Saturday, 29 May 2010

Could the Eurovision Victory be the straw breaks the iPigs back?

Just askin

Spain are going again?

The gate crasher was the best bit!!!

TRT Speaks, Fitch Listens

The Raging Tory did not know his own strength.
Mere hours after pointing out just how hopeless Spains move was, Fitch caught on and cut their credit rating to AA+.

Friday, 28 May 2010

The greatest Advert of, well, at least a week or so

Its just brilliant

Spain Orders Banks To Come Clean

Turkeys also ordered to vote for christmas, pluck themselves, disembowel theselves and jump into a preheated oven for 20minutes/llb.

Spain has gotten tough on its banks and ordered them to hold bad debt provisions of 30% on their property lendings.
Since those lendings are somewhere in the region of 450 bn euros, they're effectivly being told to find 150bn euros.
From where?
Its not exactly pocket change, its 15% of Spanish GDP.
In 2008 Barclays raised £4.5b another £4.5bn in 2010 in a shares issue, one of the worlds largest banks, managed to raise £9bn, over two years, which is what, 12bn Euros?
A few regional lenders are expected to do 10x that?

Buts whats really scary, is that 30% probably wont be enough.
UK property fell by that much, if you include the Sterling devaluation. But UK property didnt have anything like the level of overbuilding thats been seen in Spain.
In the UK we were worried about the 50,000 unsold flats in Northern Cities, Spain has 1.6m unsold homes, and they're two thirds our size. A 30% drop would be positivly modest.
Now I dont for a moment believe it reach the point it has in some areas of the US where houses have literaly been given away (seriously, sign on lawn, free house, pay taxes), but in a country expected to deflate wages by 20%, already suffering from unemployment of 16%, with personal debt at UK levels of 210% of earnings (260% after wages deflate), 30% should seen as a minimum.

So, I suppose I'm saying that if Spanish Banks come clean, any saver with half a brain will run for his savings, which clearly cant be handed over.
So the banks fail.
EU laws kick in and savers have to be compensated by the Government.
This would be the same government that is currently trying to slash its spending to comply with Euro laws, it recently cut government spending by E15bn and that came within a whisker of toppling the government.
If these houses fall by *just* 30%, the spanish governm,ent will need to find 10x that amount, and thats a best case.

I wonder if nows a good time to learn to brew beer.

Thursday, 27 May 2010

Times Online, If the Critics Are Right, It'll be an Unquestionable Success

The Press Gazette is reporting that 90% of Times Online readers wont pay to view the website.
That leaves the obvious fact that 10% WILL pay.

If we make the assumption that those 10% will pay the £2 a week charge, that means that where TO could sell adverts that would be seen by 100 people, they can now sell adverts that will be seen by 10 people AND claim £20 in subscription fees.

Now, I dont know much about advertising, having not the slightest idea what adverts costs on times online and the like, but I get the oddest impression that they arent 20p per visitor.

I wont be taking TO up on its offer (I stopped reading maybe 2 years ago), but if 10% of its readers do, they'll be laughing all the way to the bank.

We demand Freedom, We Demand Information, We Demand Of!!!

As those who followed me from my other blog will know, I'm fanaticaly in favour of the RUSI Strategic Raiding concept as a future model for the armed forces.
With that in mind, I have taken it upon myself to gather evidence for what sort of force the UK could maintain if it gave up trying to do everything.

My first FOI is for a simple breakdown of the costs of the various arms and dub arms of the armed forces, arms.

Feel free to suggest extra questions


Welcome all,
This is my new Blog, my old one being lost when MyT was summarily executed for, something.

It is where I shall rant about whatever has annoyed me recently, post my thoughts on the news and demand the resignation/execution/torture of he who must not be named but rules a fantasy land from the wisteriabunker

Witty, Intelligent, Thoughtful, all things my blog is not