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

[JimmyTheBruce]

4 hours ago, Democorruptcy said:

I'm obviously a bit behind the times with council tax because I don't pay any, just talking to someone about it and what a shocker! £1,300 minimum? The troughing is getting too silly? Per £1 is 70p to NYCC, 14p to the Police and 4p to Fire, I'd like to know how much goes on their pensions. Bands A to G:

 

I asked my council to tell me exactly how much they spent on pensions after their last annual 5% council tax increase.  They fucked me around with links to annual reports which didn't clearly define pension spend for a few months and then just stopped replying to my emails.  Wankers.

[Majorpain]

1 hour ago, ThoughtCriminal said:

 

Nope. 

 

FB employees called in to sort it out are reportedly locked out of offices, security doors have been hacked. 😆

 

Details of 1.5 billion users are being auctioned on a hacker website. Bank details, phone numbers, addresses. 

 

Biggest hack in history. 

 

Ahhhh, glorious day. 

Looks like it might be.... gone?  I highly doubt Zuck hit the delete button by mistake!    

That $920bn Mcap is going to do some damage tomorrow if the servers don't come back.

[reformed nice guy]

Just now, JimmyTheBruce said:

I asked my council to tell me exactly how much they spent on pensions after their last annual 5% council tax increase.  They fucked me around with links to annual reports which didn't clearly define pension spend for a few months and then just stopped replying to my emails.  Wankers.

Do it as a Freedom of Information request and keep appealing

[Bilbo]

23 minutes ago, JimmyTheBruce said:

I asked my council to tell me exactly how much they spent on pensions after their last annual 5% council tax increase.  They fucked me around with links to annual reports which didn't clearly define pension spend for a few months and then just stopped replying to my emails.  Wankers.

A few years ago our police precept for pension was nearly 40% of cost.. they stopped giving the figures after that! Look at below link to ft article ... Don't cry too much 

https://www.ft.com/content/9d9b03d0-55ff-4e2a-8ec7-2caab0a89381

 

[macca]

14 hours ago, MrXxxx said:

Well if the fuel crisis goes on long enough, the full tank of fuel will be worth more than the car! :-)

I could use that as a sales pitch,,

[Yadda yadda yadda]

1 hour ago, Boon said:

Wonder if this will have any effect on the wider markets

If Facebook can be hacked, who next? We can be thankful it wasn't a site that provided any types of real service

 

If it isn't fixed by markets open tomorrow it is going down. Obviously Twitter's whole business can be taken out similarly. Neither should be priced at multi-decade earnings multiples when they could be taken down so comprehensively.

The big one for me though is Amazon. If Amazon Web Services could be taken out then lots of businesses no longer function. I think Microsoft host huge amounts of other businesses data in 'the cloud'. Some people need to have a good think about disaster recovery and business continuity tomorrow.

[macca]

6 hours ago, Bricormortis said:

That Vodafone is one sick puppy

what's wrong with them? mine are down was tempted to buy more

[JMD]

5 hours ago, Cattle Prod said:

There you go, he literally told them to build nuclear, to the detriment of his gas exports. Because he knew they wouldn't. I've mentioned Siberian forests on here before, Russia has to be the richest country in the world, in terms of commodities.

Yes, it always makes me chuckle when commentators disingenuously describe Russia having similar GDP to Italy so implying the country is somehow irrelevant. The next cycle will I'm sure rank countries with commodities much higher, but it's an interesting debate as to how/where Russia 'fits'. Ie No longer a super power like USA/China, but compared to other Western nations/world powers such as UK or Germany, surely Russia is up there?

[Hancock]

1 hour ago, Bilbo said:

A few years ago our police precept for pension was nearly 40% of cost.. they stopped giving the figures after that! Look at below link to ft article ... Don't cry too much 

https://www.ft.com/content/9d9b03d0-55ff-4e2a-8ec7-2caab0a89381

 

Needs changing so they get a wage and then put whatever they want into their pension and the taxpayer pays sweet FA, just like what happens to us contractors.

GP salaries need slashing, along with anyone in the public sector earning more than £75,000 with the exception of certain medical staff ... must be several others worth more but i cant think of anyone off hand!

[Phil]

4 minutes ago, Hancock said:

Needs changing so they get a wage and then put whatever they want into their pension and the taxpayer pays sweet FA, just like what happens to us contractors.

GP salaries need slashing, along with anyone in the public sector earning more than £75,000 with the exception of certain medical staff ... must be several others worth more but i cant think of anyone off hand!

Correct. It always amazes me that the blokes who build the stuff cannot afford to have the fruit of thier labour. Most anyway. Like building an extension on a west London  theatre, the ticket prices, so on and on etc. It's the same for housing. Even hospitals. Don't know many who would, unless no choice but to have a procedure would. Many on the build work through it if not absolutely necessary  as there is no sick, bupa, pension etc, fuck me, more often than not , not even a job to go back to. 

Let. It. Fuckin. Burn. 

[JMD]

2 hours ago, JimmyTheBruce said:

I asked my council to tell me exactly how much they spent on pensions after their last annual 5% council tax increase.  They fucked me around with links to annual reports which didn't clearly define pension spend for a few months and then just stopped replying to my emails.  Wankers.

In 2008 councils were already spending 20% of budgets on pensions. Can't find latest stats but believe some councils were approaching 50%. Tax payers alliance website might have up to date figures, but below is their 2008 report...  it ranks many councils and makes for interesting reading...      https://www.taxpayersalliance.com/council_spending_uncovered_ii_no_3_pensions_ljfyl_rqs9kanp9hwr5igfxm7oi

[wherebee]

Centrica is GREAT!

 

I don't know why you lot are so negative about it.... 

[MrXxxx]

9 hours ago, macca said:

I could use that as a sales pitch,,

"Reliant Robin mobile fuel supply, one careful owner, no European driver required" :-) :-) :-)

[HousePriceMania]

45 minutes ago, MrXxxx said:

"Reliant Robin mobile fuel supply, one careful owner, no European driver required" :-) :-) :-)

This is what happens when you fill your Reliant up

 

[Harley]

Hats off to Degiro for their blog.  I like the way they mine and publish their trading data (as posted here before).  They also several other interesting articles.

https://www.degiro.co.uk/knowledge/blog

PS:  They do some very nice website designs too.  Very clean but functionally rich.

[Harley]

FYI.  Minimum wage rates in Europe:

https://blog.currencyfair.com/countries-europe-highest-minimum-wage

A pretty wide range but the conditions also vary.  I don't know how the UK compares.

[Majorpain]

Thoughts @Cattle Prod?  I would have thought that with depletion keeping their current production rate going would be a challenge by 2027.

[Bricormortis]

11 hours ago, macca said:

what's wrong with them? mine are down was tempted to buy more

I was referencing Vod's dissapointing performance ongoing since 2017, since when they have lost over half their value. Could spring back eventually.

[ThoughtCriminal]

Burn it all! 😈

[Majorpain]

7 minutes ago, ThoughtCriminal said:

Burn it all! 😈

The commodity traders are sitting on the other side of the trade to utilities, they are essentially bankrolling consumers getting cheap price capped gas.  Problem is that they wont be able to go on forever, multimillion margin calls wont be fun, and we are only in October with no sign of prices coming down.  Time to take bets on first leader to go begging to Putin for gas?

"Two of the sources said trading houses and other players had together accumulated $30 billion worth of short positions in the TTF market, with European utilities taking the opposite long side of the play."

[Hancock]

1 minute ago, Majorpain said:

  Time to take bets on first leader to go begging to Putin for gas?

All theyve got to do is open NordStream 2.

[ThoughtCriminal]

22 minutes ago, Majorpain said:

The commodity traders are sitting on the other side of the trade to utilities, they are essentially bankrolling consumers getting cheap price capped gas.  Problem is that they wont be able to go on forever, multimillion margin calls wont be fun, and we are only in October with no sign of prices coming down.  Time to take bets on first leader to go begging to Putin for gas?

"Two of the sources said trading houses and other players had together accumulated $30 billion worth of short positions in the TTF market, with European utilities taking the opposite long side of the play."

Brave man to short energy now

[ThoughtCriminal]

Uh oh.......... 

[jamtomorrow]

33 minutes ago, Majorpain said:

The commodity traders are sitting on the other side of the trade to utilities, they are essentially bankrolling consumers getting cheap price capped gas.  Problem is that they wont be able to go on forever, multimillion margin calls wont be fun, and we are only in October with no sign of prices coming down.  Time to take bets on first leader to go begging to Putin for gas?

"Two of the sources said trading houses and other players had together accumulated $30 billion worth of short positions in the TTF market, with European utilities taking the opposite long side of the play."

UK might not.

If the Tories approach structural change in energy markets the same as they've approached labour markets, we're in for some short/medium-term turbulence. 

Approach to labour market being: kick away the props of the old failed model, and let the market decide where the chips fall - short-term consequences be damned (and in fact necessary: best way to move prices on essentials is with shortages).

Same with energy: a few power cuts later, we'll just be happy for the lights to be on at all.

[M S E Refugee]

Apparently Citi have raised their price target on Thungela to £7.50.