To be precise, landlords have not really been asked to make any sacrifices to date: their interests and income streams appear to have survived almost unscathed to date.

Those of us who actually read the newspapers seem to recall that the property companies are collecting what is it, 50% of the rent roll due?

And thereafter rents should be reduced, drastically, and by law, and right across the board. Eighty per cent cuts may be appropriate. It may be more.

Because price fixing always works so well, doesn’t it?

as I think appropriate, there should be long-term statutorily enforced rent holidays and then mandatory rent reductions I would match that with a right to bank loan holidays, and a right to a statutory reduction in loan liabilities so that the sum secured on a property cannot exceed its market value, whatever that might be in the future.

Oh, right. Well, that’s OK then, isn’t it? Do we think he’s got stock in Intu, the obvious people who will benefit from this?

matched by a similar scheme for owner-occupiers, who I predict will see the value of their houses crash in the near future as it becomes apparent that there is no market for them at anything like recent prices, then they too must have a statutory right to owe no more on a mortgage than can reasonably exceed the market worth of their property.

There he goes, socialising losses again.

Every single bank in this country, and across the world in all likelihood, will be insolvent. No bank will survive without nationalisation.

Gosh! How exciting! Is everyone taking notes here?

Ohm and, of course, all pensions have gone bust., Which is why everyone should have invested the Ritchie way, in real assets.

Except, of course, he’s just said that all real asset values have just collapsed.

20 thoughts on “Interesting”

  1. No bank will survive without nationalisation.

    That’s presumably the goal, not an outcome to be avoided.

    The one-eyed Scotch fuckwit was livid in 2008 when both Barclays and HSBC managed to raise working capital on the markets rather than take his bailout; it was clear he was itching to nationalise all four high street banks, but couldn’t do it to any unless he had all four under his thumb.

  2. My son put his house up for sale on Monday. He had 2 viewers on Tuesday morning and accepted an offer of the full asking price on Tuesday afternoon. And this after the agent added £10000.00 to the price he was hoping for. Have to admit I’m truly amazed.

  3. What???? My tenant has been told by the government to close her shop, so she has no money coming in, so I’ve told her to stop paying me rent.

  4. Better buy your old-age bungalows quick, they don’t seem to be making them anymore. Added bonus, no need for expensive scaffolding and cleaning the gutters is a doddle. No stairs to bugger up your gammy legs. That is what I call a real asset!

  5. Why am I reminded of that scene in Downfall? These are the rantings of someone so deranged and divorced from reality that sectioning appears to be a viable consideration.

  6. Megalomania increases. He really is losing it.

    And on the pedestal these words appear:
    ‘My name is Ritchie, economist of economists:
    Look on my works, ye Mighty, and despair!’
    Nothing beside remains. Round the decay
    Of that colossal wreck, boundless and bare
    The lone and level sands of Norfolk stretch far away.

  7. Murphy consistently comes across as a jealous bully, who has consistently failed throughout life and thinks it is perfectly acceptable, by force if necessary, to take from those who have managed to be more successful more than himself.

  8. jgh

    Why have they not received the grant available from the government, payable by the local council? All the tenants of our shops received either £15,000 or £25,000. Goes some way to paying rent.

  9. One has to ask, what sort of provision has Murphy made for his own retirement, if any? He hates equities and corporate bonds. He hates landlords. He hates ISAs.

    Maybe it’s all under the mattress? Or maybe he has no retirement savings at all?

  10. The Meissen Bison

    BF: Or maybe he has no retirement savings at all?

    That’s probably right unless you allow for him putting his train set on ebay.

    Noel is the expert on this but I think we know that he can’t have even close to £100k in ISAs because he would cap ISAs at that level. We know that he downsized to Ely to settle his Bank of Belize misfortunes and we know that he has no aspiration to get a better house because he relishes the prospect of the price of your falling so he doesn’t envisage taking a hit by realising the Ely drum.

    Then there may be a pair of former spouses and children to scythe a path through his bank account plus pleas of poverty on his website. All in all, it’s the antithesis of lush.

    The only thing one can entirely discount is his threat to discontinue blogging if the claque don’t cough up. The blog is his therapy.

  11. Does he have the ear of anyone with influence?

    I work in local government procurement and nobody has heard of him. Fair Tax Mark and his other ideas are so far out in space you couldn’t see them from the Hubble telescope.

  12. @Adrian, at the moment none thankfully. He had some influence on Labour from 2010-2015 (through Margaret Hodge rather than Miliband/Balls) and in the summer of 2015 when Corbyn and McDonnell used his ideas, but he fell out with them when they wouldn’t give him the peerage and job he wanted. I wouldn’t be surprised if he makes another pitch to Labour for a job though.

    @Bravefart and The Meissen Bison, his apparent lack of cash is a mystery. According to his website
    https://www.t* his City University job ends in July, but he still gets money from the Fair Tax Mark and the Corporate Accountability Network. Even without that, a 60 year old accountant should have a good pension and savings. Perhaps there have been more libel writs we don’t know about.

  13. If he was calling for a reduction in council tax as councils are only providing the bare minimum of services then he’d be onto something. Sorry i forgot -that’s a tax and spuds raison d’etre is MOAR tax.

  14. ‘To be precise, landlords have not really been asked to make any sacrifices’

    Kill the landlords; take their stuff.

    He has only one Rx.

  15. As someone I used to work with often said he’d have retired 5 years ago if it wasn’t for the 2 divorces, maybe his life choices haven’t worked out for him too well

  16. @Bloke in Wales May 6, 2020 at 12:52 pm

    +1 The one-eyed Scotch fuckwit forced at gunpoint Lloyds TSB to ‘buy’ HBOS, thereby destroying two banks. He also destroyed Abbey, Bradford & Bingley etc

  17. I don’t know how it works for you Right Pondians, but over here if you are a small business owner,you don’t have a pension unless you make it yourself. You may not even have Social Security. We invested in rental properties to have a retirement income. Tough to live if that goes away.

    Of course we would be considered wreckers by the Great Spud for not contributing to the Great Pyramid Scheme known as Social Security.

  18. @ Mohave Greenie
    Over here the self-employed and small business owners tend to have a “Personal Pension” because the income tax system strongly incentivises them to do so. A few years ago it was common for the property housing the business to be owned by the proprietor’s pension fund and rented by the business. Hence UK commentators assume that Murphy has, or ought to have, a “personal Pension”.

  19. Pension provision? Simple if you can plan fifty years ahead while bloody politicians advised by folks who don’t have a private pension change the rules every five years.

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