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I’m sure it came as no surprise to anyone last week to discover that the UK is now officially in recession. More surprising however is Gordon Brown’s claims that he has been warning for the past 10 years that the international financial markets needed to be more strongly regulated to prevent such an economic crisis. Apparently he learnt this pearl of wisdom during the crisis in the Asian markets during the 1990s and went on record in a speech he delivered in Harvard ten years ago.
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I noticed some more cashback in my bank account today from Cashback Kings. This included £20 that I had earned back in September for signing up with an online bookmaker to make money using the matched betting technique.
It also included 72p of cashback from a hotel booking that I made with Travelodge when I went to visit friends just before Christmas, which was particularly pleasing as the hotel room only cost me £19 for the night anyway in the Travelodge sale.
In addition I earned my first referral from this website as somebody signed upto Cashback Kings via one of my referral links earning me £1. Whoever did this must have also earned themselves at least £5 from Cashback Kings as that’s the minimum required before I get paid. So it really was a win win scenario for all involved and if you haven’t already signed up I would urge you to do so now as it’s easy money.
You’ve heard about this ‘Credit Crunch’ right? Well lets be honest, it’s pretty hard not to have when the worlds media have become obsessed about reporting anything that’s been remotely credit crunched. The root cause of everything that is happening right now is a lack of available credit, a symptom of this is the economic downturn which has now transformed into a recession.
Based on the well known economic model of supply and demand, “price will function to equalise the quantity demanded by consumers, and the quantity supplied by producers, resulting in an economic equilibrium of price and quantity”. So with the supply of credit being significantly constrained we either have to reduce demand or increase the price we are willing to pay for credit.
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Millions of people are gathering in the US capital to see Barack Obama sworn in as America’s 44th president, and its first African-American leader. But the new president faces serious challenges. America is gripped by uncertainty as the economy faces its worst crisis in decades.
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My second investment for 2009 is a bit more unusual as I have lent my partner money so that she could buy an annual season ticket for her train journey to work. Despite frequently reminding her that a lack of credit in the market place is driving up the cost of borrowing I have lent her the money interest free as it’s only for a couple of months.
Train operators raise their prices on the 2nd January every year, with the rise in fares being far more punctual than their trains. This year my partner was facing a price hike of 6%, but by buying her ticket a few days before the increase she was able to save herself this additional cost.
An annual season ticket also works out cheaper for her as it’s discounted slightly compared to buying monthly season tickets, although this saving is generally eroded when you consider the cost of capital and potential savings whilst you might be holiday. That said she is still better off not having to pay the increased prices.
So what’s in it for me? Well one of the benefits of her season ticket is that she gets 1/3 off rail travel for both her and up to 3 other passengers travelling with her. And as we travel into London by train quite frequently this should help me save a few pounds over the year.
