This week's award goes to Sky News, The Guardian and the head of a bank for combining to produce this Tweet & article:
'GUARDIAN FRONT PAGE: The head of a leading bank warns of repossessions if rates interest rise #skypapers http://twitpic.com/5hsx7h'A rise in interest rates will cause a rise in repossessions - "No shit, Sherlocks"
"A rise in interest rates will cause a rise in repossessions"
ReplyDeleteLet's think about this for a minute.
The official BofE interest rate is way negative in real terms: this is how the State hopes to pay its debts by quietly thieving the savings of the old, careless, and inattentive - in addition to its open thieving via taxes.
Most mortgages are in the 5-7% ranges, which with official RPI at about 5.5% and monetary bloat well above that, means, in effect, zero.
So these people are paying nothing for their finance now, it is all being provided by clipping the coinage.
And they claim any increase will ruin them?
Profligate, improvident, or just plain stupid?
A correction has to come some time, people - the longer we put it off, the worse it will be. Can't you see what the Greeks and the Irish are going through? Do you think reality can be denied - or inflated away - for ever ?