BoE impoverishing pensioners, pushing up inflation damaging consumer spending

[DimPrawn]

+1

Most young people cannot even begin to think about buying a home.

Pensioners seem to range from seriously wealthy to having a modest amount of money. Young people seem to range from having close to nothing to huge personal debt (inc enormous mortgage debt on a tiny box).

[Doggy Styles]

The vast majority are far wealthier than the younger generation who are in massive debt.

The young generation have hardly started. It takes a long time and a lot of work to become wealthy.

Are you suggesting we should take away from those who have provided for themselves and can no longer work, to subsidise those who have the advantage of youth to do it for themselves?

[DimPrawn]

Young people are the future.

They should be the priority in this mess.

[centurian]

Mmmm - and I was sure that a QE news item would be sufficient to bring AtW out of his hiding place.

[Doggy Styles]

Ah.

The Logan's Run option.

We could do the floaty thing with wires.

[Lockhouse]

The current crop of pensioners are OK-ish. It's us lot - the 30's to 50's - that are going to retire with not much apart from the cash we have in our properties.

[escapeUK]

+1

Most young people cannot even begin to think about buying a home.

Thats not the pensioners fault, its the parents borrowing more than they could afford that has caused the financial problems. Some might argue that banks offered to loan such silly amounts, but I tend to blame the person who uses the drugs not those that sell them.

[doodab]

Thats not the pensioners fault, its the parents borrowing more than they could afford that has caused the financial problems. Some might argue that banks offered to loan such silly amounts, but I tend to blame the person who uses the drugs not those that sell them.

The trouble is that once the "borrow too much money" strategy becomes available to the general population it only takes a small proportion to go with it before not choosing it becomes highly disadvantageous and people are required to adopt it to compete with others. The choice isn't "borrow too much" or "borrow a bit less" it's "borrow enough to stay in the market" or "quit your job and move away somewhere cheaper with poorer employment prospects".

As is often the case in these matters what starts out as a desirable option for some becomes the only option for many.

[Robinho]

Thats not the pensioners fault, its the parents borrowing more than they could afford that has caused the financial problems. Some might argue that banks offered to loan such silly amounts, but I tend to blame the person who uses the drugs not those that sell them.

Is it the person who took the loan's fault? Or is it the bank's fault for giving them that loan? Or is it the government's fault for allowing banks to be able to create money whenever they lend, giving them almost zero incentive not to give a loan?

I wonder.

[Doggy Styles]

Is it the person who took the loan's fault? Or is it the bank's fault for giving them that loan? Or is it the government's fault for allowing banks to be able to create money whenever they lend, giving them almost zero incentive not to give a loan?

I wonder.

Always blaming someone else is a national past-time in Britain.

The only thing I think is wrong is if you play to one set of rules for most of your life (e.g. you work and save to support yourself when you can't work any more), then the rules change when it's too late to do anything about it (e.g. HMG decides to take your savings away).