Posts tagged with "Money"
Monday, 27. April 2009, 23:44:59
caine, scroungers, Money, michael
...
British icon, actor, and film mega-star Michael Caine has written a letter to a newspaper complaining that after last week's budget he's now paying another 10p in the pound on everything he earns over £150,000 (Roughly $250,000) a year. He objects that he's having to get up at 6AM every morning just to pay for some lazy unemployed shirker living in a council house to maintain his workshy lifestyle.
Now I dislike the voluntarily unemployed just as much as the next man, particularly since most of them seem to have done a whole lot better out of the budget than I have, but Michael Caine's letter is, let's face it, utterly ridiculous. If he can't live in retirement on the millions he's earned over the years then there's been something wrong with his budget over the last few years.
It's interesting to note that he apparently earns so much that he believes he is paying the extra 10% on everything he earns. Exactly how much do you have to earn in a year to make the slightly under 20% tax that he's paid on the first £150,000 so miniscule that it no longer figures in the equation?
I would also venture to point out that at his age he's just lucky that he's in a job where he's allowed to go on working, and his employers are willing to continue to pay him for it. The majority of workers are tossed unceremoniously onto the dole as soon as they're old enough to claim a bus pass.
I'm delighted to learn that, unlike many in the entertainment profession, Mr. Caine has not been cheating the exchequor out of his due revenues, but nevertheless, he really should grow up.
Thursday, 5. March 2009, 23:23:22
recession, Money, wealth, quantative
...
Someone just said it on TV. I think they meant 'Quantitative easing'.
It means 'Inventing money'.
I think.
It's money, Jim, but not as we know it.
It's electronic money and doesn't really exist in the real world, it's just there for the banks to use to start them lending money to each other again. I do find myself worrying though, that they might get it mixed up with the real money. What if they then lend it to
me? Will I get into trouble for spending money that isn't really there?
The real danger with this scheme - and it's one which the-powers-that-be are hoping that the-people-who-watch-out-for-this-kinda-stuff are not going to notice (But I suspect that they will) - is that other nation's financiers will think that this money is a bit real, they will imagine it in terms of suitcases full of money, and they will realise that this means that the pound is now worth less because there are more of them to divide into the total wealth of the United Kingdom, and they will devalue it.
This of course gives me an idea that I would really like to see as an experiment, seeing as how everything which is being done to fix this crisis is experimental anyway. It goes like this.
Bring forward next year's Domesday Book (You probaby know it as 'The Census'). Give everyone of post-school age who is mentioned therein a million quid of real, freshly minted notes. The pound will immediately devalue, but that won't matter because it will, at worst, only half in value, meaning that everyone will now have the equivalent of half a million quid.
If we are to believe the statistics...

...then 90% of our wealth is owned by 10% of the population, so 90% of the population will be much better off, and the richest 10% won't be, but they'll still be stinking rich beyond the realms of anything that can be ethically justified so we really don't care much about them, do we?
The important thing is that 90% of us
will start spending money. Some will be sensible and will remain fairly solvent, others will simply hand the lot over to the top 10% who will rapidly become every bit as rich as they were in the first place.
Most important of all.
I will be better off, and so, incidentally will you in all probability.
Will you tell Gordon or shall I?
Sunday, 21. December 2008, 02:55:40
pyramid, swindle, Money, Ponzi
...
Last week the BBC finished it's dramatization of Dickens' Little Dorrit in fine style. As anyone who knows the story is already aware, the grand denouement comes when Mr. Murdle's bank collapses and pretty much everyone in London who has any money to spare promptly goes bankrupt, all except...
Well naturally there is more, but I won't spoil it all for you just in case you should want to read the book at some time and expand your mind. Suffice to say that Murdle was running a Ponzi scheme, paying out dividends to existing investors from money invested by newcomers. Naturally it all falls apart, no one has yet come up with a Ponzi / pyramid scheme that didn't.
Some of the clues that Dickens leaves in all his stories circulate around certain character's names. Some of them are - shall we say? - 'onomatopoeic'.
Fast forward to this week, and meet one Bernard L. Madoff, his surname is apparently pronounced 'made-off', which is precisely what it did with a great wodge of a lot of other people's money. You'd have thought the name would have been a bit of a clue. Another clue might have been that his hedge-fund operation was completely independent of his other business and was to all intents and purposes a one-man operation. Some reports have mentioned his son as a guarantor, and the size of the accounting firm that Okayed his books varies between one and three personnel, although all stories agree that Madoff was their only customer. It's undeniable that the firm ran a hedge fund which was not registered with the SEC until September 2006 and, according to reports, never inspected thereafter.
So why would lots of rich people who are now seriously less-than-rich trust this operation which, when analysed now, gives the distinct impression that it was not only a one-horse operation, but that it wasn't even being operated by the horse? Well maybe this had something to do with it. As a former chairman of the Nasdaq stock exchange Madoff was a big man on Wall Street, not convinced yet? Try this then. His "Thoughtful analysis of how modern regulatory systems make cheating virtually impossible" has been one of the most viewed clips on Youtube in the last few days. How can you not trust a guy who gives lectures on Youtube? He's one of Today's Generation, he's hip to the jive...
Sorry, I drifted away for a second there.
The point is this guy got away with swindling a lot of people for a very long time, and while we can chuckle with glee at some rich toffs suddenly finding themselves in the same position as the rest of us, it's also kinda sad to see some charities have been broken by his shenanigans, and it's those of us who support charities that will have to make up the shortfall.
Barclay's bank are saying that it may be two year's before banks get back to lending money "Normally". They're blaming the world financial crisis, I think they had money invested with MurdleMadoff.
The guy that made that gloomy prediction was Barclay's chief exec John Varley.
Now there's a Dickensian name if I ever heard one.
Sunday, 31. August 2008, 12:25:18
army, war, Money, Georgia
...
Last year the UK flogged £5,400,000 worth of military hardware to Georgia. We also trousered a magnificent £55mil from the Russian army.
Now those two figures may seem a little uneven to the average unmilitarily educated observer, but the Georgian army also benefitted from a $63,000,000 train and equip programme from the USA. The intention was that Georgia could then join NATO and ooh maybe even, erm... fight in Iraq.
I suspect an assault on South Ossetia wasn't even discussed in the coffee break.
In a completely unrelated interview on the radio last week someone trotted out the old adage 'Guns don't kill people: People kill people'. I've never understood that argument.
If people kill people, don't give them guns.
Wednesday, 2. July 2008, 16:56:50
Money, credit, stock, banks
...
According to a news report today, the banks aren't lending as much money out because not as many people are putting money in, or the same number of people aren't putting as much money in, or maybe fewer people are finding somewhere else to....
Never mind. The point is, the banks maintain that the credit squeeze is our fault for keeping them cash poor.
Meanwhile, over at the stock exchange...
It doesn't matter which stock exchange, they all closed down (Or should that be 'Closed down down'?) yesterday because we don't trust big business with our hard earned dosh any more (Honesty break. Actually one stock exchange didn't close 'down' at close of play yesterday, but I can't remember which one and anyway, the odds are on my side...).
Meanwhile over on the high street...
Shops are complaining that we're not buying stuff, and when we are buying stuff it's cheaper stuff. We're not buying houses (Can't get the credit y'see) or buying cars (Can't afford the petrol, natch) and we're even sending texts rather than making calls on our mobile 'phones (Certain conditions apply).
So where is all this money going? All nations have a value which they express in currency, therefore the world has a value; I learnt that in school. That currency is somewhere.
Well I just checked and I haven't accidentally won the lottery, so I've not got it. It must be one of you lot. C'mon, 'fess up. Who's got it?
I think we should be told.
Friday, 7. March 2008, 00:48:14
stockexchange, brassmonkey, spring, markets
...
They tell me it's spring. The flowers in my garden thought that a month ago and they were wrong, but this is spring according to the calendar so that's different. But not that different because the calendar's wrong as well. The venerable old tree at the bottom of our garden doen't think it's spring yet. It's showing no sign of bursting into leaf, and quite right too because it's phlippin' phreezing up in the computer room right now, and that means it's going to be even colder in my bedroom. I'm not about to start talking in Fahrenheit just yet.
This is, of course, my
excusereason for not being around on here much of late. I can just about stand to check my emails and ebay but blogging is a luxury my little fan heater just isn't up to.
At the moment my fingers are like ice-lollypops (I would have said icicles but they've still got traces of the sweetener that I put in my tea on them), but I'm scarcely noticing. That's a lie, I am now noticing with a vengence but
up till now I've been sitting fascinated by the £-$ exchange rate. I went to
XE.com just to check if it was worth my while buying a CD from the US and as I looked the rate changed. The pound was now worth 0.0001 more against the dollar. I'm not even sure if that 0.0001 was in cents or nupennies and I don't care. All I knew was that if it kept rising I could buy that CD.
So I watched.
It's fascinating. Why is the pound slowly crawling up against the dollar? Has confidence in the pound suddenly gone up because we didn't change the interest rate this month? Is the dollar collapsing at the thought of someone of the wrong colour, age, or sex entering the White House?
Or are the strange faceless people who make money out of screwing around with our lives while not actually contributing anything to the economy whatsoever busy pushing up the pound prior to selling it and buying the now devalued dollar, which will then rise in value again so that they can sell it and buy something else that they've devalued?
I'm thinking option three. Pah. Pondscum of the Earth, the lot of them. Come the revolution....
Which hasn't stopped me from buying the CD, so Ms. DooWop, if you're reading this. Get that CD into the bag and off to me quick, before the faceless ones strike again...
Sunday, 3. June 2007, 00:13:02
chin, Money, banks, outrage
...
Today... well, yesterday by now- there was an outrage. To put it another way, the Bank of Scotland's electronic banking went down and no one could access their online accounts or the hole-in-the-wall machines. Nothing to worry about though. Stuff happens and no one will lose by it. Do not concern your pretty little heads about it.
Nothing can go worgn.
Except (How did I know that was coming? - The Man in the Big Hat
) I seem to recall a similar event happening back in April, during the hot weather when I was driving down to the seaside. It was on several news broadcasts throughout that day.
They told us not to worry it was an isolated incident that time as well.
Does anyone else think that maybe someone somwhere is testing their system? They say things come in threes, so maybe the next one is the big one.
If I had money that thought would bother me.
Wednesday, 21. February 2007, 23:59:00
Howlin' Wolf, Beatles, Wimoweh, Money
...
The strange things you think about while you're driving... Yes, I know you're supposed to think about driving but I can't stop my brain from thinking whatever the heck it wants to, and today it suddenly found a connection between the following songs:
Louie Louie
Money
Wimoweh
Smokestack lightnin'
Having located this link it went on trying to think of other songs that also had this thing in common and it came up with 'Twist & shout' which I immediately disallowed. It nearly qualifies, but not quite. It then suggested 'Somewhere beyond the sea' and 'Mac the knife' which I promptly poured scorn upon, and then found myself wondering about the supplementary question, how does one 'mac' a knife?
I think I may have found new depths within the narrow confines of the term 'digression'.
So, you want to know the connection between the song that you've heard of and the one that you think you've heard of, plus the two that you haven't heard of although one of them sounds familiar?
For various reasons, although they are all much covered songs, none of them has been covered by a soundalike. The covers are all covers of a subsequent version of the song which changed it in some way. Except... OK, which of the songs doesn't this apply to and why is it still in the list? I'll tell you before you kill me, it's Smokestack lightnin', which for some reason is always played incorrectly by everyone.
Of the rest, all covers of Louie Louie since the release of the Kingsmen's cover, have been inspired by the Kingsmen's version, the original by Richard Berry & the Pharoes is long ago forgotten. The Kingsmen's version is now so all-encompassing that even Richard Berry himself took to singing their version of the song.
As for the song that launched Motown, 'Money' had an R&B piano/guitar riff in the background. When the Beatles covered the song they - deliberately or not - changed the riff to something similar but heavier, and every cover of the song since then has been based upon the Beatles cover. Some people even think they wrote the song.
Then there's poor old Solomon Linda who wrote one of the best selling African songs of all time. He died almost penniless having written the song which, for decades, was the song to feature in any movie, show, or documentary about Africa. It's title wasn't even Wimoweh, that's simply what it sounds like. The orignal title was 'M'bube'. When the Weavers covered the song they played it in compound time, the original was in simple time. Every version of the song since has followed the Weavers' rendition.
And so we return to Smokestack Lightnin'. For reasons that no one will probably ever be able to explain, when white blues players get ahold of the riff they play it where it sounds right, just after the first beat of the bar. On the original by Howlin' Wolf (And hey, he wrote it, he should know) the riff anticipates the start of the bar and actually comes in on the '4' of '1 - 2 - 3 - 4'.
I think I may deserve some kind of recognition from the R'n'R hall of fame for this...
But I suspect that all I'll get is more strange looks from the audience when I try to play these songs correctly.