O/t sturgeon

[Returnofrros]

Was hoping for some free financial advice. I don't think we are in any way prepared for what will happen. The figures are absolutely huge and yet there are calls for revenue to be raised with new taxes on capital value of assets held by citizens. Homes, change the taxation to a % of the value, income, give everyone a basic income, tax, ramp up inheritance tax and income tax rates.

There was an article I read but it blew my heid aff as I just didn't understand it.

Basically every world economy prints money and pays off it's debt at exactly the same time. Read to me like quantitive easing on steroids......just don't understand how that works......sounds straight from the Jeremy Corbyn book of economics but as I say I didn't really understand it.

I do think the 1st emergency budget will also cover all emergency exits for the vast majority of people there will be no escape, for the super wealthy there always is secret tunnels and escape routes.

They won't want northern rock style queues forming either so maybe there will be a period of limited daily cash withdrawals as well.

[BCram]

There was an article I read but it blew my heid aff as I just didn't understand it.

Basically every world economy prints money and pays off it's debt at exactly the same time. Read to me like quantitive easing on steroids......just don't understand how that works......sounds straight from the Jeremy Corbyn book of economics but as I say I didn't really understand it.

I do think the 1st emergency budget will also cover all emergency exits for the vast majority of people there will be no escape, for the super wealthy there always is secret tunnels and escape routes.

They won't want northern rock style queues forming either so maybe there will be a period of limited daily cash withdrawals as well.

There's a fable about a potential guest at a hotel wanting to reserve a room with £100 deposit. Hotel owner takes the £100 and pay his food bill, food supplier takes the £100 and pays his newspaper supplier who he uses to advertise, newspaper pays his professional companion with whom he has an illicit liaison but because of the longevity of the relationship she had been giving him some time to pay, she takes the money and pays the hotelier for the short term hires of his rooms to carry on her business. Tourist comes back, doesn't take the room and gets his deposit back. Quantitative easing, everyone gets paid but nobody has any money!

We should be much more concerned about the financial problems. It isn't going to be something that we can ignore and getting people back to work needs to have much more consideration.

[The AuldYin]

There's a fable about a potential guest at a hotel wanting to reserve a room with £100 deposit. Hotel owner takes the £100 and pay his food bill, food supplier takes the £100 and pays his newspaper supplier who he uses to advertise, newspaper pays his professional companion with whom he has an illicit liaison but because of the longevity of the relationship she had been giving him some time to pay, she takes the money and pays the hotelier for the short term hires of his rooms to carry on her business. Tourist comes back, doesn't take the room and gets his deposit back. Quantitative easing, everyone gets paid but nobody has any money!

We should be much more concerned about the financial problems. It isn't going to be something that we can ignore and getting people back to work needs to have much more consideration.

Maybe somewhere in the equation one of the receivers of the said £100 went into administration and only paid out 6p in the Pound, thus taking in £100 but only paying out £6.

[BCram]

Maybe somewhere in the equation one of the receivers of the said £100 went into administration and only paid out 6p in the Pound, thus taking in £100 but only paying out £6.

[jdfc]

Maybe somewhere in the equation one of the receivers of the said £100 went into administration and only paid out 6p in the Pound, thus taking in £100 but only paying out £6.

Or run up millions in debt sold the clubs jewels and got hounded out by the fans, only for another Walter Mitty to come in and run up £10 million of debt and have no plan B

[The AuldYin]

Or run up millions in debt sold the clubs jewels and got hounded out by the fans, only for another Walter Mitty to come in and run up £10 million of debt and have no plan B

With £100? Are you Michael Knighton?

[Returnofrros]

Oh Nooooh! This can go one of two ways. For the first time EVER, someone in a government actually reads his stuff and believes him and acts on his advice. He has chuntered on and on about Boris, Cameron, the death of the Conservatives, the decline of religion, the failures in justice, policing, education, the loss of any moral fibre in the world, I think he's great and as far as I can see he is a contrarian who has never achieved a result! The second course of action is that the mere fact that the great Sir Peter Hitchens has mentioned a raid on savings will be enough to ensure that the idea is immediately rubbished and precisely the opposite will be put in place with rising interest rates and everyone desperate to save.

I had a friend who was in Greece at the time of their major troubles with the Eurozone. The hotel owner had sold his hotel and put the money into a pension fund that guaranteed and income with a small inflationary increment annually. I've probably not described it correctly but I am sure you will know what I mean. The company wrote to him and told him that the income would be halved and there would be no increment. I think this is what you mean by a raid on savings. It would be great it you could spell out in a bit more detail what a raid on savings might look like. I think the possibility of this type of action should be highlighted and the dangers it would create for the unemployed, the young, the elderly and workers, should be discussed.

Did Cyprus not impose a "savings tax" on its citizens recently or attempt to.

I remember the figures were brutal 10% or so for over 100k and 6.5 or 7% or thereabouts for under 100k.

[BCram]

Did Cyprus not impose a "savings tax" on its citizens recently or attempt to.

I remember the figures were brutal 10% or so for over 100k and 6.5 or 7% or thereabouts for under 100k.

You could be right. Such an approach, I imagine, will not be countenanced in Britain. It would drive a stake through the heart of the financial sector which would just move elsewhere.

[Returnofrros]

You could be right. Such an approach, I imagine, will not be countenanced in Britain. It would drive a stake through the heart of the financial sector which would just move elsewhere.

I think your wrong Bcram, I think its very much on the agenda, maybe not at the % rates above but it's one of the easier ways for govt.

Hundreds of billions will not be recouped with 2 or 3p on income tax.

Remember there wasn't gonna be a Brexit, Jeremy Corbyn couldn't win the labour leadership election and salmond was going to jail, trump couldn't win, and the Tories would never bring in the poll tax.

Never say never.

[BCram]

Rross, Very worrying if this happens.