From the Summit of the Moral High Ground

Historical Archive This article is preserved as part of the historical record of this blog. It reflects the author's views at the time of publication. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. 1.1(k) The effect of category 1.1(k) is to provide a market and an underpinning of prices for high-value properties. By effectively ensuring a £1,000,000 price tag for the largest properties, the top of the housing market is established. 1.1(h) By reducing the qualification period for category 1.1(h) of the Housing Regulations, the Government can artificially stimulate additional demand for mid-range properties. Conversely, by increasing the qualification period, it can artificially reduce demand. Conveyancing By gr...

Historical Archive This article is preserved as part of the historical record of this blog. It reflects the author's views at the time of publication. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. Introduction In order to ensure a satisfactory standard of living, it is essential that an average family can afford to purchase an average family home. The Affordability Gap At the time of writing, typical lending criteria used by banks were: Maximum lending of five times the annual salary of the main earner. Plus one additional annual salary from a second income. With an average annual salary of approximately £32,448, the maximum borrowing available to an average household was around £195,000. ...

Historical Archive This article is preserved as part of the historical record of this blog. It was originally written by Dr Willie (The Golden Jackass) and is republished here with permission as part of an ongoing effort to preserve historical economic commentary that has since become unavailable. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. Readers interested in Dr Willie's more recent writings can visit www.golden-jackass.com . How can a Greek DEFAULT be a success? Right now, we're seeing much the same global reaction we saw after many of the EU's previous 13 crisis summits: officials are congratulating themselves for doing next to nothing. The media is proclaiming the meetings "successful." So are all stock markets and currencies except for the dollar. So where's the beef behind Europe's latest news? THERE IS NONE! Over the next f...

Historical Archive This article is preserved as part of the historical record of this blog. It was originally written by Dr Willie (The Golden Jackass) and is republished here with permission as part of an ongoing effort to preserve historical economic commentary that has since become unavailable. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. On Monday, the first gold contracts denominated in the Chinese Renminbi (also known informally as "yuan") came to the Hong Kong market. Analysts have been quick to note the implications of a yuan-denominated contract, realising that the new contract could drive nearly three times as much demand as the dollar-denominated contract. Looking at the yuan product from the macro view, a move into gold is about more ...

Dexia sank like a lead balloon once banks stopped lending to them A giant bank has just gone under. It’s the biggest bank failure since the debt crisis of 2008-2009. It’s so big, in fact, that its assets are actually LARGER than the total GDP of the country where it’s domiciled. The bank that failed is Dexia, and the country is Belgium. But if you don’t live in Belgium ... and you think that fact makes this failure less relevant to your banks or to your investments, consider these shocking facts: Shocking fact #1.  Dexia was the world’s largest lender to municipal governments in the U.S. and overseas. So as the bank’s various pieces are chopped up and sold off to other institutions, it’s naturally going to be a lot tougher for municipalities to get financing. Result: More belt tightening and job cuts at local governments everywhere. Shocking fact #2.  Dexia was one of many large banks that actually PASSED Europe’s official “stress tests” just three months ago. And ye...

Historical Archive This article is preserved as part of the historical record of this blog. It reflects the author's views at the time of publication. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. Does the role of the Jersey Evening Post in Jersey prevent free and fair elections? I have previously examined the legal basis for defining a public authority . The Jersey Evening Post may be considered a functional public authority as a result of the following laws: the Jersey Gazette Act 1960 and the Official Publications (Jersey) Law 1960 . These laws enforce the public declaration of certain information in the Jersey Gazette and define the publication in which these pronouncements must be made as the Jersey Evening Post . In a previous post I looked at the concerns raised about the JEP by Senator Cohen and the effect of the media ...

Historical Archive This article is preserved as part of the historical record of this blog. It reflects the author's views at the time of publication. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. Dr Ron Paul, GOP Candidate for Presidential Nomination 2012 Ron Paul is the standard bearer of the modern Libertarian movement who advocates small government, low taxes and civil liberty or, as it is more accurately described, freedom from government. Ron Paul started life as an obstetrician and gynaecologist and practised what he preached; his practice would not participate in any federal health programmes, which meant that they saw all Medicare and Medicaid patients free of charge, and they were treated just like all of the other patients, but they were not charged and the practice did not accept federal funds. "Some of the p...

Historical Archive This article is preserved as part of the historical record of this blog. It reflects the author's views at the time of publication. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. Freddie Cohen finished sixth in the 2011 Jersey Senator Election Freddie Cohen at the end of the last election criticised the biased coverage of the election by the Jersey Evening Post , joining a long list of political figures in Jersey to have done so, for example Guy de Faye three years earlier. The allegation has been made, by a source I will not disclose, that the Jersey Evening Post likes to see one "establishment" candidate ousted each election to perpetuate the illusion of change for the people of Jersey, whilst power remains firmly in the hands of the same interests. Indeed, when I volunteered for the National Tru...

Historical Archive This article is preserved as part of the historical record of this blog. It reflects the author's views at the time of publication. The content has not been substantively altered, although the HTML, accessibility and formatting have been updated to meet modern web standards. Jurats led by Jurat Le Breton, Liberation Day 2008 Extract from: Jersey Courts – Jurats Italics indicate editorial additions. Jurats are elected to serve in the Royal Court and to decide questions of fact in court cases. They sit next to the judge and not only decide the facts in both civil and criminal trials; they also award damages and fines as well as determine sentences. The work of the Jurats is unpaid (although they receive substantial "expenses" and benefits such as free parking in Vine Street) and they are appointed by the Electoral College, consisting of the Bailiff, Jurats, the Connétables of the twelve parish...

The European Convention on Human Rights (ECHR), established under Winston Churchill's leadership and influenced by the lessons of World War II, was designed to shield individuals from government overreach. It allows individuals, after exhausting domestic remedies, to bring cases before the European Court of Human Rights. If successful, the Council of Europe acts to rectify the violation. Different countries respond variably to court rulings: the UK adapts laws relatively swiftly, while France lags with outstanding amendments. The ECHR holds states accountable not only for direct violations by "pure public authorities" (e.g., government departments, police) but also for breaches by private organizations performing public functions. A private entity may be deemed a "functional" public authority if: It operates closely with or under delegation from a state body, e xercises statutory powers of a public nature, o r wields coercive powers devolved by the state. Howeve...

Twenty Dollar Gold Coin (1 troy ounce fine gold) I was looking at my $20 dollar gold coin the other day. It is amazing how little it has changed since it was minted in 1887, the greatest change being the value of it which has ranged between $1,550 and $1,900 so far this year, which since it was worth $20 until 1933, then $35 until 1971, is a sign that the good times ended a long time ago. But the truth is that if the coin has not changed, if it is the constant, then what has changed? The answer has to be the value of the dollar. Inflation is a hidden tax and, like all taxes, is disproportionately levied on the 'poor'. By 'poor' I don't really mean the poor, who on a global scale are those who earn less than $800 per year; they have nothing anyway, so they have nothing to lose. In fact everyone who lives in Jersey is rich; everyone has an income of at least $7,500 per year. That places them in the top 20% of the world...

The welfare state, as defined in textbooks, is a form of government where the state ensures the economic and social well-being of its citizens, based on the principle of public responsibility for those unable to secure a decent standard of living independently. While this concept encompasses various economic and social arrangements, critiques suggest it fosters dependence that aligns with governmental goals of social control. This dependence increases as higher taxation funds more generous social programs, ensnaring more citizens in a cycle of benefit reliance. This dynamic creates a tacit agreement between voters and politicians: politicians promise support and voters absolve themselves of personal responsibility, preferring leaders who pledge, "Trust me, I will look after you." Critics warn this collective complacency mirrors the behaviour of a herd led unknowingly to unfavourable outcomes. Key concepts contextualising this discussion include: Social Welfare: ...

Thirteen islanders have put themselves forward for one of four senatorial seats in the States of Jersey. The election race is now on, as senatorial candidates will be joined by constable and deputy nominations. In a crowded Town Hall on Tuesday night, 13 people were nominated by fellow islanders to run for senator. Nine had announced their intentions, but four were new additions to the group of candidates wanting an island-wide mandate. The list includes three women: Advocate Rose Colley, Sylvia Lagadu and Linda Corby. Three sitting States members have declared: Senators Freddie Cohen and Francis Le Gresley and Deputy Ian Gorst. Jersey's former Bailiff Sir Philip Bailhache and the former Health and Social Services Minister Stuart Syvret will both put their names on the ballot. Other candidates include Lyndon Farnham, Darius Pearce, Christopher Whitworth, David Richardson and Mark Forskitt. If any of those candidates put themselves forward to run as a constable or deputy, their sena...