ChatGPT and Google Bard Crash

Both ChatGPT and Google Bard are down.

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The Financial System Explained

 

Tax Investigation Insurance

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Inflation Falls To 8.7%

Inflation has fallen from 10.1% to 8.7%.

However, core inflation (excluding food, energy, booze and fags) rose from 6.2% to 6.8%.

Whatever excuses Bailey and cretins on the MPC come up with, it is clear that the Bank of England have lost control of the situation and have failed in their mandate to keep inflation below 2%

Sack them!

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Bailey Admits He Is Crap!

 

The hapless and hopeless Andrew Bailey (Governor of The Ban of England) has been spewing forth chunks of "wisdom" this morning:

"...We do have a challenge in how we communicate...

...We have a lot to learn about operating policy"

Who appointed this oaf? 

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IMF Couldn't Forecast a Blizzard in The Arctic!

“The IMF said British gross domestic product was set to grow by 0.4% in 2023. In April, it forecast a contraction of 0.3%.” 🥴 https://t.co/dsNf4FQ7RU

— Christopher Snowdon 🇺🇦 (@cjsnowdon) May 23, 2023

 

Tax Investigation Insurance

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US Debt Ceiling Crisis Going To The Wire

The United States is currently facing a debt ceiling crisis. The debt ceiling is the maximum amount of money that the federal government is allowed to borrow. The current debt ceiling is $31.4 trillion. The Treasury Department has warned that if the debt ceiling is not raised by June 1, the government will default on its debt. A default would have a devastating impact on the economy, leading to a recession, job losses, and a decline in the value of the dollar.

Negotiations between Democrats and Republicans over raising the debt ceiling have been stalled. Republicans are demanding spending cuts in exchange for their support for a debt ceiling increase. Democrats have refused to agree to spending cuts, arguing that they would harm the economy.

If the debt ceiling is not raised, the government will be forced to make difficult choices about which bills to pay and which to default on. This could lead to a chaotic situation in which the government is unable to function effectively.

The consequences of a default would be far-reaching. The stock market would likely crash, interest rates would rise, and the value of the dollar would decline. This would make it more expensive for businesses to borrow money and invest, which would lead to job losses and a recession. A default could also lead to a downgrade of the US credit rating, which would make it more expensive for the government to borrow money in the future.

The debt ceiling crisis is a serious threat to the US economy. It is important for Democrats and Republicans to come to an agreement to raise the debt ceiling as soon as possible. A default would have a devastating impact on the economy and could lead to a recession.

Tax Investigation Insurance

Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.

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Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

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RIP George Soros

 

George Soros, the Hungarian-American billionaire investor and philanthropist, died on May 17, 2023, at the age of 92.

Soros was born in Budapest, Hungary, in 1930, to a Jewish family. He survived the Nazi occupation of Hungary during World War II, and later fled to England to study philosophy at the London School of Economics. After graduating, Soros moved to the United States, where he began his career as a hedge fund manager.

Soros quickly became one of the most successful investors in the world. In 1992, he made a $1 billion profit by betting against the British pound sterling, which forced the Bank of England to withdraw its support for the currency. This event, known as "Black Wednesday," made Soros a household name and earned him the nickname "the man who broke the Bank of England."

In addition to his success in the financial world, Soros was also a major philanthropist. He founded the Open Society Foundations, which supports a wide range of causes around the world, including human rights, democracy, and education. Soros also donated billions of dollars to other charitable organizations, including the Bill & Melinda Gates Foundation.

Soros was a controversial figure, and his views were often criticized by both the left and the right. However, there is no doubt that he was one of the most influential people of his time. He will be remembered as a brilliant investor, a generous philanthropist, and a tireless advocate for human rights.

Here are some of Soros's most notable accomplishments:

• In 1992, he made a $1 billion profit by betting against the British pound sterling, which forced the Bank of England to withdraw its support for the currency. This event, known as "Black Wednesday," made Soros a household name and earned him the nickname "the man who broke the Bank of England."
• He founded the Open Society Foundations, which supports a wide range of causes around the world, including human rights, democracy, and education.
• He donated billions of dollars to other charitable organizations, including the Bill & Melinda Gates Foundation.

Soros was a complex and controversial figure, but there is no doubt that he was one of the most influential people of his time. He will be remembered as a brilliant investor, a generous philanthropist, and a tireless advocate for human rights.

 

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Market leading tax fee protection insurance for businesses, sole traders and individuals. Protect yourself from accountancy fees in the event of an HMRC enquiry.

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Bailey Talking Bollocks Again!

 

Jowly toad speaks...

BOE'S BAILEY SAYS I’D LIKE TO PUSH BACK STRONGLY AGAINST ONE ARGUMENT YOU SOMETIMES HEAR, WHICH IS THAT INFLATION IS HIGH BECAUSE MONETARY POLICY WAS TOO LOOSE IN THE PAST

— Neil Wilson (@marketsneil) May 17, 2023

 

Even by Bailey's standards, this really is BOLLOCKS!

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Argentina Raises Rates To 97%

Argentina's central bank raised its benchmark interest rate by 600 basis points to 97% on Monday, May 15, 2023, in a bid to stem inflation that hit 109% on an annual basis in April. The hike is the latest in a series of measures by the government to try to control inflation, which has been rising at a breakneck pace in recent months.

The central bank said it would also increase its intervention in the foreign-exchange market and double down on its currency devaluation plan. The peso has lost about half of its value against the dollar in the past year, and the government is struggling to keep up with its foreign debt obligations.

The rate hike is likely to have a significant impact on the Argentine economy. It will make it more expensive for businesses to borrow money, which could lead to job losses and slower economic growth. However, the government is hoping that the higher rates will help to bring down inflation, which would ultimately benefit the economy.

It remains to be seen whether the rate hike will be enough to tame inflation. Argentina has a long history of economic instability, and it has been struggling to recover from a severe recession in 2020. The government is facing a number of challenges, including a high debt burden, a weak currency, and a lack of confidence from investors.

 

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The $100BN Second Coming Fund!

The Church of Jesus Christ of Latter-day Saints' investment firm has over $100 billion, twice the size of Harvard's endowment or the Bill and Melinda Gates Foundation, according to a whistleblower. He said he was told the fund was for “the second coming." https://t.co/DpVMXCxJ2O pic.twitter.com/PczaZgLJzc

— 60 Minutes (@60Minutes) May 14, 2023

The Church of Jesus Christ of Latter-day Saints (LDS Church) has been accused of amassing a $100 billion investment fund, which some have called the "Second Coming Fund." The fund is said to be used to prepare for the second coming of Jesus Christ, and to provide for the needs of the church's members in the event of a major disaster.

The allegations about the fund were first made in a whistleblower complaint to the Internal Revenue Service (IRS) in 2019. The complaint alleges that the church has been misleading its members about the purpose of the fund, and that it is using the fund for its own financial benefit rather than for charitable purposes.

The LDS Church has denied the allegations, and has said that the fund is used to support its charitable and humanitarian work. The church has also said that it is transparent about its finances, and that its members are free to ask questions about the fund.

The allegations about the $100 billion investment fund have been met with mixed reactions. Some people have expressed concern that the church is hoarding wealth while its members struggle to make ends meet. Others have defended the church, saying that it is simply being prudent and preparing for the future.

The allegations about the $100 billion investment fund are still under investigation. It is unclear what the outcome of the investigation will be, or what impact it will have on the LDS Church.

Here are some additional details about the allegations:

• The whistleblower complaint alleges that the LDS Church has been misleading its members about the purpose of the fund for at least 15 years.
• The complaint also alleges that the church has been using the fund to prop up a pair of businesses, including a real estate development company and a cattle ranch.
• The LDS Church has denied all of the allegations in the whistleblower complaint.
• The IRS has not yet taken any action against the LDS Church.

 

As I have noted before, religions should be taxed!

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Bank of England Raises Rates by 0.25%

 The Bank of England has, as expected, raised rates by 0.25% to 4.5%.

It expects the UK to avoid a recession, despite doing its best to push it into one!

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National Express Fucks Up Its Branding and Talks Bollocks!

 via @TimesBusiness morning email

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Yellen Warns On Debt Ceiling

The US government could run out of money by June 1 For the first time in history, America could find itself in a situation where it cannot repay its debt, which would shake the global financial markets and potentially lead to a recession and an increase in unemployment.

Janet Yellen, the Treasury Secretary, wrote to Congress warning:

"In my January 13 letter, I noted that it was unlikely that cash and extraordinary measures would be exhausted before early June. After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government's obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time. This estimate is based on currently available data, as federal receipts and outlays are inherently variable, and the actual date that Treasury exhausts extraordinary measures could be a number of weeks later than these estimates."

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Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your accountant (your tax return agent) to:

• Deal with any correspondence from HMRC
• Attend any meeting with HMRC
• Appeal to the First-tier Tribunal or Upper Tribunal
• Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

Please click here for details.