Hooray for Boris's new take on the €uro

[just john]

 /borisjohnson /Europe-is-driving-full-tilt-foot-on-the-pedal-into-a-brick-wall.

About time for a reality check

[Quillan]

As an ex Londoner I quite like Boris and had I been still living there I would probably of voted for him. A lot of people take him for a fool because of the way he speaks but he is actually a clever chap and a lot of people like him hence him winning at the election for mayor.

In a way he is right in what he says in the article but the biggest problem is the politicians themselves. They have a crazy lust for power at the expense of those they serve, the people, and they don't want to see their personal power diminished. It's a bit like a collective Nero, playing the fiddle (of fiddling their expenses) while Europe burns.

Whilst we all sit and wonder if Greece will leave the Euro or not I wonder how the Germans are feeling. We, the rest of Europe, keep asking them to put their hand deeper and deeper in their pocket to fund the debt of countries like Greece. It makes you wonder if one day the Germans don't say that enough is enough and take their bank and leave the Euro. Trouble is the Euro countries are so far in to the Euro now that they are totally committed and like it or not there is nowhere else to go. It's the same with the world and the Euro, for the Euro to fail it would drag the world in to the biggest recession the world as a whole has ever known so it just won't happen.

Funny really, I was reading, in the Independent perhaps, just the other day that in the UK the sale of Euros over the last few days has doubled or even tripled. Clearly a lot of people think it's worth more than toilet paper.

[just john]

[quote user="Quillan"] It's the same with the world and the Euro, for the Euro to fail it would drag the world in to the biggest recession the world as a whole has ever known so it just won't happen. [/quote]

Reports seem to indicate that Germany isn't happy with their contribution bailing out the €uro, and surely the future can't be borrowing indefinitely to prop something up, (I include the UK) does it look like the €uro is about to blossom and come good anytime soon?

[quote user="Quillan"]  Funny really, I was reading, in the Independent perhaps, just the other day that in the UK the sale of Euros over the last few days has doubled or even tripled. Clearly a lot of people think it's worth more than toilet paper. [/quote]

Do the words holidays and exchange rate spring to mind?

[Quillan]

When you say "blossom and come good" what do you mean, against the pound, the dollar?

People need to remember that we didn't get to the situation of near parity between the pound and the euro from 1.60+ because the Euro got strong it was because the pound collapsed. This time it is a bit different, Greece, or more to the point how the EU is going to deal with it, has made the Euro weaker but if you watch it is slowly coming back to where it has been 'hanging around' at for months.

As to the sudden buying of the Euro's well that's exactly what I thought, people buying Euro's for their holidays but apparently people are changing on average between £10k and £50k with some institutions buying in the tens of thousands worth. They are either expecting some very expensive holidays or they are looking to make some money, I rather think it's the latter, or more to the point the chap in the article did (it was on C4 news as well last night).

George Soros allegedly has said that he can't see the Euro doing any more than 1.25 to the pound.

[just john]

[quote user="Quillan"] When you say "blossom and come good" what do you mean, against the pound, the dollar? [/quote]

parity in amongst the member states would be good[:D]

[quote user="Quillan"]  George Soros allegedly has said that he can't see the Euro doing any more than 1.25 to the pound. [/quote]

Probably tradewise it might be better for the €uro if it went a bit above would it not?

[Benjamin]

A little aside.

I've just got around to reading the Personal Money section in last Sunday's Times.

The following are predicted £/€ levels in the next six months.

JP Morgan     €1.43

Goldman Sachs    €1.14

What chance do us mere mortals have?

[Quillan]

Wishful thinking perhaps on JP Morgan's part. Probably trying to play the markets to claw back the $2bn "trading error" and the fact they don't have enough money to continue with their share by back scheme this year.

I am no fan of Soros but my gut thinks that he is not far off the mark.

[NormanH]

Methinks that Buffoon Boris, the Bullingdon bully,  and the team of Tory Toffs that constitute Cameron the Clown's Cabinet should think more about the British economy  for which they are responsible and mind other countries' business rather less:

http://www.telegraph.co.uk/finance/financialcrisis/9283539/Christine-Lagarde-tells-Britain-to-step-up-recovery-plan.html

[YCCMB]

How would you alliterate the opposition, Norman?[:D]

[allanb]

[quote user="NormanH"]Methinks that Buffoon Boris, the Bullingdon bully,  and the team of Tory Toffs that constitute Cameron the Clown's Cabinet should think more about the British economy  for which they are responsible and mind other countries' business rather less…[/quote]

Other people's business is Britain's business, Norman.  If other people can't buy, Britain can't sell.

[NormanH]

[quote user="You can call me Betty"]How would you alliterate the opposition, Norman?[:D]

[/quote]

Well Balls is a bit of a poisoned chalice in the literary department...[:-))]