It`s different this time

Pobby

WFT? wrote: »

I have been warning about all this for years and years, but no one would listen to me. I said that we would have a credit crunch, and we did. I said we would see Northen Rock get taken into 100% state ownership and it was. I said that if Lloyds bought HBOS they would be dragged under, and they were. I said that the state would end up with a controlling interest in most banks and they did. I said that Lehman brothers would go bust, and they did. I said that we would have interest rates of .5% and we have. I said we would have QE, and we have.

I'm now saying we will have Hyper Inflation, and we will. Will you bet against me after I correctly predicted all the other things? Do what I have done (hence my temporary absence from MSE) and buy a house, right now. Get the largest mortgage you can because the debt will be inflated away in 3 years time and make sure you get a fixed rate mortgage.

Do it today, or pay the price. We will have Hyper Inflation and all you guys waiting to see what happens will lose your savings as they're inflated away. He who hesitates is lost. Hypoer inflation is coming, gibber gibber.

Seriously !!!!!!, and great to have you back, is their any other safe haven for savings now other than buying property?

StevieJ

bendix wrote: »

It is not the banks' job to protect people from themselves. It is their job to lend money at a higher rate than they pay to savers, thus securing a return for their shareholders. They will do this by seeking to lend money, usually with a relatively safe level of collateral to secure the loan.


I'm sorry to be harsh, but I am so fed up of hearing examples like this and blaming the banks for giving people what they asked for, yet assigning no blame to a generation or two of irresponsible, greedy, gotta have it now, financial illiterates.

If they had stuck to that we wouldn't be in the mess we are, oh no they had to get involved with fancy financial instruments that they didn't understand:eek:

jay3_2

WFT? wrote: »

I
I'm now saying we will have Hyper Inflation, and we will. Will you bet against me after I correctly predicted all the other things? Do what I have done (hence my temporary absence from MSE) and buy a house, right now. Get the largest mortgage you can because the debt will be inflated away in 3 years time and make sure you get a fixed rate mortgage.

Do it today, or pay the price. We will have Hyper Inflation and all you guys waiting to see what happens will lose your savings as they're inflated away. He who hesitates is lost. Hypoer inflation is coming, gibber gibber.

True, the real value of your debt will be eroded quickly, but for this to work, it also assumes that your income rises in line with inflation - and I'm not sure I'd like to bet on that. Also, unless you take out a fixed rate mortgage, what level do you think IRs will be in a "hyper inflation" economy?

jay3_2

WFT? wrote: »

Which part of "get a fixed rate mortgage" didn't you understand?

Crikey, calm down, just engaging in a debate here.

Fine, as I said for those who take one out- which won't be everybody. What about income levels? balance of payment deficit? Pensions? No-one will be insulated against high inflation.

Don't get me wrong, a good fixed rate now is a good idea, but there's more to it than that.

Also, can you predict the 3:30 at Epsom for me (only joking)

tomterm8

WFT? wrote: »

Which part of "get a fixed rate mortgage" didn't you understand?

The problem is, the fixed rates tend to last 2 years, and the mortgage tends to last 25 years.

Personally, my big bet has been on oil and small cap mines. It has not paid off so far, but it seems obvious to me that when the economy recovers, those two sectors which have been very badly hit by the bubble bursting will be in demand. They are very good inflation hedges.

jay3_2

WFT? wrote: »

You cant blame me for being a bit tetchy, I am under constant personal attacks from the usual suspects on here, so my natural inclination is to attack everyone.

Ther are no races at Epsom today, but here are my predictions for Chepstow: 2.25 Ironical, 3.00 Sir Pandy, 3.35 Theatre Dance, 4.10 Nemetan, 4.45 Walamo, 5.20 Miss Fleur.

Nice one, sorry I'm new to this forum so don't know the history.

I'm off to the betting shop

Conrad

Thing is, I can borrow at a fixed rate of 4% and refurb property in Germany to get a minimum 11% return, or buy a property in the new Moroccan Plan Azure resorts and get similar.



Not greed, just me looking out for my familys future income.