Credit deflation and the reflation cycle to come (part 8)

[Calcutta]

The deliveroo thing is definitely not just London. It's the western economic disease in microcosm. Government won't stop the benefits so they import brown people to deliver sugar and seed oils to the claimants.

Just as they imported Romanians to try and tidy up the mess and bake the bread, Africans to wipe the arses when they get past fifty and can't do it themselves. 

This place is so fucked.

Update on my Romanian flatmate leaving, he said his goodbyes a while ago, after spending the day doing fuck knows what with a drill in that room, seemed genuinely sad to be going. Certainly wouldn't be going back unless he knew this was the end of the line. He's going back to a country where within living memory people would freeze or starve to death, where people still have to live in the sewers rather than put their children into orphanages and admit defeat.

No doubt this guy and his family will be doing alright on the money he's been sending home. But it's a pretty shocking state of affairs when even the benefits aren't worth hanging around for.

[M S E Refugee]

11 minutes ago, Calcutta said:

The deliveroo thing is definitely not just London. It's the western economic disease in microcosm. Government won't stop the benefits so they import brown people to deliver sugar and seed oils to the claimants.

It's totally fucked up.

My alcoholic benefit claiming neighbour broke her hip a couple of months ago, she sends her African carers across the road to buy bottles of wine.

And in the past two weeks she has called the Ambulance out three times, I assume she does it when she's totally shitfaced.

My Father in Law had to wait four hours for an Ambulance when he broke his hip, no wonder he had to wait so long with knobheads like my nuisance neighbour. 

[onlyme]

Good job no chance of wars breaking out and we don;t have governments actively shutting down farmland and energy production otherwise we might have an inflation/interest rate problem.

 

[wherebee]

2 hours ago, M S E Refugee said:

The Corner shops also have immigrants delivering shopping to the really lazy benefit cunts who can't be arsed walking to the shop in their pyjamas.

I am amazed that some mornings I see a food delivery guy picking up ONE COFFEE from the cafe down the road and tootling off in the car to someone.

*brainmelt*

[wherebee]

59 minutes ago, M S E Refugee said:

My Father in Law had to wait four hours for an Ambulance when he broke his hip, no wonder he had to wait so long with knobheads like my nuisance neighbour. 

My ambo mates tell me they get used as taxis - some people call for an ambo to get taken to hospital in town; they have to take them due to some regulation - they get to town, person says they feel better and tootle off to the shops.

[Calcutta]

1 hour ago, M S E Refugee said:

It's totally fucked up.

My alcoholic benefit claiming neighbour broke her hip a couple of months ago, she sends her African carers across the road to buy bottles of wine.

And in the past two weeks she has called the Ambulance out three times, I assume she does it when she's totally shitfaced.

My Father in Law had to wait four hours for an Ambulance when he broke his hip, no wonder he had to wait so long with knobheads like my nuisance neighbour. 

Old geezer at work had two heart attacks on the canteen floor last Xmas, they told him was going to be six hours till the funbus got to him.

There is no law. There is no hospital. Pretty soon there won't be any petrol or food and then I guess we'll see who survives.

Just another little anecdote I forgot about....

Ukrainian bird I know, got moved into flat with electric heating. Her and her daughter were cold so they banged the heating on to keep warm.

First months electric bill came to £350.

She's reigned it in a bit now but they've both got sick from living in the cold. I took great pleasure in telling her about growing up in houses with ice in the inside of the walls, a coal fire that needed to be lit at 5am just to warm the front room up for me to get dressed before school, pulling back the covers in the morning and steam coming out. 

These are people from the poorest most corrupt country in Europe and they can't believe we live like this. I'm sure there's poverty in Ukraine but afaik if you work hard you can afford to heat your home.

This place is fucked.

[Transistor Man]

14 minutes ago, Calcutta said:

These are people from the poorest most corrupt country in Europe and they can't believe we live like this. I'm sure there's poverty in Ukraine but afaik if you work hard you can afford to heat your home.

District heating. That’s what she will have had growing up. 

[Don Coglione]

Sanctions? Fuck off, it's chilly in Europe at this time of year:

https://www.vesselfinder.com/vessels/details/9750660

[Loki]

30 minutes ago, Don Coglione said:

Sanctions? Fuck off, it's chilly in Europe at this time of year:

https://www.vesselfinder.com/vessels/details/9750660

Maybe they're collecting 

[DurhamBorn]

2 hours ago, Calcutta said:

Old geezer at work had two heart attacks on the canteen floor last Xmas, they told him was going to be six hours till the funbus got to him.

There is no law. There is no hospital. Pretty soon there won't be any petrol or food and then I guess we'll see who survives.

Just another little anecdote I forgot about....

Ukrainian bird I know, got moved into flat with electric heating. Her and her daughter were cold so they banged the heating on to keep warm.

First months electric bill came to £350.

She's reigned it in a bit now but they've both got sick from living in the cold. I took great pleasure in telling her about growing up in houses with ice in the inside of the walls, a coal fire that needed to be lit at 5am just to warm the front room up for me to get dressed before school, pulling back the covers in the morning and steam coming out. 

These are people from the poorest most corrupt country in Europe and they can't believe we live like this. I'm sure there's poverty in Ukraine but afaik if you work hard you can afford to heat your home.

This place is fucked.

I used to get up at 4am in winter.Run my lurcher on a few rabbits,be home for 5.30am.Then do a milk round.Dad got up skinned the rabbits id caught before i got in at 8.30am.My Jack Russel Pip used to rat for the bloke who kept the pigs in exchanged for one every month.My daughters mam was beautiful,best looking girl in my home town.I  still used to go out every night with the lurcher annd come home with a couple of rabbits before i nailed her.Sounds like 100 years ago.It was 30 years ago.

[Royston]

11 hours ago, Lightscribe said:

Well if you live in London (in which I’m one of a very few here) you get to see your tax disappear via hundreds of Uber Eats, Just Eat and Deliveroo bikes.

I’ve even got a depot for the fuckers near me, where the fast food places don’t even bother with shop fronts and retail custom anymore. Just non descript warehouses churning out takeaways for the big names (burger king etc).

Your parting ways the best part of £15 for one meal delivered. That’s where my tax is going and it’s how I can guage we’re no where near recession yet with so many milking off the government tit.

 

There's a guy on YouTube called LondonEats who delivers fast food on his ebike (strangely compelling viewing) frequently from these "dark kitchens" I believe they're called.

You'd assume someone willing to pay £15-£20+ delivery just for a basic McDonald's or Burger King must be some rich bastard but it's quite obvious a large proportion of his customers are just bennie scum and lots of them are foreigners who's English is so limited they don't even appear to understand how to say thankyou when he hands them their meal.

[ThoughtCriminal]

BBC article on Russia's economy and sanctions. Usual guff saying it's proven more resilient than they thought but it can't last and will collapse.

What's interesting though is about halfway down where it mentions the seizure of Russia's 300 billion. Cameron and Hunt want to use it for Ukraine, but the Americans are reluctant as they fear de-dollarisation will occur rapidly once it's seen that America will not only freeze your assets, they'll steal them and give them to your enemy.

I'd say that horse has bolted, but it's interesting to see that it underlines once again how fucking stupid our politicians are, even worse than the Americans.

 

https://www.bbc.co.uk/news/business-68249043

Edited February 11 by ThoughtCriminal

[ThoughtCriminal]

Well, I've found the most retarded economics thread in history.

"We don't really have a national debt, and there's no limit to what a government can borrow."

And this cunt, sorry, "professor" is a chartered accountant. I wouldn't want him doing my books.

 

[wherebee]

25 minutes ago, ThoughtCriminal said:

Well, I've found the most retarded economics thread in history.

"We don't really have a national debt, and there's no limit to what a government can borrow."

And this cunt, sorry, "professor" is a chartered accountant. I wouldn't want him doing my books.

 

I've met these types - if you ask them about gilts, international gilt markets, and public sector borrowing, and what impact increases in public debt has on investor demand for gilts... they have no fucking idea.  seriously. they think foreigners will always want to buy UK debt, because it's UK debt.

Idiots.  

[Lightscribe]

This shit blows soon. Even multi-billion tech companies needs energy, chemicals, materials etc. 

https://archive.ph/usaOc

 

Edited February 11 by Lightscribe

[Pip321]

8 minutes ago, wherebee said:

I've met these types - if you ask them about gilts, international gilt markets, and public sector borrowing, and what impact increases in public debt has on investor demand for gilts... they have no fucking idea.  seriously. they think foreigners will always want to buy UK debt, because it's UK debt.

Idiots.  

Because foreigners always have bought UK debt….just check. Ever since I have been looking it’s ALWAYS been the case.

Oh wait, the earth wasn’t created in 1968…..what happened to reserve currencies and debt (I assume always the dollar) before that………..just checking…..just Googling….hmmm British Empire….……….oh fuck.

It’s like a 5 year old….some get told about fire and stay away. The daft ones have to touch it for themselves 😉

 

[Axeman123]

1 hour ago, ThoughtCriminal said:

Cameron and Hunt want to use it for Ukraine, but the Americans are reluctant as they fear de-dollarisation will occur rapidly once it's seen that America will not only freeze your assets, they'll steal them and give them to your enemy.

There is the possibility that this is all chess.

The US will happily suffocate Europe with its sanctions "against Russia" indefinitely, and Europe may actually be happy to see the US hegemony implode via dedollarisation so they can get into bed with Russia for cheap energy and commodities. Both countries will inflict unlimited pain onto third parties for principles they don't want to suffer for themselves.

Pushing the US to do something it doesn't want to points out the hypocrisy of its position, and could also be an attempt to get the US to back off energy sanctions in order to save Europe from a depression.

[Axeman123]

1 hour ago, ThoughtCriminal said:

"We don't really have a national debt, and there's no limit to what a government can borrow."

Stereotypical smug midwit.

Markets buy our bonds because they have confidence in the govt not borrowing ridiculous ammounts, so we should feel confident borrowing ridiculous ammounts in future!

[Axeman123]

1 hour ago, wherebee said:

I've met these types - if you ask them about gilts, international gilt markets, and public sector borrowing, and what impact increases in public debt has on investor demand for gilts... they have no fucking idea.  seriously. they think foreigners will always want to buy UK debt, because it's UK debt.

Idiots.  

I agree.

They place great faith in the idea that the govt never having defaulted on local currency bonds before means markets will always want them. It is impossible to hard default on a currency you print Inflation of course, but inflation of the money supply is a soft/stealth default. When markets catch onto that and only want USD bonds, or insane yields on local currency ones, the spiral starts.

[Lightscribe]

1 hour ago, ThoughtCriminal said:

Well, I've found the most retarded economics thread in history.

"We don't really have a national debt, and there's no limit to what a government can borrow."

And this cunt, sorry, "professor" is a chartered accountant. I wouldn't want him doing my books.

 

Well the most frightening thing is as a professor he may be ‘teaching’ others which may explain why the education system is in the state it is and why the US stock market is akin to acting like an NFT ape meme melt up at the moment.

Maybe he is trying to get a job in the Erdogan cabinet or is nostalgic for the good times in Zimbabwe.

More likely he’s a ‘supports the current thing’ NPC, that’s petrified of the status quo changing which will affect his comfy lifestyle. It’s what’s fundamentally gone wrong with the country and is to blame.

Bet he’s got a few BTLs fleecing youngsters, cheers record immigration to pick his micro salads, has private healthcare, and lives out the way of it all in a nice chocolate box village somewhere.

Can’t imagine him digging his own coal out of Durham’s surface deposits, or going rabbiting at 5am in the morning. Self sufficiency terrifies them, which is why they act and say the things they do.

[Harley]

11 minutes ago, Axeman123 said:

I agree.

They place great faith in the idea that the govt never having defaulted on local currency bonds before means markets will always want them. It is impossible to hard default on a currency you print Inflation of course, but inflation of the money supply is a soft/stealth default. When markets catch onto that and only want USD bonds, or insane yields on local currency ones, the spiral starts.

To compare Sterling to the Argentinian Peso is quite frankly......hold my beer!

[wherebee]

15 minutes ago, Axeman123 said:

I agree.

They place great faith in the idea that the govt never having defaulted on local currency bonds before means markets will always want them. It is impossible to hard default on a currency you print Inflation of course, but inflation of the money supply is a soft/stealth default. When markets catch onto that and only want USD bonds, or insane yields on local currency ones, the spiral starts.

It shows this cunt has no conception of history.  At many times in the pre-Victorian era Britain was broke, nobody would lend it money except at huge rates of interest, and kings scrabbled to pay the bills.  Elizabeth I was a gun runner (breaking the Papal sanctions on trading with muslims) and backed privateers to steal spanish gold because the country was so screwed financially.

 

[Heart's Ease]

*Buying tangible assets intensifies*

 

[Axeman123]

4 minutes ago, Harley said:

To compare Sterling to the Argentinian Peso is quite frankly......hold my beer!

Just a matter of time IMO

Could be beyond my lifetime in fairness, but seems innevitable. It would take either people (voters) accepting living within their and our collective means, or a spectacular increase in the size of the real economy to catch up to peoples' expectations of what they are entitled to have it support (both near zero percent probability)

[reformed nice guy]

3 minutes ago, Lightscribe said:

Well the most frightening thing is as a professor he may be ‘teaching’ others which may explain why the education system is in the state it is and why the US stock market is akin to acting like an NFT ape meme melt up at the moment.

Maybe he is trying to get a job in the Erdogan cabinet or is nostalgic for the good times in Zimbabwe.

More likely he’s a ‘supports the current thing’ NPC, that’s petrified of the status quo changing which will affect his comfy lifestyle. It’s what’s fundamentally gone wrong with the country and is to blame.

Bet he’s got a few BTLs fleecing youngsters, cheers record immigration to pick his micro salads, has private healthcare, and lives out the way of it all in a nice chocolate box village somewhere.

Can’t imagine him digging his own coal out of Durham’s surface deposits, or going rabbiting at 5am in the morning. Self sufficiency terrifies them, which is why they act and say the things they do.

That professor is a retard and confirms the following research:

https://www.researchgate.net/publication/372338962_Average_university_students'_IQ_is_no_longer_above_average_but_merely_average

Academics like to pretend they are more intelligent than the rest of the population but they are not. It is like a brand that has been bought out by QE, loaded with debt and running on the previously earned goodwill until the world realises it is now shit. Of course, there are still good pockets but the rot is spreading.

His argument is patently nonsense. All the shirty African states could identify, print and spend on things to make their lot better. Roads, hospitals, powerlines etc. If it was that easy then there would be fewer shit holes.

Money is a claim on value held up by confidence. Each print is subdivision of both parts