Are There More Troubles Ahead?

[vikingdoom 58]

http://www.silentmajority.co.uk/eurorealist/isleofman.html

 

If you have an article that you would like published here please
e-mail it to Sir,
I have conducted economic surveys of various nations for the past 25
years and I am concerned at the lack of information passed to the Manx
people regarding the future of the Isle of Man as an offshore centre.

I read Richard Corkill's interview in the Financial Times with great
interest but I was dismayed that much of the truth of the matter was swamped in economic phrases meaningless to the man in the street.

I hope to rectify that some way in this letter, by stating some clear and
well known facts - well known, that is, in financial circles, if not the
Isle of Man.

I will use plain language, easily understood.

The various "tax havens" throughout Europe, yourselves included, will cease
to function as such possibly within five years, definitely within 10 years.

That is an issue not open to debate and one over which the Manx Government and Manx people have no say whatsoever. The people should be informed of that fact.

Despite government hints that "agreements will be reached", the cold, hard
fact is that the financial sector will for the most part move on from the
Isle of Man within that time.

What will follow will be a period of recession unseen in the history of the
Island and most likely there will be no recovery short of large quantities
of gold-bearing ore being found in the Island.

I am horrified that the government is allowing property prices to soar as
they are at present

When the merry-go-round comes to an abrupt halt in a few years, a great many people will be paying huge mortgages on homes that will see a depreciation of perhaps 50-80 percent.

No doubt the state agents who have been lining their pockets will howl with
rage and say I am wrong.

They did so in the late 1980's when I predicted the same situation with
London House prices.

I was right then and thousands were paying mortgages for properties worth 60 per cent of the borrowed sum

I think it is cruel that people are being dragged along with the present
inflation in the Isle of Man for, unlike London, the Island has little left
once the finance goes.

The government says it has enough resources to run the Island for three
years - not a confident promise and in the world of economics a time span of
five minutes.

One north African country has already made very comprehensive plans to
assert itself as the new near Europe centre for finance, which turns the
wheel full circle from the post-war years.

This is no coincidence, because plans are being laid for massive investment
in many African states throughout the first 25 years of the century.

To the Manx people I would say, refuse to pay these inflated prices, sit
tight! Who else can they sell to? Force them down and ignore the bleats of
the agents who have got fat at your expense.
To the Manx Government I would say - be prepared to pay massive compensation to trapped home owners in minus equity.

It is your fault this situation has arisen by allowing speculators to push
up prices.

Professor St John Gregg
Cheshire.

[mojomonkey 3,382]

Wow, the design of that website takes me back to 90's.

Edited April 13, 2013 by mojomonkey

[dave1978 214]

Wow, the design of that website takes me back to 90'.

Yeah, it looks like one you would find over here.

 

When the merry-go-round comes to an abrupt halt in a few years, a great many people will be paying huge mortgages on homes that will see a depreciation of perhaps 50-80 percent.

I have been telling you that for years.

[Non-Believer 13,279]

The link brings the article up with a date heading of 4th September, but no year. Could be any age, but the fact that it quotes Richard Corkill suggests early noughties....?

 

Having said that it may still carry a lot of truth....

[Barrie Stevens 1,193]

This letter I sincerely believe to be a hoax. When it was published in the Isle of Man Examiner in the days of Richard Corkill I was accused by a few people of being the author. I was at that time a prolific letter writer to the local papers!

However, when I write I do not use a pseudonym

Roger Watterson was for a while convinced that it was me as around that time there was pressure put on both him and myself about (a) my writing and (b) my appearing on the radio…but I did a trawl, as did he, and we could find no trace of a genuine Professor St John Gregg of Cheshire. Cheshire? No town given I see.. No college or university likewise.

It is noticeable that the Professor gives no indication as to his seat of learning nor indeed traceable and/or published works.

I have searched the British Library, it being compulsory to make a legal deposit of published works, and find no Professor St John Gregg.

Also, what sort of Professor of economics, if that be his subject, would dare in all seriousness to suggest that the Isle of Man Government would even feel obliged to pay compensation in respect of loss of equity/negative equity if and when house prices collapse?

St John? Note as I did back then that the Clerk of Tynwald and constitutional authority was Professor Norman St John Bates…Then look out of the window (across) and you see Greggs the bakers?

I have my suspicions that the letter was written if not inspired by a party then running a case through the Island’s High Court as a litigant in person, and getting knocked back, over the real or imagined loss of his business empire and for which he blamed the Isle of Man.

He also had equally wacky associates!

This same party, if it be he, also wrote in the local paper under his own name suggesting that anyone with a problem with the IOM Government (And by extension the UK) should register a case with the European Court of Human Rights. The procedure is free and you do get a case number.

Such cases must be against the UK and the twisted thinking in terms of revenge was that if a number of people raised initial case registration at Strasbourg then the UK would start to ask questions and interfere with the Island.

So if you put the two together then I think you come close to identifying if not Professor St John Gregg then a small group of people with a grudge who seek/sought to spoil it for the Isle of Man..

I went on Mannin Line with Roger Watterson and warned about this at the time.

Of course, if the real Professor St John Gregg stands up to be counted then I might be proved wrong….Strange the Professor has not been on Manx Radio?

Anyone?

　

　

　

　

　

　

　

　

　

　

　

　

　

[GD4ELI 2,835]

There's no such person. I'm sure you're right Barrie.

[Lonan3 1,790]

You should have known that as soon as you saw which pathetic troll was the OP.

[spermann 146]

26 years of economic growth.

 

High house prices are a sign of prosperity which is why London prices are soaring.

 

This guy is obviously struggling to get on the property ladder.

[Blade Runner 1,012]

26 years of economic growth.

 

High house prices are a sign of prosperity which is why London prices are soaring.

 

This guy is obviously struggling to get on the property ladder.

 

I think it more likely that he is going through some kind of mental health breakdown.

[Lonan3 1,790]

 

26 years of economic growth.

 

High house prices are a sign of prosperity which is why London prices are soaring.

 

This guy is obviously struggling to get on the property ladder.

 

I think it more likely that he is going through some kind of mental health breakdown.

Probably from the 'Farming Madness' thread he/she started.

[Barrie Stevens 1,193]

The letter is I think from when Richard Corkill was Treasury Minister so some of the above comments are wide of the mark.

[2thumbs 237]

Whilst i agree with everyone its probably a hoax it does raise a few questions. Now I am not in finance but if the IoM ceases to be a 'tax haven' as appears it will be given all these transparency agreements etc; what does the Rock have to offer the finance sectors of the UK and elsewhere. I cannot see the attraction or benefits for businesses or the wealthy. And if no finance sector then what of the Isle of Man? Crown dependent?

[woody2 5,021]

This same party, if it be he, also wrote in the local paper under his own name suggesting that anyone with a problem with the IOM Government (And by extension the UK) should register a case with the European Court of Human Rights. The procedure is free and you do get a case number.

Such cases must be against the UK and the twisted thinking in terms of revenge was that if a number of people raised initial case registration at Strasbourg then the UK would start to ask questions and interfere with the Island.

 

 

unless your case is in the media echr is a waste of time

[manxie44 1,206]

26 years of economic growth.

 

High house prices are a sign of prosperity which is why London prices are soaring.

 

This guy is obviously struggling to get on the property ladder.

Have you watched any of the endless 'second home' ; 'third home' ; "I want a little cottage in a village in the country" programmes on tele. It would appear that half of London want out, [still want easy access to their high paying jobs in the city though] of the place and are hell bent on driving all the little village 'locals' out of their birth places through inflated house prices. That story rings a bell close to home, does it not ?