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Cyprus alright now, British banking experts offer 'technical assistance'

just john

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Quillan Newbie

Quillan

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"World leaders were warned last night that they have just six weeks to save the euro from collapse. On another day of gathering economic gloom, George Osborne savaged eurozone leaders for failing to get a grip on their towering debts. The Chancellor set a deadline of six weeks – when leaders of the G20 group of leading countries will meet for crunch talks in France – for action."
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woolybanana Newbie

woolybanana

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Well, the obvious conclusion is that savers will find their money culled rather than cutting the exhorbitant expenditure of the State - that is the French solution. The Germans might have other ideas, one hopes.

Anything which maintains State spending, including the privileges of fonctionnaires of all types (SNCF average age of retirement less that 55) and spending levels of much more than 40% of GDP is evil and destructive. But Hollande and his bunch of nutters cannot cope, so the nightmare goes on. 

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Quillan Newbie

Quillan

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Bredon Brown, head of securities at Mitsubishi UFG Securities says that the Euro will collapse completely within days (he has even written a book about it). - Bloomberg News 15th Feb 2010

George Soros, The end is neigh for the Euro this year, he actually said it would fall off a cliff and the dollar will replace it in Europe.  RT News 5th March 2010.

So all in all even the great George Sorus was wrong even though he tried desperately to cause it.

The Euro is embedded as a world currency now that if it ever failed it would be the end of the world as we know it. If you really believe the Euro will fail I seriously suggest you start constructing a fall out shelter in your back garden and start filling it with food etc.

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Quillan Newbie

Quillan

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Most of this"the Euro will fail tomorrow" etc comes from American 'experts', the same ones that controlled the selling of dodgy loans and of course want only the Dollar to be the world currency.

It's a bit like Global Warming, where I live it is supposed to be a desert by now. When that didn't happen they changed it to Climate Change and picked on any changes they could find which in fact is just normal change due to the cycles the earth goes through. Now I saw on TV last week (BBC or C4 News, I can't remember which one) that it will be dropped from the UK national curriculum completely.

As I said if you really believe all this rubbish about the Euro crashing and disappearing then your in for a surprise. Mind you try googling "Will the US Dollar collapse" and guess what, according to the 'experts' it will anytime soon, again I can't see that happening either. In fact one currency that may really crash out could be the Pound.

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Benjamin Newbie

Benjamin

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[quote user="Quillan"]

As I said if you really believe all this rubbish about the Euro crashing and disappearing then your in for a surprise.

In fact one currency that may really crash out could be the Pound.

[/quote]

Come on Quillan! You seem to spend a lot of your posting time just lately extolling these two ideas.

Got any "facts" to back this up or are you just speculating?  [6]

Or is it because most of your income is in €uros?   [:P]

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Quillan Newbie

Quillan

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Just do some googling, it is not that difficult. On the whole actually I take it all with a pinch of salt because most of this garbage, be it the Euro, Dollar, Pound etc is all written by 'experts', the same ones that got it all wrong back in 2008 (OK before that which caused the crash in 2008) and lets be honest I doubt if anyone (including here) is stupid enough to believe them now. They just turn up on the TV or in the newspapers spouting their sh*t and as they say if there is enough of it going around some will stick.

By the way the bit of about the Pound is from Virgil Lawson (American of course) who is only repeating what Max Keiser (another full of himself American) is saying which is basically that the UK Pound will loose 25% of its values against the Dollar and the Euro in 2013. Here is one link to what he is saying which involves gold reserves (do they really exist) and the Pound. He also predicts the crash of the UK gilts market. He would make an excellent stand up comedian. What he predicts will be the crash of one or more big banks and because the government is committed by law to protect sayings and Brown sold 60% of the UK's gold there is not enough money in the UK to pay off all the victims of the crash (ring any bells) so the UK will go bust. Personally I think he is an idiot but there are a lot of people out there that treat his word as gospel.

http://www.youtube.com/watch?v=1KTaka00MDU

 

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Benjamin Newbie

Benjamin

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Q

Continuing our exchange from yesterday I did a bit of Googling.

You may be interested in this fact.

http://uk.reuters.com/business/currencies/quote?destAmt&destCurr=EUR&srcAmt=1&srcCurr=GBP

And who said what at 9.45 am this morning?

http://www.londonstockexchange.com/home/homepage.htm

The only bit of serious information I have read about exchange rates was on this forum, although I don't know if it was repeated from elsewhere, which went something like,"the two best days for changing money are yesterday or tomorrow".
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Frederick Newbie

Frederick

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 Whats the likely-hood of this taking place ? .... I think the Russians will find some way of making sure they don't lose out over the Cyprus action .

There are some very big German companies in Russia  

Russian Prime Minister Dmitry Medvedev has reacted to the Cypriot bailout deal by labelling it as theft. The Kremlin is considering freezing German assets in Russia in retaliation for Russian losses in Cyprus banks.

“The stealing of what has already been stolen continues,” is how Medvedev described theCyprus bailout deal which imposes a sweeping haircut of around 30 percent on bank deposits in excess of €100,000 in two major banks. Nevertheless Russian President Vladimir Putin is willing to support efforts aimed at overcoming the Cypriot crisis.

According to the Telegraph the Kremlin is considering freezing German assets in Russia as payback for the bailout deal.

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Quillan Newbie

Quillan

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[quote user="Benjamin"]Q

Continuing our exchange from yesterday I did a bit of Googling.

You may be interested in this fact.

http://uk.reuters.com/business/currencies/quote?destAmt&destCurr=EUR&srcAmt=1&srcCurr=GBP

And who said what at 9.45 am this morning?

http://www.londonstockexchange.com/home/homepage.htm

The only bit of serious information I have read about exchange rates was on this forum, although I don't know if it was repeated from elsewhere, which went something like,"the two best days for changing money are yesterday or tomorrow".

[/quote]

I wish I was clever enough to claim to have said that because it is somewhere near the truth. I believe a lot of old rollocks is written by 'experts' who to coin the phrase from Frank in Shameless know F all about F all.

I personally liken it to a never ending horse race. Round they all go and every time they pass you a different horse is in the lead. People place bets on who will be in the lead the next lap and like horse racing the only people who make any real money are the bookies. The same can be said of currencies really and in their case the winners are the banks and people with real money.

In short what I have tried to put over in my comments about the Euro is that it is no different to any other currency. When you investigate they all have a problem and they are "doomed" according to one 'expert' or another while the people like Soros who have so much money to throw around control the fates of many countries. I think it was Soros who in 1992 famously bought the pound to its knees just because he had the odd 10's of billions of dollars floating around and didn't know what to do with them and thought it would be 'fun' just to prove some point or another.

I have read his book "Book of Investing Wisdom", I got it slightly wrong but when we moved to France back in 2001 the following year I moved all my money in to the Euros immediately it became a functioning currency and I am talking about quite a lot. In 2008 I changed 50% back to Sterling making a 36% profit, not bad but if only I had waited a little longer and held my nerve like he said I would have made more as I sold at 1.08. Now consider this, those expats who moved roughly around the same time or within 12 months of the Euros becoming a currency would today if they moved their money back in to Sterling make around 30%. So if their property value has dropped by 20% they are still making money. That's something they don't think about till you point it out to them at which point many say "I never looked at it that way".

Problem is you really need to know your onions and have a lot of patients to do this sort of thing, the latter I don't have but I do know of one ex pat who plays the money markets. He sits all day watching two computers, frightened to leave them even to make a cup of tea. He told be he can make up to a couple of grand a day, how true that is I do not know but what a life, well its not really, its sad but that's his 'thing' and its not for me.

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just john Newbie

just john

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My interest in the currency is less about how it may rise or fall, though that is serious enough, but much more the human cost, especially between states,
it does seem that any hope of cohesiveness is thrown to the wind, which surely will be remembered and repaid in spades with who knows what results, as indicated currently by the treatment of Cyprus.

http://www.channel4.com/news/cyprus-banks-laiki-pavlou-bailout

 

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