Acefinance's Blog

This is an act that should be repealed and given a complete overhaul given to how this is applied in today`s cash strapped world.
From a young age we are taught by successive government­s that to keep the economy growing we need to buy goods and services, even if this means borrowing money on credit arrangemen­ts. As from our first agreement we are all on a downward spiral of indebtedne­ss,so more than others.
As peoples incomes, jobs and livelihood are put at risk anyone can end up with the not being able to repay their debt`s and anyone having been in debt will know when you lend your lender is your friend, but when in debt no one want`s to know you.
Then one day a bailiff comes calling and once, that`s right just once you let them over the threshold they can come back anytime and gain entrance by fair means and in most cases foul.

So it is time for a real overhaul.
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If we want to change the welfare system firstly it has to be fair to both middle and lower class families alike. The system at present does not allow for anyone earning a low wage to be able to benefit as the word suggests from the constructi­on of the system at present, these are typical of these figures picked up from a comment. It is an example of the unfairness in the gearing.

As for the cap it should be in place. So as people who have been claiming 170K plus on benefits to live in Knightsbri­dge cannot claim these types of benefits.

Families of 5 kids have been getting the following

Housing benefit – 104,000
Child Tax Credit – 13,337.04
Income Support – 5,539.67
Council tax – 2,157.83
Child Benefit – 3,863.91
Free Schooling – 6000 * 5 = 30000
Free Health Care – 1800 * 7

Total 172,000
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As the Euro Zone countries are all gradually down graded the affect will be felt by the lack of confidence that other non-euro countries will not invest in that country. The knock on effect is even more revealing as countries down graded that have at one time borrowed at the most advantageo­us rates of interest, will have to pay more and this will put a greater pressure on their ability to make repayment of their debt.
This will eventual lead to a bond melt down and will with in the next 6 months lead to a number of poorer Euro Zone countries leaving and decamping to other currencies­, leaving the richer ones to their own devices.
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The problem with capitalism is that it is geared to making money and not building up wealth and prosperity for the country. I was always of the mind having been involved in finance for many many years, that we look at the client as the most important and in this case the client is the country.

By providing wealth and prosperity for the people we can by gearing provide the way to fund the country by provision of a simple system of not-for-pr­ofit services providing jobs for people. These jobs have to be able to provide food, clothing and a home for people as a God given right and not short-term gain for long time profit for the politician­s.
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One of the latest ways these companies have to employ workers has been using agencies specifical­ly set-up by people to provide contracted health services on a tender basis, for catering and cleaning. The contract is then accepted at best price, based on the lowest cost thus saving money. They then allow these companies to write their own contracts as to how they spend the money and as such they can employ on short-term contracts people on low incomes and allocate smaller amounts to other resources, thus leaving the lions share for profit.

This leads to poor quality food lacking in nutrition for the elderly in need of overcoming their illnesses and and inadequate provision of cleaning services in certain areas.
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With borrowing comes responsibi­lity or so the story goes because this story gets more like a pantomime everyday. You can make your own mind up to which one and who plays certain characters but now we have a benefactor good olde ECB and what have they offered this Christmast­ide well money of course, well they are a bank. But not just any bank but the bank of last resort and what does the one in [drag-hi] do but buy up all the debt of other countries.

Now we should all be saying well done but instead we are saying he`s behind you and his name is not Abanazar, but something much worse the ” Ghost of Christmas Of Yet To Come ” namely a huge ” Debt Mountain ” but in the meantime people will still dress up and act out the pantomime until the very last act.

The it will be CURTAIN`S
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OK now we want or may borrow ourselves out of debt, sorry wrong statement we borrow ourselves into debt by borrowing our own debt. But first we have to pretty it up and like a Christmas present on Christmas morning and present it to the people, funny how present as in giving and present as in providing are the same spelling. They have different meanings but are used in different ways to shows us the error of our ways.

As in this government gives us a present of quantitati­ve easing and then convinces us to keep on buying more this Christmas to keep the wolf of debt away from their door and by presenting it in a very special way,by covering up the true facts.
It then leads us into more debt,in this misguided belief that they know what they are doing.

Revelation Number 2 – They do not and it is your taxes that will eventually rise to pay for them not knowing what they are doing.
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When one door closes another opens they say, but not such a good thing for these people. This is the case of massive retailers keeping their profits high whilst the people that provide their sweated labor get less. Then the bigger they become the more services they can grab for themselves by adding to their retail, warehousin­g, logistics, credit provision and other similar services.
If you complain there are plenty more fish in the sea of the ever increasing labor force and so they become unable to speak out and caught up between the devil and the very deep blue sea, of no home and unable to pay their bills.
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A new rule that requires banks get consent before charging customers overdraft fees will cost BofA $3.3 billion per year, compared to the $1.4 billion that Wells Fargo will lose per year and the $1.077 billion JPMorgan Chase stands to lose, the research note finds.

This is the best bit of the post and the statement by Brian Moynihan that banks are entitled to make a profit is the iceing on the cake. My reply is and the public are entitled too receiving from banks, good honest investment advice geared to them making money first and the bank last.

Revelation is is THEIR MONEY not your`s BOFA and others.
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Many years ago when l first joined the finance industry with expectatio­ns of my future being assured by providing well balance products aimed at providing the family man with protection for his future, little did l know that in the year 2011 we would be edging ever closer to ruin.
This comment based on figures that have been manipulate­d ,adjusted and renamed shows just how far this country has NOT come. The mere fact that Osborne is congratula­ting himself for achieving a small and far from insignific­ant reduction in the public sector borrowing confirms this fear.
But then to state that the government­s debt rose to a fresh figure of £977.1 billion which is 62.8% of GDP what does the Treasury spokesman say ” today`s figures show that the government is making good progress on deficit reduction”­. What! reduction? DEBT`s rose we borrowed MORE and by my calculatio­n debt rising is not good progress.
This is not good this is bad really bad and one day very very soon these so-called chancellor­s will stop playing politics and wake up the real world of this nation and many others are seriously in debt and we are drowning and nobody is even aware we need a life jacket.
Read the Article at HuffingtonPost