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Another one on the way

 
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Little John



Joined: 08 Mar 2008
Posts: 6758
Location: UK

PostPosted: Fri Nov 09, 2018 10:01 pm    Post subject: Another one on the way Reply with quote

Not long to wait now

http://www.golemxiv.co.uk/2018/10/debt-is-back-but-this-time-its-corporate/?utm_campaign=shareaholic&utm_medium=facebook&utm_source=socialnetwork
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emordnilap



Joined: 05 Sep 2007
Posts: 14525
Location: Houǝsʇlʎ' ᴉʇ,s ɹǝɐllʎ uoʇ ʍoɹʇɥ ʇɥǝ ǝɟɟoɹʇ' pou,ʇ ǝʌǝu qoʇɥǝɹ˙

PostPosted: Sat Nov 10, 2018 11:10 am    Post subject: Reply with quote

The signs were in place early last year that there'd be another financial meltdown in 2018. The prediction might be out by only a few months.
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kenneal - lagger
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Joined: 20 Sep 2006
Posts: 11065
Location: Newbury, Berkshire

PostPosted: Sat Nov 10, 2018 1:45 pm    Post subject: Reply with quote

Moneyweek has been predicting a crash and flogging courses on how to profit from it! Probably the best way to profit from the next crash is to sell and run the expensive courses on how to profit from it!!
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fuzzy



Joined: 29 Nov 2013
Posts: 879
Location: The Marches, UK

PostPosted: Sun Nov 11, 2018 4:30 pm    Post subject: Reply with quote

https://www.zerohedge.com/news/2018-11-10/uk-blatantly-violates-norms-decent-behavior

This story a week ago was astonishing. The BOE refusing to supply gold it was storing, back to Venezuela. Are we to assume that physical gold is under the same rules as fractional reserve banking?
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adam2
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Joined: 02 Jul 2007
Posts: 7129
Location: North Somerset

PostPosted: Sun Nov 11, 2018 5:25 pm    Post subject: Reply with quote

fuzzy wrote:
https://www.zerohedge.com/news/2018-11-10/uk-blatantly-violates-norms-decent-behavior

This story a week ago was astonishing. The BOE refusing to supply gold it was storing, back to Venezuela. Are we to assume that physical gold is under the same rules as fractional reserve banking?


I think that the refusal to return to Venezuela the gold that they have stored at the Bank of England is simply due to a desire not to upset the USA who have imposed sanctions.

It is most unlikely that physical gold is under the same rules as fractional reserve banking.
And even if that WAS the case, the Bank would still hold enough physical gold to be able to return it on demand to any one depositor. The problem would only be apparent if TOO MANY depositors all wanted physical gold at the same time.
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BritDownUnder



Joined: 21 Sep 2011
Posts: 532
Location: Hunter Valley, NSW, Australia

PostPosted: Wed Nov 14, 2018 7:39 pm    Post subject: Reply with quote

Interesting story about the gold. Good thing Venezuela did not ask Gordon Brown to look after it. They may have been stuck with shares in Debenhams once Mr Broon sold the gold at a record low point.

Back to the original theme of the post you could say that Debt never sleeps. I worked for GE Power until recently, the 'troubled' division of GE that failed spectacularly in its recent acquisition of Alsthom. The stories I could tell about that bunch of clowns could fill this forum for years.
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woodburner



Joined: 06 Apr 2009
Posts: 3937

PostPosted: Wed Nov 14, 2018 10:57 pm    Post subject: Reply with quote

BritDownUnder wrote:
Interesting story about the gold. Good thing Venezuela did not ask Gordon Brown to look after it. They may have been stuck with shares in Debenhams once Mr Broon sold the gold at a record low point.

Back to the original theme of the post you could say that Debt never sleeps. I worked for GE Power until recently, the 'troubled' division of GE that failed spectacularly in its recent acquisition of Alsthom. The stories I could tell about that bunch of clowns could fill this forum for years.



Don’t hold back. We could do with something interesting.
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fuzzy



Joined: 29 Nov 2013
Posts: 879
Location: The Marches, UK

PostPosted: Thu Nov 15, 2018 8:27 am    Post subject: Reply with quote

BritDownUnder wrote:
Interesting story about the gold. Good thing Venezuela did not ask Gordon Brown to look after it. They may have been stuck with shares in Debenhams once Mr Broon sold the gold at a record low point.

Back to the original theme of the post you could say that Debt never sleeps. I worked for GE Power until recently, the 'troubled' division of GE that failed spectacularly in its recent acquisition of Alsthom. The stories I could tell about that bunch of clowns could fill this forum for years.


Thats even more depressing when Alsthom took over the original UK generating + engineering companies - so long ago I've forgotten who they are: GEC, Brush, Reyrolles etc?

http://www.oldtyneside.co.uk/page%20083/Page%2083%20011.jpg
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BritDownUnder



Joined: 21 Sep 2011
Posts: 532
Location: Hunter Valley, NSW, Australia

PostPosted: Thu Nov 15, 2018 9:31 am    Post subject: Reply with quote

woodburner. I could not tell too much for fear of incriminating myself. I cite the Fifth Amendment. Suffice to say never seen such a bunch a nasty backstabbers as Alsthom managers. There must have been a course in passing the buck or throwing people under the bus. It was amazing hear Asian ex-Alsthom people not too familiar with the English language using the phrase 'thrown under the bus' several times each day.

fuzzy. Not all bad news about Reyrolle. The New Zealand division still exists, privately owned as RPS Switchgear and manufactures good switchgear which is sold around the world, mainly in Commonwealth countries. I am sitting under a GEC ceiling fan as I write this. If it broke I suspect the Made in China replacement would not last as long. GEC was a good company which I had shares in but was unfortunately ruined by putting an accountant in charge of an engineering company. I think he was in the House of Lords as a Labour peer for a while. As for Brush, I have worked on many of their generators and Automatic Voltage regulators including in Indonesia. Who owns Brush now I have no idea and I think only their excellent sales and customer service team is based in the UK with the manufacturing being done in Czech Republic and probably India or China now.
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fuzzy



Joined: 29 Nov 2013
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Location: The Marches, UK

PostPosted: Thu Nov 15, 2018 11:48 am    Post subject: Reply with quote

It's not the multinational companies I admire, it's the communities of people in the UK who benefited from a quality life.
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raspberry-blower



Joined: 14 Mar 2009
Posts: 1780

PostPosted: Thu Nov 15, 2018 11:57 am    Post subject: Reply with quote

GE is another of those companies that went on a share buy-back frenzy along with juicy dividends and are now paying the price for it:

Wolf Richter: This is what retail investors did with GE this year as it plunged

Wolf Richter wrote:
It now is buckling under $263 billion in liabilities, not counting any off-balance-sheet liabilities. Its accounting is being scrutinized by federal authorities, GE disclosed. And there are fears that some unknown unknowns might emerge. GE has been shedding divisions and assets to shrink itself to health, and as it is dismantling itself, there are fewer business units available to generate cashflow to pay for this debt.


These liabilities are so huge in comparison to its remaining assets that when the $79 billion in “goodwill” and “other intangible assets” are excluded from its assets, GE is left with what we call “tangible equity” of negative $31 billion. In other words, this former icon of American industrial innovation and strength has been gutted by share buybacks. GE would be OK-ish today, if it had not wasted $40 billion on monstrous share buybacks to “unlock value” to please activist shareholders and Wall Street.

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BritDownUnder



Joined: 21 Sep 2011
Posts: 532
Location: Hunter Valley, NSW, Australia

PostPosted: Thu Nov 15, 2018 9:07 pm    Post subject: Reply with quote

The community of Petone, New Zealand probably benefited from the decision of someone in NZ to buy out that part of Royrolle and keep it going. The people of Hebburn, in Newcastle were not so lucky. What caused that to happen is anyones guess. NZ was not a member of the EU so was a bit sheltered from competition that the UK part of Reyrolle probably was not. UK Management incompetence is another possibility. Trade Unions maybe.

As for GE they made a whole load of mistakes but even at my level with 9 layers of management (at one time) between myself and Jeff Immelt, the one time CEO of GE, the modus operandi was always to chase money, underquote jobs to get the business then blame the staff when more time was spent on things than was planned. Another mistake seemed to be poor negotiation of contracts that allowed customers too much say on changes during commissioning of plant which caused cost blowouts.
We had a lot of management people from the states visiting our office who I could not understand exactly what they did. I suspect a free business class trip to Australia may have had something to do with it.
I think what marked the end for GE was buying Alsthom in the first place. They paid too much money to get a bigger slice of the rapidly shrinking gas turbine market at the same time there is less gas available to run them and the cost of that gas is increasing.
From what I understand the new CEO of GE is part of the activist investor group and will carry on selling the company bit by bit.

Don't know too much about the share buyback but it did not concern me at the time.

All I know is that with bad decisions someone pays the price. Debt never goes away even if it is written off. Someone out there pays.
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