Reply to: Question for those of you with savings in the bank(s)

[OwlHoot]

I'm trying to persuade my aged (and loaded) Ps to buy property. But old people are nervous of "commitments". I'd have thought they of all people would remember the inflation of the thirties and be the first to pile in to something tangible before their savings turn to dust and ashes courtesy of McDoom.

[Cyberman]

...and probably how it would all have perfect if the tories had been in power

Pensions would be far better, we'd have more gold, a much smaller public sector as well as far less immigration. That would have been quite a good achievement in comparison to today's ongoing debacle, and it could have been achieved with little effort, just a little commonsense.

[Bagpuss]

Can't the mods ban him for depressing everyone with his Northern rock and toy town economics drivel? It's beyond a joke now, even ignoring him doesn't work

[PM-Junkie]

He said he regrets being a dimwit by investing in NR & EL as he didn’t see it coming… he then goes on to make some random predictions based on his infallible insight.

...and probably how it would all have perfect if the tories had been in power

[gingerjedi]

That Bagpuss is a nice fella, I really enjoyed looking at his blog.

Well I never.

[Bagpuss]

0% one week, 10-15% the next

Would love to see how you drive you car, Passengers would be forever hitting the dashboard or being thrown back in the seat

[Cyberman]

good summary

You would say that Mr Sourpuss, as you have no clue whatsoever on any subject.

[Bagpuss]

He said he regrets being a dimwit by investing in NR & EL as he didn’t see it coming… he then goes on to make some random predictions based on his infallible insight.

good summary

[Cyberman]

He said he regrets being a dimwit by investing in NR & EL as he didn’t see it coming… he then goes on to make some random predictions based on his infallible insight.

Perhaps I will have the last laugh with my 3-4 quid per share compensation, as predicted by the experts.

Infallible insight ? No, I've just lived under failing Labour governments before.

[gingerjedi]

No idead what he said, but no doubt interest rates should have been lower sooner, northern rock etc?

He said he regrets being a dimwit by investing in NR & EL as he didn’t see it coming… he then goes on to make some random predictions based on his infallible insight.

[Bagpuss]

Now that is funny! Mr "interest rates should have been lower sooner" is now asking for them to be raised to 10-15%

He truely is a Terry Fookwit or a badly designed Troll


In reality I expect his joy at a cheaper mortgage has now been offset by the fall in all of his assets i.e. he's realised a net loss from this mess.

[Incognito]

Everybody seems to be ignoring the real danger of hyper-inflation which could be the result of increasing the money supply. I predict 10-15% inflation within a few years unless interest rates go to 10-15%.
This will be a disaster for pensioners in particular, but also for mortgage holders, and will cause a further recession as spending-power is yet again taken out of people's hands by incompetent HMG policy.

You're ignoring post 13

[Bagpuss]

No idea what he said, but no doubt interest rates should have been lower sooner, northern rock etc?

[Cyberman]

Everybody seems to be ignoring the real danger of hyper-inflation which could be the result of increasing the money supply. I predict 10-15% inflation within a few years unless interest rates go to 10-15%.
This will be a disaster for pensioners in particular, but also for mortgage holders, and will cause a further recession as spending-power is yet again taken out of people's hands by incompetent HMG policy.

[Bagpuss]

What are you going to do now that:

Interest rates are practically zero and are well below inflation

Quantative Easing means the printing presses are going to be issuing £10,000,000,000 notes soon and hence your savings aren't going to buy a cup of coffee


Are you going to shift your money to another currency, buy gold, buy property or what?

Nice Daily Mail panic there!

There are still some savings deals e.g. Halifax 3 months fixed saver circa 3.5%

The recession is beneficial to those with cash because you can negotiate big discounts on assets or conspicuous consumption.
I'm going to sit tight for 6 months or so and then consider buying repo property