Professional Pilot Training (includes ground studies)A forum for those on the steep path to that coveted professional licence. Whether studying for the written exams, training for the flight tests or building experience here's where you can hang out.
Alex - perhaps yes. I still think its a pretty rubbish non-liquid asset with poor returns, but, rents haven't fallen much and I think 'the plan' is to let inflation burn peoples debt burdens down to a more manageable size. Your cash is going to shrink and tangible assets will appreciate or maintain their real value.
See, I'm almost bullish on house prices
It seems that the ultimate priority is not to do a Japan. After fighting the inflation monster since coming off the gold standard we're throwing open the gates and beckoning him in. Not a good era to be on a low fixed income like many pensioners..
The possibility of a money reset and issue of new currency is what drives me to have some physical gold. In a world where major currencies were resetting gold values would be through the roof and a small holding would be enough to start again well ahead of the pack.
It won't happen though. But I still have house insurance etc.
Metal is OK as an asset but then you are very unlikely to ever be able to take delivery of it. I lean towards assets that you can actually see and touch and own in a hyperinflation world. A cellar with 700 bottles of (currently cheap ad about to become much more expensive) Champagne is what I've just spent my ISA allowances on. They take up suprisingly little space when you rack them.
Its about time we had a some sort of fiat reset
1971- for the US & UK is getting long in the tooth for any fiat system..
Fine liquor, cigars & watches are another popular hedge which would complement your Champagne well.
Your right you have to own physical (offshore if your US/UK which is not practical for most people) No Futures, ETF's or any other form of paper IOU metals.
Were still only at the very start....
Shame the wannabes still don't see whats happening.....
(Dollar SDR's & Triffin Dilemma for anyone who's interested in such things)
Watches is interesting. A bit of a play on the Swiss Franc but that may not be a bad thing. You'd have to avoid the lurid stuff and the chaff like Brietling but its not unattractive if you can avoid the fashion issues. A couple of dozen Rolex Submariners or similar might be a reasonable store of value.
I actually fancy english antique furniture at the moment. It hasn't been this cheap for maybe 2 decades. There are larger pieces going through auction now for £500 that would have fetched triple that only five years ago.
We may have wandered a little further off track than is wise...
WWW gives a hint there. Buy something that you know. He obviously knows the price of furniture. Find something you know more about than others that is currently of low value and buy.
Last year I would have said simply buy gold, but I have been proved so correct that I am not sure it can keep its absolute value. Probably a good bet against sterling, but so are Euros or any currency not influenced by Bob Mugabe, Barack Obama or Gordon Brown. OK, I exaggerate; you probably should not buy Venezualan or Cuban currency either (Honduras already covered - it's influenced by Obama's tragically inept foreign policy).
Fitch Says U.K. Rating Most at Risk Among Top-Rated
In the rare event wannabes take any notice of such things ....
Quote:
Nov. 10 (Bloomberg) -- The U.K.’s sovereign credit rating is most at risk among top-rated nations, Fitch Ratings said, citing concern over the country’s budget deficit.
The rating faces risks because the U.K. needs “the largest budget adjustment,” David Riley, head of global sovereign ratings at Fitch, said in an e-mailed statement. “Our stable rating outlook reflected our expectation that the U.K. government will articulate a stronger fiscal consolidation program next year.”
Financial crisis could force bmi out of business in under a year
British Midland (bmi) has admitted that it may not be able to continue as a going concern beyond next year in the face of an acute funding crisis at the airline.
The full extent of bmi’s difficulties are revealed in previously unpublished financial accounts seen by The Times. The document reveals that bmi, which employs 4,800 people, needs £190 million of additional funding by the end of next October.
Lufthansa, the German flag carrier that took control of bmi this year, has pledged £95 million to that target. The Derby-based airline hopes to make up the rest by selling its lucrative slots at Heathrow.
The airline’s funding situation is sufficiently precarious for Deloitte, its accountant, to warn that there is uncertainty about whether the airline can carry on. The accounts were signed off on October 23 and Deloitte made it clear that there was no guarantee Lufthansa would stand behind its British subsidiary or give it further financial support.
In addition, bmi has revealed that its pre-tax losses last year were £155.6 million, compared with a profit of £15.5 million the year before. That loss is more than 50 per cent higher than the £99.7 million that bmi had previously claimed it lost in 2008. The lower figure was still being used on the company’s website last night.
The airline said that the discrepancy was caused by late audit adjustments. It also said in its accounts that it was in “significantly advanced” talks with several airlines to sell Heathrow slots.
Because of the uncertainty over how much that sale could raise and whether Lufthansa was willing to provide more cash, the directors of bmi were forced to give a grim assessment of its prospects.
They said: “The achievability of the forecast, the ultimate level of group funding and timing and value of slot sales indicate the existence of material uncertainties, which may cast significant doubt about the group and company’s ability to continue as a going concern and, therefore, the group and the company may be unable to realise their assets and discharge their liabilities in the normal course of business.”
Much of bmi’s value lies in its ownership of 11 per cent of the landing slots at Heathrow. Slot pairs have traded for tens of millions of pounds in the past but their value has fallen in the recession. The airline has cut the value of its slots by 20 per cent from £770 million to £616 million.
Lufthansa has also forced the airline to stop listing the slots as assets in its balance sheet. This accounting change resulted in bmi reporting a total loss of £930.6 million since its previous annual report.
Lufthansa took control of bmi when Sir Michael Bishop, the former chairman, exercised an option to sell his 50 per cent stake to the Germans for about £220 million. The deal was completed in June. Lufthansa then put bmi up for sale and had discussions with British Airways and Virgin Atlantic but decided that the offers were too low. The German carrier brought in Wolfgang Prock-Schauer as chief executive and restructuring began last week when bmibaby, the low-cost operation, said that it would cut 25 per cent of its workforce and reduce its fleet from 17 aircraft to 12.
£930.6 Million Total Loss!!!!!!!
__________________ Regards JB007!
Flight Ops,Crewing and Dispatch Moderator
I would also add to the above, I work for a company that made £500 Million Profit!...and i'm working on been made redundant and looking for work by April...along with the potential for 30 to 40 others...
I just don't know what to say to a Wannabe who is still asking about flight schools....!!!!!
__________________ Regards JB007!
Flight Ops,Crewing and Dispatch Moderator
Troubled national carrier Air India has reported a net loss of 55.5bn rupees ($1.2bn; £719m) for the full-year to the end of March.
The loss was due largely to a 12% drop in revenue, from 152.5bn rupees to 134.8bn rupees, as a result of falling passenger numbers.
Last month, the Indian government agreed to inject 53bn rupees into the carrier to help keep it in business. Global airlines are struggling with falling traffic during the downturn.
The International Air Transport Association (Iata) has forecast losses of $11bn across the whole industry for 2009.
Air India has been told by the Indian government to cut costs dramatically as a condition of receiving the state aid. This could prove difficult, as hundreds of pilots threatened to strike in September to protest against the airline's plans to cut pay incentives. The strikes were called off after the government intervened.
Reading this thread is so extremely depressing for someone who is looking for that first aviation job. I finished my flight training from zero to FAA issued CPL + CFI about a year ago. Now I started thinking about converting it to the fATPL except you guys just bursted my bubble.
I guess airline industry in EU is not doing any better than the one in the US.
Fortunately, I was able to manage to put myself in ONLY $40k debt...
Is there any hope for wannabes like me in the future?
Kingfisher seeking £400 million private equity infusion
India's tough aviation market has been hard on Kingfisher. In the three months ending 30 September, the carrier posted a net loss of 4.19 billion rupees ($89 million) compared to a net loss of 4.83 billion rupees in the corresponding period a year before.
British Air, Iberia Boards Consider $7 Billion Merger
If BA & Iberia get their act together .....
You know what that means for job "synergy" down the road.....
Quote:
Nov. 12 (Bloomberg) -- British Airways Plc and Iberia Lineas Aereas de Espana SA are holding board meetings today to consider a $7 billion merger proposal, the carriers said.
10 months from now. BoE base rate to be below 4% for at least 3 years.
Agreed unless Sterling comes under serious attack. Real US rates to remain negative for the forseeable future ... no change there then (since 9/11). You would think the powers that be would notice that this has not worked for Japan. In Japan it hasn't massiveley impacted the currency because the Japanese people are savers, and the banks they save with buy JGBs with those savings. The Italian govt is kept afloat by the same mechanism. Can't see the same working for BarryO or the Cameroonies past 2010. Something's got to give, but if CNY remains pegged and the Euro & Yen take the brunt of negative USD & GBP sentiment, well that could be good for the US and/or UK (my money is on the US, with the UK dead in the water). Totally uncharted territory and anyone's guess could be right. Fascinating stuff. Never thought I'd live to see the dollar carry trade. A former colleague of mine said buy CHF when it was > 2.40. We'll likely never see that again in our lifetime. I was too busy buying USD at 2.00 but I think long term he backed a better horse.
WWW - as a former market insider I find your investment strategies very interesting to say the least
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