Comments by "Terence Field" (@terencefield3204) on "The New Statesman"
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Well as a Brit who, thank goodness, egrimated long ago, it was clear that the fraud of housing finance there has acted in a particular way.
This is what has happened.
The banks have created an asset class of real estate equivalent to bonds, but better. Bond prices move with the reciprocal of the rate, but housing does so when interest rates fall, but there is stickiness when they rise. This policy is deliberate, not accidental. Bankers employ the sharpest minds on the planet.
AN example.
After 2007/8, rates fell from about 7-8% down to .5-1.5%.
A fall multiple of about 5-6 times.
The cost to purchase real estate then rose by about 4 times.
The monthly 'affordability' (social fraud calculation) declined.
People then, at the margin, paid 4 x times the prior generation for real estate/ The property buyers thought, quite naively, (and were encouraged to do so!) about affordability per month, not their absurd indebtedness.
NOW
Rates are rising by about 400% to about 7% by next year.
Thus mortgage holders on these inflated asset values will soon be paying gigantic interest charges where they have to refinance rates, on assets that will offer pitiful returns of capital value from now for the next 25 years, given the permanently ruined state of the British non-economy.
Why did it happen?
Most Gentiles are not taught to understand compound interest. They are economically illiterate in the majority.
They have NO concept of value for money, intergenerational wealth, and are prey to a socialist state that removes almost all sense of personal responsibility, opportunity, indeed reality. A history of wide-spread ingrained poverty, lack of expectations, and their general level of education sets them as prey for clever rational well educated and opportunistic financiers
The hard truth about impoverishment and slavery.
In South London there is an agreeable suburb, built in the inter war period, by the name of Worcester Park. As one rides the train to the station there, a weathered sign on a shop building, there for over 50 years advertised that in that inter war period, a new house in Worcester Park could be purchased for about 250 pounds, with garage, 280 pounds. The mortgage was tax deductable with an appropriate endowment policy, which yielded a substantial gain at the end of the mortgage period. Not available now.
Then the single male annual wage was of the order of 120-140 pounds per year.
That is to say, a home there was priced at 2 x single male income. Male, since that is how a kinder society worked then.
Now, that home is priced at in excess of 9 - 10 times single average 'wage'.
Yet you are all told that you are better off than your grand-parents and great grand-parents.
You are lied to, Wholesale.
In effect, you are slaves if both of you have to take out whole-life mortgages for these little houses, and where you have the prospect of losing your home over that lifetime period if one of you becomes ill or dies.
Thus, in real terms, in hard practical terms, you are enslaved. You have, functionally, no liberty.
You have techno-junk, cheap, often quite poisonous food,
Yet you are no-more free than a slave. You MUST work ALL the time or your domestic economy or completely collapses.
And that is not slavery?
Really?
As a generality, Britian is a rentier economy. It has a dreadful housing stock, and as with all other aspects of British life, the grotesque price of all goods and services is a consequence of pitiful capitalisation, not infrequently sweated-labour hours and generalised, accelerating impoverishment.
Yet you all deny the reality.
Why? Can it simply be ignorance? No, something else is going on.
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As a person who for some many years had lived in Britain, lived in France, lived in the United States and travels internationally I can only say that from my perspective, Britain has been a functional disaster since 1945, is now moral failure, is a relative cultural vacuum, and a political obscenity of such now very profound dimensions, that nobody, I know anywhere I go, irrespective of their political affiliations in their local societies, has any much respect or regard for it at all. Very sadly I share the view.
Britain is truly now exceptional in that it is one of the nastiest places to visit ,one of the most unfair and badly governed, ruthless places that I know of. When I was young there it was none of those things. It was very poor, the war had ripped everything from it, but there was a great hope for the future and people were kinder.
Now the poor left rot. The healthcare system does not treat for lack os resources and competent structure, the pension system a disgrace, the road system pitiful, the train system so expensive you can’t use it, the social welfare system for the elderly an utter crime, and the political class from wherever they come behave like dissociated aristocrats and are often simply patronizing swine.
Yesterday I listened to the so-called head of the NHS saying that the system was ‘running hot’’ - arrogant man - what it is doing is failing to meet demand because the model built in the 1940s and unimproved is the worst healthcare model on earth in modern states, except for places like Africa and South Asia and no one has the guts to change it. No one the moral imperative to change it , no politician cares for his own population enough to do anything other than watch people be untreated, or in adequately treated.
For shame.
Elderly people in Britain get 10 minutes social care to get them out of bed and a bowl of cornflakes is almost thrown at them and at night 10 to 15 minutes to put them to bed.
At the same time, tatty opportunistic politicians struct their stuff around the world with the bloody aircraft carriers 2/3 empty of planes, their half a dozen tanks and the interest payments on debt greater than their health service and half the military budget.
They simply look pitiful and ridiculous at cop, 28 when the Indian says to the world, they can’t afford to decarbonize because their people are so poor their domestic budget will not stand the pressure Then he goes on to say that the world is grateful for Britain and its energy changes to date. One could not make up such nonsense, the man is an idiot.
it seems anyone can become Prime Minister of that place now and none of them take it seriously and indeed why the hell would one given everything that has happened there since 1945 where a gentle population has been so poorly and continuously abused by bigots, self interests and political incompetence.
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Very sadly the alternative government of the human demo that is Starmer has just third rate warmed over ideas - a version of 1945 with as much distorted imagination, but this time no great people in it.
Decline in Britain’s precipitous.
It is described by major financial institutions as an emerging i.e., Third World state, 100 years ago it was a monoculture of immense achievement, and surpassing wealth and authority.. it is a pity for all to see.
Towering over this is a no dreadful sectarian BBC dedicated from what I can see to continuous political interference, naked propagandizing with the intention of ensuring that peoples minds are scrambled, and they do not know what is right and true. No, the young British people are stripped of a historically, rigorous context of the past because of this can make little sense can make of the present that is other perverse.
In a super competitive world, there is now no escape from such profound failure, other than by massaging economics, statistics and including areas of activity other European countries do not include in order to pretend that you are doing relatively well
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A local limited conversation, sponsored by State Socialism Weekly. OF COURSE brexit was, is and will be a potent force for the impoverishment of the country, and the ruination of its trade, currency and international connections south of Dover. BUT the cascade of deep failures in Britain are very long in the making, and every aspect of life there is degraded and hard to live with - save for some of the pampered wealthy metropolitan elites.
The failures in Britain stretch back to 1945.
Fantasies, illusions about the reality of the country and the world, serial hopeless incompetence by government after government has led to ratcheting impoverishment and organisational pitiful failure.
This little video seems to entirely avoid any sort of real comprehension.
The tribal based inability to grasp realities there makes for a hopeless future improvement.
How can anything be made better, if you lie to yourself self about the realities that surround you?
It is an impossible task.
The country is declining to a point that precludes real recovery. I get NO sense of anxiety and realism from the people in this video. Rather the reverse. Old faces, old stuff, old future.
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Britian is, as the Dutch Prime Minister said at the time of the lunatic BREXIT vote, entirely destroyed of democracy, rationality, social comprehension, economic future, and any sort of idea of what the place can do.
Well yes, it is obviously a dried husk full of nothing at all but bitter recriminations now, but in all honesty, it was not a whole lot better from 1945 to 2016.
The place has been ripping itself to pieces and scrapping/loathing its past all but continuously since the end of the Second World War.
Dreadful governments every year, a currency that has been a sell since 1945. Class war and now top-down enforced multi-culti and other grotesque tensions and outrages entirely covered up by a media as distorting of reality as the media of the dictatorships.
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@tcm81 Thank you for your question. No, I live in two countries, both republics, both full and sophisticated democracies, both with full protection of citizens under the law. I agree that most people live in oppressive conditions, under appalling abusive dictatorships. If the human population increases, as is projected, to well over 10.5 billions in a coming single human lifetime, with climate change ripping through agriculture, an form of sophisticated human social order, be it democratic or autocratic, will likely collapse as mass starvation and early death overtakes the peoples of a desertifying world. I hope you are content with the society in which you live.
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