Guido has written this week about the wheel barrow based monetary policy. We wrote here a while ago about the loss of control over monetary policy by the Bank of England and also noted the change in the Banking Bill which will provide a get out.3The Telegraph reports this today, hopefully to wider audience. Despite my kite flying of a couple of months ago I am utterly against quantitative easing. The only reason the Yanks can get away with it is that they have the Dollar, the world's reserve currency. We don't, we have the sickly British Krona.
This will collapse as capital flies the UK when we begin printing money. The Government will then get its guilt's strike that it is angling for with its insane borrowing policies to escape the borrowing crisis.
Personally, I could do well from high inflation, hugely in debt and with no cash savings, I would find a way out. We will discuss on the blog as time gets nearer how we can all avoid being wiped out; but many won't escape and they will be the oldest and poorest in society.
This will be the legacy of New Labour.
16 comments:
Hurrah for a gilts strike!
I'm back in sterling now, and interest rates are pretty crap, if they have to issue gilts at 30% below par or something to shift them, that's 30% for me.
The thing is that printing money doesn't only transfer wealth from the thrifty to the feckless, it will destroy economic activity overall. It seems that Brown is actively considering it and that is very very worrying. I think at the very least the voters should have some say in the matter.
They may be feeling bad about it but "guilt's strike" seems an over-reaction!
TT - Germany only got 70% of its bonds away last week. They are in a much better position. I don't rule a guilts strike out.
I won't be waiting for a gilts strike.
This is deliberate.
Coming week - zero assets denominated in £
I have to say, I wasn't remotely surprised to see it coming...
I already moved from cash to High dividend shares on scrip.
Got any thoughts as to where to put the money for someone with modest 50 thou saved in (already losing money ISAs)?.For hyperinflation the John Pugsley's book "The Alpha Strategy" seems to have good ideas but what about milder(God help us!)15-20per cent inflation levels?.
anon - as I see it in inflation cash is worthless but assets go up. So houses, shares anything will do ok relatively.
The other thing would be to look at investing in funds or other such in countries that are not suffering from the inflation.
Lots of people seem to suggest buying gold too, but this has been confiscated in extreme times before.
However, I am not a professional advisor so I suggest you ask an IFA or other such qualified person.
;o)
I have both savings and debts in equal measure.
I guess that is the definition of "hedging"!
Buy gold?
More expensive than it was, but still a pretty good hedge, I would have thought.
Watch the press (or more likely the blogs) for hints that "they" are about to limit individual peoples' bullion holdings, or restrict sales in some way "in the national interest", or some such warm horse manure.
If you see any such hints, move fast! It means the endgame is approaching.
but remember - all sales of gold coins or bars require ID and are registered with the man. So if they want to confiscate it - no problem.
Gold is falling at the moment. It will until the deleverage ends which may not be for a few months yet.
The first quality you must possess is the desire to learn, coupled with the willingness to be trained. Treading through unfamiliar territory
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