Housing - plenty of room to drop

Charles Hugh Smith points out that in some areas, property values have already dropped by over 70% from their heady 2006 peak.

In a nutshell

All the shares of a single stock are valued at the price it last traded at. Sounds a little like how it used to work in the housing market.

"Jim in San Marcos"

Tossers

4.10 p.m. BST today: a couple of Labour canvassers come to the door.

- We're from the Labour Party, can we count on your support?

- No. I can't vote for any of the major parties, because they won't give us a vote on membership of the EU. I believe that membership of the EU without a referendum is ultra vires.

- Ah, so I'll put you down as UKIP, then.

- No. I don't want in or out, I want a referendum.

- I recall we had one in the...

- No. That was on membership of the Common Market, not membership of the EU.

After asking whether my wife (they used her first name) was in, and my telling them that she was but was otherwise engaged, they left.

See you all again in five years' time, no doubt.

Thr triumph of bureaucracy

This picture from Shoreditch, London, is doing the rounds via email. It encapsulates the state of Britain today: the pettiest arbitrary regulation trumps all human feeling, social and religious custom. Could this happen in Italy? I think not.

Debt: we will have to default

Denninger points out that if interest rates return to normal, two-thirds of taxes will go out to pay the rent on the debt. He urges default and says we should replacement private lending by banks, with direct money issuance by the government.

Whether or not his idea will come to fruition, this proposed desperate remedy shows that the disease is equally desparate.

Funny money and the politics of the Millennium

Money, since it is the lifeblood of economy and politics, sheds light on the Grand Plan of our would-be masters. Part of that plan is to persuade us that systems that worked perfectly well for centuries are somehow silly and quaint, not at all modern. Actually, the old systems often worked much better, and have been made irrelevant only by destructive changes wrought by small but well-coordinated cadres of political activists. This is as true of common law, natural justice, Magna Carta etc as it is of the allegedly silly duodecimal system.

The exchange below is part of a comment thread from the redoubtable Angels in Marble blog, which recently featured a post about the horrors of school dinners:

NOMAD: My memories of school dinners in the 40s and 50s are quite positive and all in all good value for about 1/3d. We all got fed adequately - and even on occasion there was enough left over for seconds...

HATFIELD GIRL: 1/3d, Nomad? You'll be recalling dividing £67/13/6d by £14/11/5d next. (no writing down, of course).

ROLF: "dividing £67/13/6d by £14/11/5d"= 4, remainder £9/7/10d, I think (not writing down, as you said).Now I teach children who still can't grasp multiplying by 10. The easier you make it, the dafter they get.

...

£14/11/5d is 8/7d short of £15.
4 x £15 = £60.
So the remainder is (£67/13/6d - £60) + (4 x 8/7d).
= £7/13/6 + 32s + 28d
= £7/13/6 + 32s + 2/4d
=£7/13/6 + 34s + 4d
=£7 + 13s + 6d + 34s + 4d
=£7 + 47s + 10d
=£9 + 7s + 10d, or £9/7/10d.

We NEVER had to do something like that, and as I say, children who can't divide by 12 also can't divide by 10.

The duodecimal system is very good for dividing sums of money by time periods or groups of people, and was appropriate when people were paid in pennies per day or shillings per week.

The x12 and x20 system is not responsible for the rip-roaring inflation of the 20th century that has systematically robbed savers and now pretty much bankrupted the nation (except for a fantastically rich and corrupt elite).

I would also point out that there are 60 seconds in a minute, 60 minutes in an hour, 24 hours in a day - because government hasn't yet found a way to inflate time.

There are also 360 degrees in a circle, still used for navigation the world over.

If ever we do for the pound what France did for the franc in January 1960 (100 old = 1 new), the duodecimal system may come into its own again.

The rule of 10 is just part of the great plan to erase the past and all links to it, so that we may have Year Zero and the socialist millennium.

Voters to strike on May 6th?

Went to see Rory Bremner at the Warwick Arts Centre last night. Funny hour of one-man stand-up, then panel time: the president of the Students' Union, a professor of politics, a local talk radio jock and left-wing (slung out by New Labour) ex-MP Dave Nellist.

Bremner asks the audience (500+) how many will be voting Labour; I saw maybe three or four hands. Then Conservative; ditto.

The general feeling, after the fun section, is numb helplessness. An old Scot called from the audience that our democracy is a sham; nem. con. Nellist also made the point that there is essentially no difference between the major parties, and that it's all about management now, not political philosophies.

I think we might see a voters' strike come Election Day. I can't see who I can vote for, and I'm not prepared to vote Labour Buggins out just to get Tory Buggins in. Not that my 1/74,000th share of the electoral roll could make the slightest difference.

When the penny dropped

Tony Blair receives a standing ovation from the entire House of Commons at the end of Prime Minister's Questions, 27 June 2007. David Cameron praises Blair's achievements and wishes him well in whatever he does in the future. BBC2 is criticised for failing to broadcast the ovation.

Despite the adversarial arrangement of the floor of the House of Commons, it seems to me that, politically, the two sides are no more than a Möbius strip. Whether we can include the mass media and make three sides into one, I cannot say.

Do they work for us at all?

"I discovered that there was a direct correlation between the highest outside earners and those with the poorest attendance records in the Commons" - Martin Salter

Notes and Queries (2)

Words of the Day:

Hawk: one who hawks, or peddles, his political influence to business interests via the services of a lobbying organisation.

Dove: one who seeks to wash away the sins of Honourable Members, e.g. by retrospectively redefining terms in order to exculpate his colleagues from charges of theft by false accounting. The term is derived from the name of a popular brand of soft soap.