You may have noticed the return of inflation recently. Supply chain price increases have turned up in Dunnes and Lidl and at the petrol pumps. This is not a temporary phenomenon. Inflation was generated in the US and imported everywhere else. The Federal Reserve was responsible because it tore the arse out of the Money Supply in 2020 when markets crashed.
So what ?
Central Banks will now try to put smacht on inflation by increasing interest rates and reducing liquidity. Share prices will fall. Speculative assets such as Bitcoin have already fallen significantly.
. It could get very messy.
If you want to make money have a look at gold. Gold prices tend to move up when chaos reigns.
https://www.ft.com/content/aeb0990d-8b71-40f1-8a8c-3dbfc49e1122
"Even after the events of March 2020 [the Covid crash], forgetfulness in the markets always returns, and most people are complacent again," he says. Now, though, western central banks and treasuries are much less willing (or able) to rescue institutions, markets or investors. There is just too much official debt to manage at a time of high inflation."
Gold has always been a hedge against inflation,
20% of your portfolio should always be held in physical gold which you should never sell
Next recession? Can't remember finishing the last one!
Just when things couldnt get any worse good old seafood comes up with this thread.
Quote from: Milltown Row2 on February 22, 2022, 08:54:07 PM
Next recession? Can't remember finishing the last one!
Just out of Austerity, into a pandemic and then recession...
Life just doesn't get any better ;D
Don't forget the impending war and the fall of stormont lol.
Quote from: johnnycool on February 23, 2022, 10:17:29 AM
Quote from: Milltown Row2 on February 22, 2022, 08:54:07 PM
Next recession? Can't remember finishing the last one!
Just out of Austerity, into a pandemic and then recession...
Life just doesn't get any better ;D
Think i remember a week back in late 2019 where things were good, could be mistaken though 😃
All them plagues and world wars oer the years bet ye noone ever did a pandemic with a world war straight after.
We win. What do we win?
Quote from: johnnycool on February 23, 2022, 10:17:29 AM
Quote from: Milltown Row2 on February 22, 2022, 08:54:07 PM
Next recession? Can't remember finishing the last one!
Just out of Austerity, into a pandemic and then recession...
Life just doesn't get any better ;D
You forgot the inflation.
However, post pandemic the Irish economy is actually doing rather well, it can afford to slow down a bit without disaster.
Quote from: Itchy on February 23, 2022, 09:56:40 AM
Just when things couldnt get any worse good old seafood comes up with this thread.
Things could get a lot worse before they get worse, Itchy. Monaghan could win the All Ireland.
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
Quote from: seafoid on February 23, 2022, 11:55:20 AM
Quote from: Itchy on February 23, 2022, 09:56:40 AM
Just when things couldnt get any worse good old seafood comes up with this thread.
Things could get a lot worse before they get worse, Itchy. Monaghan could win the All Ireland.
Only if there is nuclear war and every other county in Ireland is nuked. Actually they still probably wouldnt win it!
Quote from: Itchy on February 23, 2022, 01:03:36 PM
Quote from: seafoid on February 23, 2022, 11:55:20 AM
Quote from: Itchy on February 23, 2022, 09:56:40 AM
Just when things couldnt get any worse good old seafood comes up with this thread.
Things could get a lot worse before they get worse, Itchy. Monaghan could win the All Ireland.
Only if there is nuclear war and every other county in Ireland is nuked. Actually they still probably wouldnt win it!
No, they would mutate into having very log arms and being able to shoot with their middle foot.
When's this recession going to hit then? The cost of living is ridiculous at the minute.
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
it's not as if oil is cheap either.
Oil is going through the roof . Highest price since 2011 I believe
Quote from: seafoid on February 24, 2022, 01:15:12 PM
Oil is going through the roof . Highest price since 2011 I believe
and going to get worse. it's bad enough now but you'd really fear for a lot of people next winter.
Quote from: clarshack on February 24, 2022, 01:22:25 PM
Quote from: seafoid on February 24, 2022, 01:15:12 PM
Oil is going through the roof . Highest price since 2011 I believe
and going to get worse. it's bad enough now but you'd really fear for a lot of people next winter.
Sky News - A market analysis has predicted energy bills reaching £3000+ a year
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
I would have said oil will be a bigger concern given electricity can be generated locally
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
Them bsatards with their efficient heating systems
Turf's yer only man ::)
Quote from: Franko on February 24, 2022, 05:21:47 PM
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
Them bsatards with their efficient heating systems
Turf's yer only man ::)
Dude please I haven't been to the moss for turf since I was 16 on strict instructions from my dad. Ball breaker of a place and I think I'd rather freeze or steel the neighbours oil before I'd go back. Seamus Heaney could romanticise anything. I've just ordered a fill of heating oil and Red diesel today as it's up 5p a litre from yesterday.
Quote from: seafoid on February 22, 2022, 06:55:35 PM
You may have noticed the return of inflation recently. Supply chain price increases have turned up in Dunnes and Lidl and at the petrol pumps. This is not a temporary phenomenon. Inflation was generated in the US and imported everywhere else. The Federal Reserve was responsible because it tore the arse out of the Money Supply in 2020 when markets crashed.
Vast bulk of it is being driven by the cost of gas and oil.
With a significantly larger proportion of the average persons income being spent on basic essentials rather than luxuries - the money markets have a proportionally lesser impact.
Quote from: RadioGAAGAA on February 24, 2022, 06:23:53 PM
Quote from: seafoid on February 22, 2022, 06:55:35 PM
You may have noticed the return of inflation recently. Supply chain price increases have turned up in Dunnes and Lidl and at the petrol pumps. This is not a temporary phenomenon. Inflation was generated in the US and imported everywhere else. The Federal Reserve was responsible because it tore the arse out of the Money Supply in 2020 when markets crashed.
Vast bulk of it is being driven by the cost of gas and oil.
With a significantly larger proportion of the average persons income being spent on basic essentials rather than luxuries - the money markets have a proportionally lesser impact.
Money markets got the money. They speculated it.
Gas prices soared. Inflation hit the supply chain. Then it hit the shops. Born in the USA but now everywhere.
Quote from: Franko on February 24, 2022, 05:21:47 PM
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
Them bsatards with their efficient heating systems
Turf's yer only man ::)
Timber
We burn our own timber mainly. Few trees down in the last few days will keep us going for another year
Quote from: manfromdelmonte on February 24, 2022, 07:40:12 PM
Quote from: Franko on February 24, 2022, 05:21:47 PM
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
Them bsatards with their efficient heating systems
Turf's yer only man ::)
Timber
We burn our own timber mainly. Few trees down in the last few days will keep us going for another year
Did they fall into your garden?
Quote from: Milltown Row2 on February 24, 2022, 07:42:12 PM
Quote from: manfromdelmonte on February 24, 2022, 07:40:12 PM
Quote from: Franko on February 24, 2022, 05:21:47 PM
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
Them bsatards with their efficient heating systems
Turf's yer only man ::)
Timber
We burn our own timber mainly. Few trees down in the last few days will keep us going for another year
Did they fall into your garden?
Up the fields.
Quote from: manfromdelmonte on February 24, 2022, 08:54:07 PM
Quote from: Milltown Row2 on February 24, 2022, 07:42:12 PM
Quote from: manfromdelmonte on February 24, 2022, 07:40:12 PM
Quote from: Franko on February 24, 2022, 05:21:47 PM
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
Them bsatards with their efficient heating systems
Turf's yer only man ::)
Timber
We burn our own timber mainly. Few trees down in the last few days will keep us going for another year
Did they fall into your garden?
Up the fields.
Was asking as I don't think they belong to you (if they aren't on your fields) so are you allowed to cut them? Remember a lad I knew was given a warning by the forestry department
Quote from: Solo_run on February 24, 2022, 02:32:38 PM
Quote from: clarshack on February 24, 2022, 01:22:25 PM
Quote from: seafoid on February 24, 2022, 01:15:12 PM
Oil is going through the roof . Highest price since 2011 I believe
and going to get worse. it's bad enough now but you'd really fear for a lot of people next winter.
Sky News - A market analysis has predicted energy bills reaching £3000+ a year
ordered 1000 litres of oil 3 weeks ago and it cost £572. just checked today and 1000 litres is now £682.
18 months ago it would have been less than £280.
Quote from: clarshack on February 25, 2022, 11:30:13 AM
Quote from: Solo_run on February 24, 2022, 02:32:38 PM
Quote from: clarshack on February 24, 2022, 01:22:25 PM
Quote from: seafoid on February 24, 2022, 01:15:12 PM
Oil is going through the roof . Highest price since 2011 I believe
and going to get worse. it's bad enough now but you'd really fear for a lot of people next winter.
Sky News - A market analysis has predicted energy bills reaching £3000+ a year
ordered 1000 litres of oil 3 weeks ago and it cost £572. just checked today and 1000 litres is now £682.
18 months ago it would have been less than £280.
Mental. Same as fuel at the pump. Where is it going to end up!?
I doubt this war will help either.
We'll have to start fracking in Laythrum, Cavan and Fermanagh....
Quote from: Rossfan on February 25, 2022, 12:49:35 PM
We'll have to start fracking in Laythrum, Cavan and Fermanagh....
The Russians or Chinese probably have the Fracking rights.
Quote from: Rossfan on February 25, 2022, 12:49:35 PM
We'll have to start fracking in Laythrum, Cavan and Fermanagh....
This crisis will advance alternative energy technologies but also will cause people to reflect on being sniffy about energy sources in their own backyard, whether it be fracking or the Greens refusing to allow off shore exploration.
Quote from: Milltown Row2 on February 24, 2022, 09:08:00 PM
Quote from: manfromdelmonte on February 24, 2022, 08:54:07 PM
Quote from: Milltown Row2 on February 24, 2022, 07:42:12 PM
Quote from: manfromdelmonte on February 24, 2022, 07:40:12 PM
Quote from: Franko on February 24, 2022, 05:21:47 PM
Quote from: manfromdelmonte on February 23, 2022, 12:00:08 PM
all these people building giant houses relying on electricity to run their underfloor heating could be in for a very nasty shock in the near future
Them bsatards with their efficient heating systems
Turf's yer only man ::)
Timber
We burn our own timber mainly. Few trees down in the last few days will keep us going for another year
Did they fall into your garden?
Up the fields.
Was asking as I don't think they belong to you (if they aren't on your fields) so are you allowed to cut them? Remember a lad I knew was given a warning by the forestry department
Yep. Our own fields.
Price of oil will make solar/electric cars more viable
Quote from: manfromdelmonte on February 25, 2022, 05:08:05 PM
Yep. Our own fields.
Price of oil will make solar/electric cars more viable
Will it?
~35% of electric is produced from gas fired stations.
Quote from: RadioGAAGAA on February 26, 2022, 01:50:35 PM
Quote from: manfromdelmonte on February 25, 2022, 05:08:05 PM
Yep. Our own fields.
Price of oil will make solar/electric cars more viable
Will it?
~35% of electric is produced from gas fired stations.
Yes, but if you charge your car during the night then wind has made up vast majority of generation during recent nights. During the day more gas is used when demand is higher.
Quote from: armaghniac on February 26, 2022, 02:06:24 PM
Quote from: RadioGAAGAA on February 26, 2022, 01:50:35 PM
Quote from: manfromdelmonte on February 25, 2022, 05:08:05 PM
Yep. Our own fields.
Price of oil will make solar/electric cars more viable
Will it?
~35% of electric is produced from gas fired stations.
Yes, but if you charge your car during the night then wind has made up vast majority of generation during recent nights. During the day more gas is used when demand is higher.
Huh, didn't realise that.
I know the grid is massively undersized for coping with a significant shift to EV - but if the majority of power at night can come from non gas sources (and the gas stations can be quickly turned on/off - not always a given) then yeah, that would help.
Quote from: RadioGAAGAA on February 26, 2022, 02:22:46 PM
Quote from: armaghniac on February 26, 2022, 02:06:24 PM
Quote from: RadioGAAGAA on February 26, 2022, 01:50:35 PM
Quote from: manfromdelmonte on February 25, 2022, 05:08:05 PM
Yep. Our own fields.
Price of oil will make solar/electric cars more viable
Will it?
~35% of electric is produced from gas fired stations.
Yes, but if you charge your car during the night then wind has made up vast majority of generation during recent nights. During the day more gas is used when demand is higher.
Huh, didn't realise that.
Demand at 4am is about half of that at 7pm, a lot of days there is enough wind to provide that half. Of course it is not windy some days, and wasn't for much of January.
see https://www.smartgriddashboard.com/#all/wind
I know the grid is massively undersized for coping with a significant shift to EV - but if the majority of power at night can come from non gas sources (and the gas stations can be quickly turned on/off - not always a given) then yeah, that would help.
[/quote]
Again, if people charge at home then the grid can cope fine, as the car is not using more than ovens, tumble driers etc that are not typically in use at 4am. You don't need a fast charger during the night, you can charge in 2 or 3 hours, while you sleep. The ability of the grid to provide a load of rapid charging points on the road is an issue.
On an aside, if you wanted to flee Kyiv in recent days an electric car might not be ideal.
Quote from: armaghniac on February 26, 2022, 03:20:43 PM
Quote from: RadioGAAGAA on February 26, 2022, 02:22:46 PM
Quote from: armaghniac on February 26, 2022, 02:06:24 PM
Quote from: RadioGAAGAA on February 26, 2022, 01:50:35 PM
Quote from: manfromdelmonte on February 25, 2022, 05:08:05 PM
Yep. Our own fields.
Price of oil will make solar/electric cars more viable
Will it?
~35% of electric is produced from gas fired stations.
Yes, but if you charge your car during the night then wind has made up vast majority of generation during recent nights. During the day more gas is used when demand is higher.
Huh, didn't realise that.
Demand at 4am is about half of that at 7pm, a lot of days there is enough wind to provide that half. Of course it is not windy some days, and wasn't for much of January.
see https://www.smartgriddashboard.com/#all/wind
I know the grid is massively undersized for coping with a significant shift to EV - but if the majority of power at night can come from non gas sources (and the gas stations can be quickly turned on/off - not always a given) then yeah, that would help.
Again, if people charge at home then the grid can cope fine, as the car is not using more than ovens, tumble driers etc that are not typically in use at 4am. You don't need a fast charger during the night, you can charge in 2 or 3 hours, while you sleep. The ability of the grid to provide a load of rapid charging points on the road is an issue.
On an aside, if you wanted to flee Kyiv in recent days an electric car might not be ideal.
[/quote]
until you can buy a 2nd hand electric car for 1000 euro, there will not be mass adoption
traditional mechanics can't fix them either so if it breaks down, they rob you for parts, updates and labor
a tesla can be 1200 a month and you don't even own the car, crazy ::)
solar panels on your roof will charge a car almost for free
or charge up a battery which you can use to run most low level stuff in house
night rate on the meter much cheaper for car charging too and then turn on your appliances too - washer, dishwasher,
What is the cost (ball park) forgetting and fitting solar panels?
I assume there are no grants currently.
Diesel 159.1 today in Lurgan. Ridiculous
Quote from: JimStynes on February 27, 2022, 06:17:20 PM
Diesel 159.1 today in Lurgan. Ridiculous
Never noticed when I was in there this morning!
Quote from: LeoMc on February 27, 2022, 03:28:50 PM
What is the cost (ball park) forgetting and fitting solar panels?
I assume there are no grants currently.
There are grants, yes. Just not for batteries.
Quote from: Mikhail Prokhorov on February 27, 2022, 12:34:33 PM
Quote from: armaghniac on February 26, 2022, 03:20:43 PM
Quote from: RadioGAAGAA on February 26, 2022, 02:22:46 PM
Quote from: armaghniac on February 26, 2022, 02:06:24 PM
Quote from: RadioGAAGAA on February 26, 2022, 01:50:35 PM
Quote from: manfromdelmonte on February 25, 2022, 05:08:05 PM
Yep. Our own fields.
Price of oil will make solar/electric cars more viable
Will it?
~35% of electric is produced from gas fired stations.
Yes, but if you charge your car during the night then wind has made up vast majority of generation during recent nights. During the day more gas is used when demand is higher.
Huh, didn't realise that.
Demand at 4am is about half of that at 7pm, a lot of days there is enough wind to provide that half. Of course it is not windy some days, and wasn't for much of January.
see https://www.smartgriddashboard.com/#all/wind
I know the grid is massively undersized for coping with a significant shift to EV - but if the majority of power at night can come from non gas sources (and the gas stations can be quickly turned on/off - not always a given) then yeah, that would help.
Again, if people charge at home then the grid can cope fine, as the car is not using more than ovens, tumble driers etc that are not typically in use at 4am. You don't need a fast charger during the night, you can charge in 2 or 3 hours, while you sleep. The ability of the grid to provide a load of rapid charging points on the road is an issue.
On an aside, if you wanted to flee Kyiv in recent days an electric car might not be ideal.
until you can buy a 2nd hand electric car for 1000 euro, there will not be mass adoption
traditional mechanics can't fix them either so if it breaks down, they rob you for parts, updates and labor
a tesla can be 1200 a month and you don't even own the car, crazy ::)
[/quote] Yeah the price of buying and maintaining them will stop the average person buying one for a few years yet but once they start becoming realistically affordable for the masses, electric cars are the way things are going.
Irish government finances showed a surplus in February and that is before all the Covid payments were stopped.
This whole war thing is going to dampen the economies of the whole world, but at least Ireland is in decent shape coming into it.
Any word on a squeeze being put on OPEC to get the f**king finger out?
Quote from: bennydorano on March 03, 2022, 05:40:48 PM
Any word on a squeeze being put on OPEC to get the f**king finger out?
Keep working from home people..
Less diesel required when you're not commuting
Quote from: clarshack on February 25, 2022, 11:30:13 AM
Quote from: Solo_run on February 24, 2022, 02:32:38 PM
Quote from: clarshack on February 24, 2022, 01:22:25 PM
Quote from: seafoid on February 24, 2022, 01:15:12 PM
Oil is going through the roof . Highest price since 2011 I believe
and going to get worse. it's bad enough now but you'd really fear for a lot of people next winter.
Sky News - A market analysis has predicted energy bills reaching £3000+ a year
ordered 1000 litres of oil 3 weeks ago and it cost £572. just checked today and 1000 litres is now £682.
18 months ago it would have been less than £280.
1000 litres now costing £945. Thank fcuk I filled up when I did.
Quote from: clarshack on March 03, 2022, 08:10:38 PM
Quote from: clarshack on February 25, 2022, 11:30:13 AM
Quote from: Solo_run on February 24, 2022, 02:32:38 PM
Quote from: clarshack on February 24, 2022, 01:22:25 PM
Quote from: seafoid on February 24, 2022, 01:15:12 PM
Oil is going through the roof . Highest price since 2011 I believe
and going to get worse. it's bad enough now but you'd really fear for a lot of people next winter.
Sky News - A market analysis has predicted energy bills reaching £3000+ a year
ordered 1000 litres of oil 3 weeks ago and it cost £572. just checked today and 1000 litres is now £682.
18 months ago it would have been less than £280.
1000 litres now costing £945. Thank fcuk I filled up when I did.
Was £435 for 500L today, so someone is taking the piss, are they buying it in at that rate or have they millions of litres bought at a cheaper price and ripping off customers?
Quote from: Milltown Row2 on March 03, 2022, 08:16:44 PM
Was £435 for 500L today, so someone is taking the piss, are they buying it in at that rate or have they millions of litres bought at a cheaper price and ripping off customers?
(https://i.ibb.co/KjXmfJm/Screenshot-2022-03-03-at-20-35-56-Central-Heating-Oil-Suppliers-Cheap-Boiler-Heater-Oil-Boiler-Juice.png)
Quote from: Milltown Row2 on March 03, 2022, 08:16:44 PM
Quote from: clarshack on March 03, 2022, 08:10:38 PM
Quote from: clarshack on February 25, 2022, 11:30:13 AM
Quote from: Solo_run on February 24, 2022, 02:32:38 PM
Quote from: clarshack on February 24, 2022, 01:22:25 PM
Quote from: seafoid on February 24, 2022, 01:15:12 PM
Oil is going through the roof . Highest price since 2011 I believe
and going to get worse. it's bad enough now but you'd really fear for a lot of people next winter.
Sky News - A market analysis has predicted energy bills reaching £3000+ a year
ordered 1000 litres of oil 3 weeks ago and it cost £572. just checked today and 1000 litres is now £682.
18 months ago it would have been less than £280.
1000 litres now costing £945. Thank fcuk I filled up when I did.
Was £435 for 500L today, so someone is taking the piss, are they buying it in at that rate or have they millions of litres bought at a cheaper price and ripping off customers?
The latter
Retailers are screwing over their customers in every possible aspect.
If the price of a barrel of oil rockets today then retailers bump up their price immediately - the stock they have wasnt the higher price but its a chance to fleece their customers.
Its not as if they drop the retail price immediately when prices come down.
Its a bit like when Covid hit - people were encouraged to go on a Staycation - spend money in the country - yet the hoteliers bumped their prices to screw the people.
All a bunch of c***ts
I think the previous post betrays a lack of familiarity with market forces.
Quote from: armaghniac on March 04, 2022, 09:02:27 AM
I think the previous post betrays a lack of familiarity with market forces.
Yeah I can get that, but if I buy a million barrels of oil at a certain price I'm still making money if I just selling it at the price agreed, in fact I'll have more people coming to my pumps, once it runs out then yes put the prices up to cover the costs.
Its not like they have to ship it in, they have bought it and have had it received at their hold stations. other that the cost of the fuel to deliver it to their petrol stations they are not out that much.
Obviously there are other things to consider but to the ordinary Joe on the street it smells of greed
Quote from: armaghniac on March 04, 2022, 09:02:27 AM
I think the previous post betrays a lack of familiarity with market forces.
Ah the old chestnut.
Market forces or not - the retailer has chosen to charge the public a price which does not reflect the price they paid for their product.
Most sales business' who deal with consumers operate on a 'fair & reasonable profit margin' - what has this got to do with market forces?
Are these the same market forces that made hoteliers rip the arse out of consumers last year?
Or perhaps you are trying to link this to supply & demand?
Problem is that there is no where to store massive quantities of oil at the docks in either Belfast or Derry so this makes the price fluctuate more than in say England.
I got red diesel for the farm last night after waiting a week on it and in that time it had went up £40, oil man was explaining that a ship load of oil could be bought and sold up to 6 times before its even pumped off the tanker at the docks.
The government says the average energy cost for households could be 3k/year which at this moment looks to be a minimum. We are in for a rough ride, if Putin is going down he's sure as hell gona make the majority of us a bit poorer.
Quote from: Taylor on March 04, 2022, 07:54:41 AM
Retailers are screwing over their customers in every possible aspect.
If the price of a barrel of oil rockets today then retailers bump up their price immediately - the stock they have wasnt the higher price but its a chance to fleece their customers.
Its not as if they drop the retail price immediately when prices come down.
Its a bit like when Covid hit - people were encouraged to go on a Staycation - spend money in the country - yet the hoteliers bumped their prices to screw the people.
All a bunch of c***ts
https://twitter.com/eamo976/status/1499440994399444993?s=20&t=Nf2PU68RYELVzecuT3lurQ
Quote from: Taylor on March 04, 2022, 07:54:41 AM
Retailers are screwing over their customers in every possible aspect.
If the price of a barrel of oil rockets today then retailers bump up their price immediately - the stock they have wasnt the higher price but its a chance to fleece their customers.
Its not as if they drop the retail price immediately when prices come down.
Its a bit like when Covid hit - people were encouraged to go on a Staycation - spend money in the country - yet the hoteliers bumped their prices to screw the people.
All a bunch of c***ts
The past two years have shown most folk are a bunch of c***ts.
Oil up to $118.
Russia sanctions are contributing to inflation.
At what point does the government step in and cut the tax rate on fuel, this is not going down anytime soon as its not really to do with supply but more to do with the markets.
Havent missed a day at work since pandemic kicked in except for the period of 10 days where I had COVID at the start. Mrs the same. Both went out when nobody on the roads. Those that worked through it paying for the rest now. There were some lazy hoors and panic merchants out there
Of course the war is just an add on
Quote from: Hereiam on March 04, 2022, 11:43:09 AM
At what point does the government step in and cut the tax rate on fuel, this is not going down anytime soon as its not really to do with supply but more to do with the markets.
No chance. Don't you know there's two years of paying people to stay at home to pay off??
Time for Gaa to consider a price reduction for tickets surely a recognition of the severe rise in prices we are all having to pay.
Quote from: skeog on March 04, 2022, 12:58:35 PM
Time for Gaa to consider a price reduction for tickets surely a recognition of the severe rise in prices we are all having to pay.
You forget their costs are going up too.
County players get paid mileage.
Quote from: skeog on March 04, 2022, 12:58:35 PM
Time for Gaa to consider a price reduction for tickets surely a recognition of the severe rise in prices we are all having to pay.
ticket prices in general aren't too bad, it's everything else associated with match day that's the problem.
Quote from: clarshack on March 04, 2022, 01:04:06 PM
Quote from: skeog on March 04, 2022, 12:58:35 PM
Time for Gaa to consider a price reduction for tickets surely a recognition of the severe rise in prices we are all having to pay.
ticket prices in general aren't too bad, it's everything else associated with match day that's the problem.
Watch it from your cold living room with the coat on ands beers from lidil and you'll save a fortune
Quote from: Taylor on March 04, 2022, 07:54:41 AM
Retailers are screwing over their customers in every possible aspect.
If the price of a barrel of oil rockets today then retailers bump up their price immediately - the stock they have wasnt the higher price but its a chance to fleece their customers.
Its not as if they drop the retail price immediately when prices come down.
Its a bit like when Covid hit - people were encouraged to go on a Staycation - spend money in the country - yet the hoteliers bumped their prices to screw the people.
All a bunch of c***ts
Was told by someone reliable Diesel will be £2 a litre by next week!
Quote from: Milltown Row2 on March 04, 2022, 01:21:02 PM
Quote from: clarshack on March 04, 2022, 01:04:06 PM
Quote from: skeog on March 04, 2022, 12:58:35 PM
Time for Gaa to consider a price reduction for tickets surely a recognition of the severe rise in prices we are all having to pay.
ticket prices in general aren't too bad, it's everything else associated with match day that's the problem.
Watch it from your cold living room with the coat on ands beers from lidil and you'll save a fortune
sounds like a plan!
Quote from: screenexile on March 04, 2022, 04:03:25 PM
Quote from: Taylor on March 04, 2022, 07:54:41 AM
Retailers are screwing over their customers in every possible aspect.
If the price of a barrel of oil rockets today then retailers bump up their price immediately - the stock they have wasnt the higher price but its a chance to fleece their customers.
Its not as if they drop the retail price immediately when prices come down.
Its a bit like when Covid hit - people were encouraged to go on a Staycation - spend money in the country - yet the hoteliers bumped their prices to screw the people.
All a bunch of c***ts
Was told by someone reliable Diesel will be £2 a litre by next week!
I'll be cycling to work! Have half a stone to shift, 2 birds!
Quote from: clarshack on March 04, 2022, 04:04:55 PM
Quote from: Milltown Row2 on March 04, 2022, 01:21:02 PM
Quote from: clarshack on March 04, 2022, 01:04:06 PM
Quote from: skeog on March 04, 2022, 12:58:35 PM
Time for Gaa to consider a price reduction for tickets surely a recognition of the severe rise in prices we are all having to pay.
ticket prices in general aren't too bad, it's everything else associated with match day that's the problem.
Watch it from your cold living room with the coat on ands beers from lidil and you'll save a fortune
sounds like a plan!
Sure the c***ts are trying to introduce minimum alcohol price per unit in the north as well ffs, it's never ending the price gouging.
Reducing Dependence on Russian Energy Is More Realistic Than You Think
https://www.bloomberg.com/opinion/articles/2022-03-04/reducing-dependence-on-russian-energy-is-more-realistic-than-you-think?sref=866aH6XX
"At the other end of the spectrum, there is OPEC+. Amid triple-digit oil prices spurred by the actions of a leading member, the self-styled guardian of oil-market stability held a brief meeting this week where it essentially put its fingers in its ears and chanted "la, la, la! I can't heeaaar youuuuuuu!"
Quote from: bennydorano on March 04, 2022, 05:53:15 PM
Quote from: clarshack on March 04, 2022, 04:04:55 PM
Quote from: Milltown Row2 on March 04, 2022, 01:21:02 PM
Quote from: clarshack on March 04, 2022, 01:04:06 PM
Quote from: skeog on March 04, 2022, 12:58:35 PM
Time for Gaa to consider a price reduction for tickets surely a recognition of the severe rise in prices we are all having to pay.
ticket prices in general aren't too bad, it's everything else associated with match day that's the problem.
Watch it from your cold living room with the coat on ands beers from lidil and you'll save a fortune
sounds like a plan!
Sure the c***ts are trying to introduce minimum alcohol price per unit in the north as well ffs, it's never ending the price gouging.
Need to either start brewing my own or invest in some heat lamps and seeds!
Quote from: Milltown Row2 on March 04, 2022, 06:34:21 PM
Need to either start brewing my own or invest in some heat lamps and seeds!
Sure it would nearly be cheaper to buy the stuff than run the heat lamps at this stage.
3500 U15s in a nightclub for teenboopers. 18 euro a head. Capacity of niteclub 1300, this was 3 weeks ago. Would explain the current high Covid rates around the greater Letterkenny area. Greedy pr&cks.
Couldn't imagine the carnage if a fire broke out.
I drove by a petrol station this morning, it was1:49 cheaper than most, by the time I called in this evening it had jumped to 1:64, biggest 1 day increase I ever seen.
A place in Coalisland has diesel at 169.9. The Cohannon is 150.9. Big differences between places so look around.
https://www.ft.com/content/1b517f6d-9056-41ba-9d1e-324e495b5041
Top shale oil boss warns US can't replace any Russia shortfall
Pioneer's Scott Sheffield warns crude could hit $200 in event of western energy embargo
In the south, Applegreen announced they are putting through a 'substantial' increase first thing this morning. Not sure how much that is, but unusual to come out with a statement like that. Probably worth keeping an eye out today for other providers who haven't increased yet and filling up - as everyone else is bound to follow suit shortly (if they haven't already!)
https://www.ft.com/content/1b517f6d-9056-41ba-9d1e-324e495b5041
West Texas Intermediate crude was $112 a barrel on Friday, 90 per cent higher than a year ago.
https://www.ft.com/content/e315f100-1de9-42c4-a5a3-8a1245664641
EU stagflation looks highly likely," Michael Hartnett, chief investment strategist at BofA, said in a note on Friday, referring to the combination of weak economic growth and high inflation that he expected to follow the outbreak of war between Russia and Ukraine.
Stagflation means inflation is higher than payrises
https://www.ft.com/content/7614f65b-f584-4f76-9c3e-8d0d7f211d87Pl
Russia accounts for roughly 10 per cent of global oil production and supplies 40 per cent of the EU's gas, meaning any future sanctions placed on the country's largest fossil fuel groups could further inflate prices, which have already soared to record highs. A weaker euro accentuates that rise in prices still further. Prices for coal, aluminium and wheat, all of which are exported in vast quantities by Russia, have also soared in recent weeks. Rising prices, along with western sanctions on Moscow and the rising risk of "financial market accidents", now threatened a global recession, Hartnett said.
It is a good job that there some big oil tanks in South Armagh.
Saudi Arabia could put their oil production through the roof if they wanted to, but doesn't suit them.
Its astonishing how prices for oil have nearly doubled in 5 weeks, I am sure oil distributors ensured all their stock went out at the profit margins they bought it for before the hikes!
Quote from: Average Score on March 07, 2022, 03:33:46 PM
Its astonishing how prices for oil have nearly doubled in 5 weeks, I am sure oil distributors ensured all their stock went out at the profit margins they bought it for before the hikes!
Yep prices are rising but the price at the pumps is been put up very quickly on the forecourts to get maximum profit.
Quote from: Cavan19 on March 07, 2022, 03:39:33 PM
Quote from: Average Score on March 07, 2022, 03:33:46 PM
Its astonishing how prices for oil have nearly doubled in 5 weeks, I am sure oil distributors ensured all their stock went out at the profit margins they bought it for before the hikes!
Yep prices are rising but the price at the pumps is been put up very quickly on the forecourts to get maximum profit.
Some have, and remember those for the future. But they only get a couple of days benefit from this they way things are .
Seen a garage in Turf lodge west Belfast.. 1.61 for petrol! Must have a few bob in those areas ???
The war is driving inflation higher so the medicine to get inflation down will hurt more.
About 1100 quid for 1000L of home heating oil at the min. We got 1000L for 590 quid 2.5 weeks ago. Madness.
Heard a fella on RTE radio earlier say that they're not sending their trawler out as it now costs E22 grand to fish for a week whereas a year ago it was 10 grand and the margins just aren't in the quotas now.
Quote from: Tony Baloney on March 07, 2022, 08:43:36 PM
About 1100 quid for 1000L of home heating oil at the min. We got 1000L for 590 quid 2.5 weeks ago. Madness.
Heard a fella on RTE radio earlier say that they're not sending their trawler out as it now costs E22 grand to fish for a week whereas a year ago it was 10 grand and the margins just aren't in the quotas now.
I remember LCC were doing a 1000ltrs for under well £300 (can't remember the exact price) around April / May of 2020
Drove by two petrol stations about 15 mile apart today.
One was 190.9 and the other was 154.9 for Diesel.
Quote from: toby47 on March 08, 2022, 09:14:19 AM
Drove by two petrol stations about 15 mile apart today.
One was 190.9 and the other was 154.9 for Diesel.
190.9!! is it special diesel?
Folk are greedy bastards shock!
Quote from: Milltown Row2 on March 08, 2022, 09:49:59 AM
Quote from: toby47 on March 08, 2022, 09:14:19 AM
Drove by two petrol stations about 15 mile apart today.
One was 190.9 and the other was 154.9 for Diesel.
190.9!! is it special diesel?
Standard diesel, madness. Would genuinely be shocked if they've sold 1 litre at that price.
€1.96.9 and €1.99.9 per litre for diesel locally .
Heard it's up to €2.06.9 in places to the East of us.
https://www.ft.com/content/169e54db-d913-4527-bd43-97cdf934e93a
European natural gas prices rose as much as 33 per cent to €285 a megawatt hour after Russia warned that it could cut off supplies to the region in response to western sanctions. Futures linked to TTF, the region's wholesale gas price, later fell back to about €213. A year ago, these contracts traded at about €16.
200.00 everywhere around town this evening
Was 188.00 on my travels this morning
https://www.ft.com/content/169e54db-d913-4527-bd43-97cdf934e93a
gold rose 2.4 per cent to $2,045 a troy ounce. The haven asset had topped the $2,000 threshold in the previous session for the first time since August 2020.
Things may get a lot worse before they get worse
https://www.ft.com/content/2c2fe5a8-f9a4-4c38-bd61-030a88aea4da
The head of Volkswagen, Europe's largest carmaker, has warned that a prolonged war in Ukraine risks being "very much worse" for the region's economy than the coronavirus pandemic.
The interruption to global supply chains "could lead to huge price increases, scarcity of energy and inflation", Herbert Diess, chief executive of the German carmaker, told the Financial Times. "It could be very risky for the European and German economies."
Quote from: seafoid on March 10, 2022, 01:14:43 PM
Things may get a lot worse before they get worse
https://www.ft.com/content/2c2fe5a8-f9a4-4c38-bd61-030a88aea4da
The head of Volkswagen, Europe's largest carmaker, has warned that a prolonged war in Ukraine risks being "very much worse" for the region's economy than the coronavirus pandemic.
The interruption to global supply chains "could lead to huge price increases, scarcity of energy and inflation", Herbert Diess, chief executive of the German carmaker, told the Financial Times. "It could be very risky for the European and German economies."
Heard yesterday that BMW place in midlands (Hams Hall) has gone on shut down because its main line of parts supply a factory in Ukraine ceased to exist this week.
Apple shares were at 182 on 3 January. They were at 138 yesterday.
It's all mechanical. The discount rate used to value the shares went from 1% to 2.5% because the Fed is fighting inflation.
The Fed is fighting inflation by raising interest rates.
If the discount rate goes to 5% the share price would be expected to fall to 90.
At 7% the share price would be 65.
It will work in reverse when inflation has been extinguished. Say you buy the shares at 65. They might go back to 182
Quote from: seafoid on May 24, 2022, 09:45:26 AM
Apple shares were at 182 on 3 January. They were at 138 yesterday.
It's all mechanical. The discount rate used to value the shares went from 1% to 2.5% because the Fed is fighting inflation.
The Fed is fighting inflation by raising interest rates.
If the discount rate goes to 5% the share price would be expected to fall to 90.
At 7% the share price would be 65.
It will work in reverse when inflation has been extinguished. Say you buy the shares at 65. They might go back to 182
it for this reason Joing the euro has had capped Ireland so much in relation to Inflation .
The ECB keep rates to suit the large economies and this leave us defenseless and cost us billions.
All because people cant be arse going to a bureau de change in spain on their holidays
?
https://www.belfasttelegraph.co.uk/business/northern-ireland/cost-of-living-concerns-likely-behind-129-decline-in-footfall-for-ni-shopping-centres-41716342.html
Northern Ireland shopper numbers were lower in May than in April, with concerns that the cost-of-living crisis is affecting spending habits, according to a report today .
The data from the Northern Ireland Retail Consortium and Sensormatic IQ, which compares footfall with the pre-pandemic figures of 2019, showed it had declined by 12.9% in May, which was 1.2 percentage points worse than April.
It was also steeper than the UK average decline of 12.5% on 2019.
Households are struggling with soaring energy prices and inflation of 9%, which may now be affecting discretionary spending. Shopping centre footfall in Northern Ireland had slumped by 12.8% compared to May 2019, which was worse than a decline of 12.4% in April.
Wants the online shopping market like?
https://www.ft.com/content/64295857-45a5-4885-a2a9-344e7f249761
According to estimates published by the Fed on Friday, which are purely based on theoretical policy rules the central bank uses as guideposts but does not "mechanically" follow, interest rates should be between 4 and 7 per cent given the current economic backdrop.
Quote from: seafoid on June 22, 2022, 12:41:00 PM
https://www.ft.com/content/64295857-45a5-4885-a2a9-344e7f249761
According to estimates published by the Fed on Friday, which are purely based on theoretical policy rules the central bank uses as guideposts but does not "mechanically" follow, interest rates should be between 4 and 7 per cent given the current economic backdrop.
If interest rates were at between 4% and 7%, a lot of keys would be handed back I'd say.
Quote from: marty34 on June 22, 2022, 03:03:44 PM
Quote from: seafoid on June 22, 2022, 12:41:00 PM
https://www.ft.com/content/64295857-45a5-4885-a2a9-344e7f249761
According to estimates published by the Fed on Friday, which are purely based on theoretical policy rules the central bank uses as guideposts but does not "mechanically" follow, interest rates should be between 4 and 7 per cent given the current economic backdrop.
If interest rates were at between 4% and 7%, a lot of keys would be handed back I'd say.
first got our mortgage in 2003 when interest rates were at 3.75%. I asked the mortgage advisor at the time what would happen if rates shot up like they did in the early 90's and he said the same thing that a lot of keys would be handed back, but it would be in the government's interest for that not to happen.
Quote from: clarshack on June 22, 2022, 03:50:31 PM
Quote from: marty34 on June 22, 2022, 03:03:44 PM
Quote from: seafoid on June 22, 2022, 12:41:00 PM
https://www.ft.com/content/64295857-45a5-4885-a2a9-344e7f249761
According to estimates published by the Fed on Friday, which are purely based on theoretical policy rules the central bank uses as guideposts but does not "mechanically" follow, interest rates should be between 4 and 7 per cent given the current economic backdrop.
If interest rates were at between 4% and 7%, a lot of keys would be handed back I'd say.
first got our mortgage in 2003 when interest rates were at 3.75%. I asked the mortgage advisor at the time what would happen if rates shot up like they did in the early 90's and he said the same thing that a lot of keys would be handed back, but it would be in the government's interest for that not to happen.
what's the story with mortgages back home? I got a variable +0.75% there about three years ago when Euribor was at around -0.5%. Switched to fixed towards start of year at 0.75% for the remaining period (22 years).
Was talking to a friend who bought in Dublin, said that banks wouldn't offer full-term fixed mortgage? Is that standard? Seems crazy.
On the other hand, with talk of giving back keys, take it then that banks are on the hook for any shortfall if repossessed house doesn't cover the loan? Can't just do that here, they'll repossess the house and you'll still be on the hook for any shortfall.
Last time we got a fixed mortgage rate Danske Bank wouldn't offer anymore than 5 years.
I know Nationwide had 10 year fixed deals but not sure if they still have them.
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
What is the story with zero hour contracts down south? Is there such a thing?
Quote from: imtommygunn on August 04, 2022, 07:26:06 PM
What is the story with zero hour contracts down south? Is there such a thing?
Legislation in 2018 banned the practice in most cases.
Ah that's good. I was wondering were the stats skewed by this. Good they're not.
Things gone bad, worse than 2007. Still think the craic in the Ukraine been used to hid the clusterfuck that is Brexit. Its barely mentioned on TV as a possible cause. Covid didn't help the situation either.
Agreed. Brexit makes zero sense at all and they have basically "doubled down" on it and pulled this nationalism card. It is wrecking the economy- trashing it tbh. Some boys with a pile of money somewhere I suspect gaining somehow and the rest of us paying for it.
Did people save much money through Covid?
Hear all these reports about how, with no travelling to work and no holidays etc., people saved a lot of money.
I find it hard to believe that people saved a lot of money.
Quote from: marty34 on August 04, 2022, 10:54:18 PM
Did people save much money through Covid?
Hear all these reports about how, with no travelling to work and no holidays etc., people saved a lot of money.
I find it hard to believe that people saved a lot of money.
Some people wouldn't save money if you put them in a jail cell, but most people did save on outgoings that they were unable to make.
Quote from: armaghniac on August 04, 2022, 07:16:14 PM
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
Get SF in quick to sort that out
Quote from: marty34 on August 04, 2022, 10:54:18 PM
Did people save much money through Covid?
Hear all these reports about how, with no travelling to work and no holidays etc., people saved a lot of money.
I find it hard to believe that people saved a lot of money.
A lot of people spruced up their houses with whatever extra disposable income they had.
Quote from: clarshack on August 04, 2022, 11:21:55 PM
Quote from: marty34 on August 04, 2022, 10:54:18 PM
Did people save much money through Covid?
Hear all these reports about how, with no travelling to work and no holidays etc., people saved a lot of money.
I find it hard to believe that people saved a lot of money.
A lot of people spruced up their houses with whatever extra disposable income they had.
Running a house, kids and cars etc. even through Covid still was costly though.
Just a general point that house prices were going up as people had saved moved for deposits etc. for houses but I'm just saying there's a lot of savings in say £1000.
Quote from: Fear Bun Na Sceilpe on August 04, 2022, 11:14:14 PM
Quote from: armaghniac on August 04, 2022, 07:16:14 PM
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
Get SF in quick to sort that out
That obsession is going to eat you up.
Quote from: armaghniac on August 04, 2022, 07:16:14 PM
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
Inflation is the big problem! And in general, the cure for inflation involves recession and unemployment. This is a global issue and the 26 will not be immune.
Should be added, the disruption of Brexit means that the UK is more exposed.
Quote from: APM on August 05, 2022, 10:27:22 AM
Quote from: armaghniac on August 04, 2022, 07:16:14 PM
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
Inflation is the big problem! And in general, the cure for inflation involves recession and unemployment. This is a global issue and the 26 will not be immune.
Should be added, the disruption of Brexit means that the UK is more exposed.
2.3%
The unemployment rate in Northern Ireland fell back to its record low in the first quarter of this year, official figures suggest. The rate in the period January to March was 2.3%, a statistically significant fall of 1.2 percentage points over the year.
I'd have thought unemployment has fallen in most places? There are loads of jobs available
Quote from: Milltown Row2 on August 05, 2022, 10:32:27 AM
Quote from: APM on August 05, 2022, 10:27:22 AM
Quote from: armaghniac on August 04, 2022, 07:16:14 PM
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
Inflation is the big problem! And in general, the cure for inflation involves recession and unemployment. This is a global issue and the 26 will not be immune.
Should be added, the disruption of Brexit means that the UK is more exposed.
2.3%
The unemployment rate in Northern Ireland fell back to its record low in the first quarter of this year, official figures suggest. The rate in the period January to March was 2.3%, a statistically significant fall of 1.2 percentage points over the year.
I'd have thought unemployment has fallen in most places? There are loads of jobs available
Unemployment is very low. We are almost at full-employment and in general, have been for the last few years and businesses across Western Europe and the West in general have been struggling with labour shortages, even before Covid. Economies have been over-heating for some time and inflation has been building in the background as a result. Don't think this is going to be pretty.
Quote from: Milltown Row2 on August 05, 2022, 10:32:27 AM
Quote from: APM on August 05, 2022, 10:27:22 AM
Quote from: armaghniac on August 04, 2022, 07:16:14 PM
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
Inflation is the big problem! And in general, the cure for inflation involves recession and unemployment. This is a global issue and the 26 will not be immune.
Should be added, the disruption of Brexit means that the UK is more exposed.
2.3%
The unemployment rate in Northern Ireland fell back to its record low in the first quarter of this year, official figures suggest. The rate in the period January to March was 2.3%, a statistically significant fall of 1.2 percentage points over the year.
I'd have thought unemployment has fallen in most places? There are loads of jobs available
Still plenty of "economically inactive" here in the 6 counties, those that aren't looking for work for various reasons
Quote from: APM on August 05, 2022, 10:27:22 AM
Inflation is the big problem! And in general, the cure for inflation involves recession and unemployment. This is a global issue and the 26 will not be immune.
Should be added, the disruption of Brexit means that the UK is more exposed.
I don't think the 26 will be unaffected, although I think that its mix of industries will reduce the damage. However, I am old enough to remember when inflation was greater than 10% and unemployment was also greater than 10%.
Quote from: Kidder81 on August 05, 2022, 11:05:16 AM
Quote from: Milltown Row2 on August 05, 2022, 10:32:27 AM
Quote from: APM on August 05, 2022, 10:27:22 AM
Quote from: armaghniac on August 04, 2022, 07:16:14 PM
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
Inflation is the big problem! And in general, the cure for inflation involves recession and unemployment. This is a global issue and the 26 will not be immune.
Should be added, the disruption of Brexit means that the UK is more exposed.
2.3%
The unemployment rate in Northern Ireland fell back to its record low in the first quarter of this year, official figures suggest. The rate in the period January to March was 2.3%, a statistically significant fall of 1.2 percentage points over the year.
I'd have thought unemployment has fallen in most places? There are loads of jobs available
Still plenty of "economically inactive" here in the 6 counties, those that aren't looking for work for various reasons
Of course and if you are giving people a lifestyle that means they are comfortable for their needs then why would they work, its not helped by minimum wages being as they or zero hour contracts are, this is not allowing people to get a work culture or ethic
https://www.belfasttelegraph.co.uk/business/northern-ireland/is-northern-ireland-heading-for-a-recession-leading-economist-has-his-say-as-cost-of-living-crisis-grips-41885204.html
Quote from: APM on August 05, 2022, 10:52:36 AM
Quote from: Milltown Row2 on August 05, 2022, 10:32:27 AM
Quote from: APM on August 05, 2022, 10:27:22 AM
Quote from: armaghniac on August 04, 2022, 07:16:14 PM
The recession is not arriving in the 26 counties just yet. The unemployment rate has just fallen to its lowest level in 21 years in July at just 4.2pc and government revenue this July is up 19% on last year, a lot of this is corporation tax but income tax and vat are up also. No doubt there are people feeling some issues with price rises, but by historical standards these are the good times.
Inflation is the big problem! And in general, the cure for inflation involves recession and unemployment. This is a global issue and the 26 will not be immune.
Should be added, the disruption of Brexit means that the UK is more exposed.
2.3%
The unemployment rate in Northern Ireland fell back to its record low in the first quarter of this year, official figures suggest. The rate in the period January to March was 2.3%, a statistically significant fall of 1.2 percentage points over the year.
I'd have thought unemployment has fallen in most places? There are loads of jobs available
Unemployment is very low. We are almost at full-employment and in general, have been for the last few years and businesses across Western Europe and the West in general have been struggling with labour shortages, even before Covid. Economies have been over-heating for some time and inflation has been building in the background as a result. Don't think this is going to be pretty.
Yeah BOE boss getting a bit of grief now.
People saying they left it too late pushing up the interest rates.
Funny enough, there was 1 person in their BOE monetary group who voted not to put the rates up.
Maybe Britain excludes OWC. I suppose if it did the DUP would complain. It would prefer economic carnage under the Brits than productivity growth and payrises in Ireland
https://www.ft.com/content/571dbb52-971f-49e5-9159-3bc73b497742
Britain faces a protracted recession and the worst squeeze in living standards in more than 60 years after the Bank of England raised interest rates sharply and forecast inflation would hit 13 per cent by the end of the year. The Bank's nine-member Monetary Policy Committee voted 8-1 to raise interest rates by 0.5 percentage points to 1.75 per cent on Thursday, the biggest increase in 27 years.
I'm no economist, but the current rise in inflation, is it not being driven by supply chain issues (Brexit/Russian Oil/Gas) and Corporate greed rather than too much spending and not enough demand?
Raising the interest rates will have a huge impact on those with mortgages and may already feel squeezed by the prices of everything else going up and could lead to a lot of defaulting!
I struggle to see how that is going to reduce inflation.
Quote from: johnnycool on August 05, 2022, 01:01:07 PM
I'm no economist, but the current rise in inflation, is it not being driven by supply chain issues (Brexit/Russian Oil/Gas) and Corporate greed rather than too much spending and not enough demand?
Raising the interest rates will have a huge impact on those with mortgages and may already feel squeezed by the prices of everything else going up and could lead to a lot of defaulting!
I struggle to see how that is going to reduce inflation.
Are most people not on fixed rate mortgages ?
A lot arent. Thousands.
And those fixed rates come to an end and the new rates will be much higher..
Quote from: johnnycool on August 05, 2022, 01:01:07 PM
I'm no economist, but the current rise in inflation, is it not being driven by supply chain issues (Brexit/Russian Oil/Gas) and Corporate greed rather than too much spending and not enough demand?
Raising the interest rates will have a huge impact on those with mortgages and may already feel squeezed by the prices of everything else going up and could lead to a lot of defaulting!
I struggle to see how that is going to reduce inflation.
I'd say interest rates will go up next month again and for a few months at a steady pace.
I wonder how high they'll go up?
Quote from: johnnycool on August 05, 2022, 01:01:07 PM
I'm no economist, but the current rise in inflation, is it not being driven by supply chain issues (Brexit/Russian Oil/Gas) and Corporate greed rather than too much spending and not enough demand?
Raising the interest rates will have a huge impact on those with mortgages and may already feel squeezed by the prices of everything else going up and could lead to a lot of defaulting!
I struggle to see how that is going to reduce inflation.
Supply chains are part of the issue.
Another big factor is QE:
https://www.bankofengland.co.uk/monetary-policy/quantitative-easing
Quote from: marty34 on August 05, 2022, 01:14:32 PM
Quote from: johnnycool on August 05, 2022, 01:01:07 PM
I'm no economist, but the current rise in inflation, is it not being driven by supply chain issues (Brexit/Russian Oil/Gas) and Corporate greed rather than too much spending and not enough demand?
Raising the interest rates will have a huge impact on those with mortgages and may already feel squeezed by the prices of everything else going up and could lead to a lot of defaulting!
I struggle to see how that is going to reduce inflation.
I'd say interest rates will go up next month again and for a few months at a steady pace.
I wonder how high they'll go up?
https://www.ft.com/content/88a23f52-e225-4fd4-b812-46a7fe4ef630
"Decio Nascimento, chief investment officer at hedge fund firm Norbury Partners, which is up about 7 per cent this year, says market confidence in how quickly US inflation will fall back to 2 per cent is "preposterous" compared with historical precedent. Odey, meanwhile, expects the market's "cast-iron belief" that the Fed has done enough to control inflation will be undermined this autumn. As markets adjust, he expects large sell-offs in conventional government bonds and big gains in index-linked bonds"
Interest rates could easily go to 6-8%
If they do go for 30 year bond ETFs when inflation is dead because the returns will be fantastic.
At 8% a thirty year bond is worth 11.48
At 1% a thirty year bond increases in value to 26.03, a return of 127%.
#seniorhurling
https://www.ft.com/content/25451156-434a-4c36-96ef-774d99c89688
In the International Energy Agency's judgment, it is quite possible that global oil production will be inadequate to meet demand as soon as next year.
American shale cannot expand at the same rate again. Although the largest US shale oil formation — the Permian Basin in western Texas and south-eastern New Mexico — is projected to reach record output next month, overall US output is still more than 1mn barrels per day below what it was in 2019..
The best geological prospects for a game changer akin to what happened in the 2010s lie with the huge Bazhenov shale oil formation in Siberia. But western sanctions mean that the prospect of western oil majors helping Russia technologically is a geopolitical dead end.
Running electricity grids on solar and wind base loads will require technological breakthroughs on storage. It is impossible to plan with any confidence what progress will have materialised in 10 years, let alone next year.
The only way forward is realism for the short term, recognising that there is no way back to cheap energy, allied to radical, long-term ambition.
This coming winter will bring a reckoning. Western governments must either invite economic misery on a scale that would test the fabric of democratic politics in any country, or face the fact that energy supply constrains the means by which Ukraine can be defended.
In the very short term we have to manage this. In the medium term we need more nuclear. In the longer term the renewables can be pushed on.
https://www.ft.com/content/bac15cb3-bbc4-48bf-88d0-7b67ad4949e7
AC: We will necessarily see a slowdown. As a matter of fact, it's a desired slowdown in the short term, because that will establish the conditions for much better growth in the medium term. And I think the key aspect that will really determine how deep the economy could go down, is the nexus between the real sector and the financial sector.
https://www.ft.com/content/778e65e1-6ec5-4fd7-98d5-9d701eb29567
UK and European wholesale natural gas prices are already trading at close to 10 times normal levels and other forecasters have also raised their inflation predictions
The Union is a liability for the North at this stage
https://www.ft.com/content/778e65e1-6ec5-4fd7-98d5-9d701eb29567
It added that the shifts would lead to inflation "entering the stratosphere". "We now expect CPI inflation to peak at over 18 per cent in January," said Benjamin Nabarro, chief UK economist at Citi.
UK and European wholesale natural gas prices are already trading at close to 10 times normal levels and other forecasters have also raised their inflation predictions.
Goldman Sachs and EY said they expected an inflation rate of at least 15 per cent around the start of next year and the Bank of England said this month that inflation would exceed 13 per cent towards the end of the year.
Nabarro said Citi's new forecasts had taken account of a 25 per cent increase in wholesale gas prices last week and a 7 per cent rise in wholesale electricity prices.
"Even with the economy softening, last week's data reaffirmed the continued risk of pass through from headline inflation into wage and domestic price setting could accelerate,"
The rate of inflation has exceeded expectations in most months of this year as price rises have spread through the economy. The ONS said it stood at 10.1 per cent in July, the highest level in more than 40 years and the highest rate among G7 countries.
https://www.cnbc.com/video/2022/10/11/says-strategist.html
While prices remain high, the energy price situation is moving in the right direction generally
https://www.euronews.com/my-europe/2022/10/10/europes-gas-prices-reach-three-month-low-as-consumer-demand-and-industrial-production-decl
"Energy crisis: Europe's gas prices hit three-month low as demand falls"
Its late Autumn .....How can demand be falling?
Quote from: theskull1 on October 11, 2022, 04:22:25 PM
"Energy crisis: Europe's gas prices hit three-month low as demand falls"
Its late Autumn .....How can demand be falling?
Companies changing how people work, energy saving, higher costs cutting energy use etc
Most people working from home have been working from home solidly for more than 2 years seafoid, so that argument doesn't hold IMO.
Will I understand that a lot of people will indeed be turning off lights they don't need and will turning down the thermostat as well to save on energy use, that surely is going to be offset by the increasingly darker evenings and colder temperatures?
Quote from: seafoid on October 11, 2022, 04:46:36 PM
Quote from: theskull1 on October 11, 2022, 04:22:25 PM
"Energy crisis: Europe's gas prices hit three-month low as demand falls"
Its late Autumn .....How can demand be falling?
Companies changing how people work, energy saving, higher costs cutting energy use etc
Big users of gas may have changed to oil, or reduced production. People cutting back is in the ha'penny place.
NI food inflation
https://www.belfasttelegraph.co.uk/news/uk/how-everyday-food-items-have-risen-in-price-in-the-past-12-months-42078625.html
Here are some examples of how the cost of food has risen in the past year.
The figures are based on the Consumer Prices Index (CPI) measure of inflation and have been published by the Office for National Statistics.
In each case, the figure is the percentage change in the average price over the 12 months to September 2022.
Low-fat milk 42.1%
Margarine and other vegetable fats 30.5%
Whole milk 30.2%
Jams, marmalades and honey 28.1%
Butter 28.0%
Olive oil 27.2%
Cheese and curd 23.1%
Pasta and couscous 22.7%
Eggs 22.3%
Sauces, condiments, salt, spices and culinary herbs 22.1%
Frozen vegetables other than potatoes 20.3%
Potatoes 19.9%
Ready-made meals 19.0%
Poultry 17.2%
Meat 15.3%
Bread 14.6%
Fish 13.5%
Yoghurt 12.8%
Crisps 11.8%
Edible ices and ice cream 11.5%
Fresh or chilled vegetables other than potatoes 11.1%
Pizza and quiche 9.7%
Fruit 8.8%
Rice 6.8%
Breakfast cereals and other cereal products 6.8%
Confectionery products 6.1%
Sugar 4.7%
Dried fruit and nuts 4.6%
Chocolate 3.3%
Quote from: seafoid on October 19, 2022, 06:03:32 PM
NI food inflation
https://www.belfasttelegraph.co.uk/news/uk/how-everyday-food-items-have-risen-in-price-in-the-past-12-months-42078625.html
Here are some examples of how the cost of food has risen in the past year.
The figures are based on the Consumer Prices Index (CPI) measure of inflation and have been published by the Office for National Statistics.
In each case, the figure is the percentage change in the average price over the 12 months to September 2022.
Low-fat milk 42.1%
Margarine and other vegetable fats 30.5%
Whole milk 30.2%
Jams, marmalades and honey 28.1%
Butter 28.0%
Olive oil 27.2%
Cheese and curd 23.1%
Pasta and couscous 22.7%
Eggs 22.3%
Sauces, condiments, salt, spices and culinary herbs 22.1%
Frozen vegetables other than potatoes 20.3%
Potatoes 19.9%
Ready-made meals 19.0%
Poultry 17.2%
Meat 15.3%
Bread 14.6%
Fish 13.5%
Yoghurt 12.8%
Crisps 11.8%
Edible ices and ice cream 11.5%
Fresh or chilled vegetables other than potatoes 11.1%
Pizza and quiche 9.7%
Fruit 8.8%
Rice 6.8%
Breakfast cereals and other cereal products 6.8%
Confectionery products 6.1%
Sugar 4.7%
Dried fruit and nuts 4.6%
Chocolate 3.3%
If there's a good reason to stop eating shite food that's it right there, good man seafoid
Just chocolate for me from now on
Quote from: Milltown Row2 on October 19, 2022, 08:06:55 PM
Quote from: seafoid on October 19, 2022, 06:03:32 PM
NI food inflation
https://www.belfasttelegraph.co.uk/news/uk/how-everyday-food-items-have-risen-in-price-in-the-past-12-months-42078625.html
Here are some examples of how the cost of food has risen in the past year.
The figures are based on the Consumer Prices Index (CPI) measure of inflation and have been published by the Office for National Statistics.
In each case, the figure is the percentage change in the average price over the 12 months to September 2022.
Low-fat milk 42.1%
Margarine and other vegetable fats 30.5%
Whole milk 30.2%
Jams, marmalades and honey 28.1%
Butter 28.0%
Olive oil 27.2%
Cheese and curd 23.1%
Pasta and couscous 22.7%
Eggs 22.3%
Sauces, condiments, salt, spices and culinary herbs 22.1%
Frozen vegetables other than potatoes 20.3%
Potatoes 19.9%
Ready-made meals 19.0%
Poultry 17.2%
Meat 15.3%
Bread 14.6%
Fish 13.5%
Yoghurt 12.8%
Crisps 11.8%
Edible ices and ice cream 11.5%
Fresh or chilled vegetables other than potatoes 11.1%
Pizza and quiche 9.7%
Fruit 8.8%
Rice 6.8%
Breakfast cereals and other cereal products 6.8%
Confectionery products 6.1%
Sugar 4.7%
Dried fruit and nuts 4.6%
Chocolate 3.3%
If there's a good reason to stop eating shite food that's it right there, good man seafoid
No milk? Let them have wine says the Marie Antoinette of Jordanstown ;D
Quote from: johnnycool on October 20, 2022, 09:25:54 AM
Quote from: Milltown Row2 on October 19, 2022, 08:06:55 PM
Quote from: seafoid on October 19, 2022, 06:03:32 PM
NI food inflation
https://www.belfasttelegraph.co.uk/news/uk/how-everyday-food-items-have-risen-in-price-in-the-past-12-months-42078625.html
Here are some examples of how the cost of food has risen in the past year.
The figures are based on the Consumer Prices Index (CPI) measure of inflation and have been published by the Office for National Statistics.
In each case, the figure is the percentage change in the average price over the 12 months to September 2022.
Low-fat milk 42.1%
Margarine and other vegetable fats 30.5%
Whole milk 30.2%
Jams, marmalades and honey 28.1%
Butter 28.0%
Olive oil 27.2%
Cheese and curd 23.1%
Pasta and couscous 22.7%
Eggs 22.3%
Sauces, condiments, salt, spices and culinary herbs 22.1%
Frozen vegetables other than potatoes 20.3%
Potatoes 19.9%
Ready-made meals 19.0%
Poultry 17.2%
Meat 15.3%
Bread 14.6%
Fish 13.5%
Yoghurt 12.8%
Crisps 11.8%
Edible ices and ice cream 11.5%
Fresh or chilled vegetables other than potatoes 11.1%
Pizza and quiche 9.7%
Fruit 8.8%
Rice 6.8%
Breakfast cereals and other cereal products 6.8%
Confectionery products 6.1%
Sugar 4.7%
Dried fruit and nuts 4.6%
Chocolate 3.3%
If there's a good reason to stop eating shite food that's it right there, good man seafoid
No milk? Let them have wine says the Marie Antoinette of Jordanstown ;D
I'm on the breast milk, free and once you get used to it!!
Quote from: Milltown Row2 on October 20, 2022, 09:27:29 AM
Quote from: johnnycool on October 20, 2022, 09:25:54 AM
Quote from: Milltown Row2 on October 19, 2022, 08:06:55 PM
Quote from: seafoid on October 19, 2022, 06:03:32 PM
NI food inflation
https://www.belfasttelegraph.co.uk/news/uk/how-everyday-food-items-have-risen-in-price-in-the-past-12-months-42078625.html
Here are some examples of how the cost of food has risen in the past year.
The figures are based on the Consumer Prices Index (CPI) measure of inflation and have been published by the Office for National Statistics.
In each case, the figure is the percentage change in the average price over the 12 months to September 2022.
Low-fat milk 42.1%
Margarine and other vegetable fats 30.5%
Whole milk 30.2%
Jams, marmalades and honey 28.1%
Butter 28.0%
Olive oil 27.2%
Cheese and curd 23.1%
Pasta and couscous 22.7%
Eggs 22.3%
Sauces, condiments, salt, spices and culinary herbs 22.1%
Frozen vegetables other than potatoes 20.3%
Potatoes 19.9%
Ready-made meals 19.0%
Poultry 17.2%
Meat 15.3%
Bread 14.6%
Fish 13.5%
Yoghurt 12.8%
Crisps 11.8%
Edible ices and ice cream 11.5%
Fresh or chilled vegetables other than potatoes 11.1%
Pizza and quiche 9.7%
Fruit 8.8%
Rice 6.8%
Breakfast cereals and other cereal products 6.8%
Confectionery products 6.1%
Sugar 4.7%
Dried fruit and nuts 4.6%
Chocolate 3.3%
If there's a good reason to stop eating shite food that's it right there, good man seafoid
No milk? Let them have wine says the Marie Antoinette of Jordanstown ;D
I'm on the breast milk, free and once you get used to it!!
Not even going there...... ;D ;D ;D
https://www.cnbc.com/video/2022/10/12/henrich-the-velocity-of-the-move-in-yields-is-not-sustainable-without-breaking-something.html
No recession judging by the amount of people moving through Dublin airport this weekend. Unreal
https://www.cnbc.com/video/2022/11/01/the-odds-of-a-recession-are-extremely-elevated-says-jpmorgans-gabriela-santos.html
https://www.bbc.com/news/business-57764601
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
The mind boggles. They're so insulated from the rest of the population they don't have a clue.
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
When your only tool is a hammer, every problem looks like a nail.
Increasing or decreasing interest rates to dampen or increase public spending is the only driver they have known.
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
OK then, tell us how they should dampen inflation. Maybe give Ukraine to Putin?
Quote from: armaghniac on November 03, 2022, 11:12:46 AM
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
OK then, tell us how they should dampen inflation. Maybe give Ukraine to Putin?
Do you think the war in Ukraine really has that much impact on inflation/ energy prices? Or is it companies taking the piss?
Quote from: Armagh18 on November 03, 2022, 11:29:38 AM
Quote from: armaghniac on November 03, 2022, 11:12:46 AM
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
OK then, tell us how they should dampen inflation. Maybe give Ukraine to Putin?
Do you think the war in Ukraine really has that much impact on inflation/ energy prices? Or is it companies taking the piss?
Prices started rising before the whole Ukraine scenario: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/energypricesandtheireffectonhouseholds/2022-02-01
Tax the complete balls out of the energy companies (89m in profit a day - somehow I think they can afford to lower prices) and use the revenue to subsidise customers on a sliding scale, with lowest earning families more heavily subsidised than those at the top.
How does rasingin rates and therefore increasing the price of mortgages, credit cards, loans etc benefit those struggling with soaring energy costs?
Quote from: Mike Tyson on November 03, 2022, 11:37:50 AM
Quote from: Armagh18 on November 03, 2022, 11:29:38 AM
Quote from: armaghniac on November 03, 2022, 11:12:46 AM
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
OK then, tell us how they should dampen inflation. Maybe give Ukraine to Putin?
Do you think the war in Ukraine really has that much impact on inflation/ energy prices? Or is it companies taking the piss?
Prices started rising before the whole Ukraine scenario: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/energypricesandtheireffectonhouseholds/2022-02-01
Tax the complete balls out of the energy companies (89m in profit a day - somehow I think they can afford to lower prices) and use the revenue to subsidise customers on a sliding scale, with lowest earning families more heavily subsidised than those at the top.
How does rasingin rates and therefore increasing the price of mortgages, credit cards, loans etc benefit those struggling with soaring energy costs?
It's not supposed to.
Rates are jacked up to slow down the economy and put a halt to the gallop of inflation which seems to be driven by a mix of the money supply , the supply chain effects of the war and the impact of resource constraints in the case of oil and gas.
Quote from: seafoid on November 03, 2022, 11:48:30 AM
Quote from: Mike Tyson on November 03, 2022, 11:37:50 AM
Quote from: Armagh18 on November 03, 2022, 11:29:38 AM
Quote from: armaghniac on November 03, 2022, 11:12:46 AM
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
OK then, tell us how they should dampen inflation. Maybe give Ukraine to Putin?
Do you think the war in Ukraine really has that much impact on inflation/ energy prices? Or is it companies taking the piss?
Prices started rising before the whole Ukraine scenario: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/energypricesandtheireffectonhouseholds/2022-02-01
Tax the complete balls out of the energy companies (89m in profit a day - somehow I think they can afford to lower prices) and use the revenue to subsidise customers on a sliding scale, with lowest earning families more heavily subsidised than those at the top.
How does rasingin rates and therefore increasing the price of mortgages, credit cards, loans etc benefit those struggling with soaring energy costs?
It's not supposed to.
Rates are jacked up to slow down the economy and put a halt to the gallop of inflation which seems to be driven by a mix of the money supply , the supply chain effects of the war and the impact of resource constraints in the case of oil and gas.
In economic textbooks, which assume there are no other factors at play and that inflation is demand driven, that may be true. However, this is real world and inflation isnt driven by the like's of a house extension or office cabin that contributed to building material inflation during Covid. Raising interest rates to encourage borrowing and less spending doesn't dampen energy costs. People need are already cutting back and can barely afford heat or electricity yet record breaking profit after record breaking profit are being made by the energy firms.
As pointed out above, the rise in energy prices was happening before the war and the price cap removal was before the war.
It's pure price gauging from the energy companies and they are laughing all the way to the bank. Raising rates isn't going to do much for energy prices and most likely will further drive the wealth gap wider.
Quote from: Mike Tyson on November 03, 2022, 12:09:58 PM
Quote from: seafoid on November 03, 2022, 11:48:30 AM
Quote from: Mike Tyson on November 03, 2022, 11:37:50 AM
Quote from: Armagh18 on November 03, 2022, 11:29:38 AM
Quote from: armaghniac on November 03, 2022, 11:12:46 AM
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
OK then, tell us how they should dampen inflation. Maybe give Ukraine to Putin?
Do you think the war in Ukraine really has that much impact on inflation/ energy prices? Or is it companies taking the piss?
Prices started rising before the whole Ukraine scenario: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/energypricesandtheireffectonhouseholds/2022-02-01
Tax the complete balls out of the energy companies (89m in profit a day - somehow I think they can afford to lower prices) and use the revenue to subsidise customers on a sliding scale, with lowest earning families more heavily subsidised than those at the top.
How does rasingin rates and therefore increasing the price of mortgages, credit cards, loans etc benefit those struggling with soaring energy costs?
It's not supposed to.
Rates are jacked up to slow down the economy and put a halt to the gallop of inflation which seems to be driven by a mix of the money supply , the supply chain effects of the war and the impact of resource constraints in the case of oil and gas.
In economic textbooks, which assume there are no other factors at play and that inflation is demand driven, that may be true. However, this is real world and inflation isnt driven by the like's of a house extension or office cabin that contributed to building material inflation during Covid. Raising interest rates to encourage borrowing and less spending doesn't dampen energy costs. People need are already cutting back and can barely afford heat or electricity yet record breaking profit after record breaking profit are being made by the energy firms.
As pointed out above, the rise in energy prices was happening before the war and the price cap removal was before the war.
It's pure price gauging from the energy companies and they are laughing all the way to the bank. Raising rates isn't going to do much for energy prices and most likely will further drive the wealth gap wider.
Exactly. Every business is increasing prices because of energy. Especially food were it is so energy intensive. If the BOE did nothing inflation would disappear naturally as it always does anyway. What they are doing now is saying please choose between paying your mortgage/rent, heating your home or feeding yourself and family.
Growth has already slowed. So what exactly are they trying to achieve? Because it's not quelling inflation.
Quote from: trailer on November 03, 2022, 12:41:16 PM
Quote from: Mike Tyson on November 03, 2022, 12:09:58 PM
Quote from: seafoid on November 03, 2022, 11:48:30 AM
Quote from: Mike Tyson on November 03, 2022, 11:37:50 AM
Quote from: Armagh18 on November 03, 2022, 11:29:38 AM
Quote from: armaghniac on November 03, 2022, 11:12:46 AM
Quote from: trailer on November 03, 2022, 08:55:24 AM
Quote from: seafoid on November 03, 2022, 07:14:06 AM
https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
OK then, tell us how they should dampen inflation. Maybe give Ukraine to Putin?
Do you think the war in Ukraine really has that much impact on inflation/ energy prices? Or is it companies taking the piss?
Prices started rising before the whole Ukraine scenario: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/energypricesandtheireffectonhouseholds/2022-02-01
Tax the complete balls out of the energy companies (89m in profit a day - somehow I think they can afford to lower prices) and use the revenue to subsidise customers on a sliding scale, with lowest earning families more heavily subsidised than those at the top.
How does rasingin rates and therefore increasing the price of mortgages, credit cards, loans etc benefit those struggling with soaring energy costs?
It's not supposed to.
Rates are jacked up to slow down the economy and put a halt to the gallop of inflation which seems to be driven by a mix of the money supply , the supply chain effects of the war and the impact of resource constraints in the case of oil and gas.
In economic textbooks, which assume there are no other factors at play and that inflation is demand driven, that may be true. However, this is real world and inflation isnt driven by the like's of a house extension or office cabin that contributed to building material inflation during Covid. Raising interest rates to encourage borrowing and less spending doesn't dampen energy costs. People need are already cutting back and can barely afford heat or electricity yet record breaking profit after record breaking profit are being made by the energy firms.
As pointed out above, the rise in energy prices was happening before the war and the price cap removal was before the war.
It's pure price gauging from the energy companies and they are laughing all the way to the bank. Raising rates isn't going to do much for energy prices and most likely will further drive the wealth gap wider.
Exactly. Every business is increasing prices because of energy. Especially food were it is so energy intensive. If the BOE did nothing inflation would disappear naturally as it always does anyway. What they are doing now is saying please choose between paying your mortgage/rent, heating your home or feeding yourself and family.
Growth has already slowed. So what exactly are they trying to achieve? Because it's not quelling inflation.
They are trying the reduce the impact of inflation as opposed to letting it run naturally.
Central Banking is a joke.
This explains why . They increased the amount of money in the system in March 2020 and there was no inflation until Q3 21. So it took 18 months to show up. Then they reacted too late. Now they expect interest rate increases to have an immediate impact.
https://www.cnbc.com/video/2022/10/13/short-if-the-fed-waits-for-core-inflation-to-hit-2-percent-itll-drive-economy-into-depression-says-jeremy-siegel.html
Quote from: seafoid on November 03, 2022, 12:49:11 PM
Quote from: trailer on November 03, 2022, 12:41:16 PM
Quote from: Mike Tyson on November 03, 2022, 12:09:58 PM
Quote from: seafoid on November 03, 2022, 11:48:30 AM
Quote from: Mike Tyson on November 03, 2022, 11:37:50 AM
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https://www.bbc.com/news/business-57764601
Rising interests rates to quell inflation that is caused by an energy crisis. You wonder how these people get the jobs and positions that they have.
OK then, tell us how they should dampen inflation. Maybe give Ukraine to Putin?
Do you think the war in Ukraine really has that much impact on inflation/ energy prices? Or is it companies taking the piss?
Prices started rising before the whole Ukraine scenario: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/energypricesandtheireffectonhouseholds/2022-02-01
Tax the complete balls out of the energy companies (89m in profit a day - somehow I think they can afford to lower prices) and use the revenue to subsidise customers on a sliding scale, with lowest earning families more heavily subsidised than those at the top.
How does rasingin rates and therefore increasing the price of mortgages, credit cards, loans etc benefit those struggling with soaring energy costs?
It's not supposed to.
Rates are jacked up to slow down the economy and put a halt to the gallop of inflation which seems to be driven by a mix of the money supply , the supply chain effects of the war and the impact of resource constraints in the case of oil and gas.
In economic textbooks, which assume there are no other factors at play and that inflation is demand driven, that may be true. However, this is real world and inflation isnt driven by the like's of a house extension or office cabin that contributed to building material inflation during Covid. Raising interest rates to encourage borrowing and less spending doesn't dampen energy costs. People need are already cutting back and can barely afford heat or electricity yet record breaking profit after record breaking profit are being made by the energy firms.
As pointed out above, the rise in energy prices was happening before the war and the price cap removal was before the war.
It's pure price gauging from the energy companies and they are laughing all the way to the bank. Raising rates isn't going to do much for energy prices and most likely will further drive the wealth gap wider.
Exactly. Every business is increasing prices because of energy. Especially food were it is so energy intensive. If the BOE did nothing inflation would disappear naturally as it always does anyway. What they are doing now is saying please choose between paying your mortgage/rent, heating your home or feeding yourself and family.
Growth has already slowed. So what exactly are they trying to achieve? Because it's not quelling inflation.
They are trying the reduce the impact of inflation as opposed to letting it run naturally.
Central Banking is a joke.
This explains why . They increased the amount of money in the system in March 2020 and there was no inflation until Q3 21. So it took 18 months to show up. Then they reacted too late. Now they expect interest rate increases to have an immediate impact.
https://www.cnbc.com/video/2022/10/13/short-if-the-fed-waits-for-core-inflation-to-hit-2-percent-itll-drive-economy-into-depression-says-jeremy-siegel.html
Well it won't work and with huge tax rises and massive spending cuts coming people are in for a pretty tough time. One silver lining might be that it confines the Tories to opposition after the next GE.
Quote from: trailer on November 03, 2022, 12:41:16 PM
Exactly. Every business is increasing prices because of energy. Especially food were it is so energy intensive. If the BOE did nothing inflation would disappear naturally as it always does anyway. What they are doing now is saying please choose between paying your mortgage/rent, heating your home or feeding yourself and family.
Growth has already slowed. So what exactly are they trying to achieve? Because it's not quelling inflation.
At this point interest rates are only being returned to normal.
Back in the 1970s and 80s when there was an oil price shock then inflation did not subside for a decade or more.
as for the general position, the UK is living beyond its means. It is like a person who has stayed in the same job and turned down overtime, but has continued to spend more based on the credit card. That person needs to pay off the credit card and find a better job if they want to spend more.
Stripe letting go 14% of its workforce, or about 1,100 people. Suspect the Collisons personally had a lot to do with the severance packages being offered, as Americans appear to be gobsmacked by it.
Quote from: gallsman on November 03, 2022, 03:27:34 PM
Stripe letting go 14% of its workforce, or about 1,100 people. Suspect the Collisons personally had a lot to do with the severance packages being offered, as Americans appear to be gobsmacked by it.
what was offered
Quote from: Fear Bun Na Sceilpe on November 03, 2022, 03:44:36 PM
Quote from: gallsman on November 03, 2022, 03:27:34 PM
Stripe letting go 14% of its workforce, or about 1,100 people. Suspect the Collisons personally had a lot to do with the severance packages being offered, as Americans appear to be gobsmacked by it.
what was offered
https://stripe.com/ie/newsroom/news/ceo-patrick-collisons-email-to-stripe-employees
A level of ownership there , that I have not seen from other tech leaders.
The tech industry is like a wee bubble. Many companies don't make money and rely on VC and when there is much less VC round then boom. I work in it and especially in west coast america it is very far removed from the real world. So many are targeted towards IPO or acquisition and really that is their main goal even over profitability.
Also a lot of companies do not grow responsibly. A big bang approach is taken to growth and then any wobble like this causes issue.
Quote from: imtommygunn on November 03, 2022, 04:00:08 PM
The tech industry is like a wee bubble. Many companies don't make money and rely on VC and when there is much less VC round then boom. I work in it and especially in west coast america it is very far removed from the real world. So many are targeted towards IPO or acquisition and really that is their main goal even over profitability.
Also a lot of companies do not grow responsibly. A big bang approach is taken to growth and then any wobble like this causes issue.
There are 2 economies in the South. One based around multinationals that grows well and the other based on local companies that doesn't.
In the US s&p index 495 companies go nowhere while 5 drive everything
US mortgage rates now 7%
https://www.cnbc.com/video/2022/11/04/housing-inventory-jumps-as-homes-take-longer-to-sell.html
https://www.cnbc.com/video/2022/11/04/the-longer-inflation-sticks-around-the-more-difficult-it-is-to-fight-says-jason-trennert.html