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In August, QE hit the economy
on Sep 7, 2009 in UK economy UK UK banking UK house prices What are UK banks up to? Last month, their cash deposits at the Bank of England fell by 6 percent. In crude cash terms, banks withdrew almost ₤10 billion.In the previous six months, banks had accumulated huge deposits. This was due to quantitative...
The Wilson's sell up
on Sep 6, 2009 in UK economy UK buy-to-let UK banking UK house prices The King and Queen of Buy to Let are selling up. Fergus and Judith Wilson have put up their 700 properties for sale, hoping to pull out about £70 million, once they have paid off the loans used to accumulate their little property empire. The former...
More "good news" on housing
on Sep 6, 2009 in UK housing UK economy UK UK banking UK house prices It always amazes me how journalists equate house price inflation with good news about the economy. Weren't they paying attention, when half our banking system almost crashed last year? Can they recall the reason why Banks like NRK, RBS and HBOS began...
The 3 o'clock lunch break
on Sep 6, 2009 in US housing bubble Here is a cracking article from the New York Times. It offers a scathing account of how Mr. Madoff fooled the SEC, who were supposed to be regulating his ponzi scheme.I particularly liked the idea of a three o'clock lunch break.Unseasoned investigato...
See how the Bank of England has clobbered savers
on Sep 4, 2009 in UK economy UK UK banking UK house prices There is one place where the Bank of England have successfully engineered an interest rate cut - saving deposits. Since the crisis, rates have fallen from around 5.5 percent to just a little over 2 percent. Banks have been able to reduce their fund...
The one thing you should know about inflation
on Sep 4, 2009 in UK housing UK economy UK UK banking UK house prices In the UK, prices always increase.This chart the price level for goods and services between 1910-2007. During that period prices increase by over 8,000 percent. Through peace and war, recessions, depressions and booms, prices go up. There may have...