RE: Price of Gold5 Nov 2020 16:35
Razor's for some reason my last message posted before I had finished, I also recall mortgage rates at 15%-16% , my wife had a decent job as a postal officer in a Crown office, I was a junior manager in municipal public transport ,also a reasonable job, but they would only take my salary into account when we applied for a mortgage as women were likely to have babies,so even though we had both saved on a regular basis with our building society the max mortgage offered was £16,000, with a 3 months wait before that money was available, in the meantime we were forced to take a bridging loan to cover the house purchase until the building society released the funds.
I drove an old ex council escort Mk 1 van cost£130 at the auction,all our furniture was either from auction or other peoples cast off's the TV was a B+W ex radio rental cost £10 and our three piece suite was black vinyl on bought for £12 from a mate, we did have a new gas cooker from the gas board on instalments added to our gas bill.
Then came along Thatcher with the privatisation of anything publicly owned and the systematic attack on negotiated terms of employment with the threat of redundancies in most sectors, apart from on the City exchanges where the yuppies changed their Porsche’s rather than wash them from the loads a money they made out of selling to the people what already belonged to them.
Strange how some of today's politicians and even some journalists claim we are the generation that had it all so easy.
No doubt today people’s expectations and attitude to debt have changed and second-hand is no longer acceptable when you can have everything new on the plastic and worry about paying for it sometime in the future or getting Mom & Dad to pay for it.
As things stand the whole system is based on consumerism funded by debt with governments printing ever more fiat money and kicking the can further down the road in the hope they will remain in power
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