Just been chatting to the guys at the local assay office, to check up what's happening to some work I dropped in a couple of weeks back.

Apparently, they're much busier than normal assaying precious metals. One of the guys said, 'people are cra**ing themselves the Tories are gonna get in a screw up the economy like they did in the 80's and 90's, so they're putting more money into prec. metals'

One of the other fellas said 'yeah, the interest rate on my mortgage went up to 16%….and there was high inflation, oh, and high unemployment'

Oh F*** 😯

er…anyone want to buy a recently renovated house?

they just know what a lot of us do

[lights blue touch paper….stands back]

Yeah cause Labour have done such a good job with the economy!

Yeah cause Labour have done such a good job with the economy!

er yeah, when this was mentioned, one of the fellas did point out that there wasn't a massive Global economic crisis in the 80's and 90's – apparently, the earlier recessions were 'home grown' varieties.

Oh right so the huge national debt is down to the 'Global Economy' not to the commitments made by Labour. Good to know. Maybe Labour can contact one of those 'no win no fee lawers' and get our money back because the 'global economy' mis-sold them something.

This same 'fella' should cast their memory back a bit further to the state of the national economy the last time the Conservatives ousted a Labour Govenrment.

Economies eb and flow and from a personal point of view you should protect yourself against the bad times. Right now the 'bad' conditions are just opportunities for others to make money – whether you like it or not.

ETA – been in Wales for the weekend hence the slow reply!

Maybe it's because they're confident a Tory government won't depress the price of gold by selling a load off cheap.

Bastards.

Oh right so the huge national debt is down to the 'Global Economy' …..

😕 Have you really only just found out ?

Worry about Tories? That is nothing by comparison to the problem of EURO if EUROcrats mess up. So if EURO goes belly up you will see the domino effects on the global economy which also means at least another 3-5 years recovery time for all. Therefore, whoever is in power they still need to face up to the inevitable of EURO mess.

🙄

mk1fan

so the torries did so well with the economy last time?

our debt then was wiped out by runaway inflation as the economy spiralled out of the governments control,
interest rates sky hi, reposessions, uneployment……
they were saved by north sea oil, gutting the nhs and selling off all that wasnt nailed down- utilities rail network (we now pay more for power and train travel per km than the any euro country)

just wait and see whats on the list this time round, privatising the nhs and crippling the bbc will be 1st i reckon

Aaah, those two blokes in the assay office – right up there with Blanchflower in my book.

I suspect the correct explanation is this:

Gold prices are at a record high.
Gold is always in demand during times of economic uncertainty.
We've got a hung parliament during the middle of a recession – that's about as uncertain as it gets.

Whoever forms the next government will have to cut like hell, and to my mind the real screw up here is Labour, who've held off cuts in order to maintain popularity in the run up to the general election.

I suspect the correct explanation is this:

Gold prices are at a record high.

So why buy gold then ?

And you reckon that having a hung parliament is worst than having a Labour government do you ?

btw, whoever forms the next government will not have to "cut like hell". They will do so because they choose to do so. If your expenditure exceeds your income, then increasing your income is as valid as reducing your expenditure.

then increasing your income

up the tax. way to kill the economy!

Anyway, as Ive said before, it doesnt matter who forms the next government. Twinkle-toes Clegg, cameron or grumpy-**** himself, our fiscal policy will be written by the IMF and the bond markets.

People have been piling into gold for a couple of years. But there's more to it than our piffling little election.

Have a look at the Crash Course

So why buy gold then ?

Because people love buying stuff that's at a record high. Look at houses 😆

But more seriously, because the wider instability in the world doesn't seem to be going away, and because the pound is sinking.

kimbers – Member
mk1fan

so the torries did so well with the economy last time?

No, I didn't say that.

Is it the same Tories as last time?

up the tax. way to kill the economy!

You see Stoner, when you slavishly commit yourself to TINA, it leaves you very blinkered and narrow-minded……..you could call it a form of "political glaucoma".

But if you were to put your tunnel vision to one side for a moment, you would realise that "up the tax" isn't the only alternative.

As I've already previously pointed out on here, every time I turn a light switch on in my gaff I provide funds for the French government. There is no reason at all why electricity, gas, water, and the banks, can't be nationalised so that their mindbogglingly profits can used for the benefit of everyone.

BTW isn't one of the Tory mantras "earn more money" ? Well I'm simply applying it to government – after all it is they who have the responsibility of the nation's housekeeping.

But obviously you are right Stoner – increased "service charge" or taxation, is another option. And what's wrong with that ? The basic rate was higher than it is now when the Tories were last in government – did that "kill" the economy ? Just putting the basic rate back up to what it was under the Tories would bring in a fair few bob for the government.

Of course reducing expenditure is also a valid option, but that does not necessarily mean "cuts". There are a multitude of things which can be done to reduce expenditure without necessitating cuts.

For a start, we could be ensure all employees in Britain are paid a living wage. If taxpayers weren't expected to subsidise employers who refuse to pay a living wage, then the government would save £billions from the cost of providing assistance and benefits. The Greens support a National Minimum Wage of 60% of net national average earnings, which I reckon is both fair and reasonable.

It really is a damning indictment of the present economic model when some argue that for world's 5th wealthiest country there is no alternative to keeping millions on non-living wages.

Next we could scrap plans to spend £120 billion on a new generation of useless nuclear weapons – what's wrong with keeping the old out-of-date ones ? Germany Japan and Switzerland, don't need to spend £120 billion on replacing Trident, in fact they didn't even need Trident, so how come we do ? …. have we got money to piss up the wall or something ?

Then there are the massive savings the government could make if instead of permanently having millions unemployed, we actually aimed for full employment. Now I know the thought of full employment absolutely terrifies the neo-liberal Tories, but the waste is truly obscene. And yes, there could be jobs for everyone if the will actually existed – we haven't as a society, done everything which needs to be done.

The government could start off by investing in training and apprenticeships for all school leavers. So that instead of importing adult skilled labour from Eastern Europe, we could actually do something about the three-quarters of a million youth unemployment scandal – which would save a fortune in the long term (quite apart from the social desirability aspect) Obviously employers aren't going to bother training kids when they can import cheap already trained labour – so it requires government intervention. And btw, when the Lithuanians and Poles start solving our unemployment problems, then we can help them with theirs.

I could waffle on endlessly, like I often do, but you get the picture…….there are endless alternatives to "There Is No Alternative", it just requires the will and ditching this "the market always knows best" nonsense………it doesn't.

And btw, by all means reject all of my suggestions …..keep non-living wages, replace Trident, don't bother offering training and apprenticeships to kids for jobs which need doing. Just don't suggest that "there is no alternative", there is – it's called "social democracy".

There is no reason at all why electricity, gas, water, and the banks, can't be nationalised so that their mindbogglingly profits can used for the benefit of everyone.

I don't know if you've noticed, but our government is pretty hard up. I'm also not sure if the utlities would be selling (being as they have a licence to make money out of a natural monopoly), and usually takeovers happen at a good premium.

The reason we have people on poor wages in the UK is that we have free trade with the rest of the world – effectively we've done a deal whereby the rest of the world works to catch up with us, and our wages stand still.

As for training, you're effectively describing supply side economics. Which Gordon Brown has been doing these last 13 years.

Ultimately, you're not talking about social democracy, you're talking about something much more akin to the way warsaw pact economies worked, with self sufficiency and central control.

you're not talking about social democracy

Yep, it straightforward social democracy …………. a mixed economy which provides a universal welfare state.

Unless of course you have another "definition" for social democracy.

our fiscal policy will be written by the IMF and the bond markets.

I always find it amusing when libertarians, so proudly not in thrall to anything or anyone, wet themselves with fear at the thought of what The Market may, or may not do, or may-may-not-may-do. 😉

Once again, sir, I commend to your attention, this slim volume, modestly priced: