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Credit deflation and the reflation cycle to come.


DurhamBorn

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23 minutes ago, A_P said:

It's to do with their taxes and their rules on alcohol. They don't really like people getting drunk and have all kinds of whacky purchasing rules from what I understand that makes the bible belts sunday rules look positively rosey.

Used to be, but they relaxed them to allow the sale of beer and cider in supermarkets a few years ago.

Wines and spirits (and I think some strong beers) can only be bought at Vinmanopolet which has limited opening hours.

The tax on alcohol is high but it's based on the cost price, so, as the government buys all the wines and spirits for the whole country it gets huge discounts which lowers the taxable price.

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7 minutes ago, macca said:

Leverage a loan against your car.. failure to repay the loan, they take your car! 

https://www.varooma.com/

The are endorsed by Joey Essex who is so dim that rooms get darker when he walks in.9_9

Just add it to the list of payday loans, credit cards and equity release as ways to steal people's assets.

Mind you, as most cars are on PCP I don't see much of a market.

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1 hour ago, Democorruptcy said:

I know they don't have Wetherspoons so the beer is more expensive but '8 quid a pint' must be partly down to Sterling dropping? I don't know which currency you mean but last Friday compared to Oct 2007 I have Sterling down

USD -38%, Yen -41%, Euro -21%, AUD -20%, CHF -47%

 

 

well some people measure sterling/inflation in fredos,in which case i bought some reduced selection boxes 3 days ago at 50p.of the 5 bars in each one there was one fredo thus a fredo has now cost 10p .im not sure where im going with this if im being honest but it will save me starting a fredo thread later once im pissed.

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56 minutes ago, A_P said:

It's to do with their taxes and their rules on alcohol. They don't really like people getting drunk and have all kinds of whacky purchasing rules from what I understand that makes the bible belts sunday rules look positively rosey.

when ive seen my scandinavian friends over here at the metal detecting rallies they go beserk in weatherspoons,siting there mumbeling 2 quid a pint 2 quid a pint.the danes are the worst to be fair.

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32 minutes ago, macca said:

Leverage a loan against your car.. failure to repay the loan, they take your car! 

https://www.varooma.com/

From their accounts they use borrowed money to loan money to other people.  That usually doesnt end well.

However whilst the muppets at the BOE have their backs they can collect their £100,000 directors fees without a problem!

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Democorruptcy
1 hour ago, Option5 said:

Living in Norway is a bit different I must admit. The expensive beer is in the pubs but it's a lot cheaper in the supermarkets. Wine etc. is not a lot more expensive in the Vinmonopolet (government run wine and spirits store chain)

Cars are a lot more expensive but petrol only a little more.

Food is a bit more expensive unless you eat out where it's very expensive

Rent is a bit cheaper for the type of place I want, and usually includes heating and hot water (communal)

No council tax for renters (they have a wealth tax on owners which includes real estate)

Public transport is a bit dearer but clean, reliable and usually on time.

I earn about 30% more in Norway to compensate so I'm still a lot better off.

Do you think that makes rent higher?

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Democorruptcy
26 minutes ago, stokiescum said:

when ive seen my scandinavian friends over here at the metal detecting rallies they go beserk in weatherspoons,siting there mumbeling 2 quid a pint 2 quid a pint.the danes are the worst to be fair.

Again though, that's because it's priced in sterling so their currency gets more for their money.

In other countries it isn't that their beer is expensive, it's because our currency is shite.

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19 minutes ago, Democorruptcy said:

Again though, that's because it's priced in sterling so their currency gets more for their money.

In other countries it isn't that their beer is expensive, it's because our currency is shite.

they also have morgages of over 100 years in sweden has an example,sorry for lumping all the scandinavians together but they tend to do that themselves.theres no doubt some advantage of that cause of action .

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2 hours ago, Democorruptcy said:

There are some impressive daily rises going on, +42% today. Any views?

I sold out for next to nothing in the panic as RNS suggested deal didn't need shareholder approval, too painful for me to look at it now :(

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28 minutes ago, Democorruptcy said:

Do you think that makes rent higher?

They don't seem to be, just been offered a flat, fully furnished that was for sold as a new build in December for NOK 3,900,000 for NOK 16,000/ month rent, heating and hot water included.

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Democorruptcy
3 minutes ago, Barnsey said:

I sold out for next to nothing in the panic as RNS suggested deal didn't need shareholder approval, too painful for me to look at it now :(

Sorry if if I've opened up any wounds that had started to heal. :$

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Democorruptcy
3 minutes ago, Option5 said:

They don't seem to be, just been offered a flat, fully furnished that was for sold as a new build in December for NOK 3,900,000 for NOK 16,000/ month rent, heating and hot water included.

Thanks, 4.9% yield but you have no council tax and the heating/water must be worth a bit over there.

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1 minute ago, Democorruptcy said:

Thanks, 4.9% yield but you have no council tax and the heating/water must be worth a bit over there.

They also pay for the apartment block charges and of course all the furnishings etc . There are other property taxes but I don't know what they are. Wealth tax is on 1% of owned asset value and cash in the bank.

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2 minutes ago, Option5 said:

They also pay for the apartment block charges and of course all the furnishings etc . There are other property taxes but I don't know what they are. Wealth tax is on 1% of owned asset value and cash in the bank.

that could be worse than council tax then is that every year? so if it is every year being frugal would backfire...

mind it looks like a lot of them are nealy in has much shit has we are if interest rates rise.

http://norwaytoday.info/finance/many-norwegians-trouble-interest-rates/

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not just them is it really, looks like the yanks are having a hard time if they work for shutdown govt, ie they were living paycheck to paycheck and have zero fallback and are thus selling cars and having to take other jobs since they cant even last a month with no income.

I wonder how much else of the world is living that same 'dream'. If the SHTF for me i expect to last at least 2 years at current outgoings before im bankrupt, of course id immediately cut back if the SHTF so it would be much longer in reality.

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2 minutes ago, stokiescum said:

that could be worse than council tax then is that every year? so if it is every year being frugal would backfire...

mind it looks like a lot of them are nealy in has much shit has we are if interest rates rise.

http://norwaytoday.info/finance/many-norwegians-trouble-interest-rates/

Most Norwegians have very little "wealth" as they keep increasing the house loan (tax deductible) to buy things like cars and holiday homes, as their net worth is therefore lowered they minimise their tax burden.

For a great number they will reduce their liabilities nearer retirement and either live off the generous pension ( backed by the wealth fund) or retire to Spain or similar and live like kings.

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1 minute ago, Option5 said:

Most Norwegians have very little "wealth" as they keep increasing the house loan (tax deductible) to buy things like cars and holiday homes, as their net worth is therefore lowered they minimise their tax burden.

For a great number they will reduce their liabilities nearer retirement and either live off the generous pension ( backed by the wealth fund) or retire to Spain or similar and live like kings.

thats crap you can do that over here from 20-60 if you pop another kid out around 42,all you need to do is have one with adhd and bobs your uncle 2k a month.but to be fair they are fucked after that.

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Democorruptcy
11 minutes ago, Option5 said:

Most Norwegians have very little "wealth" as they keep increasing the house loan (tax deductible) to buy things like cars and holiday homes, as their net worth is therefore lowered they minimise their tax burden.

For a great number they will reduce their liabilities nearer retirement and either live off the generous pension ( backed by the wealth fund) or retire to Spain or similar and live like kings.

Houses like cash machines! Must be partly why you said earlier that cars are more expensive.

Reminds me of local dealers telling me that since Osbanker freed up pensions, demand for narrowboats and motorhomes is greatly increased. People can free up cash to have an adventure before dementia.

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40 minutes ago, Democorruptcy said:

Houses like cash machines! Must be partly why you said earlier that cars are more expensive.

Reminds me of local dealers telling me that since Osbanker freed up pensions, demand for narrowboats and motorhomes is greatly increased. People can free up cash to have an adventure before dementia.

i know someone who got put in a secure place because after he got early onset,he used to be an ambulence driver.his days often started with adventure for him and other road users has he used to go stoke royal and just help himself to one from the bays.he did it a number of times and has he had been there 30 years no one batted an eyelid when he was loitering around....

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57 minutes ago, Democorruptcy said:

Houses like cash machines! Must be partly why you said earlier that cars are more expensive.

Reminds me of local dealers telling me that since Osbanker freed up pensions, demand for narrowboats and motorhomes is greatly increased. People can free up cash to have an adventure before dementia.

Im not entupirely sold on gidiots pension cash in boom.

Most of the pension pots being cashed in are tiny - under 15k.

Theres a few where DB are offered buyouts, then withdrawn, but not many.

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2 hours ago, leonardratso said:

not just them is it really, looks like the yanks are having a hard time if they work for shutdown govt, ie they were living paycheck to paycheck and have zero fallback and are thus selling cars and having to take other jobs since they cant even last a month with no income.

I wonder how much else of the world is living that same 'dream'. If the SHTF for me i expect to last at least 2 years at current outgoings before im bankrupt, of course id immediately cut back if the SHTF so it would be much longer in reality.

Aye, quite shocking really. I'd be a right state if I mentally had to live with the realisation I had less than 4 weeks reserves of cash before I have to start selling the family jewels to pay for food. The pressure and stress must be enormous.

Like yourself I'd have about 2 years at current spend and probably could last a lot longer. I wouldn't keep anything less in reserve but appreciate I am quite "lucky" as it were.

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11 hours ago, Barnsey said:

I sold out for next to nothing in the panic as RNS suggested deal didn't need shareholder approval, too painful for me to look at it now :(

Sorry to hear that Barnsey, sometimes even the best of us get caught up and go against the basics. Obviously not teaching to suck eggs etc but I try to stick to the classic rule of either sell the news, or ride it out to the other side.

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8 hours ago, SillyBilly said:

Aye, quite shocking really. I'd be a right state if I mentally had to live with the realisation I had less than 4 weeks reserves of cash before I have to start selling the family jewels to pay for food. The pressure and stress must be enormous.

Like yourself I'd have about 2 years at current spend and probably could last a lot longer. I wouldn't keep anything less in reserve but appreciate I am quite "lucky" as it were.

"Lucky" or just forward thinking?...it always amazes me how many people as soon as the have a bit spare then go and spend it on non~essentials...I wonder if this is a reflection of multi~generational exposure to our benefits system, and so the assumption that there will always be someone to `bail them out` ..think in the future they may be in for a bit of a shock!

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