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Bank of England is alarmed about the increase of personal debt

mark carney personal household debt

The Bank of England has been warned of complacency over the big rise in personal debt. In its toughest warning yet about the possibility of a rerun of the financial crisis that devastated the economy 10 years ago, the Bank of England admitted it was alarmed about the increase in the amount of money being borrowed on easy terms over the past year, reported the Guardian, 24th July 2017.

Vince RichardsonYes of course it is still all there in someones bank account I am not disputing that at all.The money is however changing hands frequently and pushing up asset prices.The net lending is the issue there,as when banks lend more than is repaid savings go up and vice versa when lending drops below repay...

Yesterday

Peter J. MorganIt's what makes up the money supply -- the total quantity of money in circulation, facilitating the workings of the real economy as people buy stuff, make stuff and sell stuff. About 97% of it is held in bank accounts, and only 3% in cash....

Yesterday

medialAxisYes, but if it's been used to buy shares then the person who sold the shares now has the money in some account. Ditto if it's used to buy property or whatever. All that £1.5 trillion of credit (mirror image of the debt) exists somewhere in bank accounts (it cannot exist anywhere else, AIUI). No one...

Yesterday
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Which MPs understand the magic money tree?

magic money tree parliament

For years we’ve been saying it’s crucial our politicians understand where money comes from -  that banks create almost all money in our economy, resulting in an oversized financial sector and property bubbles. Now we have a chance to see how effective the Positive Money campaign’s been by finding out what MPs know today.

medialAxisIsn't one simple way for the govt to borrow money is for it to borrow from savers. After all, private debt is circa £1.5 trillion so there exists £1.5 trillion of savings earning next to nothing. Perhaps if this argument was put to MPs it might give them some insight in to how cockeyed the system ...

6 days ago
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RahmanCutting the size of gov results in more unemployment less tax take and greater debt due to less consumer spending...

2 weeks ago

robinbaldockcomparing corbyn's labour to venezuelan socialism is just lazy.Corbyn's praise for Chavez's revolution was years ago, at the cusp of its successes, (there were cracks were showing but also the US backed attempted coup was high in peoples minds when assessing the situation), and reflected the advance...

2 weeks ago

Elizabeth PearceSocialism (which is what Corbyn wants and he has praised Socialism in Venezuela). If you look at Venezuela the internal fight back has began which includes a helicopter being stolen and used to shoot at Government Parliament building and people are out on the streets protesting because they are st...

2 weeks ago
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medialAxisInteresting article here[1], alluded to by Marco Saba, I think, in another thread. Seems some citizens are doing what the banks do, creating money out of thin air (if I've got it right), and the banks don't like it. Personally, as time passes my confidence in the likes of bitcoin grows (even with th...

2 weeks ago

Marco SabaJust a blunder there: Virtual Euro is a TANGIBLE liquid asset - not INTANGIBLE as purported by the Dutch author....

2 weeks ago

medialAxisFrom what I read it's not clear if it'll be true digital cash. With cash trading is private, no 3rd party gets a look in. I'll be interesting to see how things develop, I mean, they way the EU will be torn between the right to privacy and the prevention of terrorism and/or tax evasion....

3 weeks ago
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