The Globetrotting Deflation

Bank of England raising rates. British consumer mortgages index to BoE rates. So many Brits will become delinquent on loans. Banks have agreed to give out 12-month grace periods for loan delinquency. [for now.]

This reminds us all that paying your mortgages on time, during economic crises, is for losers. Given that our materialist Purgatory has no qualms of leaving us to fend ourselves, we have no moral duty to the Economic order, either.

More seriously, we see here that the global elites are shuffling the ongoing Deflation around. Earlier this year, Deflation was going strong in USA with SVB and First Republic devastating the Silicon Valley startup scene, and in Switzerland with UBS. The bank failures are the result of earlier Fed rate raises. Now BoE is raising rates, so there will be some bank failures in England (and maybe some European core or Commonwealth) in Q4CY2024. This pattern will continue, as they keep shifting the global Deflation around. Until the day they can't shift anymore.