Prudent savers being punished - reply from governor boe office

dunstonh

despair wrote: »

its all very easy to criticise others when you do not know the full situation

At least you acknowledge your limitations and lack of knowledge.

Malthusian

despair wrote: »

This has zilch to do with Global anything ..its to do with a bunch of Central Bankers who all get together once a month for an all expenses paid jolly to plot how they can furthur rob the prudent and kick the can down the road

While fondling the little bags of gold round their necks and drinking the blood of Christian babies?

Keep_pedalling

Malthusian wrote: »

While fondling the little bags of gold round their necks and drinking the blood of Christian babies?

You forgot the bit about them being lizard people in human form

Thrugelmir

despair wrote: »

There is no way on earth that robbing savers, pushing house prices out of reach or fuelling a debt mountain in name of consumerism is good for the country or the majority of its citizens

All happened between 1997 and 2007. Since 2008 we've been paying the cost of a boom that never was. Or Brown's folly some would say. The UK maxed out it's credit card big time. A whole generation benefited now it's pay back time.

coastline

Thrugelmir wrote: »

All happened between 1997 and 2007. Since 2008 we've been paying the cost of a boom that never was. Or Brown's folly some would say. The UK maxed out it's credit card big time. A whole generation benefited now it's pay back time.

And after all that time the Tories still planned to match Labours spending despite them running a deficit in the run up to 2007.
Politicans are all the same they're only bothered about getting elected..:D

https://www.youtube.com/watch?v=bR_hfQU-4r0

HUMBUG

Blimey , it seems we still have a load of bankers on these forums defending the indefensible. What a surprise ! Then we have the younger ones saying that the elderly have 'never had it so lucky' . The same elderly who survived 2 world wars, food rationing and doodlebugs. The billions of printed money pumped into the economy (a large slice of that cake gone to the greedy little bankers) still has to be paid back by 'all' of us . Its not a free ride , just another stealth tax and guess who will be lumped with all that debt when the oldies give up the ghost ? Yes the young people. Good luck !

PS.
Here's another little crafty ploy that the bankers have consorted together to punish savers (especially the elderly again who have no access to computers or the internet). When you want to transfer a cash isa from your existing provider to another , there is no process to do it via post . You have to first create a cash ISA account with the new provider 'Online' . Others can't do it for them without a formal 'Power Of Attorney' which costs £110 plus takes about 6 months to process. If perchance you take the risk and open an online account on behalf of your parents (with their permission) without POA , then you can risk losing the savings . Why you may ask? Well if someone hacked into that online account and stole all your parents money , the bank will blame the parents because they gave their security details to a third party (ie, their sons and daughters) without POA. They could in theory say no to a refund of your monies (its a win win for the greedy little piggy bankers). They have got the elderly by the 'short and curlies' , trapping them in low interest cash ISAs or forcing them to lock their monies to longer fixed terms at pitiful low rates (knowing full well that their good mate BOE governor Carney will have to raise interest rates to prevent rampant inflation ). They are all rubbing their grubby little hands together whispering " FILL YER BOOTS ' .

despair

in answer to varying comments!

Millions of elderly have already downsized to a 1 bed unit
how would anyone suggest they downsize from that ? a tent ?

Millions of 30somethings are stuck still living with mum and dad because they
have no hope of buying a house and rents are so high its money down a drain
plus the Buy to Let merchants have or do snap up every 1st and 2nd time property in sight and push up prices in the process

Care homes across the country are closing because Social Services will only pay £450 a week ....dwindling savings,low int rates and the fact its cheaper to pay a live in carer instead solves the inequity of those with savings or a house being fleeced of £900 a week to subsidise Social Services occupants

Many Grandparents were happily helping the young before interest rates and therefore incomes were trashed but now they simply cant so B of E ideas that savers will spend their savings does not wash

As for low rates being Global thats purely because Central Bankers are a cartel that meet every month for an all expenses paid luxury hotel weekend they are all brainwashed into believing they know better than plenty of economists who insist low rates are the cause of problems not the solution
Just as more and more debt and increasing credit card debt is getting everyone nowhere

Penalising those who lived within their means and saved is the most deluded and counter productive policy going and its been dreamt up by a bunch of very rich people sitting on the MPC who have most definitely never known the abject poverty so many people born in the 1930s, and 1940s grew up in and whose prudence is now being punished

None of which makes sound economic sense.

bowlhead99

HUMBUG wrote: »

Blimey , it seems we still have a load of bankers on these forums defending the indefensible. What a surprise !

From being on the forums for a decade and knowing the posting histories of many of the posters in this thread, they are typically not bankers.

However one thing I've seen quite commonly is that when someone wants to complain or have a rant about a company or firm or industry or government, and finds that other people don't agree with their view, the complainant will jump to the conclusion that anyone who is merely an independent commentator offering an unbiased third party perspective *must* must be in a special interest group with a vested interest in arguing with them, or perhaps works for the company, organisation or industry concerned. "Why are you defending them, you must work for them?!" is not an uncommon thing to hear from a consumer that feels they have been wronged.

However, it is often just that the other people on the thread are offering the broad perspective to help explain to the person with the entrenched point of view, the perfectly rational and understandable actions taken by that company, firm, industry or government etc when viewed from a different angle. It doesn't mean that they themselves are a banker, or the chancellor's mate, or even in agreement with government or central bank policy.

Some people are narrow minded and looking out for their own interests and therefore believe that anyone who doesn't agree must be an agent of their enemy - "if you're not with us, you must be with them...". But you should look past that narrow view if you want to better understand how the world works, because there is a lot to be learned from reading alternate perspectives.

Blaming everything on 'greedy little bankers' might help you think that the world is against you and you are powerless, and therefore there is no point you bothering to take certain actions, and no need to blame yourself for your circumstances, because the conspiracy against you by big business and bankers would have screwed you over whatever you do. However, having a wider perspective can help you ascertain alternative options and even if you are at a later stage in your life with no chance to turn back time, at least others may be encouraged to weigh up their own choices.

PS.
Here's another little crafty ploy that the bankers have consorted together to punish savers (especially the elderly again who have no access to computers or the internet). When you want to transfer a cash isa from your existing provider to another , there is no process to do it via post

Yes, I expect the fact that it is massively efficient to operate accounts online-only at the push of a button rather than have people employed sitting in a bank branch opening letters, keying information into computer systems and writing and posting letters in response has nothing to do with why online accounts pay more competitive rates. The reason online accounts pay more is nothing to do with efficiency but is just to make sure that old people get screwed over because society hates old people.

They have got the elderly by the 'short and curlies' , trapping them in low interest cash ISAs or forcing them to lock their monies to longer fixed terms at pitiful low rates (knowing full well that their good mate BOE governor Carney will have to raise interest rates to prevent rampant inflation ). They are all rubbing their grubby little hands together whispering " FILL YER BOOTS ' .

In your world, if the BoE reduce rates to react to local or global economic events, it is because they have grubby little hands and want to screw you out of your hard earned cash. If the BoE instead increase rates to react to local or global economic events it is because they have grubby little hands and are in cahoots with banks who offered you a fixed rate deal to screw you out of your hard earned cash.

What is clear is that the BoE and the financial services sector at large is not going to win a battle of hearts and minds. Whatever 'big picture' issues they are focussing on at a point in time, and whatever policy choices they have available: they are damned if they do and damned if they don't.

despair

Treasury Select Commitee is investigating unintended consequences of QE,low rates etc

They asked JB Hearn to comment on all aspects of current Monetary Policy
His report is online and published on wordpress 27th Feb 2017

Its a very clear, reasoned and very damming report on the policies of B of E

dunstonh

Blimey , it seems we still have a load of bankers on these forums defending the indefensible.

When you are losing the argument and have nothing to counter it then turning to stupid comments like that is usually the next stage.

Then we have the younger ones saying that the elderly have 'never had it so lucky' . The same elderly who survived 2 world wars, food rationing and doodlebugs.

Lets be fair. Most retired were born after WWII.

The billions of printed money pumped into the economy (a large slice of that cake gone to the greedy little bankers) still has to be paid back by 'all' of us .

And it will mostly be paid for by future generations. Just as the borrowing that occurred during the baby boomer years will also have to be paid for by them.

As for low rates being Global thats purely because Central Bankers are a cartel that meet every month for an all expenses paid luxury hotel weekend they are all brainwashed into believing they know better than plenty of economists who insist low rates are the cause of problems not the solution
Just as more and more debt and increasing credit card debt is getting everyone nowhere

The countries that upped their rates without consideration of others found the economic situation worsened and had to reverse the position. A country cannot act by itself nowadays without consideration of the impact it will have on others and what impact others will have on it.

Penalising those who lived within their means and saved is the most deluded and counter productive policy going and its been dreamt up by a bunch of very rich people sitting on the MPC who have most definitely never known the abject poverty so many people born in the 1930s, and 1940s grew up in and whose prudence is now being punished

The baby boomers did not live within their means. The reason the public sector is under so much strain is the amounts borrowed in the lifetimes of the baby boomers.

You have highlighted how the young struggle. you have highlighted how the old struggle. You have given no solution other than one that would damage the economy and cause even further debt. Just because you want a bit more in interest rates.