Stacy Summary: Of course low interest rates aren’t helping households, for they were designed to help funnel household wealth into the pockets of the banking elite. And I suppose this is why people snapping in the streets of London. We’ll find out soon as Max and I make our way there. I guess we’ll have to do some sort of meet up there!? Anyone interested?
Stacy – mostly because any savings on lower mortgage rates is being eaten up by credit card rates rising:
The research contradicts comments made by Lord Young, the Tory peer who resigned as an adviser to David Cameron after saying “the vast majority of people in the country today have never had it so good” since the Bank slashed rates to 0.5pc.
Despite record low interest rates, half of respondents reported a fall in monthly disposable income after tax, mortgage, rent, bills and other loan payments. Nearly a third, 29pc, said their debt concerns had risen over the past two years, compared with just 12pc who are now less worried.
@Youri
Europe is BANKRUPT. ALL of it. Germany included. You can all kiss adios to the social security net. Welcome to fascist Europe. You can’t have the advantages of globalization (well pseudo advantages) without the disadvantages. I would say globalization is nazism. Really is. Europe will be very fun extermination ground.
Come to Hackney and I shall be proud to treat you to a rock or two.
Hell. Why should they be saved ? I remember that most of AIG machinations crap came from the City. Why would they be saved ? Indeed.
no savings , no social net…. low interest rate equals less savings and the governments around the world use the low interest rates as an excuse to expand public spending….and when interest rates spike social nets stolen…Thats why people have to realize that they’re retirement is on them…look at the last 300 years of history we are repeating the 19th century all over again…no free lunch…can’t make something out of nothing….The unfunded liabilities of social safety nets world round are crashing and now the tax rates to make them solvent would be disastrous…but they will try…you think people are pissed off now….you wait till the rest of the younger generation finds out they are going to pay 99% of their wages away to make those obligations solvent again and not even receive them…gold/silver, no fractional reserve banking, allocated accounts where savers have the choice to risk money in a loan pool (interest compensation) or put their metals in the vault (no interest)…oh and regulators doing weekly if not daily audits of banks physical holdings…But , we have universities world round cranking out econ PHD’s that get well indoctrinated enough to even think an honest system such as that would be possible. whats even worse as the paper gets worthless more people think it wouldn’t be possible because of the price of metals…seriously if we played our economic cards right every person at the low end of the scale would have so much purchasing power the cost of living would be negligible.