borassic

London is now the world's Blackpool...

Not listened to it yet: BBC Radio 4 Rigged Markets www.bbc.co.uk/programmes/b04hvynp "Suppressing the gold price is rather like turning off a fire alarm because you can’t stand the noise"

"Taken from the month before the Lehman collapse, the real price of gold adjusted in this way is $550 today, based on a nominal price of $1220. So in real terms, gold has fallen 40% from its pre-Lehman level of $920, and has roughly halved from its adjusted high in 2011" Ends with "We are being regularly advised by analysts working at investment banks to sell gold. But bear in mind that the investment industry is driven by trend-chasing recommendations, because that is what investors demand. Expecting analysts to value gold properly is as unlikely as farmers telling turkeys the truth about Thanksgiving." http://www.financeandeconomics.org/valuing-gold-and-turkey-farming/

Something MSM are not reporting - The UK's current account deficit. The excellent Tim Morgan gives us a reality check: http://surplusenergyeconomics.wordpress.com/

It throws up big questions about the role of the nation state, patriarch organizations and the cross-class-hopping that massive wealth enables - so that the oligarchs mix with the old money. An old I mean the Viking settlers of Normandy who took over in October 1066. Working in London in all the boroughs from Tower Hamlets to Kensington I see that you need to be mega rich to live in all of them. London now a mad, money grabbing city state. Twas ever thus? Poor bloody plebs we are, will be beaten or arrested or just sacked. House of Commons and Lords, Bank of England and City of London based promoting and participating in fraud.

I got a cold call yesterday would I be interested in a 100% buy to let mortgage? from UK company Ward & Co. It's deja vu all over again.

I was in MoneyWeek's Simon Popple's Metals and Miners newsletter. And the performance of my portfolio since last November? Minus 47%. Good job I only risked a thousand bucks on it. Still holding the stocks but cancelled the newsletter until, if, when matters improve. I'm off to buy a house so that I stop speculating.

Ah Airplane gags beckon....

MoneyWeek sending this my inbox today: "Secure investment with 7% NET* returns assured for 5 years from the UK’s fastest growing property brand" Yes indeed invest in student halls of residence in sunny Exeter! (my home town) That brand is Vita Student

HTB brought forward to next week. So short of ideas or policy reform for their conference use an existing one instead? Tories on suicide mission?

Faisal Islam just appeared on Channel 4 news calling UK market disfunctional - report on Asian investors with billboards saying "and NO SOCIAL HOUSING" in the hotel marketing suites.

This from HPC - although the agent is the notorious Roy Brooks - a hero for plain English, long since dead (for both) http://www.rightmove...y-42812591.html A classic Roy Brooks ad below - oh for agents to be more, creative yet honest - the above is truly deceptively spacious - meaning, yes, it really is small. "Wanted: Someone with taste, means and a stomach strong enough to buy this erstwhile house of ill-repute in Pimlico. It is untouched by the 20th century as far as conveniences for even the basic human decencies are concerned. Although it reeks of damp or worse, the plaster is coming off the walls and daylight peeps through a hole in the roof, it is still habitable judging by the bed of rags, fag ends and empty bottles in one corner. Plenty of scope for the socially aspiring to express their decorative taste and get their abode in The Glossy, and nothing to stop them putting Westminster on their notepaper. Comprises 10 rather unpleasant rooms with slimy back yard, 4,650 Freehold. Tarted up, these houses make 15,000."

hubris from Osourne as he has his own "end of boom and bust" speech "We've saved the economy and proved Labour wrong" http://www.telegraph.co.uk/news/politics/georgeosborne/10295060/Osborne-Weve-saved-the-economy-and-proved-Labour-wrong.html Looking forward to his nemsis (a job at the IMF, big bank, UN envoy, ad nauseum)

Others feel the same way as me then... http://www.youtube.com/watch?feature=player_embedded&v=vRQjdvHJwQw

From today's Guardian - "Foxtons bosses in line to make £100m as estate agent prepares flotation" And a nice piece by Ann Pettifor - great phrase for the UK economy - Alice in Wongaland - she is good on media as well, see Keiser report. http://www.primeeconomics.org/?p=2030 It does seem odd and very depressing that George Osborne is carrying on the policies of Gordon Brown. Several thousand public sector jobs? - no, but we will do HS2 instead.

MSM does have its uses - a very good piece by Faisal Islam and Norman "today has been a very difficult day" Lamont predicts bloodshed (both Guardian/Observer) http://www.theguardi...l-islam-housing Lamont becomes the most senior figure to raise doubts over the huge increase in the buy-to-let mortgage market, which has surged to levels not seen since the 2008 financial crash. Surely this is blindingly obvious to get the hell out of debt and remain liquid (obviously not sterling)? It's going to be an exciting time when business get back from its hols.

Just back from lovely Kilburn. A very roomy two bed flat over two floors just off the High Road went for £540 - sold in a day. Looks like a new high for the road in recent years. Gascony Ave. The buyers? A couple of posh birds' daddy is buying. = insane.

Ruins, castles, chateaux, all really worth just a nominal sum? I wouldn't live in one or attempt to restore or refurbish such a vast project. Castle Grant in Grantown on Spey has seen numerous suicides, bankruptcies and mental breakdowns in recent years!

Just trying to get enough bottle to buy a case load of Sovs. BTFDs?

Thanks JD - this one's a semi so could be tricky adding an extra skin.

CS and BaB as builders what are Unity construction houses like? Guess the words "barge pole" is in the answer. Gaff in Chesham been on since about 2001. Lots of space. £180 large. We are looking to buy but its a zombie market, just like the wider economy. Nothing has changed in our financial world - that pillock Clegg has even suggested that pensions are used for security for children's deposits. This surely reveals the motives at top level to keep the whole charade going a bit longer.

Well put Chartered Surveyor. The other huge liability is public sector pensions - there is no fund for these - they must come out of the current year's revenues. And it's a bloody huge take. Bear in mind a lot of public sector start retiring early 50s and live for 30 plus years. This is the great elephant never discussed of course. So it gets bigger every year. So yes more ways to tax us. I paid £55 for double yellow parking the other day. Harrow FFS. It would be £110 if not paid within 2 weeks. It's just immoral. I think to answer Mr Fox, the bond markets will eventually twig about how fcked the UK is and will accordingly treat us as the feckless adolescents we are. Reckon within 12 months should kick off.

Correct, Doctor. Terry Smith also hitting nails on head like the expert chippy he is (Chippy. sl - Fast food outlet or carpenter). http://www.terrysmithblog.com/

The tragedy of the UK economy - all that credit being pumped in to non-productive asset that is housing. Still a no-brainer for a bank - low risk, high reward and a bailout when it goes wrong!

Thanks JD - wise words.