Is it me??

funkey_monkey

Looked into building a shed onto the side of an existing one. Got a bit of a fright when the price came in.
We'll do without until prices drop or it becomes an absolute necessity.
I just wonder how much will they drop when the economy kicks back into gear again after Covid.

wrangler

funkey_monkey wrote: »

Looked into building a shed onto the side of an existing one. Got a bit of a fright when the price came in.
We'll do without until prices drop or it becomes an absolute necessity.
I just wonder how much will they drop when the economy kicks back into gear again after Covid.

You'll be waiting a while for prices to drop, huge demand now for Tams work.
A neighbor is trying to get quotes at the moment with little success,

Nekarsulm

Deleted User wrote: »

Credit unions are giving out unsecured loans to farmers upto 50K over 7 years.....you dont even need to be a member



Utter maddness,thankfully my local one isnt doing this scheme

Our local Credit Union had limited deposits to something like €20,000.
They now have a sign up at the hatch saying you cannot lodge more than €500 a week.
When I asked why, the lady told me that they have so much money on deposit in the AIB, at a negative interest rate, it costs them a lot of money every month.
As a result of this they don't want any more money on their books...

amacca

Nekarsulm wrote: »

Our local Credit Union had limited deposits to something like €20,000.
They now have a sign up at the hatch saying you cannot lodge more than €500 a week.
When I asked why, the lady told me that they have so much money on deposit in the AIB, at a negative interest rate, it costs them a lot of money every month.
As a result of this they don't want any more money on their books...

That's been the case for quite some time. I personally find it frightening.....i understand that deposits cost them and the only real asset on the books now is the loan but ffs

What happens when those loans become non performing in the event of things going south

I wish we could get back to stable boring old low growth style economics where bankers are boring bastards instead of Jordan belfort early days wannabes and having money on deposit is an asset as it can be invested instead of this cyclical house of cards bull**** that's going on.

From my point of view things are going mad and it's going to end in tears again, wish the cycle could be broken

Stocks and shares are crazy over valued too imo.

There seems to be a fever on people to pay way too much for things beyond their value or even a very hopeful estimate of what the asset might realise and at the same time money seems to be worth less and less nearly weekly ....the pace doesn't bode well imo

funkey_monkey

wrangler wrote: »

You'll be waiting a while for prices to drop, huge demand now for Tams work.
A neighbor is trying to get quotes at the moment with little success,

We can wait. We are in NI and the price of steel has rocketed here due to a 25% import tax:
https://industryeurope.com/sectors/metals-mining/northern-irish-steel-imports-will-carry-25pc-post-brexit-tax/

Dinzee Conlee

Nekarsulm wrote: »

Our local Credit Union had limited deposits to something like €20,000.
They now have a sign up at the hatch saying you cannot lodge more than €500 a week.
When I asked why, the lady told me that they have so much money on deposit in the AIB, at a negative interest rate, it costs them a lot of money every month.
As a result of this they don't want any more money on their books...

I know there probably isn't a simple answer to this, but I'm going to ask anyways

What cures negative interest rates? Is it inflation? Deflation? Recession? What?

amacca

Dinzee Conlee wrote: »

I know there probably isn't a simple answer to this, but I'm going to ask anyways

What cures negative interest rates? Is it inflation? Deflation? Recession? What?

Uneducated opinion but I think what cures this situation is a collapse and people having to deal with reality.

Nekarsulm

Nekarsulm wrote: »

Our local Credit Union had limited deposits to something like €20,000.
They now have a sign up at the hatch saying you cannot lodge more than €500 a week.
When I asked why, the lady told me that they have so much money on deposit in the AIB, at a negative interest rate, it costs them a lot of money every month.
As a result of this they don't want any more money on their books...

May have to start burying money or the mattress again over this

Nekarsulm

Nekarsulm wrote: »

Our local Credit Union had limited deposits to something like €20,000.
They now have a sign up at the hatch saying you cannot lodge more than €500 a week.
When I asked why, the lady told me that they have so much money on deposit in the AIB, at a negative interest rate, it costs them a lot of money every month.
As a result of this they don't want any more money on their books...

got a letter out limiting to e100K or something


Gonna be alot of burgularies againest old people again over next few years,if banks etc start charging negative interest rates,.....

The government would want to step in and put a stop to the banks here,or set up a state scheme for deposits......it was attacking old people,around changeover to the euro,was what the dundons in limerick started at......

lads wont be long cottoning on to fact people have large sums of cash in their houses again

NSAman

Dinzee Conlee wrote: »

I know there probably isn't a simple answer to this, but I'm going to ask anyways

What cures negative interest rates? Is it inflation? Deflation? Recession? What?

Unfortunately the choices available to central banks are limited.

Simple analysis.. negative interest rates are cured by simply raising interest rates through the Fed or ECB.

Impacts.. are huge at the moment.

If they don’t raise interest rates you get inflation.

Where once interest rates were used to calm economies, the 0% interest rates mean that option cannot be used.

Add the fiscal stimulus world wide to this....you get inflation.

A very simple analysis from an untrained observer.

Green farmer

Dinzee Conlee wrote: »

I know there probably isn't a simple answer to this, but I'm going to ask anyways

What cures negative interest rates? Is it inflation? Deflation? Recession? What?

Whenever this covid thing finishes, theres going to be some hangover. The exchequer will have run up some debt. Other then construction I dont know anyones who's got a pay rise in the last year and some amount of people out of work. Scary times indeed.

duffysfarm

duffysfarm wrote: »

try getting a loan from BOI. Would be quicker going in and robbing the place

Just tell them you want to go up to 400 dairy cows

yosemitesam1

amacca wrote: »

Uneducated opinion but I think what cures this situation is a collapse and people having to deal with reality.

Devaluing currencies has been carried out since they were created. Always ends badly with the poor and middle classes hardest hit. It can only end when either confidence is lost in the ability of the currency to hold value and runaway inflation forces the hard decisions to be made.

Ultimately what unnaturally low interest rates have done is remove the competition for money in the economy that forces a balance between wealth generation and things that dont actually really generate wealth. It will take an extended amount of time for that to correct itself but the alternative is a highly manipulated digital currency that will distort things even further from a natural balance

Dinzee Conlee

Dinzee Conlee wrote: »

I know there probably isn't a simple answer to this, but I'm going to ask anyways

What cures negative interest rates? Is it inflation? Deflation? Recession? What?

Speculation, and that is what we are seeing now.

Sure houses, used cars, used machinery, land and shares selling over the odds.

It will lead to a correction, but they can't drop interest rates so nations can't borrow there way out.

The lending rules in Ireland you would imagine will mean it won't be as bad as 2009/10

amacca

yosemitesam1 wrote: »

Devaluing currencies has been carried out since they were created. Always ends badly with the poor and middle classes hardest hit. It can only end when either confidence is lost in the ability of the currency to hold value and runaway inflation forces the hard decisions to be made.

Ultimately what unnaturally low interest rates have done is remove the competition for money in the economy that forces a balance between wealth generation and things that dont actually really generate wealth. It will take an extended amount of time for that to correct itself but the alternative is a highly manipulated digital currency that will distort things even further from a natural balance

Weimar style eh

We're told it's different this time though because everyone is at it

I think there might be some truth in that given the US pumping dollars out backed by nothing (but it is a reserve currency)

The EU effectively doing the same by buying up govt bond (debt) not to mention 0% interest rates

The Chinese have skin in the game owning countries debt and needing the US/west to buy their products/exports too

They are all more interlinked and more dependant on each other to some degree now than they were so maybe we are ultimately looking at money being worth a lot less globally on a much shorter timescale than normal but wages not catching up with asset prices so countries competitive on wage rates and debt problem reduced by inflation?

That would explain the mad fever on people to buy things.....i hope they ain't buying them with credit for their sakes however ...

patsy_mccabe

The Chinese US relation is key to a lot of the madness. China producing all the goods and the average US with virtually no savings, living it up on borrowed money.

Furze99

Not hard to explain I think. Have relative who does the books in rural town and he says many small businesses in the town will be well down on turnover for 2020. But he also does books for farmers in the area and says they are all well up in terms of turnover for 2020. One of the sectors that has been protected from worst of Covid and has benefited from good prices etc., government doing everything to keep meat processing etc going. So basically many farmers have had a very good 2020 and have cash to spend.

amacca

Furze99 wrote: »

Not hard to explain I think. Have relative who does the books in rural town and he says many small businesses in the town will be well down on turnover for 2020. But he also does books for farmers in the area and says they are all well up in terms of turnover for 2020. One of the sectors that has been protected from worst of Covid and has benefited from good prices etc., government doing everything to keep meat processing etc going. So basically many farmers have had a very good 2020 and have cash to spend.

Well I don't know about many farmers but I know about this one in the beef sector and prices wouldn't make you up (are not viable) imo

Base price

Nekarsulm wrote: »

Our local Credit Union had limited deposits to something like €20,000.
They now have a sign up at the hatch saying you cannot lodge more than €500 a week.
When I asked why, the lady told me that they have so much money on deposit in the AIB, at a negative interest rate, it costs them a lot of money every month.
As a result of this they don't want any more money on their books...

On top of the fact that many rural small towns have lost bank branches with Ulster Bank and now Bank of Ireland pulling the plug.

timple23

A lot of it is down to Brexit and Covid, rang a parts importer/supplier for a part, there was one ordered into a dealer in January that still hadn't arrived. I ordered the last one that a big parts supplier had. That part cost 60, if it meant that the machine wouldn't work, I'd have no problem paying 120 euro for it if it meant i was back up and running.

I think the dairy farmer is keeping a lot of things going right now. If the milk price drops I'd say there could be trouble.

kerryjack

Thats the price we pay for Instant gratification, we want it made, we want it now and we want it delivered to the door. People want there houses now finished to a very high standard and are not shy of complaining and can get very upset if things aren't right for them, god knows they didn't spend 2 years sitting on deck chairs on a concrete floor in a sitting room trying to put a few Bob together to buy a bit of carpet and a suite of furniture. I can still remember the grandfather making a chair for him self out of a piece of wood hand carving it and suganing it. No sleeping or depression tablets needed back than. Might be time we got back to milling our own timber shouldn't be that hard to make up one for back of tractor if a lad put his mind to it and have enough cop on not to cut the fingers off himself.

wrangler

kerryjack wrote: »

Thats the price we pay for Instant gratification, we want it made, we want it now and we want it delivered to the door. People want there houses now finished to a very high standard and are not shy of complaining and can get very upset if things aren't right for them, god knows they didn't spend 2 years sitting on deck chairs on a concrete floor in a sitting room trying to put a few Bob together to buy a bit of carpet and a suite of furniture. I can still remember the grandfather making a chair for him self out of a piece of wood hand carving it and suganing it. No sleeping or depression tablets needed back than. Might be time we got back to milling our own timber shouldn't be that hard to make up one for back of tractor if a lad put his mind to it and have enough cop on not to cut the fingers off himself.

A very sound celebrity on BBC has labelled the present generation of children as Snowflakes, so it's the way they're being reared/ spoilt

older by the day

kerryjack wrote: »

Thats the price we pay for Instant gratification, we want it made, we want it now and we want it delivered to the door. People want there houses now finished to a very high standard and are not shy of complaining and can get very upset if things aren't right for them, god knows they didn't spend 2 years sitting on deck chairs on a concrete floor in a sitting room trying to put a few Bob together to buy a bit of carpet and a suite of furniture. I can still remember the grandfather making a chair for him self out of a piece of wood hand carving it and suganing it. No sleeping or depression tablets needed back than. Might be time we got back to milling our own timber shouldn't be that hard to make up one for back of tractor if a lad put his mind to it and have enough cop on not to cut the fingers off himself.

Jayus I take it your not married, if I went milling furniture and go suganing whatever, it wouldn't be left in the yard

patsy_mccabe

Young guy across the road here, ordered a skip and had it full when his father in law had a look tru it. A perfectly good aluminium ladder thrown away.
He brought me in to show me the ladder. He threw it out because it had paint splatters on it. The look of bewilderment on the father in law was priceless.

amacca

patsy_mccabe wrote: »

Young guy across the road here, ordered a skip and had it full when his father in law had a look tru it. A perfectly good aluminium ladder thrown away.
He brought me in to show me the ladder. He threw it out because it had paint splatters on it. The look of bewilderment on the father in law was priceless.

That's revolting ....perfectly good ladder, with a bit of patina to add to it's authenticity.

I'd nearly have yer man shot for throwing something like that out but I'd definitely secretly hope he ends up needing a ladder at some time in the future with no money to buy one.

Stuff like that is a crime to me.

Reggie.

amacca wrote: »

That's revolting ....perfectly good ladder, with a bit of patina to add to it's authenticity.

I'd nearly have yer man shot for throwing something like that out but I'd definitely secretly hope he ends up needing a ladder at some time in the future with no money to buy one.

Stuff like that is a crime to me.

+1

Gillespy

Neighbour works in a dump in Tralee and lands with some great stuff every so often. All sorts of tools, chains, brand new slings and ratchet straps, shovels, yard brushes. Great car to see coming. Unbelievable how it ends up in there.

amacca

Mother here still pissed off at sister in law almost 40 years later

When she moved in with my uncle into the homeplace she sent a load of stuff to the dump to (some of which was used in a small local shop the family used to run)....to be replaced with what my mother politely called tat (you know auld ****e furnishings and wallpaper etc long since decayed to nothing)

A really good set of scales with all the little counter weights, singer sewing machine etc etc

Never forgave her as it was her parents place and she wasn't even asked would she like some of the stuff, some people know the price of everything and the value of nothing.


I doubt you would be able to get stuff with that kind of quality and longevity now and some fool houseproud busybody ninny just chucks it in the bin.

blue5000

amacca wrote: »

Mother here still pissed off at sister in law almost 40 years later

When she moved in with my uncle into the homeplace she sent a load of stuff to the dump to (some of which was used in a small local shop the family used to run)....to be replaced with what my mother politely called tat (you know auld ****e furnishings and wallpaper etc long since decayed to nothing)

A really good set of scales with all the little counter weights, singer sewing machine etc etc

Never forgave her as it was her parents place and she wasn't even asked would she like some of the stuff, some people know the price of everything and the value of nothing.


I doubt you would be able to get stuff with that kind of quality and longevity now and some fool houseproud busybody ninny just chucks it in the bin.

A 200 year old Georgian mahogany table (or any other solid mahogany furniture) is cheaper to buy than new ikea chipboard and oak veneer sh1te today. Some MP was slagged off with the words 'you bought your furniture'.

timple23

blue5000 wrote: »

A 200 year old Georgian mahogany table (or any other solid mahogany furniture) is cheaper to buy than new ikea chipboard and oak veneer sh1te today. Some MP was slagged off with the words 'you bought your furniture'.

Its a disgrace that we have to put up with so much scrutiny from environmentalist, when companies are getting away with blue murder with planned obsolescence.