Financial Crisis

[SheungWan]

^

first the gov legalised the principle + circumstances of a deposit tax / bail in, and now they have in place the practical legal method to just take it strait out every bodies accounts when/ if they please.

The things you poor dears get your knickers in a twist over. Seeing monsters everywhere. One wonders if you keep a light on at night for protection. The rest of us just sign a DD form for Inland Revenue to make deductions every year for taxation.

[mccw]

^

first the gov legalised the principle + circumstances of a deposit tax / bail in, and now they have in place the practical legal method to just take it strait out every bodies accounts when/ if they please.

The things you poor dears get your knickers in a twist over. Seeing monsters everywhere. One wonders if you keep a light on at night for protection. The rest of us just sign a DD debit for Inland Revenue to make deductions every year for taxation.

My accountant works it all out for me and I pay as needed.

The point is the law changes , the powers being written by state let them legally help themselves to citizens cash however they like.

Money simply isn't safe in the bank.

[midas]

^

first the gov legalised the principle + circumstances of a deposit tax / bail in, and now they have in place the practical legal method to just take it strait out every bodies accounts when/ if they please.

In a nutshell mccw!

This is exactly what I can't stop thinking about.

Let's say as an example there is a substantial amount of money involved so you have engaged the best Queen's Counsel tax expert in England to argue your case in court and you lose. Very reluctantly perhaps I may agree that they could justify it under those circumstances but definitely not this way.

[midas]

^

first the gov legalised the principle + circumstances of a deposit tax / bail in, and now they have in place the practical legal method to just take it strait out every bodies accounts when/ if they please.

The things you poor dears get your knickers in a twist over. Seeing monsters everywhere. One wonders if you keep a light on at night for protection. The rest of us just sign a DD form for Inland Revenue to make deductions every year for taxation.

I knew it would go straight over your head- wooosh .

either that or you're just being disingenuous as usual

[SheungWan]

^

first the gov legalised the principle + circumstances of a deposit tax / bail in, and now they have in place the practical legal method to just take it strait out every bodies accounts when/ if they please.

The things you poor dears get your knickers in a twist over. Seeing monsters everywhere. One wonders if you keep a light on at night for protection. The rest of us just sign a DD debit for Inland Revenue to make deductions every year for taxation.

My accountant works it all out for me and I pay as needed.

The point is the law changes , the powers being written by state let them legally help themselves to citizens cash however they like.

Money simply isn't safe in the bank.

Closed all of your bank accounts and put it under the mattress have you?

[midas]

Well, there simply aren't many reasons left to justify keeping your money in the bank when you risk having it being taken from you either from a “ bail in “ or by the tax department because soon you may even have to pay the bank for such privilege for keeping your money with them

Bank customers could look forward to being charged to keep their money in U.S. banks.

That’s the latest threat coming out of Wall Street, according to a report in the Financial Times, as financial institutions look to combat a possible interest rate cut from the Federal Reserve on its bank reserves.

http://blogs.marketwatch.com/thetell/2013/11/25/bank-look-to-charge-customers-to-hold-their-money-if-fed-says-stop-being-lazy/

[mccw]

^

first the gov legalised the principle + circumstances of a deposit tax / bail in, and now they have in place the practical legal method to just take it strait out every bodies accounts when/ if they please.

The things you poor dears get your knickers in a twist over. Seeing monsters everywhere. One wonders if you keep a light on at night for protection. The rest of us just sign a DD debit for Inland Revenue to make deductions every year for taxation.

My accountant works it all out for me and I pay as needed.

The point is the law changes , the powers being written by state let them legally help themselves to citizens cash however they like.

Money simply isn't safe in the bank.

Closed all of your bank accounts and put it under the mattress have you?

No ; obviously banks are useful utilities for business- just not the place to leave large amounts laying about waiting to be pilfered.

I prefer to buy property , houses and land which produce cash or something useful.

[SheungWan]

Well, there simply aren't many reasons left to justify keeping your money in the bank when you risk having it being taken from you either from a “ bail in “ or by the tax department because soon you may even have to pay the bank for such privilege for keeping your money with them

Bank customers could look forward to being charged to keep their money in U.S. banks.

That’s the latest threat coming out of Wall Street, according to a report in the Financial Times, as financial institutions look to combat a possible interest rate cut from the Federal Reserve on its bank reserves.

http://blogs.marketwatch.com/thetell/2013/11/25/bank-look-to-charge-customers-to-hold-their-money-if-fed-says-stop-being-lazy/

Customers of Coutts pay for the privilege of using their services. There is no reason why having a bank account should always be free in a market economy. It is not 'your' money when it is deposited in a bank. Monies in a bank make you a creditor. Banks take it money to lend it out. It is a credit to you. It does not 'belong' to you. Simple banking 101.

[SheungWan]

No ; obviously banks are useful utilities for business- just not the place to leave large amounts laying about waiting to be pilfered.

I prefer to buy property , houses and land which produce cash or something useful.

Holding and using a bank account account is not the same thing at all to whether one chooses to get interest from low interest rates on deposit. Please don't confuse.

[midas]

My accountant works it all out for me and I pay as needed.

The point is the law changes , the powers being written by state let them legally help themselves to citizens cash however they like.

Money simply isn't safe in the bank.

Closed all of your bank accounts and put it under the mattress have you?

No ; obviously banks are useful utilities for business- just not the place to leave large amounts laying about waiting to be pilfered.

I prefer to buy property , houses and land which produce cash or something useful.

mccw with your involvement in real estate has this trend started in the UK yet, or do you see it starting eventually ? So it looks like the next generation won't be able to rely so much on their family inheritance to fund the debts they will have accumulated as a student

Reverse Mortgages Spike 20% in 2013 as Baby Boomers Scramble for Cash

What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.

I wonder if “fail to meet the obligations of the mortgage” will result in all kinds of penalties and hidden charges being imposed ?

http://libertyblitzkrieg.com/2014/04/02/reverse-mortgages-spike-20-in-2013-as-baby-boomers-scramble-for-cash/

[mccw]

No ; obviously banks are useful utilities for business- just not the place to leave large amounts laying about waiting to be pilfered.

I prefer to buy property , houses and land which produce cash or something useful.

Holding and using a bank account account is not the same thing at all to whether one chooses to get interest from low interest rates on deposit. Please don't confuse.

I don't confuse- that was exactly my point. No need to close accounts but leaving money in the bank in any sizeable quantities for interest is a much higher risk than what traditionally people expect / pre GFC and the subsequent law changes and other developments , precedents being set etc

[SheungWan]

mccw with your involvement in real estate has this trend started in the UK yet, or do you see it starting eventually ? So it looks like the next generation won't be able to rely so much on their family inheritance to fund the debts they will have accumulated as a student

Reverse Mortgages Spike 20% in 2013 as Baby Boomers Scramble for Cash

What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.

I wonder if “fail to meet the obligations of the mortgage” will result in all kinds of penalties and hidden charges being imposed ?

http://libertyblitzkrieg.com/2014/04/02/reverse-mortgages-spike-20-in-2013-as-baby-boomers-scramble-for-cash/

Read the small print. Nonetheless reverse mortgages are not a good idea IMHO. Expensive.

[SheungWan]

No ; obviously banks are useful utilities for business- just not the place to leave large amounts laying about waiting to be pilfered.

I prefer to buy property , houses and land which produce cash or something useful.

Holding and using a bank account account is not the same thing at all to whether one chooses to get interest from low interest rates on deposit. Please don't confuse.

I don't confuse- that was exactly my point. No need to close accounts but leaving money in the bank in any sizeable quantities for interest is a much higher risk than what traditionally people expect / pre GFC and the subsequent law changes and other developments , precedents being set etc

You worry if you want to. The only reason not to keep sizeable deposits in a bank in the UK at the moment is because of the low interest rates, otherwise little to fret about.

[mccw]

My accountant works it all out for me and I pay as needed.

The point is the law changes , the powers being written by state let them legally help themselves to citizens cash however they like.

Money simply isn't safe in the bank.

Closed all of your bank accounts and put it under the mattress have you?

No ; obviously banks are useful utilities for business- just not the place to leave large amounts laying about waiting to be pilfered.

I prefer to buy property , houses and land which produce cash or something useful.

mccw with your involvement in real estate has this trend started in the UK yet, or do you see it starting eventually ? So it looks like the next generation won't be able to rely so much on their family inheritance to fund the debts they will have accumulated as a student

Reverse Mortgages Spike 20% in 2013 as Baby Boomers Scramble for Cash

What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.

I wonder if “fail to meet the obligations of the mortgage” will result in all kinds of penalties and hidden charges being imposed ?

http://libertyblitzkrieg.com/2014/04/02/reverse-mortgages-spike-20-in-2013-as-baby-boomers-scramble-for-cash/l

Since years already they have like this under a different name.

Google

Equity release scheemes

[mccw]

^ Basically a lump sum loan with interest- no payments - so the amount and interest compounds and spiral over time so by the time of death or term what was a 40% equity value has meant loosing entire homes value.

[Naam]

mccw with your involvement in real estate has this trend started in the UK yet, or do you see it starting eventually ? So it looks like the next generation won't be able to rely so much on their family inheritance to fund the debts they will have accumulated as a student

Reverse Mortgages Spike 20% in 2013 as Baby Boomers Scramble for Cash

What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.

I wonder if “fail to meet the obligations of the mortgage” will result in all kinds of penalties and hidden charges being imposed ?

http://libertyblitzkrieg.com/2014/04/02/reverse-mortgages-spike-20-in-2013-as-baby-boomers-scramble-for-cash/

Read the small print. Nonetheless reverse mortgages are not a good idea IMHO. Expensive.

not spending the money and leaving it to the heirs is much more expensive.

[cheeryble]

not spending the money and leaving it to the heirs is much more expensive.

Rule no.1:

Don't be the richest man in the graveyard.

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[SheungWan]

not spending the money and leaving it to the heirs is much more expensive.

Rule no.1:

Don't be the richest man in the graveyard.

Sent from my iPad using ThaiVisa app

Until you chipped in I thought I had a plan......

[midas]

No one can ever accuse Jim Rogers of being a conspiracy theorist because this has already actually happened in Poland, Hungary, Bulgaria, Ireland and even France

" Jim Rogers' fear that "they won’t take our bank accounts...they will take our retirement accounts," is coming true.

[mccw]

On bail ins and writing off of liabilities as way out of next crises:

http://danielamerman.com/articles/2014/BailLiabC.html

[cheeryble]

What financial crisis?

http://www.reuters.com/article/2014/04/09/markets-bonds-euro-idUSL6N0N13Z120140409

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[midas]

What financial crisis?

http://www.reuters.com/article/2014/04/09/markets-bonds-euro-idUSL6N0N13Z120140409

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this financial crisis

http://www.trust.org/item/20140306112252-ksjjw/?source=hpbreaking

[mccw]

^ this from sky news app:

"""

Bomb explosion out side the Bank of Geece Building in Central Athens fails to dent Bond sale

"""

Unemployment numbers are terrible; debt is still crippling, total mess.

They are most certainly in the grips of a financial crises, borderline humanitarian crises by many other reports.

[mccw]

This also from sky:

""

Investors are becoming dangerously reliant on rock-bottom interest rates, with many becoming so indebted they will face serious problems when borrowing costs rise, the International Monetary Fund (IMF) has warned.

The IMF said that the amount of cash spent on leveraged loans - the high-debt instruments with financial problems - now exceeds the level in 2007 before the crisis.

""

[cheeryble]

The present is sad.

Bond rates tell the story of the future, with bigwigs betting actual money on their judgement.

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[Asiantravel]

The present is sad.

Bond rates tell the story of the future, with bigwigs betting actual money on their judgement.

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just because a handful of bigwigs are doing well means nothing when the littlewigs are extremely discontent and unhapp y

[cheeryble]

I think it means a lot as if the bigwigs are willing to fund bond issues it gives confidence, not to mention funds, for the economy to start thriving and the little wigs to ultimately benefit.

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[mccw]

^ chasing yield and ignoring fundamentals more like.

[Naam]

The present is sad.

Bond rates tell the story of the future, with bigwigs betting actual money on their judgement.

Sent from my iPad using ThaiVisa app

just because a handful of bigwigs are doing well means nothing when the littlewigs are extremely discontent and unhapp y

you don't have to be a big wig to do well. even small scale investors like me are up 14.5% YTD. but that does not mean i invest in a 5Y maturity Greek government bond which trades OTC grey market at 4.95% and is even expected to rally when full trading starts on monday.

those who are extrememly discontent and unhappy are whingers, wailers and gloom&doom forecasters who have never done any homework on investing and who worry about ATM fees and/or whether the pittance of cash they keep in a Thai bank is "safe".

[Naam]

^ chasing yield and ignoring fundamentals more like.

"chasing" a 4.95% yield?