Margaret Thatcher: Three Financial Lessons

0 | May 16th, 2013 | Posted in Political

The legacy of Margaret Thatcher will be debated for generations to come.  Her ground breaking term as Prime Minister (as the first female to fill the role as well as the longest term in history) will likely be remembered for the major overhaul of economic policy that Thatcher spearheaded.

When Thatcher took office in 1979 Britain, like much of the western world, was experiencing extremely tough economic challenges.  High unemployment and stagnant economic growth threatened to take down the once proud Empire.  Instead, Thatcher and her administration stepped in and made wide-spread changes to address the problems.

Big Government is Bad

Even worse than in the USA, Britain had an enormous and cumbersome federal government. The bureaucracy was immense, with many bloated programs and redundant positions supporting the socialist idealism of the country.  Thatcher led the way in slashing programs and eliminating departments in an attempt to streamline government into a more efficient entity with little to no waste.

Many of those eliminated programs and departments were replaced by privatization.  Thatcher sold off state-owned factories and companies making them into for-profit enterprises.  Private ownership discouraged waste and encouraged economic growth. Coupled with this was reform of and elimination of many regulations and regulating agencies that limited expansion and innovation.

Balance the Budget

As the recent credit crunch has proved around the world, governments can’t spend more money than they bring in without amassing huge amounts of debt that they can never hope to repay. In the 1980s, Margaret Thatcher slashed spending in government assistance programs, cutting off many from extended unemployment and other benefits. She also reduced subsidies to various industries, forcing them to stand on their own.  Combined with the reduction in the size of government, these spending cuts allowed Britain to move towards a balanced budget.

Economic Recovery is Painful

With World War II still fresh in their memories, many British citizens understood that recovery would be painful and austerity would have to be the norm for a while. In the immediate aftermath of new policies, unemployment skyrocketed and wages fell.  Trade unions lost the power to bargain in many industries which hurt their members, but the disruptive strikes in those industries ended. In time, unemployment recovered, wages rebounded, and the economy was stimulated into an era of growth and expansion.

Some argue that the Thatcher-Reagan era of supply-side economic changes are at the root of the current economic crisis and that the income disparity that separates the 1% from the rest is a direct result of tax changes made at that time.  However, there have been 30 years of administrations, new policies, and reversals and reforms of those initial changes.  It may take another 30 years or more until the true impact of 1980s economic policies are understood.

American Fascination with British Royalty

6 | May 15th, 2013 | Posted in Culture

It seems as though most people have a life long fascination with royalty. And for most people in the United States, this means a fascination with British royalty. In fact, the recent wedding between Prince William and Katherine Middleton was described by some of the Londoners as being more intriguing to Americans than it was to Brits. With that being said, there can be no doubt that the entire British continent, even Ireland, had their eyes glued to the televised coverage. And yes, the reference stressing Ireland’s interest was made in jest. The historic animosity between the two countries, and their royal leaders, has evolved into an amicable relationship between them. And while the Americans once waged war against England, in our battle for autonomy, we too, consider them to be one of our strongest allies, and we absolutely adore English culture, which of course includes the Royal Family.

royaltyIn addition to the Royal Family itself that we’re captivated by, it’s the castles, administrative buildings and other residences that keep our interests and imaginations engaged. Royalty is as well known for their lavish lifestyles and accommodations as they are for their historic importance and personality characteristics. And one of the favorite aspects of many tourists visits to England, as well as through out Britain, is to tour some of the old castles and famous landmarks like Westminster Abbey, the Towers and Buckingham Palace.

One of the standard follow up aspects after having visited these locations is to set out our favorite souvenirs from the trip and then make something of a shrine. Well, that might sound a little over the top, though many people do try and emulate the looks of some of these castles, palaces and other royal buildings in their own homes. Take one look at an air conditioning showroom , and you’ll see people trying to emulate the cool splendor of  Buckingham Palace. Sound like a stretch? Well, that’s nothing, wait until you see what they do with the chandeliers. Regardless of how close to or far from we’re able to emulate our zeal for royalty, it’s very likely that we Americans will always maintain a fascination with British Royalty. And with such a dynamic history, how could we, or anyone else, ever lose interest? And of course if you’re one of those tourists who come home and are absolutely set on recreating one of the great buildings you’ve recently experienced, there are some great programs to help you achieve your goals. We’d all love to turn our homes into castles, and with the perfect windows, you might just succeed.

photo by: kenjonbro
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Managing a Pool Building Project

0 | April 22nd, 2013 | Posted in Home

The steps involved choosing a pool builder and overseeing the project to its completion aren’t much different than hiring any contractor to do work on a private home. Start by researching the sizes, shapes, and styles of pools available as well as common materials used in construction. Don’t forget to consider whether a spa will be part of the project and where the pool is going to go on the property. Once the initial plan is developed, start canvassing several Pool builders in Dallas . You’ll want to get bids from three to five builders. Many will offer free quotes, especially if you’ve already made most of the big decisions, including what your overall budget is for the project.

When considering the bids, make sure you research each builder, not just the dollar amount. Check they have the proper licenses and a current insurance policy from a reputable company. Ask for references and verify them. It doesn’t hurt to check with local consumer protection groups to see if there have been complaints about specific builders. Then find out if there are any incentives or discounts available. Some contractors may throw in accessories or small perks if they know you’re looking at competitive bids.

Once you’ve decided on a builder, remember that you don’t have to pay for it all upfront. Make sure you have a written contract as well as agreed upon project milestones, including a completion date. Most importantly make sure you keep written documentation of all agreements made along the way, including receipts and schedule changes.

Stan Addison is a retired contractor who now teaches classes on basic home repair. He also writes columns and blogs posts on topics like HVAC installation, Virginia Beach AC, and DIY home maintenance for a number of blogs and websites.

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The (Motor)Sport of Kings

7 | February 15th, 2013 | Posted in Sports

The thing about racing is that is has something of a universal appeal.  Going faster than any person was meant to go is, by itself, thrilling, and it makes sense that people from all over the world would take a keen interest in it.  But, for some reason, the aristocracy and royalty of many nations have taken to motorsport more so that any other.  Perhaps it is a logical progression from the days when kings watched horse races, or maybe it’s the universal appeal; but the only thing that is clear is that aristocrats love their cars.

It’s easy to find out exactly how the wealthy interact with the sport.  A select few drive themselves, while others sponsor teams or cars while others do both, like Scott Tucker Racing, as though they were commissioning a painting or a sculpture.  Take TV, radio, and, most recently, podcast personality Adam Carolla for example.  After making his fortune in comedy he took to his passion, Lamborghini Miura’s and vintage racing.  He routinely participates in various events, like the 2012 Toyota Grand Prix and several vintage racing events.

Sir Richard BransonSir Richard Branson, mogul of the Virgin group, which sells just about everything, also sponsors various cars through the company.  Virgin sponsored Brawn GP in 2008, and in 2009 decided to have their own Virgin Racing, which competed in 2010 and 2011.

You can find even more modern aristocracy at the Royal Automobile Club of London.  Half racing club, half social club, it is one of the most exclusive clubs that attracts many, but accepts few.  They are quite tight-lipped about their members, but all 850 of them have extensive experience behind the wheel and enough capital to race whatever they please.

So what draws the wealthy to cars?  Surely they feel the same draw as everyone else, but there is a bit of history as well.  Automobiles have been around since the 1800′s, and they weren’t cheap.  Mercedes, Duesenberg, Bugatti, and many others produced cars well before the affordable Ford Model T, and they were coveted and cherished.  High performance, high luxury cars like those were the only things that made for good races, but it was a rich man’s game.  Even now, sponsoring a team, properly racing, or learning how to drive cost an enormous amount of money – as does simply watching European and American racers like Scott Tucker compete in premiere events like the 24 Hours of Le Mans, but the aristocrats and princes of today are more than happy to be patrons of the sport.

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The Price of Royal Opulence

5 | January 22nd, 2013 | Posted in Financial

When we think of opulence, we think of royalty. Through time, the noble classes of the world have held a significant amount of wealth. It does not matter whether we refer to ancient history, or modern society, the royals have money. While life is easier for wealthy royals than it is for the average working stiff, it is not as uncomplicated as it appears. With royal wealth comes the pressure to maintain a certain level of opulence.

Denmark Crown JewelsOpulence Does Not Come Cheap

The famous rapper Notorious B.I.G. said it best:  Mo’ Money, Mo’ Problems.

Sure, royals have lots of money to throw around, but their lives are terribly expensive. Think of the cost of heating and maintaining your home, then look at the size of royal homes. Staggering, right?

Then there is also ‘the help.’ Royals cannot be royals without crews of gardeners, maids, cleaners, and the like. The entourage of security and aids that follow them everywhere is also expensive. There are few situations in the modern world where people are enslaved to royalty, thank goodness. Typical royal jobs are quite plush, with perks and benefits that average working stiffs would envy.

Keeping up Appearances

Beyond the excessive cost of living, Royals also have to consider their public image. To build goodwill with their subjects they make generous donations to charities, as well as funding impressive foundations that engage in ambitious projects. Prince Charles of England, for example, has financed several businesses relating to organic foods. Those are in addition to the multitude of charities and foundations that bear his name – everything from scholarships, to scientific research, to public works projects.

Many royals are considered (or consider themselves) to be fashion icons; therefore they invest heavily in suitable clothing. The most popular example is the Duchess of Cambridge.

How Much Money Do They Have?

Here are top five wealthiest royals in the world:

  1. Bhumibol Adulyadej, the King of Thailand. Estimated net worth exceeds $30 billion and is purported to come from investments from the Bureau of the Crown Property.
  2. Hassanal Bolkiah, the Sultan of Brunei. His estimated worth tops $20 billion. He makes his money from the oil and gas industry.
  3. Abdullah bin Abdul Aziz Al Saud, the King of Saudi Arabia. He is estimated to be worth over $18 billion, also from oil and gas.
  4. Khalifa bi Zayed Al Nahyan, The President of the United Arab Emirates and Emir of Abu Dhabi. He is valued at $15 billion and gleans his wealth from the Abu Dhabi Investment Authority.
  5. Mohammed bin Rashid al Maktoum, the Prime Minister of the United Arab Emirates and Emir Sheikh of Dubai. His net worth is estimated to be $4 billion dollars and comes from holdings with the Dubai Holding Company and Abu Dhabi Investment Authority.

Together they are worth nearly $100 billion dollars.

Rosa Austen is a celebrity blogger who likes to focus on the money behind the fame — and the money that comes from fame.  Her work has appeared on financial sites MoneyMutualTV.com, entertainment blogs, and news websites.

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Royals Behaving Badly: Drugs and Drunks in the Royal Family

6 | December 17th, 2012 | Posted in Addiction

Not even the fabulously wealthy are immune to the lures of drugs and alcohol. The British Royal Family are notorious for alcohol abuse are drug addiction. For over a century they have gained an increasingly tarnished reputation. Once the stays of the Victorian era were loosened all the excess seemed to spill over.

Who’s Who in Royal Addictions

Perhaps the most infamous royal family member is the late Princess Margaret. The younger sister of Queen Elizabeth II, Margaret was rumored to have smoked marijuana, snorted cocaine, and taken LSD. Given her illicit extramarital affairs and the company she kept, artists and musicians active in the 1960s, her addiction is part of an experimental era. She is not known for going to rehab, but was rumored to have toned herself down with age and at the request of her older sister.

It’s clear that Princess Margaret took after dear old mom. The Queen Mother, Elizabeth, is said to have drank 70 units of alcohol per week, and that’s on the low side. She did, however, live to her 101st birthday and was a celebrated public figure. She carried out her royal duties while pickled, but never once went to rehab.

Even more scandalous than Princess Margaret was the Duke of Kent. Though he died in World War II, his addiction to morphine and cocaine as well as his multiple affairs with men and women, gained him an embarrassing reputation. His brother, the Duke of Wales, made it a personal mission to cure him in the 1920s, but appeared to have limited success.

prince harryThe Next Generation

The poster child for naughty royal behavior today is clearly Prince Harry. The grandson of Queen Elizabeth II has been caught nude, excessively drinking, and smoking marijuana. His behavior is considered distasteful, but he’s not condemned as an alcoholic or drug addict. His youth is one of the main reasons. He’s still under 30 and in the “wild oats sowing” period. Perhaps if he continues his bad behavior he’ll rank among his more famous relatives. Only time will tell.

Read more about drug abuse and recovery at http://www.drugrehabblog.com.

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Royals & Their Cars

7 | November 30th, 2012 | Posted in Automotive

The heads of monarchies the world over and members of their families unsurprisingly have some of the most outrageous toys for their personal amusement. This more often than not includes a collection of vintage cars or flashy sports cars, many of which are bought simply to be ogled. A number of them have personalized vehicles made to their exact specifications so that they stand out from the run-of-the-mill automobiles. Not that the mass-produced vehicles are lacking in luxury or safety features, but it is important that the royals distinguish themselves. Someone said it’s good to be the king…

Middle Eastern royals are notorious for splurging on fancy cars. The Qatari Al-Thani family which recently acquired the Harrods chain caused a stir two years ago when a Lamborghini Murcielago and Koenigsegg CCXR were clamped outside the London shop. The two vehicles alone are valued at over £1.5 million. Both vehicles are a luscious turquoise blue, a trademark for Qatari royalty. Another one of the members of this family has been spotted zipping about the British capital in a 690 horse power Pagani Zonda of the same color. The Sultan of Brunei has held the title of the world’s richest man for a long time and a good amount of his oil wealth has been spent on posh sports cars. Many photos claimed to be of the sultan’s cars have been doing the rounds on the Internet for a while now. Some of these are not genuine, and the truth is that of the estimated 2,000 plus cars that comprise the Sultan’s collection, majority belong to his brothers and other relatives. Saudi prince Mohammed Bin Fahd also has a taste for the finer cars and his personal yacht, bearing a mother lode of amazing vehicles has been seen docking at various exotic locations. Among the vehicles spotted on the expensive luxury boat were a red soft-top Porsche, a Bentley and a silver Aston Martin.

The Prince of Wales, Prince Charles, in keeping with the British royal tradition of vintage British cars, goes for his polo games in a mouth-watering dark blue convertible Aston Martin. Interestingly, the same car made it to the press during Prince William’s much-publicized wedding to Katie Middleton. The pair did a lap of London after exchanging vows in this work of art which apparently runs on royal wine.

written by guest blogger Ray Lyons — a popular auto and off-road blogger.  He writes for several online auto magazines and has also contributed to sites like www.haynes.com.

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Can Royalty Change the World?

6 | November 16th, 2012 | Posted in Food, Prince Charles

Change is an intriguing phenomenon.  Sometimes it is as quick as a bolt of lightning shooting across the sky.  Other circumstances are slow and painful, taking generations to come to fruition.  In the instance of organic food, change is slow and painful.

One interesting figure in the fight for change in the food industry is Prince Charles. For about 30 years, the Prince has worked to bring organic foods to the world. It began when Prince Charles decided to convert one of the family farms, the Duchy Home Farm, to an organic farm. The Prince had the foresight to understand that producing the best foods, in harmony with Mother Earth, will lead to less poverty and obesity. The Prince’s efforts have sown the seeds of change, and his influence continues to grow on governments in the Western world.

Royal Influence on Policy

Prince Charles has progressed the cause of organic food by advocating, funding, and direct action.  Because of the Prince’s membership in the Royal Family, he has nothing to lose. His position allows him to be a fearless advocate, speaking freely to world leaders and private stakeholders without fear of repercussion such as losing an election.  Star power is also another factor, for words spoken by Prince Charles carry clout that common folk rarely obtain.

In addition, the Prince has impressive financial resources. Not only is he a loud voice, but he funds several organizations that work with him to bring organic food to the world. These organizations can do things that the Prince cannot, such as directly lobby governments in countries other than Great Britain, and sponsor initiatives of their own. Through his charities, the Prince also funds initiatives to further sustainability and responsible business practices.

Princely Policy Pushback

Prince Charles has eloquently explained the problems with modern food production on many occasions. He identifies the problem as being the policies that govern the production of food, “Global government subsidies must stop making toxic, polluting, and nutritionally inferior foods cheaper than real food.”

As the keynote speaker at the Future of Food conference on May 4, 2011, the Prince clearly laid out the problems facing the food industry today. The main problems he identified are:

  • Subsidies for massive farms that produce low nutrition food (such as corn)
  • Current food production has an actual high cost in terms of the environment and health
  • The current policies reward producers for poor quality food

Harbinger of Change

Prince Charles has helped increase awareness by both acting for and speaking for organic foods.  In addition to his advocacy, Prince Charles has moved organic foods forward by producing them, which has contributed to the growing demand for organic. The Duchy Home Farm has blossomed from a royal farm to a company selling organic foods under the name of Duchy Originals. The company gives back by donating profits to Prince Charles’ charities, which turns around and supports sustainability, environmental responsibility, health, arts, education, and more.  All of the Prince’s actions are sowing the seeds of change.  Though it may take a generation or two to happen, Prince Charles’ actions have been and will continue to be a powerful harbinger of change.

Gavin Sparks is a popular health columnist and author.  His work appears on a variety of health sites covering topics like nutrition, immune system disorders, chronic fatigue and diet.

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Royal Squabble for the Throne of England

0 | October 27th, 2012 | Posted in Royal Succession

Queen Elizabeth’s husband Prince Phillip seems to have lost all faith in his 63 year old son Prince Charles. It has been reported that Prince Phillip, who is 91 years old, wants to dispense with tradition, clearing the way for his grandson Prince William to inherit the throne of England.  This has not gone down well with Prince Charles’s wife Camilla Parker-Bowles, Duchess of Cornwall.

The reasons for Prince Phillip wanting to his son to give up his right to the throne are actually simple and straightforward. Prince Charles as you may recall was married to the late Diana Princess of Wales, whom he divorced on 28th of August 1996. The reason behind the failed marriage was rumored to have involved the Prince’s indiscretions with is then former girlfriend Camilla. Prince Phillip has always viewed the divorce from Princess Diana and re-marriage to Camilla as absolutely scandalous — especially in light of the fact that Prince Charles and Princess Diana had two children together (William and his brother Harry). It is no stretch of the imagination for one to believe that Prince Phillip blames Camilla for being a major contributing factor to the end of his son’s sixteen (16) years of marriage to Diana. Camilla, who it is alleged is an alcoholic, is not seen by Prince Phillip as a worthy successor to the throne.

When Prince Phillip’s Grandson Prince William married Kate Middleton, Prince Phillip saw this as the perfect opportunity to leave the throne of England in the hands of two strong, upstanding and scandal free royals. Since that time Prince Phillip has sought to convince Queen Elizabeth to honor his request. The Queen is now under intense pressure from many sides and the fact that Prince Phillip is now ailing does not help matters. No one can be sure how much longer he will live. Prince Phillip has repeatedly begged his son to divorce Camilla which would make it a lot easier for Prince William and Kate to inherit the throne.

This situation has been the reason behind Camilla’s harsh treatment of Kate, whom she has sought to undermine at every turn. These include tactics such as forcing Kate to bow to her in the absence of Prince William, humiliating Kate at official functions and belittling her following a recent run in with the paparazzi during which they managed to snap nude pictures of her. All this scheming by the 65 year old Camilla has not gone unnoticed by Prince Phillip who has renewed his calls from his hospital bed for Prince Charles to divorce Camilla.

Since Prince Williams’s marriage to Kate Middleton on April 29, 2011, the Royals have enjoyed a welcomed resurgence of popularity and support that has not been seen since the era of Princess Diana. Kate is seen by the public as a most capable eloquent royal and worthy successor who can stand beside Prince William as Queen.

Queen Elizabeth II still favours following tradition however and though she may agree with the notion that the throne would be better served if left in the hands of Prince William and Kate she has given no indication that she will part with tradition.

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Lady Diana’s Death Put World Focus on Drunk Driving

4 | January 27th, 2012 | Posted in Legal

The death of Diana, Princess of Wales put the world’s focus on drunk driving.  After the crash that took her life it was discovered that her driver Henri Paul had three times the legal limit of alcohol in his blood.  It put drunk driving and DUI under the microscope and showed the tragic effects that it can have on people.  In some cases it resulted in more severe DUI penalties.

The crash which took Diana’s life occurred on 31 August 1997.  It happened in the Pont de l’Alma road tunnel in Paris as her car sped away from paparazzi.  Also killed at the scene were Dodi Fayed and the car’s driver, Henri Paul, who was the security manager at the Ritz in Paris.

At the investigation in France it was concluded that the crash was a result of the drunk drivers loss of control while driving through the tunnel.  It stated that the crash was caused by Henri Paul who was driving at high speeds while drunk.  He was also found to have traces of an anti-depressant and anti-psychotic in his body.

An 18-month French judicial investigation concluded in 1999 that the crash was caused by Paul, who lost control of the car at high speed while drunk. His inebriation may have been made worse by the simultaneous presence of an anti-depressant and traces of a tranquilizing anti-psychotic in his body.

Fayed’s father strongly put forth that the crash was a conspiracy and had been organized and carried out by M16 and Prince Phillip, Duke of Edinburgh – the Queens husband.  An inquest was held in London during 2004 which did not conclude until 2008.  The result put the blame on the driver, alcohol, the pursuing paparazzi, and the fact that Diana was not wearing a seat belt while in the vehicle.

written by Marcus Hill, a guest blogger and columnist with a background in law and government. His writings appear on news blogs as well as legal sites like this one.

 

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