Results 1 to 32 of 32

Thread: One Point Oh Three

  1. #1
    Join Date
    Jan 2005
    Location
    Deepest Darkest Wales
    Posts
    25,198

    Default One Point Oh Three

    And people are speculating about a serious rise in interest rates

    How's the fiscal event working for you?


    E.T.A. and I gather that non English nations won't be getting the tax cuts...
    I'd much rather lay in my bunk all freakin day lookin at Youtube videos .

  2. #2
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    28,512

    Default Re: One Point Oh Three

    I wonder if Silly Lizzie and her boyfriend are going to be silly enough to revoke the independence of the Bank of England?

    If they don’t, interest rates are going to make the mortgage payers extremely uncomfortable, and, more to the point, crater what is left of the British economy.

    If they do, the currency will shrivel away and hyperinflation will crater what is left of the British economy.

    I was told as recently as last Wednesday, across a lunch table, that Britains problems are due to the European nations looking for “revenge”. My suggestion that you can’t carry on using a club house if you flounce out of the club was ignored in favour of the “victimisation” narrative.

    These people will carry on until they have smashed the lot.
    IMAGINES VEL NON FUERINT

  3. #3
    Join Date
    Nov 2011
    Location
    The Netherlands
    Posts
    2,391

    Default Re: One Point Oh Three

    A Brexit revenge can be an extremely satisfying idea, but in the case of the recent British governments it is completely unnecessary.
    I'm afraid these governments seem to excel at self-destruction. The latest joke the "trickle down principle", implemented by someone who's an accountant, almost must be considered as a criminal act.

  4. #4
    Join Date
    Oct 2008
    Location
    Walney, near Cumbria UK
    Posts
    59,349

    Default Re: One Point Oh Three

    Quote Originally Posted by dutchpp View Post
    The latest joke the "trickle down principle", implemented by someone who's an accountant, almost must be considered as a criminal act.
    There are lots of adverts for feminine incontinence pads on our telly.
    The only trickle down that works is when Missy Lizzy forgets to wear hers.
    It really is quite difficult to build an ugly wooden boat.

    The power of the web: Anyone can post anything on the web
    The weakness of the web: Anyone can post anything on the web.

  5. #5
    Join Date
    Oct 2003
    Location
    Valley of the Sun
    Posts
    119,332

    Default Re: One Point Oh Three

    your country is circling the drain nick
    Simpler is better, except when complicated looks really cool.

  6. #6
    Join Date
    Apr 2005
    Location
    Hills of Vermont, USA
    Posts
    45,563

    Default Re: One Point Oh Three

    Quote Originally Posted by Paul Pless View Post
    your country is circling the drain nick
    We've got a ton of folks here trying to make the US join them for the ride!
    "If it ain't broke, you're not trying." - Red Green

  7. #7
    Join Date
    Nov 2003
    Location
    magnolia springs, alabama u.s.a.
    Posts
    14,396

    Default Re: One Point Oh Three

    Did you know.....and I am not trying to be rude, just surprised.....that Petticrows, who build Dragons, E22's, Finns, who knows what else.....has moved their operations to Portugal? This is the kind of thing that sucks the joy out of life for those who took such pride in owning a British-built racing yacht. Of course, they are still British-built, just not in Britain.

    Mickey Lake
    'A disciple of the Norse god of aesthetically pleasing boats, Johan Anker'

  8. #8
    Join Date
    Jan 2005
    Location
    Deepest Darkest Wales
    Posts
    25,198

    Default Re: One Point Oh Three

    Who can blame them?
    I'd much rather lay in my bunk all freakin day lookin at Youtube videos .

  9. #9
    Join Date
    Oct 2003
    Location
    Valley of the Sun
    Posts
    119,332

    Default Re: One Point Oh Three

    like mini, bentley, and rolls becoming german brands

    jaguar an indian owned company - there is at least a certain amount of former colonial comeuppance in this as the indians are utilizing british labor to extract their profits

    and lotus, chinese
    Simpler is better, except when complicated looks really cool.

  10. #10
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    28,512

    Default Re: One Point Oh Three

    “Britain has lost an Empire, and failed to find a role.”

    Dean Acheson, 1960.

    Harold Macmillan applies to join the EU

    1972 -Ted Heath joins the EU

    Britain finds a role as a medium sized European nation state, and eventually makes peace with its neighbour.

    Britain enjoys economic recovery

    2016 - Britain throws all its toys out of the pram, including peace with Ireland,

    2022 Britain’s Tory Party elects a new leader; she makes one of her lovers, another Old Etonian (there’s a pattern, here) Chancellor of the Exchequer. Between them they crash the economy.

    Britain has lost its industrial base, its financial center, its educational system,much of its health system and all of its international standing, and failed to find a role.
    IMAGINES VEL NON FUERINT

  11. #11
    Join Date
    Sep 2007
    Location
    Northeast
    Posts
    20,446

    Default Re: One Point Oh Three

    I'm tempted to buy some currency, but...
    "The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
    -William A. Ward



  12. #12
    Join Date
    Jan 2005
    Location
    Deepest Darkest Wales
    Posts
    25,198

    Default Re: One Point Oh Three

    Quote Originally Posted by Canoez View Post
    I'm tempted to buy some currency, but...

    Buy sovereigns.
    I'd much rather lay in my bunk all freakin day lookin at Youtube videos .

  13. #13
    Join Date
    Oct 2008
    Location
    Walney, near Cumbria UK
    Posts
    59,349

    Default Re: One Point Oh Three

    Quote Originally Posted by Paul Pless View Post
    your country is circling the drain nick
    At least our RWW's are not giving our criminals guns.
    It really is quite difficult to build an ugly wooden boat.

    The power of the web: Anyone can post anything on the web
    The weakness of the web: Anyone can post anything on the web.

  14. #14
    Join Date
    Jan 2004
    Location
    Norwich,United Kingdom
    Posts
    9,469

    Default Re: One Point Oh Three

    Quote Originally Posted by Paul Pless View Post
    like mini, bentley, and rolls becoming german brands

    jaguar an indian owned company - there is at least a certain amount of former colonial comeuppance in this as the indians are utilizing british labor to extract their profits

    and lotus, chinese
    You missed Morgan switching to Italian ownership.

  15. #15
    Join Date
    Jul 2008
    Location
    Tacoma, WA
    Posts
    20,965

    Default Re: One Point Oh Three

    But Stilton is still from the UK.
    ITS CHAOS, BE KIND

  16. #16
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    28,512

    Default Re: One Point Oh Three

    Quote Originally Posted by Jim Bow View Post
    But Stilton is still from the UK.
    “That. Is. A. Disgrace.”
    IMAGINES VEL NON FUERINT

  17. #17
    Join Date
    Jun 2003
    Location
    Central Coast, Ca
    Posts
    35,397

    Default Re: One Point Oh Three

    Quote Originally Posted by Peerie Maa View Post
    At least our RWW's are not giving our criminals guns.
    Criminals already have guns...

  18. #18
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    28,512

    Default Re: One Point Oh Three

    Truss has made a poor choice of enemy, here:

    https://action.rspb.org.uk/page/1140...1?locale=en-GB

    Think Audubon Society + Sierra Club in a small island where wild birds are a national shared enthusiasm.
    IMAGINES VEL NON FUERINT

  19. #19
    Join Date
    Jul 2011
    Location
    Isle of Mull, Scotland
    Posts
    10,219

    Default Re: One Point Oh Three

    Quote Originally Posted by P.I. Stazzer-Newt View Post
    Buy sovereigns.
    Haven't the Quataris already tried that with Charles and the suitcase full of a million in cash?
    Last edited by birlinn; 09-28-2022 at 11:40 AM.

  20. #20
    Join Date
    Nov 2001
    Location
    Germany
    Posts
    2,451

    Default Re: One Point Oh Three

    The British are good at "Making do". As long as there is a hot cuppa of tea, many things can be endured. Our parents and grandparents did not have a lot of the luxuries we have today - and still lived. So - even if things are bleak at the moment, I do believe the British will keep calm and carry on until they have recovered. Personally, I hope that somewhere in the process they rejoin the EU. Not just because I like them, but also because of their traditionally excellent intelligence and military weight.

  21. #21
    Join Date
    Jul 2011
    Location
    Isle of Mull, Scotland
    Posts
    10,219

    Default Re: One Point Oh Three

    After Brexit, a surviving group of lemmings take us over the next cliff....
    IMF? Bank of England? what do they know?

  22. #22
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    28,512

    Default Re: One Point Oh Three

    Well, this afternoon was fun in the City of London, by which I mean the “Square Mile”, the CBD, which is more or less on independent of the rest of London and does financial services.

    You remember the crack, “When I die, I’m coming back as the Bond Market! The Bond Market terrifies everyone!”

    Well today the Bond Market terrified the City of London.

    The cause of all the fun was a fall in the value of gilts, Government bonds, so called not because they are sows that have not had a litter yet, but because the certificates used to have gold leaf on the edges. When I say “a fall” I mean that a value of 85p became a value of 35p in the course of the day. Now, gilts are very often held by pension funds, particularly pension funds that pay out a defined benefit. If a pension fund can’t meet its obligations it has to sell something… you got it.

    So in order to stop many of Britain’s pension funds from collapsing, the Bank of England had to act. It was that close.
    IMAGINES VEL NON FUERINT

  23. #23
    Join Date
    Apr 1999
    Location
    West Boothbay Harbor, Maine
    Posts
    25,033

    Default Re: One Point Oh Three

    I thought "One Point Oh Three" was what gong to be what someone blew on a breathalyzer test. I made popcorn.
    "Be curious, not judgmental." - (Misattributed to Walt Whitman as recalled by) Ted Lasso

  24. #24
    Join Date
    Nov 2011
    Location
    The Netherlands
    Posts
    2,391

    Default Re: One Point Oh Three

    It is normally quite unusual for internal British politics to appear on our national news.
    In recent weeks, however, it was broadcasted almost daily.
    We are starting to worry and don't envy the common British citizen.
    In the latest broadcast the IMF was mentioned again, I sure hope that the latest actions of the Bank of England can prevent the necessity to knock on IMF's door.

  25. #25
    Join Date
    Jan 2005
    Location
    Deepest Darkest Wales
    Posts
    25,198

    Default Re: One Point Oh Three

    I'd much rather lay in my bunk all freakin day lookin at Youtube videos .

  26. #26
    Join Date
    Dec 2003
    Location
    Portland, Oregon
    Posts
    83,392

    Default Re: One Point Oh Three

    Foreign Policy magazine also pans the misguided excursion into Trickle Down Territory --

    https://foreignpolicy.com/2022/09/28...s%20Picks%20OC
    David G
    Harbor Woodworks
    https://www.facebook.com/HarborWoodworks/

    "It was a Sunday morning and Goddard gave thanks that there were still places where one could worship in temples not made by human hands." -- L. F. Herreshoff (The Compleat Cruiser)

  27. #27
    Join Date
    Feb 2014
    Location
    Kitty Hawk, NC
    Posts
    12,153

    Default Re: One Point Oh Three

    Quote Originally Posted by Andrew Craig-Bennett View Post
    The cause of all the fun was a fall in the value of gilts, Government bonds, so called not because they are sows that have not had a litter yet, but because the certificates used to have gold leaf on the edges. When I say “a fall” I mean that a value of 85p became a value of 35p in the course of the day. Now, gilts are very often held by pension funds, particularly pension funds that pay out a defined benefit. If a pension fund can’t meet its obligations it has to sell something… you got it.

    So in order to stop many of Britain’s pension funds from collapsing, the Bank of England had to act. It was that close.
    Some say the issue is that: pension funds use gilt based derivatives to hedge against interest rate changes and that the pension funds lacked liquid assets to meet margin calls on the hedges.

    It was not that pension funds would collapse, but that the change in funding level - what the hedging was intended to control, would not look good to regulators.
    Life is complex.

  28. #28
    Join Date
    Jan 2005
    Location
    Deepest Darkest Wales
    Posts
    25,198

    Default Re: One Point Oh Three

    Once more - with feeling.
    I'd much rather lay in my bunk all freakin day lookin at Youtube videos .

  29. #29
    Join Date
    Jan 2005
    Location
    Deepest Darkest Wales
    Posts
    25,198

    Default Re: One Point Oh Three

    I'd much rather lay in my bunk all freakin day lookin at Youtube videos .

  30. #30
    Join Date
    Jan 2005
    Location
    Deepest Darkest Wales
    Posts
    25,198

    Default Re: One Point Oh Three

    still more fun.


    I can bore for Britain on this.
    I'd much rather lay in my bunk all freakin day lookin at Youtube videos .

  31. #31
    Join Date
    Feb 2014
    Location
    Kitty Hawk, NC
    Posts
    12,153

    Default Re: One Point Oh Three

    Quote Originally Posted by P.I. Stazzer-Newt View Post
    It is embarrassing when economic pundits look at abnormally low interest rates and make claims that raising them causes economic havoc.
    Life is complex.

  32. #32
    Join Date
    Aug 1999
    Location
    Woodbridge, Suffolk, UK
    Posts
    28,512

    Default Re: One Point Oh Three

    The Prime Minister of Britain has forbidden King Charles to attend the forthcoming Climate Summit. He’s been to the others, has spoken at most of them, and is, like his father, a committed environmentalist.


    https://www.theguardian.com/uk-news/2022/oct/01/king-charles-abandons-plans-to-attend-cop27-following-liz-trusss-advice


    This seems to be a good moment for the Government of one of His Majesty’s other realms and dominions to invite King Charles to attend on their behalf…

    In other news, the Old Etonian Chancellor of the Exchequer is said to have attended a celebration arranged by fund managers following his crashing of the .

    https://apple.news/A_fU45hOjQnOQJWWwKqqY9w

    Corruption? What a quaint idea!
    Last edited by Andrew Craig-Bennett; 10-01-2022 at 05:15 PM.
    IMAGINES VEL NON FUERINT

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •