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

[HousePriceMania]

Benefits for the rich

 

 

This is the point I am packing up and leaving. This is yet another wealth redistribution tactic and the tories are collecting everyone's money the debt and housing.

[Yadda yadda yadda]

2 minutes ago, DurhamBorn said:

They are removing incentives to work in many areas.Its very sinister.Take Universal Credit.Now families earning up to £50k can get it (thats if they are getting £750 a month for rent in it) there is no point saving because it stops your claim if you have over £16k.

So we now have masses of people in their prime working years where there is no incentive to increase hours and/or save.The flip side of course is that in due course you end up with these same people hitting say 47,kids go over 18 and they get no benefits,but have not bought a house so have full rent,no savings,and 20 years until state pension.

Most of this is caused by central banks monetising debt for government.Instead of private savings creating capital for the economy,the central bank is now doing it and passing to government.We are now communist in all but name in many areas.

There are going to be masses of skint people in their mid 40s because government policy is now to fill them with free money,then remove it.

Policy choices are disgusting. All these negative incentives. Of course plenty see the writing on the wall and "buy" an extra 5-10 years on benefits by having another kid at 35-40. A very few might have off grid savings of some sort.

£50k pa is a good family income. If people need subsidy on that sort of salary, especially if over two wages and with half tax free, then the system is broken.

[Harley]

Funny old (or rather new) world atm.  Gold sales given inflation expectations.  Sure, like they're really going to put rates up to a positive yield!  Haven't people worked out the gig yet?

https://finbold.com/over-25-tons-outflow-gold-etfs-in-october-as-inflation-fears-mount/

[HousePriceMania]

11 hours ago, Hancock said:

When the govt are willing to hand over money to parents earning £50k per annum, then you know its gone seriously wrong ... i;ve no doubt parents bringing home 50k will struggle in many parts of the country, but that sort of income must put them in the top few percent of earners on planet earth. 
https://www.telegraph.co.uk/business/2021/11/09/parents-earning-50000-entitled-benefits-massive-expansion-welfare/

I posted the same thing Hancock, you got there before me.  This is properly insane, it's wealth redistribution to prop up the housing bubble/economy again.

The tories are doing a labour.

[Harley]

Just now, HousePriceMania said:

The tories are doing a labour.

Old talk.  It's all one now, the world over.  The divisions lie elsewhere!

[CVG]

34 minutes ago, RJT1979 said:

I did something similar. You could get caught if random check though.

Just transpose 2 figures. Better still take a photo of the meter - then transpose - then claim innocence - "Look the reading is right- ahh - oops."

[geordie_lurch]

36 minutes ago, DurhamBorn said:

They are removing incentives to work in many areas.Its very sinister.Take Universal Credit.Now families earning up to £50k can get it (thats if they are getting £750 a month for rent in it) there is no point saving because it stops your claim if you have over £16k.

So we now have masses of people in their prime working years where there is no incentive to increase hours and/or save.The flip side of course is that in due course you end up with these same people hitting say 47,kids go over 18 and they get no benefits,but have not bought a house so have full rent,no savings,and 20 years until state pension.

Most of this is caused by central banks monetising debt for government.Instead of private savings creating capital for the economy,the central bank is now doing it and passing to government.We are now communist in all but name in many areas.

There are going to be masses of skint people in their mid 40s because government policy is now to fill them with free money,then remove it.

Yep they want everyone fully dependent on the state so they can control EVERYTHING you do and you have no means of escape! Look ahead and see that if you are a 'bad' citizen in the state's eyes then all of the following will be possible:

• no Universal Credit for you that week / month
• not allowed to use your car for X days / miles or to use trains or planes
• not allowed to charge your 'green' electric car for X hours a day as the 'state' can't or won't supply your electricity comrade
• your CBDCs are locked or your spending limits reduced or you aren't allowed to buy alcohol or other 'impure' things for x days / weeks / months
• you aren't allowed to leave your home via some sort of carbon / bad citizen 'quarantine' they have been soft testing via all this Covid shit

I know some of the above seems far fetched but think back 18 months before all this and how we looked on incredulously at many of the above being implemented in China

For anyone that's not a follower of Ticker Guy go read his latest rant here as he perfectly describes where we are already and where we are headed all under the guise of this Covid and net zero carbon shit. He covers both the markets AND health and is one of the most important people in such times IMHO

"When the government owns you that is called Communism.  When government and so-called "private industry" conspire to own you that is called Fascism."

32 minutes ago, Harley said:

Roadmap date?

https://cryptobriefing.com/bank-of-england-says-cbdc-could-launch-by-2030/?utm_source=main_feed&utm_medium=rss

There's that 2030 date again

[jamtomorrow]

10 minutes ago, Harley said:

Roadmap date?

https://cryptobriefing.com/bank-of-england-says-cbdc-could-launch-by-2030/?utm_source=main_feed&utm_medium=rss

Makes me wonder:

1/ how they'll go about finding anyone decent to work on it (per recent discussions on this thread about the quality of public sector technocrats in other fields). Like, if you're already in blockchain and you're any good, why on earth would you want to go and work for the enemy?

2/ how they'll accelerate their team of second-raters when we move from gradually to suddenly. Because things are going to get very difficult indeed for central banks 2023 or thereabouts (we discussed exponentials recently, so mind the log scale) -

So much commentary on crypto is around the bubbly prices, but the real story is the relentless adoption.

[Yadda yadda yadda]

25 minutes ago, CVG said:

Just transpose 2 figures. Better still take a photo of the meter - then transpose - then claim innocence - "Look the reading is right- ahh - oops."

Good thinking. Sometimes that might not be convenient. So if the meter reading is 8555 you can't easily transpose. In that case your finger slipped on the keypad. 8 is immediately above 5 so you could key 8855 by mistake.

[HousePriceMania]

1 hour ago, Harley said:

Old talk.  It's all one now, the world over.  The divisions lie elsewhere!

You are correct.  The bankers have been deregulated, they will take everything then collapse the system.

At that point they'll be re-regulated and/or have caused a war, 10s of millions, billions even could be dead, everyone will be skint and they'll be sat on their private islands snorting coke from a prostitutes arse cheeks. 

[AlfredTheLittle]

1 hour ago, DurhamBorn said:

They are removing incentives to work in many areas.Its very sinister.Take Universal Credit.Now families earning up to £50k can get it (thats if they are getting £750 a month for rent in it) there is no point saving because it stops your claim if you have over £16k.

 

It's interesting, if you have an ISA you get caught by the £16k limit, but if you put it all in your pension or spend it all on a house you don't. So ISAs are actually a bit of a trap in many ways. I'm caught by this as have my son living with me, paying a lot of rent, but have savings in an ISA. I have considered moving them all into my pension then getting my rent paid, but I'm hoping to buy a house soon ( which again will save the government paying my rent).

They seem to have 2 objectives: keep house prices high at all costs, and keep people consuming to keep the economy moving ( which obviously is the opposite of what they claim they want to do for the environment). Or maybe I'm being too kind and the reality is that there are no policy objectives, they just don't have a clue.

[Noallegiance]

7 minutes ago, Cattle Prod said:

If you have an independent source of income, you are free, and the state has to work for you. If your source of income comes from the state, you work for the state; whether you know it or not, you are a slave. So of course they want more slaves, and less clients.

"The Matrix is a system, Neo. That system is our enemy. But when you’re inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy.”

“You have to understand, most of these people are not ready to be unplugged. And many of them are so inert, so hopelessly dependent on the system that they will fight to protect it.”

– Morpheus

[Agent ZigZag]

33 minutes ago, AlfredTheLittle said:

It's interesting, if you have an ISA you get caught by the £16k limit

If you applied for the new Universal Credit and did not declare your ISA how would the system know?

[AlfredTheLittle]

1 minute ago, Agent ZigZag said:

If you applied for the new Universal Credit and did not declare your ISA how would the system know?

You'd hope they would know, but you're right they might well not! 

[Hancock]

2 hours ago, Harley said:

Roadmap date?

https://cryptobriefing.com/bank-of-england-says-cbdc-could-launch-by-2030/?utm_source=main_feed&utm_medium=rss

Why does the BoE need another currency are they trying to tell us the one they are meant to be looking after is not very good.

And if that ones not very good why would their next one be any better.

When they release it do all the members of the ruling party get a load for free, and then us plebs get to bid it up thus making them rich.

All these currencies what can ultimately be increased with the click of a button seems shitter than the current system, and only good for the people who get in early. The latter being like the UK housing market.

Just rhetorical questions, no need to answer!

 

[Agent ZigZag]

16 minutes ago, AlfredTheLittle said:

You'd hope they would know, but you're right they might well not! 

I dont think they do. I view the system as being built on fear. Fear of being caught, fear of being fined etc. As long as you dont take the mickey I reckon you can get away with most things

[JimmyTheBruce]

24 minutes ago, Agent ZigZag said:

If you applied for the new Universal Credit and did not declare your ISA how would the system know?

If you've ever logged on to the HMRC gateway, you can see that they are linking you to your accounts with private banks.  It's still not perfect, but it's definitely happening.

[leonardratso]

3 hours ago, geordie_lurch said:

My cheap dual fuel fix ends soon so I stuck an extra 30% usage on my latest non smart meter readings I have to send them every quarter to pre pay at the cheaper rate

i did this when mine ran out, but then when the next reading became due i hadnt even made it to where i said i was last one so i just added a small arbitrary amount to what i said last time, it will eventually surpass what im telling them but until then i have to always check last one to make sure im not going backwards and they owe me hahahhaa,

[belfastchild]

Just now, JimmyTheBruce said:

If you've ever logged on to the HMRC gateway, you can see that they are linking you to your accounts with private banks.  It's still not perfect, but it's definitely happening.

If UC is run by HMRC then they should have links.
I wouldnt have said that before this year but when I did self assessment this year they had my pension details in there already. (first year of drawing pension so might have had that before this).

Saying that though they still had the boxes for interest from savings/shares. Ive nothing now outside of house, ISAs, pension and premium bonds so if they go digital currency.

If only all that cash, euros, gold and silver hadnt fallen off my boat...

[Hancock]

13 minutes ago, Agent ZigZag said:

I dont think they do. I view the system as being built on fear. Fear of being caught, fear of being fined etc. As long as you dont take the mickey I reckon you can get away with most things

But gone are the days when you could get your mate to go and sign on for you!

[Gin]

I was on the phone to HMRC a decade ago and I realised they knew I had just taken a small mortgage out. , and for how much .

Their systems will red flag anomalies comparing your income to big ticket items such as that 4x4 with the £600 road tax per year or a house purchase yet low income etc . ?

As long as you don`t take the proverbial though it can be managed but it is becoming more difficult every year . It really is 1984 .

[Bricormortis]

Gold has gone through $1834 resistance, $1847 now, I will be watching how it closes Friday / Monday.

[Hancock]

1 hour ago, belfastchild said:

If UC is run by HMRC then they should have links.
I wouldnt have said that before this year but when I did self assessment this year they had my pension details in there already. (first year of drawing pension so might have had that before this).

Saying that though they still had the boxes for interest from savings/shares. Ive nothing now outside of house, ISAs, pension and premium bonds so if they go digital currency.

If only all that cash, euros, gold and silver hadnt fallen off my boat...

Couldnt you N Irish, just emigrate to the south ... fill out the appropriate forms for HMRC that you're a non resident.

Now i realise you'd the only be allowed to spend 90 days in the UK, but how would they know .. unless of course they bring back border checks!

[HousePriceMania]

9 minutes ago, Bricormortis said:

Gold has gone through $1834 resistance, $1847 now, I will be watching how it closes Friday / Monday.

Any idea why

 

 

 

 

[feed]

US inflation at 6.2% in October

https://www.teletrader.com/us-inflation-at-6-2-in-october/news/details/56716041?internal=1

The Consumer Price Index (CPI) for all items in the United States rose by 0.9% in October in comparison to the same period the year before, beating market expectations, the US Bureau of Labor Statistics revealed in its report published on Wednesday.

On a monthly level, the figure went up by 0.9%, also exceeding analysts' projections.

The expansion was pushed by growths in various sectors, most notably energy, shelter, food, used cars and trucks, and new vehicles. The prices of energy saw a monthly increase of 4.8%, with the fees for gasoline going up by 6.1%. The costs of food gained 0.9%. Meanwhile, the index for all items less food and energy advanced by 0.6% month-on-month.