Bank of England poised to act if household debt spirals

[NigelJK]

depositors

If that's the case why are they so worried about the 'debit crisis'.

[seanraaron]

The economy tanks, so they create a huge amount of cheap debt. Everyone sucks it up, buys cars they can't afford, buys houses at ridiculous income multiples, become debt laden consumers, and then the creators of the debt bubble throw their hands up in horror.

And these people are supposed to inspire us with confidence?

Yep, stupid stupid stupid. They want to ape the American consumer economy and then freak if people amass debt. If people stop buying stuff they'll freak because of currency deflation and building houses people can't afford is an economic "engine."

The death of money can't come soon enough for me: this capitalist fiction has really gone past its sell-by date.

[LondonManc]

Looks like my money will be safer in sofas

New to MFI?

[BrilloPad]

The death of money can't come soon enough for me: this capitalist fiction has really gone past its sell-by date.

The astonishing thing is no-one seems to understand it. Cheap beer and football can surely only placate the mob for so long?

I feel sure that the money printing will be turned on again soon. Entirely aimed at the rich.

[DimPrawn]

The astonishing thing is no-one seems to understand it. Cheap beer and football can surely only placate the mob for so long?

I feel sure that the money printing will be turned on again soon. Entirely aimed at the rich.

Can we at least have a 2 week house price crash in between where prices plummet 0.1% from their peak?

[PurpleGorilla]

Yep, stupid stupid stupid. They want to ape the American consumer economy and then freak if people amass debt. If people stop buying stuff they'll freak because of currency deflation and building houses people can't afford is an economic "engine."

The death of money can't come soon enough for me: this capitalist fiction has really gone past its sell-by date.

Some of the latest collective thinking is a quick move to a cashless society - to prevent hoarding as they cut rates to negative...

http://www.zerohedge.com/news/2016-0...entation-slide

[DimPrawn]

Some of the latest collective thinking is a quick move to a cashless society - to prevent hoarding as they cut rates to negative...

Something Very Disturbing Spotted In A Morgan Stanley Presentation | Zero Hedge

You can't steal depositors money if it is in cash under the mattress.

Denmark moves closer to a cashless society | Europe | News | The Independent

If everyone's wealth is just a number in a computer in a bank, it can be done in seconds....

[ChimpMaster]

You can't steal depositors money if it is in cash under the mattress.

Denmark moves closer to a cashless society | Europe | News | The Independent

If everyone's wealth is just a number in a computer in a bank, it can be done in seconds....

Moneyweek has a Live petition against moving to a cashless society.

Anyway, for most of us it's already cashless. The norm for me is to only have £100 or so in my wallet but generally I do all transactions by card or over the 'net.

If we move to cashless, smart people will move to invest in assets (property, gold, stones, art etc) rather than keep numbers in a bank account.

[LondonManc]

Western Europe and the USA are living beyond their means, simple as that. Unfortunately, it's not an easy thing to escape, with wealth from the east maintaining the property bubble in London and giving the appearance that everything is ok.

[OwlHoot]

Some of the latest collective thinking is a quick move to a cashless society - to prevent hoarding as they cut rates to negative... .

The "latest" thinking isn't always the best thinking, especially if it is "collective".

Abolishing cash would be the most tyrannical, totalitarian move imaginable, and would have all kinds of highly undesirable side effects.

But I can't see it happening in the foreseeable future, apart from maybe in piffling little ecomomies like Denmark, because China and India probably now between them hold most of the World's gold and if cash was abolished they would suddenly become world superpowers numbers 1 and 2, with the US a distant third.