Credit deflation and the reflation cycle to come (part 3)

[Yadda yadda yadda]

23 minutes ago, JimmyTheBruce said:

For those wondering if the government are still looking out for their buddies (and I mean the old guard rather than the over-leveraged newbies).  My bold:

Green Homes Grant Local Authority Delivery Scheme
To be eligible, households must:
•    Have a household income of £30,000 or less, or £20,000 or less after housing costs
•    Live in a property with an EPC (Energy Performance Certificate) rating of D, E, F or G (the four lowest ratings)
Both homeowners and landlords are eligible to apply for the scheme. In the case of a rental property, the household income requirement relates to the income of the household living in the property, and not the landlord’s income.
 

How much does it cost to get an EPC? Is that a barrier to entry for everyone who hasn't either bought recently, and therefore mostly have a high income, or is a landlord who needs one for regulatory purposes. Looks like a bung to landlords. No doubt pushes costs up for anyone who wants to do this work of their own backs as it will suck in labour and materials.

[Democorruptcy]

Ponzi copper!

Glencore cuts ties with Chinese trader over missing $500mn of copper

https://12ft.io/proxy?q=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fe5feaeee-e459-44d8-a885-9d04d94b2d51

[ThoughtCriminal]

Michael Burry seeing red flags everywhere.

 

Going to be far worse than anything we've ever seen in his opinion.

[Castlevania]

34 minutes ago, Yadda yadda yadda said:

How much does it cost to get an EPC? Is that a barrier to entry for everyone who hasn't either bought recently, and therefore mostly have a high income, or is a landlord who needs one for regulatory purposes. Looks like a bung to landlords. No doubt pushes costs up for anyone who wants to do this work of their own backs as it will suck in labour and materials.

It’s around £100 for an EPC

[JMD]

2 hours ago, DurhamBorn said:

£21 a month my water bill,bargain.We have Kielder.When i was a kid we used to play in the dried up old reservoirs around here.They used to have about a foot of water in the bottom all the way across and zillions of newts etc.All gone now,filled in.

That is a bargain. I have to pay two different companies, one provides the clean water supply and the other for the wastewater (treatment works), and each costs me approx £22/month, £44 total.

[HousePriceMania]

 

[JMD]

1 hour ago, Yadda yadda yadda said:

Douglas Adams has been dead for more than 20 years. Hitchhiker's Guide is over 40 years old.

Man was a genius.

Now you tell me. Time flies. However I did think he was just spending a decade or two dead for tax purposes!! (paraphrasing him of course)

[DurhamBorn]

3 hours ago, Joncrete Cungle said:

A number of reservoirs round here have been decommissioned, filled in or built on. Millions more people in the country since then, but less water capture and storage. We really are run by idiots

My local one wasnt used anymore,but had about 1 foot of water in the bottom and about an inch of silt,it sometimes dried right out by mid summer.It had thousands of newts,and the protected one Great Crested.They filled it in.Shocking.Now they spend millions building ponds for newts,but there are no newts around here,plus they weed over in no time and go to bog.One pond had newts some idiot put fish in.I told the council,it took them 3 years to decide to electro fish it and net it,by that time there were no newts yet.Government and councils are useless,they make things that should take 3 days take 3 years.Me and my mates at 13 years old did more for the newts.They were building a new road and roundabout and filling in a lovely pond.My and my mates broke in the compound on the night,cut all the fuel pipes and hydraulic pies on the diggers,ripped electrics out etc.,knicked all the diesel as well.We then rescued all the frogs and newts into bucket over the next few days and re-located them before the council could replace diggers to fill the pond in.

[Yadda yadda yadda]

29 minutes ago, JMD said:

That is a bargain. I have to pay two different companies, one provides the clean water supply and the other for the wastewater (treatment works), and each costs me approx £22/month, £44 total.

I'm on around £150 every 6 months. Thames Water. Metered.

[Pip321]

1 hour ago, Yadda yadda yadda said:

How much does it cost to get an EPC? Is that a barrier to entry for everyone who hasn't either bought recently, and therefore mostly have a high income, or is a landlord who needs one for regulatory purposes. Looks like a bung to landlords. No doubt pushes costs up for anyone who wants to do this work of their own backs as it will suck in labour and materials.

As castlevania says maybe £100… but shopping around my last 3 were £50 (no Vat) using a local self employed chap.

New rentals (or renewed tenancies) now need an EPC….well technically they don’t but the house must meet the current EPC standards and the only way to demonstrate that is to have an EPC (if that makes sense) 

If a new entrant buys a house to rent out it will have an EPC already (as part of the sale requirement)….they last 10 years but if you come to renew the tenancy new minimum standards will start kicking in soon. Old houses will struggle….easier to serve notice and then sell. 

I have 2 tenants who have used green schemes for new boilers. I wasn’t going to refuse new combi boilers before daft new boiler requirements might start

The boilers ended up costing me about £800 per boiler. I probably ‘saved’ £2000…. the company that fitted them probably charged the government £3k and the tenants now have a new boiler. Everyone is a winner and it’s all free money.🤦🏻‍♂️

[Pip321]

24 minutes ago, DurhamBorn said:

My local one wasnt used anymore,but had about 1 foot of water in the bottom and about an inch of silt,it sometimes dried right out by mid summer.It had thousands of newts,and the protected one Great Crested.They filled it in.Shocking.Now they spend millions building ponds for newts,but there are no newts around here,plus they weed over in no time and go to bog.One pond had newts some idiot put fish in.I told the council,it took them 3 years to decide to electro fish it and net it,by that time there were no newts yet.Government and councils are useless,they make things that should take 3 days take 3 years.Me and my mates at 13 years old did more for the newts.They were building a new road and roundabout and filling in a lovely pond.My and my mates broke in the compound on the night,cut all the fuel pipes and hydraulic pies on the diggers,ripped electrics out etc.,knicked all the diesel as well.We then rescued all the frogs and newts into bucket over the next few days and re-located them before the council could replace diggers to fill the pond in.

Thousands of newts near us too (North Yorkshire)…always in the thick green algae crap in the still small streams that fed into the river. 

Crayfish and fish in the main faster flowing river….but very few newts.

I remember as kids (again like you about 13) we brought 5/6 newts home and kept them in an aquarium in the cellar.  Took them about 3 days to escape….and then we would find newts and baby newts every year in my mums cellar and garden which we keep a little pond for them. We still find newts now 40 years later.

Those little streams are still there…I might go have a look next week to see if the newts are still there. Very overgrown now so may struggle to get anywhere near…probably a good thing. 😉

[Axeman123]

3 hours ago, ThoughtCriminal said:

...especially before the vote.

I take your point, but the vote is essentially finished. Members are firing their votes back as soon as they get them, and the last few were allegedly not arriving until "as late as" yesterday. Earlier this week team-Pishy were all over twit tw@, now it's tumbleweed.

[Axeman123]

3 hours ago, Boon said:

He is finished in politics for the next few years otherwise.

Jeremy Hunt was a potential PM, and now a total non-entity (apart from some COVID committee thing). I expect Pishy to either wait to stand down at a GE, or just go off in a huff. Going out before the final two gets you into cabinet, and even raises the MPs profile. Getting to the final two and then losing is career death, as far as I can see.

[JimmyTheBruce]

3 hours ago, Yadda yadda yadda said:

How much does it cost to get an EPC? Is that a barrier to entry for everyone who hasn't either bought recently, and therefore mostly have a high income, or is a landlord who needs one for regulatory purposes. Looks like a bung to landlords. No doubt pushes costs up for anyone who wants to do this work of their own backs as it will suck in labour and materials.

You can just tell them you haven't got one and they'll come round and do the survey anyway (that's fact).  They might even do an EPC as part of their survey if one doesn't exist already (that's speculation).

It seems I missed "providers of all forms of home improvement that is deemed to be green" from my previous list of government-dependent businesses.  Oh, and landlords too.

[CannonFodder]

5 Chinese companies now annouced their delisting from NYSE today

Was 3 at lunchtime

Dedollarisation continues

https://www.reuters.com/business/finance/several-chinese-state-owned-companies-delist-nyse-2022-08-12/

 

[Starsend]

20 minutes ago, CannonFodder said:

5 Chinese companies now annouced their delisting from NYSE today

Was 3 at lunchtime

Dedollarisation continues

https://www.reuters.com/business/finance/several-chinese-state-owned-companies-delist-nyse-2022-08-12/

 

Ta ta chinkies.

[CannonFodder]

Sinopec is 1 of the first to delist just after annoucing 1.7 billion tons of oil just found

https://www.globaltimes.cn/page/202208/1272682.shtml

 

[leonardratso]

2 minutes ago, CannonFodder said:

Sinopec is 1 of the first to delist just after annoucing 1.7 billion tons of oil just found

https://www.globaltimes.cn/page/202208/1272682.shtml

 

I think it might be that recycled gutter oil that the chins like to use in takeaways.

[No One]

On 06/08/2022 at 19:51, No One said:

Inflation as a search term has hit 100 (highest interest) for the first time since google records began in 2004.

 

 

Recession is currently at 55, it only reached 100 in the 08 crash, and two other peaks at 75 and 95 during the two lockdowns. Whats interesting is that the interest on recession now is constantly high like in the 08 crash compared to the peak and crash in interest which where sharp up and down coinciding with the lockdowns. 

Meaning that the average joe is now in a constant look-out about a possible recession.

 

 

There doesn't seem to be a general concern about a housing crash at present. Interest in this term is low.

 

 

However there seems to be a lot of interest in interest rates. Well beyond 08 crisis.

 

 

This article on the Google News Business section caught my eyes

[No One]

 

+4450%

[No One]

[No One]

this one form zerohedge

 

 

[MightyTharg]

4 hours ago, JimmyTheBruce said:

In the case of a rental property, the household income requirement relates to the income of the household living in the property, and not the landlord’s income.
 

It does seem that the government is operating out of pure spite. If you are poor you can get up to 5000 GBP, If you earn more money it disqualifies you from the scheme you get nothing, but if you were rich through not working (a landlord) you could claim up to 200,000 EUR in handouts!

[Yellow_Reduced_Sticker]

On 11/08/2022 at 11:56, DurhamBorn said:

Yep that was how Sunak planned to remove the assets.His aim was to stop the next generation getting them........Hopefully Truss offers him some crap job where he has no power.

 

 

[SpectrumFX]

6 hours ago, stoobs said:

I was thinking exactly the same. They just pick a small item that is roughly the size of the growth/reduction and blame that for the entire figure.

If you had a set of scales and put a tonne of gold on the left side and a tonne of horse manure on the right.

Then add a feather to the manure.

Economists would explain the scales are tipping to the right because of the feather, absolutely nothing to do with the massive pile of shit.

I used to have to write management reports explaining budget variances, and that's exactly how I ended up doing it, after I came to the conclusion that what the managemet really wanted was the illusion of control.

Some forecast went tits up the other day in work, and my boss was waxing lyrical about how the guy who'd done the forecast (not me!) was a wanker. He's usually quite on the ball, so I tried to explain that what they were trying to forecast may not even be forcastable at all, and accepting the uncertainty and planning around that would be a better approach. It was like explaining algebra to a cat.