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Elon Musk Tesla dumps Bitcoin as inflation climbs to 9.4%, the ninth monthly rise in a row - YouTube
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hi this is charles kelly uh well today聽
i want to report back on inflation again聽聽
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and inflation has actually risen again it's聽
now at 9.4 percent pushing ever closer to 10聽聽
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in the uk and the bank of england are still saying聽
that it will peak at 11 sometime in the autumn聽聽
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but one of the the bank of england staff聽
has strongly hinted that there will be聽聽
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an another 0.5 base rate increase in the very聽
near future that's going to push up the cost of聽聽
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mortgages uh business borrowing uh maybe even聽
credit cards but it will certainly affect the聽聽
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affordability of buying out or even remortgaging a聽
property now interesting the the european central聽聽
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bank has just increased their rate for the first聽
time in 11 years it wasn't negative it's gone up聽聽
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by a half percent to zero now i don't that means聽
you can go and get a mortgage at zero percent but聽聽
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that's just the way they've been working and it's聽
it's obviously looking at the inflation across the聽聽
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eurozone many countries suffering many countries聽
in a lot worse state than in the uk so they have聽聽
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to do something about this inflation and here聽
in the uk public sector workers are threatening聽聽
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a series of strikes this could be medical work聽
staff like nurses rail all looking for big pay聽聽
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rises to match inflation they're looking for 9聽
10 percent and the government uh through their聽聽
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their departments are offering them uh around聽
five percent which is still quite a big pay rise聽聽
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compared to what they were getting a few years ago聽
but they're not happy with it the unions want more聽聽
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and you know they're going to demand more and and聽
come out on strike now obviously if they get more聽聽
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then this will affect inflation because half of聽
the country's population is directly or indirectly聽聽
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employed by the government or by the taxpayer聽
so so these things are bound to affect uh聽聽
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in the the eventual rate of inflation which will聽
have a knock-on effect further down the road but聽聽
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that's that's where it's going um and that what聽
they're saying is and i think is right that聽聽
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the the standard of living is falling for people聽
our overall payers falling behind the the cost聽聽
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of living rises for ordinary people the wealth聽
gap is it's definitely widening over the last聽聽
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few years so so that's why uh that they want聽
more money and you know whether they'll get聽聽
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it or not i don't know um we've got a change of聽
government coming up shortly so we'll have to see聽聽
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what happens there but we're certainly into聽
what we might have a summer of discontent with聽聽
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strikes going on this summer now mortgage rates聽
have have gone up by well there were say if you聽聽
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look at an average of around 1 they're now over聽
three percent that's 300 percent uh difference in聽聽
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in cost of mortgage rates now a lot of people聽
i think around three quarters of people are on聽聽
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fixed rates so they're not immediately affected聽
by these rate rises but in the next year or聽聽
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so many people will have to renew rates and then聽
they're going to be hit with with higher rates now聽聽
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the additional problem for these people is聽
that the lender in order to give them a new聽聽
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deal will have to do an affordability test聽
now if if their incomes have not gone up聽聽
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and you know they're they're they're they're聽
now looking at affordability in a different way聽聽
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all their bills have gone up uh you know the the聽
average sort of utility bill is also gonna buy聽聽
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around three hundred percent from say a thousand聽
to now three thousand just could be a rough figure聽聽
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so that makes a big difference to聽
the affordability of the mortgage聽聽
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and uh bizarrely that could end up where you have聽
a situation where you can't have this fixed rate聽聽
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but we're going to end the deal that you've got聽
and put you on to the variable rate which will聽聽
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actually be more expensive than the fixed rate聽
they could have given them so i don't know how聽聽
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the lenders are going to work that one out i mean聽
it wouldn't surprise me with a lender it doesn't聽聽
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surprise me in the least but a lot of people are聽
going to be be hit by that and a lot of people are聽聽
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going to be hit by the fact that although prices聽
of properties are still going up in june they went聽聽
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up by 1.8 they're still rising year on year i聽
don't know how people will be able to afford聽聽
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these properties if they're still going up in聽
price mortgage rates have gone up that that聽聽
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affects affordability because if if the deal is聽
on a higher interest rate you can't borrow as much聽聽
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so surely that should start hitting uh the price聽
of properties but at the moment it doesn't these聽聽
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things take time to filter through the system now聽
look i wish i could give you a better outlook when聽聽
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i do these broadcasts and say look everything is聽
going to be great but of course you know we've聽聽
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got to look at the reality here and i i've got to聽
look at what's really going on um there is some聽聽
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possible good news and you know i wish i could聽
give it give out good news all the time i mean聽聽
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yep property price is going up the uk employment聽
market is still buoyant there's jobs here uh聽聽
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and we we are looking at a change of leadership聽
in the conservative department and therefore the聽聽
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government because once the new leader comes聽
in who he or she will become prime minister聽聽
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and they'll no doubt appoint new ministers聽
and have a bit of a shake-up a reshuffle聽聽
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as they call it uh they'll appoint their own聽
team so we're going to have a new government聽聽
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and obviously a lot of people a lot of mps have聽
been supporting one or the other at the moment聽聽
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we're now down to the final two in this sort of聽
x factor type of uh uh contest and we're now down聽聽
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to the final two and we're gonna have the final uh聽
votes by conservative members over the next month聽聽
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or so it's gonna be around six weeks聽
and we'll know the result in september聽聽
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um so it will be a completely new prime minister聽
we're now looking at either the the current or聽聽
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the former chancellor rishi sunak who has put up聽
taxes uh he's done things which are not considered聽聽
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by conservative members as conservative policies聽
and the current uh foreign secretary liz trust聽聽
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now i i quite like liz trust i'd like to see a聽
bit of a change uh from you know rishi sunak who聽聽
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was closely aligned with with boris i'd like to聽
see a bit of a change and she has promised change聽聽
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now this comes about as uh boris was was forced聽
out of office by his own mps his own party um and聽聽
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and rishi was seen as somebody that that sort of聽
helped that process by stabbing in the back and聽聽
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and resigning almost you know when the ship was聽
sinking but liz actually stayed in a job has been聽聽
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criticized now for being loyal to boris but i聽
think she did the right thing by staying in the聽聽
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job because if you're a minister you can't just聽
desert the post you know you need people there聽聽
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running the country she had a very聽
important job as foreign secretary聽聽
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so that that's what's happening now聽
liz liz is currently ahead in the polls聽聽
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and if elected she has promised to to cut taxes聽
she's promised to to take measures to to stimulate聽聽
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growth in the economy in fact she was on on the聽
news today saying that you know the economy has聽聽
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not you know the measures that this government and聽
previous governments have taken over the past 20聽聽
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years have not produced the desired growth in the聽
economy and i think she's right about that even聽聽
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though she was actually part of the government聽
herself but she wants to take measures to聽聽
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reduce that that corporation tax liability that聽
was going to increase taxes on companies i think聽聽
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she might cut vat fuel duty that sort of聽
thing and she's talking about increasing聽聽
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spending now of course uh rishi sunaku who put聽
these policies in place is of course against聽聽
[462]
that he said no we've got to tackle inflation and聽
have this sort of austerity measures to bring down聽聽
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inflation but liz has said no that's not the聽
time for that we need we need to get growth聽聽
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going and the growth then will stimulate uh more聽
tax revenue for the government by by bringing in聽聽
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more growth you bring in more business more聽
companies start businesses they then start聽聽
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paying taxes further down the road uh rather than聽
sort of leaving the uk they come here to the uk聽聽
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and that will in in turn increase the tax聽
revenue and i think that that plan is is聽聽
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fairly sound obviously it will mean deferring聽
some of the debt reduction plans for our聽聽
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roughly 2 trillion pound of debt but i think聽
it's worth it because i think yeah we'll have to聽聽
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take longer to pay but the country needs this聽
now a lot of people are in trouble the amount of聽聽
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people going to food banks is is increasing my my聽
local food bank we support them at rotary club my聽聽
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local rotary club and you know that we get reports聽
that you know they're suffering people are not聽聽
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only short of food but they're they're short of聽
essential um toiletry items uh and fuel vouchers聽聽
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they need fuel vouchers and they will do coming聽
into the winter especially with fuel going up聽聽
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so i think the economy needs a much needed uh聽
boost it needs a good kick to get it going again聽聽
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and not that it's it's dropping at the moment and聽
we are in slightly positive growth but i think we聽聽
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need something to to build confidence get people聽
moving again get build that confidence and i think聽聽
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liz trusts in my opinion is the right person聽
to lead us through that and lead leaders out聽聽
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of out of trouble and and i think with someone聽
like liz trust behind us we've got a good future聽聽
[563]
uh in in in even outside of europe in outside聽
the european union post brexit i think we need to聽聽
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basically she's been out there getting deals for聽
us outside of europe so that that's a a good thing聽聽
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she's got experience in business and and getting聽
those deals so i think we need those trade deals聽聽
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and we need to really take advantage of our status聽
outside of the european union which i personally聽聽
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think is going to be a bit of a basket case over聽
the the next five years we we shall see we don't聽聽
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know how how all these things are going to work聽
out on the wider front um as i said the people聽聽
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in the uk are suffering but look at countries like聽
sri lanka where it's really in chaos and you see聽聽
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people on the news queuing up for food queueing up聽
for for fuel queueing up for passport so they can聽聽
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leave the country and yet this country was hailed聽
as a an economic powerhouse not not that long ago聽聽
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and of course did deals with china and and china's聽
also in the news because a lot of these countries聽聽
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that they have tried to uh you know this belt and聽
the silk road kind of deal where they're trying to聽聽
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take over the world economically they've lent聽
a lot of money to to developing countries and聽聽
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and and these countries are defaulting on聽
these loans so china's now having to bail聽聽
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them out with further loans and perhaps then聽
they'll start taking their assets which include聽聽
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uh minerals and and things that china need聽
so we'll have to see what happens there but聽聽
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a lot of people are suffering around shrink is聽
only just one country people are hungry there聽聽
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food shortages are being caused by this war聽
that's going on so that needs to be sorted out聽聽
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pretty quick but i don't think inflation is caused聽
by this war i think inflation has been caused by聽聽
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the the mass quantitative easing or in a way聽
printing of money that has increased the money聽聽
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supply inflated money and and and will cause us聽
problems for for quite a while to come i think聽聽
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uh tesla has dumped their most of their bitcoin聽
now this is elon musk who said you know tesla's聽聽
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the future and that's right bitcoin is the聽
future and he actually got his company to buy聽聽
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bitcoin uh quite a while back now and they聽
were accepting bitcoin for their cars at one聽聽
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point but that that's not no longer the case but聽
they've now sold off uh most of their holding 75聽聽
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of the bitcoin uh which was worth uh 2 billion at聽
the end of 2021 uh but it's not worth that now um聽聽
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it's it's breaking away from you know the value of聽
this uh cryptocurrency uh which has has plunged uh聽聽
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let's face it uh falling by what 50 this year uh聽
the the value of crypto currencies in particular聽聽
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bitcoin tesla said uh it has bought additional聽
currency with uh 780 million from its bitcoin聽聽
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sales but the real thing is that i think聽
they really need cash he said something聽聽
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about he needs cash it's not a reflection on聽
bitcoin yeah right uh but he said he needs cash聽聽
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um and you know he'd been a previous champion of聽
bitcoin but and he said he would never sell it but聽聽
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it looks like he's having to eat his words again聽
um he invested one and a half billion dollars in聽聽
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2021 and that prompted a surge in in the value of聽
bitcoin the price uh notoriously volatile but it聽聽
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went up to almost 70 000 a coin it's now trading聽
at less than 25 000 and this comes as tesla shares聽聽
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themselves of plunge by 40 this year of course聽
tesla was famous for being worth more than all聽聽
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of the other car companies put together because聽
of its share value and the fact that it gone up on聽聽
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in in anticipation of its earnings and聽
dominance of the electric car market聽聽
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but i don't think that's really going to going聽
to be the case course it'll be dominant but聽聽
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not to the way investors expect it other聽
companies are catching up fast and if i was聽聽
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buying an electric car right now i'd look at聽
cheaper alternatives to be frank even though聽聽
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tesla is the gold standard but i would certainly聽
look around i wouldn't necessarily buy a tesla聽聽
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so that's what's happening around the world聽
and there's never really been a better time聽聽
[817]
to get control of your finances so that聽
you can survive and thrive in in this聽聽
[823]
difficult situation possible recession coming聽
ahead certainly looking at what the central banks聽聽
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are doing if they're putting up interest rates聽
they're more or less slowing down the economy and聽聽
[832]
you know we could be into a recession but聽
many people are already in their own personal聽聽
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recession so it's never been a better time to聽
really learn how to manage your finances how to聽聽
[843]
not only save money and manage money but how to聽
create wealth and build uh wealth through whatever聽聽
[848]
it is you you want to do but one of the ways is聽
property that's worked very well for me and and聽聽
[854]
how to use good debt as well so with that in mind聽
you you can claim uh when i'm offering you a free聽聽
[862]
wealth accelerator call it's a 30 minute call i聽
call it a discovery call of sorts where you can聽聽
[870]
really get yourself on the right track so we can聽
give you a a plan moving forward in that in that聽聽
[876]
free call so click on the link below there and i聽
think we all need a bit of coaching i have a coach聽聽
[882]
and we all need that we need that accountability聽
if you think of the top sports people in the world聽聽
[887]
um you know footballers like ronaldo don't聽
say well i don't need more coaching now聽聽
[892]
i got it from here guys uh you carry on聽
i'll be right for the rest of the season聽聽
[896]
tennis players travel the world with their coach聽
top tennis players go around the world you think聽聽
[902]
djokovic is going to say no i don't need to聽
coach for the next few years i think i'll be okay聽聽
[906]
in fact many players when they fired their聽
coaches found that their form went down and they聽聽
[910]
had to rehire them so we all need that and i think聽
everybody needs coach if you can't afford a coach聽聽
[917]
if you if you don't want to have a coach then聽
then find somebody who can be an accountability聽聽
[921]
partner for you just like when you go to the聽
gym it's nice to go with somebody and say you聽聽
[926]
know we're going to the gym tomorrow morning聽
aren't we and if you're not up down down that聽聽
[930]
gym they're phoning you where the hell are you so聽
that that is helpful to everybody and this is why聽聽
[936]
i think coaching and ongoing mentoring is very聽
very useful in your life it it can make a huge聽聽
[943]
difference in your life so do claim that call and聽
i will speak to you again soon uh check out my聽聽
[948]
uk property talk which will be going out sometime聽
on saturday and i'll be talking about the general聽聽
[954]
overall property market and where we think it's聽
going in the uk thanks for listening bye for now
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