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Showing posts with the label economic crash

The Swindled Scots Again

A previous post concerned the Darien Scheme. Not many Scots however know of Gregor Macgregor, Prince of Poyais, Poyais being not far up the Central American coast from Darien. Gregor MacGregor was born in Glengyle in Stirlingshire and claimed direct descent from Rob Roy. He was a soldier and mercenary who fought in the South American wars of independence. 

Upon his return in 1820 to Britain, he claimed to be cacique ["prince"] of Poyais, a Central American country that MacGregor promoted to investors and colonists. Poyais, was an independent nation on the Bay of Honduras. He claimed that a native chief King George Frederic Augustus the First had given him the territory of Poyais, 12,500 sq. mile of fertile land with untapped resources. Gregor presented himself as His Serene Highness Gregor I, Prince of Poyais and his beautiful wife as the Princess of Poyais. No-one questioned their bona fides; instead they were welcomed into the ranks of the elite and were the toast of socie…

recession news

The typical household will see its disposable income fall by 2 per cent this year, the equivalent of £780, an economist warned today. Roger Bootle, a former government adviser who now works with Deloitte, the accountancy firm, predicted that 2011 would be the worst year for household finances since 1977 – and added that if interest rates were to rise, British families would not have seen conditions deteriorate so badly since 1952.

Said Mr Bootle. "I think this year will see falling real earnings, falling real house prices and rising unemployment."

Who cares about the poor ?

Our hearts bleed for them ...i think not . More than £100 billion will be wiped off the personal fortunes of Britain's wealthiest industrialists and entrepreneurs in the coming months as tumbling stock markets and sliding property prices take their toll according to The Times . What will the effect be on those super-rich , i wonder . One less house in their tropical paradises , one less luxury limosine ...

Certainly it will not the same as the consequences the Credit Crunch will have on the working class .

The number of people seeking advice from the Citizens Advice Bureau about how to manage their debts has surged by a third in the past year according to this BBC report. 77,000 new callers in England and Wales with mortgage and loan arrears.

"These figures show how the current economic situation is hitting vulnerable and low-income households the hardest."

Mortgage lenders, on average, started repossession action when people were four months into their arrears. No gover…