who batch cooked amazing spicy rice in a massive pan, she would then put it into individual portion size freezer bags which then could be microwaved.

Back on topic, what are everyones thoughts on gold long term?

I watched the video posted the other day which was saying that there is an inverse relation between gold and interest rates, gold has been heading down for some time now and I'm thinking that a buying opportunity is approaching both for some physical and miners.

I'm starting to keep a closer eye on it, thinking there may be a sweet spot to buy especially if we going to be getting higher inflation feed through later in the year, or even the BK.

[goldbug9999]

8 hours ago, JMD said:

instead we just get many private Blockchains (Visa, etc) and so where mining reward incentives for authenticating blocks on the chain is not required, therefore causing most crypto values to be crushed.

Private blockchains are pointless since the participants are trusted. If the participants are not trusted then you need a currency/mining to arbitrate transaction finality. There is simply no scenario where a blockchain without a currency is useful. The key innovation in crypto space is the Byzantine Fault Tolerance, if you don't require that then there are plenty of existing technologies that do distributed data much better.

8 hours ago, JMD said:

Did you mean that the value case for investors simply doesn't exist if decentralised mining doesn't happen or is not required?

 Even should someone find an actual use for one (which is highly doubtful):

1 - it doesn't diminish the usefulness of public blockchains because their value proposition is not fiat money transmission.

2 - there is no opportunity for external investment anyway. 

TBH I would encourage anyone wanting to continue this discussion to post on the bitcoin thread as weve taken up enough space here already.