Wednesday, 30 November 2011

Sunday, 27 November 2011

how ****ed is santander!

its now offering to pay interest *before* it borrows money!
12k bond, pays £1k interest in 6 weeks, you get your 12k back in three years.
Quite a clever idea, but one that stinks of imminent bankruptcy.

Wednesday, 23 November 2011

Some People

I just dont get it
How do these people get to work in the morning?

The Eurogroup (Is this the Troika or EU27 or Euro 13 or what?) has said it wont give Greece its money, unless the opposition leaders sign a pledge to accept and obey the terms.

Because no politician has EVER broken a written pledge.
Have they Dave?

How stupid, or mendacious, does one have to be to believe the written pledge has any meaning?

Voters should donate 50p to political parties!

Voters should donate 50p to political parties

Government shouldnt hand over cash for them though!

Already dealt with

Tuesday, 22 November 2011

another recession indicator goes negative

euromillions jackpot tonight is 18m.
Either its a rollover, with collapsing ticket sales (usual roll over is 22mn) or its not, and sales have gone up massivly.

I'm not sure which is a bigger worry, people too poor to afford them or too desperate not to.

Friday, 18 November 2011

Whats this about "short term" carrying little risk? You must be a bigger idiot.....

People borrow money, because they do not have enough of it.

Sounds simply yes?
Thats because it is.

And they borrow for the term they need it? Just until the money they pan to pay it off with arrives? Yes?
They borrow for the term its cost effective over, which may or may not be the time at which they will be able to pay it off.

Hat Tip Zero Hedge

Anyone lending to Italian banks on three day terms and believing its "safe" is delusional.
Three days after the money is handed over, Italy needs to pay it back, but it hasnt received a great big whodge of cash in those three days.
They are reliant on borrowing to pay off three day cash loans!
Thats borrowing from Quick Quid to pay off Wonga.
As soon as one of them, say Wonga, the one that has recovered its money, refuses to refinance the bank so it can pay off the other, Quick Quid, it all falls apart. And this cycle repeats EVERY THREE DAYS.

But thats not the true picture.
Because in this case, theres only one short term lender anyway.
Its "Its only short term defence" gives it nothing more than the ability to repeat the same mistake more frequently than anyone else and realise its losses first.


TheRagingTory has been quiet for a while

I'm still around, I'm just in a bit of a rut.

A friend was worried about "all this greece finance stuff" and asked me for a bit of advice, my three sanest answers were turn your lawn into a veg plot, buy chickens and win euromillions.

Wednesday, 16 November 2011

****ing sudoku!

the challenging one in the metro has floored me.
Yes, i forgot my book.

Compare and Rejoice

Tea Party and Occupy

Thursday, 10 November 2011

What a day

The Good Doctor survives his brush with death, the first four X factor acts get another shot, so Amelia is back in, and month end is over, so I can sleep.

Wednesday, 9 November 2011

Liquid? Solvent? Irrelevent! Profitable is what matters

Many of those who should no better are agreeing with the tits at the EU that the "attack" on Italy is wrong because Italy is liquid and solvent.
Now, ignoring for a moment that people who are liquid and solvent generaly dont need to borrow money, liquidity and solvency have no serious impact on whether or not its a good idea to lend someone money in the long term.

Obviously if they are insolvent or illiquid, that must be taken into in the short term, but in the long term, all that matters, is profitability.
That is, "if I lend Italy money today, will they be in a position to pay it back in twenty years time?" And the answer for Greece, Italy, Spain and Portugal, is no, they will not. The answer for Germany and France is likely to be no as well, but then so is the answer for basicaly every government, but for different reasons.

The simple fact is the iPigs economies are crashing, hard, and there is nothing on the table that even hints at a solution to that problem.

I have a mortgage, in 20 years time, I will pay it off, with savings that come from my increased income in 20 years time.

Italy wants to take out a mortgage, that it will pay off in 20 years time. But, with what, exactly, does it intend to pay it off?
Increased earnings? Increased how? Where?

In just the last decade, the iPigs have lost 30% efficiency against the Germans and gained a bucket load of debt. They need to increase productivity, (a crude substitute for profitability, but a functional one,) by more than 30% JUST to to get back to where they were a decade ago, to actualy increase their profitability, and so provide justification for increasing borrowing, they must go even further.

Even if Germans push as far as they are willing, 2% inflation per year, and Italians go without pay rises at all, it will take 15 years just to undo the damage of the Euro so far.

Anyone lending to Italy needs their head examining.

Tuesday, 8 November 2011

trains are fun

fuckwit number one: i'm a none conformist me, i'm like a loose cannon
fw two: yeah, i dont play by the rules!

Fuck wits one and two both wore trousers, shirts, waist coats, ties, were clean shaven and had gelled side partings.they sold google advertising and were trying to organise coke for their christmas party.

None conformist?
Fuck me.
I havent worn a tie in almost a decade and i'm as straight laced as they come.

Monday, 7 November 2011

china isnt going to burn for iran you twits

i dont believe war against iran is on the drawing board.

But even if it is, it wont cause a major war, because russia a paper pussycat and china is backing pakistan not iran
irans 'protector' is india, not china.

Friday, 4 November 2011

convenient enough to be a conspiracey

little birds are telling me hsbc's computers 'crashed' just before close of play this afternoon.

Awful convenient if they are short and cant borrow from another bank.
Pure speculation of course....