UK: Kamikaze property speculators and a tanking economy

Stacy Summary: We are recording both On the Edge (this week’s guest is Paul Craig Roberts) and also Truth About Markets New Zealand, so may be a bit slow adding new links today, but please post any interesting ones you find in the comments section.  What else is happening today??

Stacy:  This fact, of course, doesn’t seem to stop the infamous kamikaze British property speculator from ‘investing’ in bricks & mortar

20 comments on “UK: Kamikaze property speculators and a tanking economy
  1. Steven UK says:

    Re: House prices / Mortgage apps

    It seem obvious to me that this house price rise, like the current “suckers’ bounce” on the Stock Markets, is a mere blip.

    People are being fooled by the media’s talk of “Green Shoots” and “recovery in 2010″ nonsense.

  2. M says:

    @Steven

    Not sure, might also be the start of the loose money policies gaining ground. I doubt that new lows will be reached. What we are seeing now might be the laying of the first bricks of hyperinflation highway.

    Wonder where that will lead us.

  3. ptah says:

    Am I correct in thinking that by the UK economy contracting, it creates the impression of rising house prices as a direct repercussion – in the same way that if I were to squeeze a balloon full of water, the water would appear to rise as the space inside the balloon contracted.

    If this analogy is correct, would it follow that what Mersey Mike sees as a pound increase is merely an illusion caused by the same contraction.

  4. Phil says:

    @ptah

    In 1971/72, inflation started ramping.
    I had a mortgage at 22% in 1972
    My London Flat cost me 11,000 GBP.
    Sold 2 years later for 25,000 GBP.

    The Govt. swapped our old and precious coinage for cheap aluminium crap .. in the name of decimalization..
    They wanted to avoid people melting down the gold, silver and copper for obvious reasons.

    I wonder which trick they’ll use this time … purely digital .. no coinage any more ?
    It would NOT surprise me !

  5. Phil says:

    D-Day … Decimal Day in the UK

    15th February 1971.

    Decimal Currency – The New System
    http://www.youtube.com/watch?v=rx1EwdbmrR4

    LOL… ” Remember the Pound stays the same ”
    ;-)
    Great Govt. propaganda movie !

  6. Mike2liverpool says:

    House price DOWN 9.3% YTD
    Mike

  7. ptah says:

    1970: British Prime Minister Edward Heath makes Lord Victor Rothschild the head of his policy unit. Whilst he is in that role Britain enters the European Community and decimalization occurs.

  8. Phil says:

    @Mike2liverpool … ” House price DOWN 9.3% YTD ”

    Be patient … just wait for another catastrophe similar to 1971 .. and you’ll be rewarded.
    You won’t be richer, but you’ll feel richer !
    ;-)

  9. Phil says:

    @ptah … “Edward Heath”

    Does anyone remember the plastic vinyl record that TimeOut gave away “free” with the magazine ?

    It was a song called “My name is Edward Heath, twist and shout”
    It was damn funny !

    My name is Edward Heath ( chorus : twist and shout )
    The miners want more pay ( chorus )
    etc. etc.

    Arthur Scargill tried to bring down the Conservatives whilst holding the country to ransom .. = no coal in winter.

  10. Mike2liverpool says:

    What is it going to take for the REST OF THE WORLD to suss that British are Banukpt?
    Mike

  11. Phil says:

    @@@ Did anyone here know that the good old MONOPOLY GAME is now played using Credit-Cards ?

    My kids bought the game at WalMart (Asda) in the UK last year. I didn’t realize until they opened the game that there is NO (monopoly) MONEY anymore, just a small Credit Calculator that keeps tally.

    IMO, these types of things should be banned … almost the same as wheening kids onto drugs IMO !

  12. Richard@lattitude30N says:

    @Phil: oh yes…Feb 15,1971….arrived in London two weeks earlier to attend Moorgate Poly as a junior semester abroard college( university)student….I remember how the local fruit stand “barkers” were tongue tied trying to mouth the schillings to “new pence”…Also the National City Bank ( cum CitiBank ) was a repository for $2 dollar bills( a rare note here in the states even in 1971)..the teller claimed they paid US Navy with them…

  13. Youri Carma says:

    NO SHOOTS CRISES STILL DEEPENING

    Japan’s Jobless Rate Rises to Five-Year High of 5.2% http://tinyurl.com/kvfttz

    U.K. First-Quarter GDP Drops 2.4%, Most Since 1958 http://tinyurl.com/l3u2j3

    EU June Consumer Prices Record 1th Annual Decline, energy costs fell, Unemployment still Up, curbed demand http://tinyurl.com/nc875n

  14. Dedo says:

    @Phil,..Re: Gov Prop Film
    Notice the delivery,……similar to the news today
    (not unlike addressing children)
    and all the kings horses and all the kings men ,.etc,..etc!!

  15. sharon says:

    Talking about the UK, and in particular our totalitarian state, would you believe only 30 people have signed the petition in the UK against the police being allowed to torture people on the streets with taser guns!!! This is shameful imo and I would ask every UK citizen on this site to sign the petition against the use of tasers. Here it is:-

    Sign up now against this barbarity!!!

    http://petitions.number10.gov.uk/EndTasers/

  16. Steven UK says:

    @M Thanks, I didn’t think of it like that. I see what you mean.

  17. sharon says:

    @ Phil,
    Do you know anything about this:-

    Challenge to Lisbon treaty in Germany
    Monday, 29 June 2009

    The German Federal Constitutional Court will deliver its ruling in a case against the Lisbon Treaty.

    Both houses of Germany’s Federal Parliament have ratified the Lisbon Treaty, but a group of conservative lawmakers have requested a ruling on its compatibility with the German Constitution.

    At a hearing earlier this year, German government ministers argued in favour of the treaty, they were closely questioned by the judges about its effects on German sovereignty and in particular, on the powers of Parliament.

    EU flag in front of the Brandenburg Gate
    Großansicht des Bildes mit der Bildunterschrift: The Lisbon Treaty has been ratified by most EU members
    Germany’s top court is set to decide whether the European Union’s controversial Lisbon Treaty is in line with the country’s constitution. A ruling against the treaty would be a huge blow to the EU’s reform efforts.

    The decision by Germany’s constitutional court marks one of the final stumbling blocks for the long-discussed and long-fought-for Lisbon Treaty. The German parliament has already approved the treaty, but the necessary signature from President Horst Koehler is missing. He says he won’t sign until the outcome of the court proceedings is known.

  18. Phil says:

    @Richard ..” Moorgate Poly”

    I used to live near the Oval Tube … a nice little Square called Hanover Square.
    Great days IMO.

    @Dedo ..”like children”

    Yes … although people were much more naive then as well.
    Just watch some of the old films … cringe with embarrassment … just imagine, some of those people were our parents or grandparents !
    ;-)

    I often wonder if there could ever be a “conventional” World-War again .. I doubt it !
    Just imagine politicians trying to enlist 18 year-olds to die in war. Oops … they still do that in the US from what I hear !
    ;-)

  19. Phil says:

    @sharon ” Lisbon Treaty”

    Yes, I saw that in the German news …saying Berlin will have to wait.
    Most Germans do not agree with the treaty as it goes against the constitution. But we were never asked about the Euro either ! We have a “home secretary” called Schauble ( wheelchair guy ) who is pretty much hated here by most Germans that I know. He was also part of Kohl’s Admin. when the Euro was formed, and kicks the constitution with both feet IMO .. sorry, not just IMO ! The trend “not to repect the constitution” is not just a US phenomena, but here as well it seems.

  20. Don says:

    @Sharon

    I think that people have been conditioned to “not make direct eye contact” and they sublimely believe that they will be left alone and being tazed will not happen to them.

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