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Redsparrow.
Mervyn is not my pin up idle. Economics could do so much better if it adopted scientific rigour instead of befuddling itself with a basement of non earth assumptions
Nevertheless they try. Need to clean up their assumptions and their goals
Best
Couldn't agree more. Regulation is not respectable. More of a tired joke which is no longer funny
Best
You write much truth, Rebess.
Of course, the BofE has a huge department that concerns itself with financial regulation. What do they do all day?
I suppose murder doesn't pay (unless you write books or make TV programmes about it).
Learn to grow your own Murphys is my advice.
The biggest problem lies with the 'Regulator'. -The office responsible for applying the law. - Imagine if lax/ non-existent regulation applied to murder, burglary, theft, etc., where would our society be? - Yet, it's OK to allow a free-pass for financial regulation. A free-pass that allows a nations citizens to be turn-over/cheated. - Look what's happened in recent times with financial theft and malfeasance. - Nobody goes to jail, in fact after the statute of limitations expires, 3 yrs. in the US, perpetrators are prepared to admit to it all, pay a fine and get on with the next robbery. - Regulation needs addressing as an urgent priority, otherwise it will eventually break society. IMO
Mervyn King lost all credibility when he and his cohorts finally put the lid on the free market economy.
It's led to the printing press for any economic difficulty that arises. A monetary reset awaits.
I didn't need an econometric model to tell me that.
As I said, we have the wrong people leading at the wrong time. Human nature never changes. I cannot see the saviour in the crowd. We'll have to save ourselves - if we know how to.
Hi Steve,
Interesting you ride BMW's, my last bike was an R850R, I waited until they changed they brought out the retro style with the separate speedo and rev counter instead of the previous strange brick type cluster
Previously I i had the retro stye Honda CB 1000 , nicknamed the big one, sold that though because to be honest I would have ended up either losing my licorice or coming to grief!
It really annoys e they way that the impact of all these extra charges or importing from the EU were never explained to the people by those that said it would all be so much better!
Which podcast here on import charges from EU
https://www.which.co.uk/money/podcast?utm_medium=Email&utm_source=ExactTarget&utm_campaign=4072820-M_MW_EM_010621%20NEW
Hope2gain
Neither am I , but its just a case of common sense , I agree with your thoughts on this!
Mr T. I am not an economist, neither do I work in finance, but logic tells me that something is intrinsically wrong when it costs the same to print a 100 dollar bill and a 1 dollar bill, when a bank can create money with the stroke of a pen and when the same 1 oz of gold can be sold to 20 different customers. The fiat currency system really is on a knife edge. Cheers.
If one thought Brexit would remove loads of EU 'red tape', then one is in for a shock.
There is nothing quite like a little British 'Jobsworth' for making life a struggle.
Captain Mainwaring is alive and well.
On a practical level on Brexit- I raced motorbikes on track for years, last year coaching others in spare time. I had to buy some part for turning a race bike to road spec- was shocked when, after ordering a ~£220 part from BMW Motorrad Germany, to get a ~£52 charge from DHL before they'd release it :-(. Friends have seen massive delays in part and clothing from Europe, not sure how much is BREXIT and how much is COVID with people understandably frightened of holding stock and manufacturers pulling back on production as a result. Also, my twice a year 5day trips to Spain with my racebikes- damn CARNETS now required due to BREXIT and not cheap! Oh well, won't stop me riding, but annoying nonetheless
Hi Hope2gain,
Great post, I'm saving it!
If only those running the worlds political and financial systems would learn by past events and failures, but they don't,t hey just want to stay on the gravy train and in power,so they just carry on trying to reinvent the same old unfit for purpose policies !
Hi Mr Gnome,
How about this for a waste of money by our government, a clear indication of their desperation to cover up their lies and failed policies which are now becoming more apparent by the day!
Boris Johnson's administration is recruiting an external adviser to identify new opportunities following Brexit to demonstrate the benefits of the UK's departure from the European Union.
Almost five years on from the Brexit referendum result, the Tory government continues to struggle to demonstrate the tangible benefits of leaving the EU.
It has set former Tory leader Iain Duncan Smith in charge of how Britain can reshape the economy, but his task force is yet to publicly report back with suggestions.
Now Brexit negotiator David Frost - now tasked with shaping the UK's post-Brexit with the EU, has revealed the government is looking to hire someone to demonstrate the opportunities.
Speaking to a committee of MPs, he said: “We have high hopes of outside input into this process. We’re all fully behind making things happen.”
High hopes indeed, what utter tosh, these idiots have taken the UK back 50 years!
In case you aren't aware Ian Duncan Smith has proven to be inept in every post he has ever held, indeed if he were a meal then he would be referred to as "Bland!" or about as inspiring as a limp dishcloth!
61) Monetary policy today is guided by little more than government fiat — by the calculations, often-mistaken economic theories and whims of central bankers or, even worse, politicians. Under such a regime, inflation of three or four percent annually has come to be viewed as a stellar monetary performance. However, under a more sound monetary system — i.e., a gold standard — such increases in the general price level would be seen as wildly inflationary. — Raymond J. Keating
62) Although gold and silver are not by nature money, money is by nature gold and silver. — Karl Marx
63) Governments lie; bankers lie; even auditors sometimes lie. Gold tells the truth. — Lord Rees Mogg
64) If an automatic commodity standard were feasible, it would provide an excellent solution to the liberal’s (i.e., classic liberal) dilemma: a stable monetary framework without danger of the irresponsible exercise of monetary powers. If, for example, an honest-to-goodness gold standard, in which 100 percent of the money in a country consisted literally of gold, were widely backed by the public at large, imbued with the mythology of a gold standard and with the belief that it is immoral and improper for government to interfere with its operation, it would provide an effective guarantee against governmental tinkering with the currency and against irresponsible monetary action. — Milton Friedman
65) Until government administrators can so identify the interests of government with those of the people and refrain from defrauding the masses through the device of currency depreciation for the sake of remaining in office, the wiser ones will prefer to keep as much of their wealth in the most stable and marketable forms possible — forms which only the precious metals provide. — Elgin Groseclose
66) If you don’t trust gold, do you trust the logic of taking a beautiful pine tree, worth about $4,000-$5,000, cutting it up, turning it into pulp and then paper, putting some ink on it and then calling it one billion dollars? — Kenneth J. Gerbino
67) The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine and to process; and that it cannot be created by political fiat or caprice. — Henry Hazlitt
68) Gold will be around, gold will be money when the dollar and the euro and the yuan and the ringgit are mere memories. — Richard Russell
69) Those entrapped by the herd instinct are drowned in the deluges of history. But there are always the few who observe, reason, and take precautions, and thus escape the flood. For these few gold has been the asset of last resort. — Antony C. Sutton
70) The modern mind dislikes gold because it blurts out unpleasant truths. — Joseph Schumpeter
Gold is money. Everything else is credit. – J. P. Morgan
Graphic Gold Quote by Banker JP Morgan
49) Never trust money more than gold. ? Toba Beta
50) Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them. — David Ricardo
51) In reality, there is no such thing as an inflation of prices, relatively to gold. There is such a thing as a depreciated paper currency. — Lysander Spooner
52) In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. — Alan Greenspan
53) A gold standard doesn't imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself. — Ben Bernanke
54) The desire for gold is the most universal and deeply rooted commercial instinct of the human race. — Gerald M. Loeb
55) The threat of gold redeemability imposes a constant check and limit on inflationary issues of government paper. If the government can remove the threat, it can expand and inflate without cease. And so it begins to emit propaganda, trying to persuade the public not to use gold coins in their daily lives. — Murray Rothbard
56) When goods are exchanged between countries, they must be paid for by commodities or gold. They cannot be paid for by the notes, certificates, and checks of the purchaser's country, since these are of value only in the country of issue. — Carroll Quigley
57) When people talk about people who are optimistic about gold, they call them 'gold bugs.' A bug is an insect. I don't call equity bugs '****roaches.' Do you understand? There is already a negative connotation with the expression of 'gold bug.' — Marc Faber
58) The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion — policemen, customs guards, penal courts, prisons, in some countries even executioners — had to be put into action in order to destroy the gold standard. Solemn pledges were broken, retroactive laws were promulgated, provisions of constitutions and bills of rights were openly defied. And hosts of servile writers praised what the governments had done and hailed the dawn of the fiat-money millennium. — Ludwig von Mises
59) Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves. — Norm Franz
Graphic Gold Quote by Norm Franz
60) With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people. — Friedrich August von Hayek
Yep and increasingly exponentially, with the ever increasing global connectivity and AI- some good, some bad
Bingo
Dont assume the markets or the particpants are rational..a lot of death and destruction, not to mention financial losses, in that area
best
the gnome
sj999
i expect uncertainty will play a huge role in financial markets
best
the gnome
The times we live in and try to predict in, are unusual, new times, new paradigms.
Ann intersting book that reflects our times, and sees the economists come clean is
Radical Uncertainty: Decision-Making Beyond the Numbers Hardcover – March 17, 2020
by John Kay Mervyn King
"Much economic advice is bogus quantification, warn two leading experts in this essential book. Invented numbers offer false security; we need instead robust narratives that yield the confidence to manage uncertainty.
Some uncertainties are resolvable. The insurance industry’s actuarial tables and the gambler’s roulette wheel both yield to the tools of probability theory. Most situations in life, however, involve a deeper kind of uncertainty, a radical uncertainty for which historical data provide no useful guidance to future outcomes. Radical uncertainty concerns events whose determinants are insufficiently understood for probabilities to be known or forecasting possible. Before President Barack Obama made the fateful decision to send in the Navy Seals, his advisers offered him wildly divergent estimates of the odds that Osama bin Laden would be in the Abbottabad compound. In 2000, no one?not least Steve Jobs?knew what a smartphone was; how could anyone have predicted how many would be sold in 2020? And financial advisers who confidently provide the information required in the standard retirement planning package?what will interest rates, the cost of living, and your state of health be in 2050??demonstrate only that their advice is worthless..."
https://www.amazon.com/Radical-Uncertainty-Decision-Making-Beyond-Numbers/dp/1324004770
And all the gold punters knows what happens in times of uncertainty....
best
the gnome
Gold will drop if the 674k is exceeded- other facts like wage growth etc also come into play after the announcement- this is the case on these monthly figures
"US Jobs Data is Negative , Overall 30MLN Jobs were lost World Wide. Job Recovery is below 2%. Us Data will bring again recession fears. USD will plunge reacting on news from feds. Yields will plummet USD. Expect Metals to recover today. News From Dark W E B"
Been searching for the ticker code for Nord ? haha
I’m with you Stormer.
Yesterday was a blip , the fact that it was substantial will be reflected when the opposite occurs.
Iodan1
The worse case is a 10% pull back on gold miners (CEY double bottom on 101p) and 5%-7.5% on gold (1795-1800 being a possible floor). If the pullback happens we get a good rally into August and September. Otherwise CEY 108p intraday and gold 1850 if it holds is how I see it. Tony
Well I like to help the little guy make something .
Expect gold swings around this - +674k is consensus forecast