Wednesday 2 January 2008

A bean counter writes

Way back in the 1970's I became a convert to libertarianism and to the Austrian School of Economics.

The then Labour government started to print money like it was going out of fashion and naturally I reacted by building up a small stash of baked beans to hide under the bed. When the "crash" came I was going to survive just that little bit longer than anyone else in Earls Court bedsitterdom! After a few months the crash hadn't occurred and I had to open the cans and eat the damned beans. But was I wrong or just too early?

In October 2007 I decided to open a Euro deposit account. I got the distinct impression that the folks at my local bank saw this as a rather odd request. It took a few days to set things up and the account showed a loss after a week or so. But earlier today my Euro account went up by £15 in the time it took to drink my first cup of coffee. I'm now almost 5% up in three months.

Here's today's chart:

It's not just the pound against the Euro. Gold has gone up today by 3.32% in sterling terms. I've been thinking of getting a new lens for my camera for a while. Perhaps I should order now. It looks like the pound is going down faster than the productivity of Chinese factories goes up.

In the meantime politicians want to make it easier for people to go bankrupt.

Must get some more beans...

1 comment:

David Farrer said...

Comments from previous template:

Andrew Duffin
"The move was welcomed by groups working with debtors."

I bet it was.

Did anyone ask the creditors for comment , I wonder?
12 January 2008, 14:50:28 GMT – Like – Reply

wintermute
That should read:

http://foster.20megsfree.com/554.htm
11 January 2008, 10:07:17 GMT – Like – Reply

wintermute
Hayek shredded:

http://foster.20megsfree.com/555.htm

The old fraud had it coming.
11 January 2008, 10:04:15 GMT – Like – Reply

jameshigham
It misses the point, David. It was not a dispute but an admin drumming out a bad 'un. Different other animal.
8 January 2008, 17:01:07 GMT – Like – Reply

David Farrer
James,

I read about the "crisis". These things happen. When I was aged about 15 there was a great crisis in the Prestwick Airport Aviation Group. The dispute was the most important event in the world. Far more important than all those USAF nuclear-armed bombers flying over to beef up NATO and counter Soviet threats to Europe! When I went over to Prestwick a year or two ago for the Group's anniversary dinner all of the people on both sides of the row were there and I doubt if any of us would have been able to remember what it was all about...
6 January 2008, 17:35:23 GMT – Like – Reply

jameshigham
Well done on the Euro - enjoy it while you can, David.

...In the meantime politicians want to make it easier for people to go bankrupt...

Indeed.

By the way, sorry I haven't been over more lately - a little crisis on my hands you might have noticed.
6 January 2008, 07:49:34 GMT – Like – Reply

APL
I have come to the conclusion the single most significant factor to the situation we are facing just now is inflation.

On second thoughts, I have come to the conclusion the single most significant factor in the situation we are facing just now is politically created inflation.

Hmmm! In actual fact, it just may be that politicians are the problem.
3 January 2008, 21:45:28 GMT