Brexit humiliation

[Mottie]

….blames anyone/everyone else for their stupidity...

Who do you blame for your stupidity? Accept it, you were never wanted in Iceland.

Anyway, on a subject close to your heart, we're currently looking for a career for the MIL. I’ll match your minimum wage plus a quid on top because I like you. Interested?

 

[Vinty]

View attachment 280844

Wetherspoons should be nationalised.
If Wetherspoons goes down, the government should consider opening emergency booze banks for the 1000's of Alco's who will be wandering the streets looking for a cheap drink.

 

[wellyfish]

Up sh*t creek without a paddle...

And anyone willing to sell one will be charging top dollar...

At a price that bankrupt UK PLC won't be able to afford...

But that was the inevitability of setting sail on the brexitanic...

Many did see that coming!

Care to explain how the UK - a country with a currency-issuing govt with it's own fiat, floating currency and no (or tiny amounts of) debt denominated in a foreign currency - is or will become bankrupt?

 

[Vinty]

That was the estimate of his net worth, now it's :

Tim Martin: Net Worth 2022​

Tim Martin Net Worth 2023: Everything About the Business Personality!

Formerly known by his given name, Timothy Randall Martin currently controls the Wetherspoons chain of pubs and acts as chairman of the company. The United

novascotiatoday.com

That's a sizeable reduction.

Tim Martin’s Net Worth is $9 million as of 2022.
With the rate at which Sterling is falling against the dollar, Tims 9 million dollars could soon be worth £400,000,000.

 

[Justin Passing]

Care to explain how the UK - a country with a currency-issuing govt with it's own fiat, floating currency and no (or tiny amounts of) debt denominated in a foreign currency - is or will become bankrupt?

When it can't meets its debts as they fall due without printing a load of money?
If that't can't ever be the case how about you tell us. It would look a lot less troll-ey than just taking the píss.

 

[Pat ex]

Tim Martin’s Net Worth is $9 million as of 2022.
With the rate at which Sterling is falling against the dollar, Tims 9 million dollars could soon be worth £400,000,000.

You're going in the wrong direction. With high inflation his net worth might be that much, if his assets were not in UK and his net worth was stated in UK pounds.
Whereas on the international field, and with his assets in UK, it would be more like $40.

 

[Vinty]

currency-issuing govt with it's own fiat

More of a Lada currency than a Fiat.
What we need is a leader to give us a Rolls Royce economy and currency.

 

[Vinty]

You're going in the wrong direction. With high inflation his net worth might be that much, if his assets were not in UK and his net worth was stated in UK pounds.
Whereas on the international field, and with his assets in UK, it would be more like $40.

Why quote his net worth in dollar's then.
How do we know where Sir Tim has his cash parked.
He could have large investments in America.

 

[Pat ex]

Why quote his net worth in dollar's then.

Because that's normal on an international filed.

How do we know where Sir Tim has his cash parked.
He could have large investments in America.

I suspect his net worth is mainly in his share holding of Wetherspoons.
How else would a reduction from $400,000,000 to $9,000,000 be explained?
Although the decrease in the value of the pound may have had an influence.

 

[Vinty]

Because that's normal on an international filed.



I suspect his net worth is mainly in his share holding of Wetherspoons.
How else would a reduction from $400,000,000 to $9,000,000 be explained?
Although the decrease in the value of the pound may have had an influence.

He paid himself a £50 million dividend a while back.

 

[wellyfish]

When it can't meets its debts as they fall due without printing a load of money?
If that't can't ever be the case how about you tell us. It would look a lot less troll-ey than just taking the píss.

I tried to engage (in good faith) with that fella yesterday on the same topic. I got a rant about fractional reserve banking (doesn't exist in the UK) and Cyprus ( a country which uses a foreign currency) followed by abuse. I'm happy to discuss with anyone who wants the discussion until/unless it becomes unproductive.

Printing money is a misleading term, govt doesn't print much these days it's pretty much digital. Whenever govt spends (buys things etc.) which is pretty much every day they instruct the BoE to create new £s via keyboard.

Here's a simplified version of govt fiscal ops - injection wise:

For example, if govt had a contract to pay you £1,000 or whatever tomorrow then, simplified, HMT would instruct the BoE to mark up your account by £1,000.

BoE, by law, has to comply:
. it doesn't check for pre-existing balance (or is there enough money) in govt 'current account'
. it doesn't check what tax revenue might or might not be coming in that day - it doesn't know anyway
. it doesn't check how many bills/gilts HMT might, by choice, issue later that day - it doesn't know anyway
. it marks up your account and marks down the govt 'current account'

If parliament has authorised the spending, regardless of purpose or size, then nothing can legally stop it.
That's how UK govt can always meet any bill denominated in it's own currency.

 

[Pat ex]

He paid himself a £50 million dividend a while back.

Has he changed his name to Phillip Greene?

 

[motorbiking]

It wasn't a dividend, I think he sold some of the shares. Hard to see how someone can spent £41M in a year. I suspect the net worth figures are wrong and only reflect his current holding of a business worth roughly 1/3rd of what it was a few years ago.

 

[ajohn]

suspect his net worth is mainly in his share holding of Wetherspoons.

It seems to be a common misconception that worth is actual money and doesn't include any assets. LOL It even applies to people who own or part own a property. Part meaning yet more mortgage payments to make. Or one of the dual ownership schemes that have been around. My wife had one of those as I found out when the property was sold. She didn't know. Her main concern was she could afford the place.

 

[Pat ex]

It seems to be a common misconception

Is it?