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

[BurntBread]

2 hours ago, M S E Refugee said:

I have been buying as much 50% Pre 1947 Silver as I can lay my hands on, it looks like it may come in useful.

A scrap dealer would give you £2.78 for a Pre 1947 Florin (10 pence).

I guess everyone has their view on what is the "right" amount of precious metals to own. I have no clear opinion on that, but here is a (possibly unreliable) bit of information to put it into context.

I looked at the US geological survey to find out how much of the different elements have so far been discovered (i.e. not everything has been got out of the ground yet), and then divided that by the world population of 7 billion. That givens an idea of the average amount of PM wealth, were it equally distributed (in an @NTB-ish sort of way):

Copper: 100kg per person

Silver: 250g per person

Gold: 30g per person

[M S E Refugee]

9 minutes ago, ThoughtCriminal said:

Are you buying at the minute? I'm still far to heavy in cash, I'm far too pessimistic on stocks so I'm pondering buying more silver and gold.

 

Think SP said being neutral isn't really an option and I have to agree. Sitting in cash waiting for BK is looking like slow suicide.

 

I have slowed down buying as I have got a decent amount of Silver but I am buying  small amounts of Pre 1947 Silver when ever I can buy it near spot.

I think the Pre 1947 stuff could be very useful as it comes in small increments.

There will be no CGT on it either as it was legal tender.

[sancho panza]

3 hours ago, Barnsey said:

Are you writing for the Telegraph now @DurhamBorn?

https://www.telegraph.co.uk/news/2022/08/17/entitlement-britain-becoming-poor-country-many-people-dont-care/

Britain has turned into a three-speed society, with some people, including blue-collar workers in warehouses, in factories, in delivery vans, as well as plenty of white-collar professionals, working flat out, much harder than they ever did before, their output closely monitored and controlled by technology, but with their pay held back by productivity constraints.

The picture is different in office-based sectors where the working-from-home and HR cultures have spiralled out of control, and there has been a proliferation of non-jobs across the corporate world. Office workers spend too much time communicating with each other, which is easy, rather than creating value, which is hard. Poor, lazy, tick-box management is rife, some of it caused by regulatory idiocies. Many corporate types are resting on their laurels, insulated by cheap credit, lulled by rocketing house prices into thinking they have made it in life and can relax.

Last but not least, parts of the economy are suffering from the continued dysfunctionality of the welfare state: despite Universal Credit, there are insufficient incentives for some groups to increase their working hours. This is an important reason why so many vacancies for lower-paid jobs remain unfilled, and, combined with our poor education and skills, for our extreme reliance on immigrant labour.

All three challenges need to be addressed differently. We need to be honest about the new British disease: our staggering lack of competitiveness, poor levels of investment, the low quality of so many of our schools, the weakness of our skills, the disaster that is our infrastructure, our sky-high taxes, our deadly bureaucracy, and that fixing all of this will be painful. Incentives to work and invest need to be turbocharged: far too many people pay far too high marginal tax rates, and many youngsters are discouraged by our broken housing market.

Firms will need to be encouraged into investing a lot more. The economy requires more competition. The public sector needs radical reform and contraction. Crucially, higher interest rates would lead to a more rational allocation of capital, and the demise of wasteful low-return jobs and practices. One of the biggest barriers to change is the prevalence of middle-class Nimbyism, or at least the idea that things are good enough as they are, and that all new development – of homes, airports, power plants or water reservoirs – must be stopped.

Capitalism itself cannot survive another decade of zero growth in real incomes. The public only tolerates the profit motive and freeish markets if people feel that a rising tide is lifting all boats; but as incomes stagnate, they become ever more sceptical. But Britain is suffering from zombified social-democracy, over-regulation and monetary socialism, not from genuine capitalism. We wouldn’t be stagnating if a few million acres had been handed over to housing, or if monetary policy wasn’t obsessed with a proto-Keynesian desire to bail out the over-indebted, or if a flat tax had been introduced in 2010, or if the Oxford-Cambridge-London triangle had been turned into a giant high-productivity science enterprise zone.

Boris Johnson was meant to understand all of this but sadly didn’t, and three years have now been wasted. Liz Truss, a principled libertarian, does get it, and, crucially, isn’t scared of being blunt. The Tories can’t afford to mess this up again: it’s Truss’s way, hard graft and all, or a Labour landslide in 2024.

That's spot on barnsey,thanks for posting ....like @DurhamBorn says,great to see this getting discussed in teh MSM.

2 hours ago, M S E Refugee said:

More Russian oil headed for Asia – Bloomberg https://www.rt.com/business/561017-russian-oil-headed-asia/

MSE,polite request,I really enjoy your posts,but these RT ones when I clcik on them,I get a blank screen because I live in a demcocracy.

Can you advicse how you get around the blocking but also can you psot a screenshot or soemthing like that for us read that contains the important info please.I know it's a hassle but I'd really like to read the importnbant newsflow in that link.

2 hours ago, DoINeedOne said:

So a honest question what are people views of what will happen over winter and next year with these high gas and electric prices

Im sitting here wondering about certain companies that own or require properties think offices, pubs or large retail stores, just how will they survive going forward, we're starting to see companies struggling or posting images of huge bills whilst i can't predict what will happen im just wondering what peoples views are

I think a lot of companies with big areas to heat will be screwed.Especially the ones who've sold off their freeholds and rented the properties back as leases eg Enterprise Inns etc.This will be the death of private equity I suspect.Their margins were thin and based on cheap gubbermint moeny.

here's one example-Im not an accountant dyor etc.I know we have a few M&S fans on here but the margins look wafer thin given there the higher end of the market.

for some reason on this computer I get the breaking news thing aacorss the years but they are the last four financials(if anyone could tell me how to get rid of it,I'd bne grateful,doesn't happen on my laptop)

total debt to equity is one to look at.

they're working a 2.8% net profit margin,operating profit could get mullered if they're heating/leccy/wage bills rocket.

https://www.investing.com/equities/marks---spencer-group-financial-summary

 

 

 

 

 

 

 

 

 

[Starsend]

1 minute ago, Axeman123 said:

I totally get where you are coming from. The thing is, I don't see Cameron or other MPs as really running the country. I would compare them to middle management. The real people in charge think in terms of multiple generations of ongoing priviledge.

As an analogy think back to Brexit and the prorogation etc. MPs played their europhile games, right up to the point the country started looking ungovernable as public anger became dangerously intense. I vividly remember one shellshocked-looking Brexit-supporting MP lamenting he would happily see the palace of Westminster bulldozed into the Thames after what was happening there, and it seemed to capture the essence of the times. Almost overnight MPs all fell into line and gave BJ his GE, and we rapidly Brexited without even a murmur of substance. What happened? IMO the real decision makers got scared, and started making phone calls.

Interesting and I hope you're right. It shows the importance of people making their opinions known and not holding back on what they think of the people running this country into the ground.

I've got talking to many, many people over the years and when they twig that you're safe to talk to they're all so fucking angry at what is going on - burn down Parliament with the MPs in it angry.

I've never broken a law in my life (well apart from a Ford Escort I nicked when I was a teenager, oh and a Cortina as well, then there was the Porsche building...) anyways, I digress; after a brief lawless episode in my teens I married and bought up three children, worked at a desk five days a week for decades and never broke another law. I don't have a violent bone in my body and believe in the rule of law. If they could see the hatred I and so many others like me hold for them I honestly think they'd fucking crap themselves.

[M S E Refugee]

2 minutes ago, sancho panza said:

Can you advicse how you get around the blocking but also can you psot a screenshot or soemthing like that for us read that contains the important info please.I know it's a hassle but I'd really like to read the importnbant newsflow in that link.

I'm not sure how you get around it but a few people on here have posted how to circumvent it.

I do usually try and give brief synopsis of the stories as I'm aware that it is frustrating for people that can't access RT.

[M S E Refugee]

11 minutes ago, BurntBread said:

I guess everyone has their view on what is the "right" amount of precious metals to own. I have no clear opinion on that, but here is a (possibly unreliable) bit of information to put it into context.

I looked at the US geological survey to find out how much of the different elements have so far been discovered (i.e. not everything has been got out of the ground yet), and then divided that by the world population of 7 billion. That givens an idea of the average amount of PM wealth, were it equally distributed (in an @NTB-ish sort of way):

Copper: 100kg per person

Silver: 250g per person

Gold: 30g per person

I think 6 months to 12 months living expenses would be good amount to have but it all depends on personal circumstances I suppose.

[geordie_lurch]

5 minutes ago, M S E Refugee said:

I'm not sure how you get around it but a few people on here have posted how to circumvent it.

I do usually try and give brief synopsis of the stories as I'm aware that it is frustrating for people that can't access RT.

If you aren't using a VPN as standard to get around our great leader's good intentions then stick the URL in https://12ft.io/ e.g. https://12ft.io/proxy?q=https%3A%2F%2Fwww.rt.com%2Fbusiness%2F561017-russian-oil-headed-asia%2F or alternatively https://archive.ph but that tends to be slower

[DurhamBorn]

5 minutes ago, sancho panza said:

That's spot on barnsey,thanks for posting ....like @DurhamBorn says,great to see this getting discussed in teh MSM.

MSE,polite request,I really enjoy your posts,but these RT ones when I clcik on them,I get a blank screen because I live in a demcocracy.

Can you advicse how you get around the blocking but also can you psot a screenshot or soemthing like that for us read that contains the important info please.I know it's a hassle but I'd really like to read the importnbant newsflow in that link.

I think a lot of companies with big areas to heat will be screwed.Especially the ones who've sold off their freeholds and rented the properties back as leases eg Enterprise Inns etc.This will be the death of private equity I suspect.Their margins were thin and based on cheap gubbermint moeny.

here's one example-Im not an accountant dyor etc.I know we have a few M&S fans on here but the margins look wafer thin given there the higher end of the market.

for some reason on this computer I get the breaking news thing aacorss the years but they are the last four financials(if anyone could tell me how to get rid of it,I'd bne grateful,doesn't happen on my laptop)

total debt to equity is one to look at.

they're working a 2.8% net profit margin,operating profit could get mullered if they're heating/leccy/wage bills rocket.

https://www.investing.com/equities/marks---spencer-group-financial-summary

 

 

 

 

 

 

 

 

 

We talked years ago about how i advised my son not to go to uni (hes not the type) and my mate got him on at the local huge Aldi warehouse.Lots of friends scoffed whos kids were going to uni etc and his mams friends,he said i trust my dad thanks.Well he has worked hard there,loves it,goes out with the lads he works with and has just been promoted.£16.50 an hour 34 hours a week with extra hours each day if wanted.No student debt,about as safe a company to work for as there is with what we face,10 minutes from home so low fuel costs to get to work,and when he clocks out zero contact from work.The promotion is because they are putting an extra shift on,they are getting busier.Morrisons must be getting screwed here i suspect,glad i offloaded my shares to those private equity lot 

[wherebee]

5 minutes ago, Starsend said:

. If they could see the hatred I and so many others like me hold for them I honestly think they'd fucking crap themselves.

Indeed, Starsend.  Same here - law abiding all my life in several countries.  Now I would happily see some of those responsible for the past few years hang on gibbets for what they have done to humanity.  Millions are going to die from their vaccines, their green climate policies, and their energy crisis amplified by the Ukranian sideshow.  The 300k+ dead in Ukraine so far is a taster of what is coming.

They have destroyed western civilisation in 50 years.  The pinnacle, in my view, of human achievement was the period post war where in the west the average person could live in peace in a homogenous community, raise a family, and be educated for free in how the universe works and how humans should be striving for the stars.  They have destroyed that and in exchange have degenerate relationships, economics, and families.

They deserve to hang high.

[Yadda yadda yadda]

47 minutes ago, Axeman123 said:

I am oddly upbeat about the UKs prospects.

Watched the Panorama about the failed mini-bonds etc under Bailey's watch at the FSA on iplayer last night. Nothing in that was new, and yet suddenly it is front and centre. That doesn't just happen. I take this as a sign Bailey is on the way out, and a shift in monetary policy is coming.

Truss is really telling it like it is. We have all been here before where they make the right noises and then carry on with business as usual of course, but this time feels different. Even lefty newspapers are starting to sound like us on here. The overton window has shifted dramatically, and that generally precedes action. Even Pishy has been trying to outdo her on DOSBODianism, the consensus in the leadership contest would have been considered radical just a year ago!

I agree that Britain is on a knife edge, but I see signs that the right people get it and have sensible plans. Maybe I am just a dreamer of course.

Talk today that Truss wants to merge the FCA, PRA (Prudential Regulation Authority - part of the BoE) and the PSR (payment services regulator - already part of the FCA). The sort of shake up that would see Bailey out on his ear. Makes sense. There is a lot of duplication to get rid of.

[Pip321]

53 minutes ago, Axeman123 said:

I am oddly upbeat about the UKs prospects.

Watched the Panorama about the failed mini-bonds etc under Bailey's watch at the FSA on iplayer last night. Nothing in that was new, and yet suddenly it is front and centre. That doesn't just happen. I take this as a sign Bailey is on the way out, and a shift in monetary policy is coming.

Truss is really telling it like it is. We have all been here before where they make the right noises and then carry on with business as usual of course, but this time feels different. Even lefty newspapers are starting to sound like us on here. The overton window has shifted dramatically, and that generally precedes action. Even Pishy has been trying to outdo her on DOSBODianism, the consensus in the leadership contest would have been considered radical just a year ago!

I agree that Britain is on a knife edge, but I see signs that the right people get it and have sensible plans. Maybe I am just a dreamer of course.

Whilst (today) I disagree with your optimism it is genuinely nice to hear it….uplifting if you like. 

Maybe you are a dreamer….but you’re not the only one.😉

[DurhamBorn]

1 hour ago, Starsend said:

Out of interest, how do you know that? Wouldn't surprise me though, very few journalists seem capable of producing their own decent work these days.

 

Shocking figures about the number of people paying their own rent, completely unsustainable.

They put articles up a week or so after we highlight it on this thread,even using some terms iv used on here not used anywhere else,100% they read this thread and get direction from it.To be fair they do quite a good job of writing up the articles mostly and getting it out there.They dont nail it of course to the real problems but they are getting close.I guess if they mentioned us we would be flooded here and we dont want that.

One for them.Remind Truss Durham is sitting on 300 years of coal.Imagine if a Tory PM re-opened the Durham coalfield.The first Tory PM welcomed to the Big Meet in Durham.They can invest in the carbon capture tech and convert DRAX back over while they sink the shafts and build the mines.

[feed]

2 minutes ago, DurhamBorn said:

They put articles up a week or so after we highlight it on this thread,even using some terms iv used on here not used anywhere else,100% they read this thread and get direction from it.To be fair they do quite a good job of writing up the articles mostly and getting it out there.They dont nail it of course to the real problems but they are getting close.I guess if they mentioned us we would be flooded here and we dont want that.

One for them.Remind Truss Durham is sitting on 300 years of coal.Imagine if a Tory PM re-opened the Durham coalfield.The first Tory PM welcomed to the Big Meet in Durham.They can invest in the carbon capture tech and convert DRAX back over while they sink the shafts and build the mines.

monetary socialism is a brilliant term. 

The more I think about it, the more I think working, as in an exchange of my time for a salary was probably the dumbest thing to do for the last 10 years.   Labour has had almost no value in the late disinflationary cycle.

It's Just unfortunate that it was my peak earnings potential at age 40 to 50.  And by the time labour will have real value again, I’ll be too old to take advantage of it..   Timing is everything.  
 

[Red Debt Redemption]

17 hours ago, M S E Refugee said:

They have been building loads of 4 bedroom houses in Carlisle and they have been selling like hotcakes.

These ones are a few hundred yards from the M6.

I found this property on the Rightmove Android app and wanted you to see it: https://www.rightmove.co.uk/properties/122261180

 

Sounds great. Most still on £300-400 fixes.

Its council tax, energy, food that kills the North. Hartlepool, Durham, Carlisle etc.

[M S E Refugee]

Flotilla of diesel ships from Asia coming to Europe’s rescue https://www.rt.com/business/561075-asia-europe-diesel-flows-surge/

A record amount of Ships are sailing to Europe from Asia to supply them with diesel.

I would love to know where the Oil originates from!

[ThoughtCriminal]

2 hours ago, Lightscribe said:

If this happens, I think we’ll see the US try to destroy the price of paper gold.

From zerohedge:

According to the Russian Finance Ministry, precious metals prices will be fixed either in the national currencies of key member-countries or using new monetary units used in international trade—for instance, the new BRICS currency proposed by Putin.

The Finance Ministry wants to make membership in this organization attractive to all market participants, especially China, India, Venezuela, Peru and other South American countries, as well as Africa. It aims to swiftly destroy the monopoly of LBMA and to provide for stable development of the precious metals sector.

In essence, Russia proposes to create a market for gold, platinum, etc., which will be regulated by countries that control the resources for these metals. This would be, simply put, a revolution. On the basis of this new market, it intends to further the system of bilateral trade in national currencies that specifically excludes dollars, euros and pounds.

And now, some statistics on the world gold supply. The production share of the US and other hostile nations* produce a grand total of 22% of the world’s gold. Eurasian Economic Union, BRICS and Africa, together, produce 57%—already a controlling share. Now add Peru and Venezuela, and the number goes up to 62%.

To put it in the plainest terms possible, Russia is colluding with a number of other countries to exclude the dollar, the euro and the pound from the system of international settlements, starting with precious metals but not necessarily stopping there. These countries control a lion’s share of gold production. For starters, Russia has fixed the price of gold in rubles at 5000₽/g, which works out to $2,447.17 per troy ounce. This compares rather favorably to the current LBMA fix of $1737.84. The days of LBMA’s ability to drive down gold prices using paper gold manipulation appear be running out.

 

 

This is huge if it goes ahead.

 

One way or another, we're getting a major war. No way the West are just letting control slip through their fingers without a fight 

[Pip321]

Top share tip.

Rio has had a decent run and allowing for the divi I am going to bail today with a view of buying in a bit lower in a week or two. (Trading I know)

Maybe buy into some of the other suspects on this thread which have fallen back a little  

My tip is….whenever I sell a share it normally romps up 20%….so Rio will be one to watch.😆😆

[sancho panza]

2 hours ago, Plan-b said:

Dr Tim Morgan is extremely bearish on the UKs chances

I apologise but 7 psots on one page that I feel duty bound to reply to.This is superb.

I pciked up Dowd & Buckner banking apper that changed forever the way I analyse banking stocks from Dr Tim's comments section.

Interesting that he's now moving up the rhetoric scale and over a similar timeframe to some basement dwellers who are sjut seeing the newsflow and adjsuting their tiemscales.I read thsi thread every day I can and collectively you can see the changing atmospherics down here if you look.A lot of posts drawing forward UK demise if certain paths aren't taken particualrly from thread macro lead @DurhamBorn

We really are at an inflection point and it's only jsut beginning to dawn on me how big it is in terms of chooisng the UK's direction over the next decade.We as a family are heavily hedged by oil/gold/baccy but I'm looking at people I've known all my life and hoping they'll be ok.

My sympathy is limited mind.For years we've had people looking down on us for renting while I built out the portfolio .Now I'm sat here and have become like @Errol and @M S E Refugee wondering whether we've enough gold.

I think we're approaching that pivotal moment when we'll appreciate the old maxim that gold doesn't make you rich but it stops you getting poor.time will tell.

2 hours ago, DurhamBorn said:

My roadmap says UK collapse 100% certain on the present runway.So from the macro,and the energy situation we have a pincer movement.He is right to mention though 100% can quickly become 50% before events happen.He is also right to mention the two items that the BOE must do.Increase rates if Truss wins,refuse to QE if Dishi wins.The first option is the right one,but to save systemic collapse house equity will have to be destroyed.

 

One of the reasons I enjoyed this thread from the early days was how much better your dollar calls were than bankers with billions to spend on computers

That bit in bold me of Ernest hemingway quote from his novel

Just saying this situation has turned nasty quite sharply.It's like the odd occasion at work, the atmospherics are all good then some switch gets flicked and a blade comes out.

https://quoteinvestigator.com/2018/08/06/bankrupt/

“How Did You Go Bankrupt?” “Two Ways. Gradually and Then Suddenly.”

2 hours ago, DurhamBorn said:

The voters voted for the right policies,even staunch Labour areas around me,ex mining areas voted Tory to slash welfare and immigration,Tories did the opposite.Read the room wrong,or deliberate.

I'll declare a Ukip membership 2006 to until it fell apart psot farage.

For me the parliamentary tories are owned by the 1%.

They won't save us.Socialism for the 1% & the 40% getting life on bennies and capitalism for the worker bees.

2 hours ago, baffledbyzirp said:

The burden of increased heat and energy costs will certainly hit the private sector hard. I imagine that leisure and retail will be in the front line. How much will it cost to provide heating and lighting within a shopping centre? Pubs and restaurants face a combination of factors; higher wages, higher product costs, increased rates and fuel/ heating at a time when consumers are tightening their belts. Energy dependent industries including steel, aluminium, glass, chemicals and heavy manufacturing will cease to be viable.

However, my primary concern is for the public sector, particularly local authority funded services. Schools, libraries, hospitals, swimming pools and public spaces are going to become uneconomic to run and maintain. The only option is to let them rot or increase taxes, either locally or centrally. What will the response of TPTB be? No party will win an election on a platform of increased taxes given the current economic situation. More printing and fantasy economics is a possibility, but at some point the market will realise that the funny money they are being offered in return for tangible goods is worthless. 

The inescapable conclusion is that our whole system, fragile and bankrupt though it is, depends on cheap energy. We relied on Russian fuel to insure international spot prices remained payable. Collectively the West told Russia to shove their oil and gas. Russia duly obliged and started to export increased volumes to India, China, Africa and Saudi. The West gave a massive leg up to its main competition and committed economic suicide to prove a point. Our moral superiority will not keep us warm this winter.

So much to appreciate in that psot.

Compellingly logical.As Shaun Richards said

''the only people we seem to be sanctioning is ourselves.''

 

In terms of moral superiority,I'm splitting hairs but I'm not sure we have much over the Ukraine.US/EU machinations appear to be in part responsible.

[M S E Refugee]

2 minutes ago, Red Debt Redemption said:

Sounds great. Most still on £300-400 fixes.

Its council tax, energy, food that kills the North. Hartlepool, Durham, Carlisle etc.

I shudder to think how much debt the 30 something wannabe WAG's and their Husbands must be in, around the newly built executive Housing developments in the North of England.

[Barnsey]

54 minutes ago, DurhamBorn said:

We talked years ago about how i advised my son not to go to uni (hes not the type) and my mate got him on at the local huge Aldi warehouse.Lots of friends scoffed whos kids were going to uni etc and his mams friends,he said i trust my dad thanks.Well he has worked hard there,loves it,goes out with the lads he works with and has just been promoted.£16.50 an hour 34 hours a week with extra hours each day if wanted.No student debt,about as safe a company to work for as there is with what we face,10 minutes from home so low fuel costs to get to work,and when he clocks out zero contact from work.The promotion is because they are putting an extra shift on,they are getting busier.Morrisons must be getting screwed here i suspect,glad i offloaded my shares to those private equity lot 

Wouldn't be surprised about Morrisons going under given it's more expensive than not only Aldi and Lidl, but also Tesco and Sainsburys. Most of their supermarkets feel dingy as fook.

[DurhamBorn]

40 minutes ago, M S E Refugee said:

I shudder to think how much debt the 30 something wannabe WAG's and their Husbands must be in, around the newly built executive Housing developments in the North of England.

As my dad used to say about those so called executive housing developments "they are so shit even the fucking Jackdaw's dont want to sit on the roofs"

[MightyTharg]

Gross margin sounds good at 33%. What happens to get it down to 3% net profit?

[Harley]

2 hours ago, ThoughtCriminal said:

Are you buying at the minute? I'm still far to heavy in cash, I'm far too pessimistic on stocks so I'm pondering buying more silver and gold.

 

Think SP said being neutral isn't really an option and I have to agree. Sitting in cash waiting for BK is looking like slow suicide.

 

I'm about 35% equity and 25% hards like PMs.  Was a higher equity figure.  Anyways, now back above my NAV at the start of the year due to the equity.  Not so negative out there from that POV.

[Harley]

2 hours ago, Starsend said:

I hope you're right but personally I don't think so.

I remember Cameron telling it like it was as well, all of them in fact.

I recall reading once how many Conservative party MPs had multiple BTLs, it was something astonishing, 70% or something stupid. No way will they let their little empires go, they'd rather take down the entire country such is their selfishness.

We'll see, I have no doubt some of them understand the problems, it's the entrenched vested interests that prevent the right course of action being taken.

The big mofo crash might be better, I think we'd have a better chance of things getting rebuilt properly then plus huge opportunities along the way for those with an eye open.

One person, one term, one anything is not going to fix the work of so many over so long.  As always, something will be done but it will yet again only further entrench and enhance the position of the rentiers and other vested interests.

[Harley]

2 hours ago, Axeman123 said:

IMO the real decision makers got scared, and started making phone calls.

They did, and then started to properly prepare for the next time!