BEWARE! THE BANKS ARE OUT TO GET YOU!

[Stanley]

I don't know what the cost was in the 1950s, all I know is that my life was made miserable by better off boys with new uniforms at the beginning of the term.
Ken, that sounds like a funny way to buy anything! Could it be a Cunning Wheeze?

[Tizer]

Ken, that sounds like a funny way to buy anything! Could it be a Cunning Wheeze?

`American debt comes to English soccer: Winning tactic or an own goal?' LINK
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Back to Klarna loans....The Times has carried out a ` mystery shopper' exercise by contacting Klarna, admitting having heavy loans already and asking for a loan. Klarna said OK, no problem, just go through the process as usual. Another `shopper' said he couldn't take on another loan but wanted to buy something. Could his girlfriend take out the loan for him. Klarna said yes. They're not doing any checking to ensure customers can pay.

[Stanley]

Funny isn't it. When I was Open All Hours one of my guiding principles was to keep credit accounts (Farmers liked monthly accounts and deliveries) and debt to an absolute minimum. If these sharks have a system that allows bad debt but makes a profit it must be that their gross profit on what they sell will withstand the reduction in price if the debt is sold on to a debt collection agency. So many reasons for not touching them with a barge pole but I suppose if you are desperate normal rules don't apply. Never mind financial regulations, it's exploitation of vulnerable people. Can't they be charged with that?
Later, I heard a man from Hiscox Insurance talking about the market. He said that many insurance companies have done well out of the pandemic due to lower levels of use of insured artefacts. In particular he said that motor insurance has been very profitable as insurance is being paid but cars not driven.

[Tizer]

People who have had to work from home have often been able to negotiate reductions in their motor premiums.

[plaques]

On motor insurance, once you reach the age of 75 its almost impossible to change your provider. The tip is to find cover that you can rely on and doesn't bump the price up once you are captive then stick with it.

[Tripps]

Ditect Line have a scheme where you register your current mileage, and at the end of the term they refund you if it is less than what was agreed at the start. (or some such). I didn't bother last year, but having recently renewed - I will this year. It was advertised on TV last night.

[Stanley]

So the Hiscox man was right, many are paying the same premium but driving less?
Another massive consequence of the pandemic is surfacing. It is the fact that many have done well out of the lockdown, not spending money on commuting, travel or entertainment and eating out. That money is looking for an outlet, interest rates are at historic lows so the banks are no good, stocks look attractive and so a lot of money is going there and this is a partial explanation of the volatility of certain stocks. It may have had something to do with Elon Musk investing a billion dollars in Bitcoin which are trading at an all time high.
In short, the normal circulation of money has been interrupted and is finding other channels. This is not always going to be good news.....

[Stanley]

See THIS BBC report on the unusual weather in Texas and the failure of the private energy companies and grid to cope with the low temperatures. The commercial water companies have also been caught out both by the cold weather and the lack of power for their pumps. The consequence is that many are without both water and power.
I suppose this could have been posted in climate change but it struck me as a failure of the market. We are often told that 'the market' is the best regulator. This is yet another example of how fallible it is when its only goal is the pursuit of profit.

[Whyperion]

I dont think the CEGB and some of the water boards fared too well in the UK in 1963, though they did make endeavours, The USA electric system needs a full renewal, the renewables and changes to distributed supply may bring this about.

[Stanley]

You and Yours has found another scam on top of the pension fraud. The scammers are buying lists of people already defrauded, contacting them and promising to get their money back in return for an up front payment. In one case they detail the victim has paid a further £16,000. This scammer stole the name of an existing company so when the victim checked with Company's House and found they were genuine he believed them.
Be very careful.

[Tizer]

And the number of people scammed in financial fraud has risen dramatically since the beginning of the pandemic. Anyone who banks with HSBC had better be even more careful because if scammers steal your money you even be able to contact the bank...
`HSBC fraud helpline's 20-hour wait 'disgraceful'' LINK
`...We called each of the big five High Street banks (HSBC, Santander, Barclays, NatWest and Lloyds), as well as Nationwide Building Society, at just after 09:00 on a weekday. Each call was answered in minutes - except our call to HSBC. In total we spent more than seven hours on hold to HSBC's dedicated scam helpline on three phone calls. Each one ended when we were cut off without being able to speak to anyone....There are two numbers on the back of my HSBC card as it happens. One labelled as "enquiries" and another labelled as "24-hour lost or stolen". Neither of which are the same as the number scam victims are directed to call on the HSBC website - the number where Richard's family and I saw those terrible wait times..'.

[Stanley]

I listened to that report and it's horrifying isn't it. I bank with HSBC and listened to their totally inadequate response to this. It all reinforces my contention that individual clients are seen by all the banks as an embarrassment these days. They simply don't like 'wasting time' talking to us.
Can you remember the time when you could have a conversation with your bank manager, often a coffee and get direct action? Today's young people would probably think that was a fairy tale.

[PanBiker]

10 grand unsecured short term loan (8 -10 weeks) on a hand shake and a promise not to get knocked down, (Yorkshire Bank circa 1996). Later my bank manager died of cancer and they took the opportunity of replacing him with a company drone, worse than getting blood out of a stone!

[Stanley]

Those were the days Ian! And the banks made a profit.

[Tizer]

Now the universities may be unwittingly allowing money laundering...
`Money laundering fears as universities accept £52m in cash: Institutions are accused of laying a welcome mat for criminals' LINK
`Universities have been accused of inadvertently facilitating money laundering after a Times investigation found that they accepted millions of pounds in cash from students from “high-risk” countries. At least 49 British universities let students use banknotes to pay £52 million in fees over the past five years, including millions from China, India, Russia and Nigeria. Financial crime specialists said the disclosure showed that institutions had turned a blind eye to being used to launder proceeds of illicit activity overseas. One security expert said they were “putting out a welcome mat for the world’s kleptocrats and money launderers”. Cash payments do not leave a paper trail that could allow police or banking regulators to track them back to source..'.

[Tizer]

I listened to that report and it's horrifying isn't it. I bank with HSBC and listened to their totally inadequate response to this.

It sounds like they're withdrawing to Hong Kong and China. You might find yourself using the same coins and notes as Chinatyke!

[Stanley]

HSBC... I shall worry when they tell me my local branch is in Hong Kong!

[chinatyke]

HSBC... I shall worry when they tell me my local branch is in Hong Kong!

I used to have an account at the main HSBC bank in Hong Kong. The manager denied they were part of China. That was in 2006.

[plaques]

China is trying to compete with the US $ (dollar) hegemonic power by raising its own bit currency "mimibit" or something like that. No paper or cash changing hands for months now. They are actually well in advance of the rest of the world. No wonder Trump wanted to demonise them.

[chinatyke]

China is trying to compete with the US $ (dollar) hegemonic power by raising its own bit currency "mimibit" or something like that. No paper or cash changing hands for months now. They are actually well in advance of the rest of the world. No wonder Trump wanted to demonise them.

The only Chinese electronic currency I've heard about is the digital renminbi and DCEP (digital currency/electronic payment). As far as I understand it, it isn't anything new because electronic cashless payments are widely used everywhere in the world. I assume that most workers today are not paid wages in cash. China seems to have gone one step further and payments for very small amounts are made electronically e.g. 1 rmb (about 10 pence) bus-fares. It amazes me that the little old ladies selling a few vegetables at the roadside accept contactless e-payments. I think it is because e-payments are free of all charges and instant using today's technology.
I'm a dinosaur and draw cash from the bank in China and use real money to pay for everything, except for my online purchases where I have an e-wallet that I keep topped up. My UK pensions are paid in GB pounds but I can't remember the last time I handled GB money, all transfers are done electronically so I suppose even as a dinosaur I am using digital money.
I still can't see the logic behind bitcoins. I suppose it's like paying millions for diamonds which are simply bits of carbon without any intrinsic value! Or Dutch Tulip bulbs!

[Stanley]

I'm as baffled as you are China. Actually I think they are simply a vehicle to get amateur investors embroiled in a system designed to fleece them.

[Tizer]

I still can't see the logic behind bitcoins. I suppose it's like paying millions for diamonds which are simply bits of carbon without any intrinsic value! Or Dutch Tulip bulbs!

Turn that on it's head China: When you go to the bank and get money out of your savings account it's like paying millions for bits of paper and cheap base metal disks with little intrinsic value!* When I read about all the energy being consumed in creating bitcoins I think about how Matthew Boulton, who was stamping out metal buttons for the military, asked James Watt to install steam engines in his factory to provide the energy so he could stamp out coins instead.

*If you haven't already read the book get a copy of Terry Pratchett's `Making Money'. He wrote it just before the 2007/8 credit crunch. It's brilliant.

Talking of bitcoin, I saw an article recently about Bitcoin and Elon Musk but what I noticed deep within the article was this fact. Musk/Tesla make an enormous profit out of selling `green credits' to other companies allowing them to continue polluting the atmosphere and oceans and keeping up the rate of climate change. He can do this because he sells electric cars and makes batteries. When I hear things like this I think we've fallen down the same burrow that Alice fell into!

[Stanley]

Green credits, carbon credits, burning biomass at Drax being carbon neutral.... All cunning wheezes in my opinion.
So yes Peter, it's Wonderland all over again.

[PanBiker]

The YB mobile app has been playing silly beggars today with no access, it' the Virgin mob that has taken over according to some of the error messages sent earlier today. Seems to be back to normal now and still under the YB banner.

[Tizer]

Haha! I thought the YB Mobile app must be something Chinese and had to look it up - now I know I was slightly wrong!