Bank of England.....my arse !!

[SWP's back]

^^^
Don’t even know where to start of stuff like this. May as well mute the thread.

1. The whole fucking point of raising interest rates is so that people have less disposable money to spend. That’s it. That’s the be all and end all of raising interest rates. People then spend less. Companies then stop raising their prices as no fucker buys them.

2. Interest rates on savings (taking one year term deposit as reference) is 5 times higher than it was 2 years ago.

3. The rich can get rich is a rising economy. A falling economy. A stagnant economy. It doesn’t matter, have money, make money. No decisions are being made to make “the rich, richer”.

4. The interest rate rises aren’t designed to “do anything for the economy”, they’re designed to reduce inflation. Now more likely than not, a reduction in inflation from 7% to 2.5% over a 12 month period will mean that growth slows to nothing or decreases. The economy slows. The economy may drop the odd percent. But if they do fuck all then inflation leads to hyperinflation and everyone gets fucked with an 18” double ended dildo rather than have a digit wiggled in there.

 

[bluetonium]

The problem is that you think debt at 5.75% is expensive when it’s actually historically very cheap. You thought sub 2% interest would last forever (rather than it being the absolute exception that it was).

I didn't particularly think that, when we first got a mortgage it was over 5%. Circumstances have changed unfortunately for us and we moved up at just the wrong time.

 

[Cheer Up Peter Reid]

^^^
Don’t even know where to start of stuff like this. May as well mute the thread.

1. The whole fucking point of raising interest rates is so that people have less disposable money to spend. That’s it. That’s the be all and end all of raising interest rates. People then spend less. Companies then stop raising their prices as no fucker buys them.

2. Interest rates on savings (taking one year term deposit as reference) is 5 times higher than it was 2 years ago.

3. The rich can get rich is a rising economy. A falling economy. A stagnant economy. It doesn’t matter, have money, make money. No decisions are being made to make “the rich, richer”.

4. The interest rate rises aren’t designed to “do anything for the economy”, they’re designed to reduce inflation. Now more likely than not, a reduction in inflation from 7% to 2.5% over a 12 month period will mean that growth slows to nothing or decreases. The economy slows. The economy may drop the odd percent. But if they do fuck all then inflation leads to hyperinflation and everyone gets fucked with an 18” double ended dildo rather than have a digit wiggled in there.

Great post.

The BoE/government have no choice but to raise rates and control inflation. The real twats in all this are the big corporates, the oil companies, energy/utility companies, supermarkets, banks, etc. who are basically profiteering.

 

[pride in battle]

^^^
Don’t even know where to start of stuff like this. May as well mute the thread.

1. The whole fucking point of raising interest rates is so that people have less disposable money to spend. That’s it. That’s the be all and end all of raising interest rates. People then spend less. Companies then stop raising their prices as no fucker buys them.

2. Interest rates on savings (taking one year term deposit as reference) is 5 times higher than it was 2 years ago.

3. The rich can get rich is a rising economy. A falling economy. A stagnant economy. It doesn’t matter, have money, make money. No decisions are being made to make “the rich, richer”.

4. The interest rate rises aren’t designed to “do anything for the economy”, they’re designed to reduce inflation. Now more likely than not, a reduction in inflation from 7% to 2.5% over a 12 month period will mean that growth slows to nothing or decreases. The economy slows. The economy may drop the odd percent. But if they do fuck all then inflation leads to hyperinflation and everyone gets fucked with an 18” double ended dildo rather than have a digit wiggled in there.

Again this does fuck all for the man on the street, no fucker has any money at that level, the country is run by a group of wankers, the Bank of England included...

 

[city2]

^^^
Don’t even know where to start of stuff like this. May as well mute the thread.

1. The whole fucking point of raising interest rates is so that people have less disposable money to spend. That’s it. That’s the be all and end all of raising interest rates. People then spend less. Companies then stop raising their prices as no fucker buys them.

2. Interest rates on savings (taking one year term deposit as reference) is 5 times higher than it was 2 years ago.

3. The rich can get rich is a rising economy. A falling economy. A stagnant economy. It doesn’t matter, have money, make money. No decisions are being made to make “the rich, richer”.

4. The interest rate rises aren’t designed to “do anything for the economy”, they’re designed to reduce inflation. Now more likely than not, a reduction in inflation from 7% to 2.5% over a 12 month period will mean that growth slows to nothing or decreases. The economy slows. The economy may drop the odd percent. But if they do fuck all then inflation leads to hyperinflation and everyone gets fucked with an 18” double ended dildo rather than have a digit wiggled in there.

1 people have to feed their families and the dearest thing for families is food, on top of energy prices and petrol prices. Explain to me how the rises are working because I’m seeing no signs of it.
2 The banks are charging high interest on credit cards, on mortgages, on loans and paying fuck all interest on saving.
3 We have a government that has ripped the people in this country off for years and now we are seeing the consequences of investment because these cunts are lining the pockets of there chums. Covid is a prime example giving money to firms which sprang up overnight for ppe which was unusable and not fit for purpos. And still haven’t paid it back, millions.
4 We are already getting fucked by a corrupt lying government.

 

[Churchlawtonblue]

Seeing as you know best than the economists, list these other ways.

Well I have if you had bothered to read my posts , but they aren't controlled by Bailey.

 

[Churchlawtonblue]

Great post.

The BoE/government have no choice but to raise rates and control inflation. The real twats in all this are the big corporates, the oil companies, energy/utility companies, supermarkets, banks, etc. who are basically profiteering.

Bingo, with the Governement doing nothing about it. Let the unless Bailey take the heat with interest rate rises.

 

[SWP's back]

1 people have to feed their families and the dearest thing for families is food, on top of energy prices and petrol prices. Explain to me how the rises are working because I’m seeing no signs of it.
2 The banks are charging high interest on credit cards, on mortgages, on loans and paying fuck all interest on saving.
3 We have a government that has ripped the people in this country off for years and now we are seeing the consequences of investment because these cunts are lining the pockets of there chums. Covid is a prime example giving money to firms which sprang up overnight for ppe which was unusable and not fit for purpos. And still haven’t paid it back, millions.
4 We are already getting fucked by a corrupt lying government.

1. How is it working? We we’ve now passed peak inflation and the rate of increase is falling.


Source. ONS

2. The banks are charging more interest on credit cards and mortgages as they are being charged more with the increase in the base rate. Those charges are passed on to the public. The increase is also passed on to savers. If you’ve got £10k, you can currently get an interest rate of over 5% on a 1 year term deposit. 18 months ago, you were looking at around 1%.

3 and 4 appear to be ignore the fact that the government doesn’t the Bank of England and seems to be your personal political view as opposed to being on the topic.

 

[Churchlawtonblue]

More guessing today from Andrew Bailey, the recession he didn't predict may already be over apparently??

As opposed to his catastrophic prediction of a two year deep recession 30months ago which didn't happen. Then his prediiction that inflation would peak at 5 or 6 % then fall last year which clearly didnt happen. The man really hasnt got a clue. His predictions are literally wrong every time.

But hey ho his boss Hunt has no doubt told him to talk up the economy given its election year, which makes a nice change for Bailey a man who routinely talks down UK plc. A particularly bad characteristic for a BOE boss and for potential investors.

 

[Churchlawtonblue]

The country is in recession, we may just be creeping out of it? But some sectors certainly are not. House prices are falling and new construction projects are down by 5%. The sector is definitely in recession. Yet Andrew Bailey thinks somehow the housing market has stabilised and there is no reason to cut interest rates. He thinks a country in recession is better than inflation at 3% . An utterly clueless BOE governor.