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Anyone buying euros tonight.

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kawakid
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PostPosted: 21:18 - 24 Feb 2013    Post subject: Anyone buying euros tonight. Reply with quote
Anyone buying Euros tonight?

The Times headlines with a predicted total collapse of sterling from tomorrow.

I can still get €1.135. Which is pants. But better than parity or worse.

What's everyone else doing?

Fecking Gideon Osbourne, I voted tory but I have always not trusted him and look his one key aim AAA.......
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fatpies
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PostPosted: 21:31 - 24 Feb 2013    Post subject: Reply with quote
This just proves you can't print money without consequences.
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Tungtvann
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PostPosted: 21:37 - 24 Feb 2013    Post subject: Reply with quote
Currencies being worthless is beneficial to me, I hope they crash hard!
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fatpies
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PostPosted: 21:40 - 24 Feb 2013    Post subject: Reply with quote
Tungtvann wrote:
Currencies being worthless is beneficial to me, I hope they crash hard!


Why do you get paid in Gold or something?

Or a different currency?

We're in a race to the bottom.

Japan, USA, Europe, UK are all printing money in a race to devalue. And as the UK devalues more and more stuff gets stamped property of China or India like many former UK industries.
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kawakid
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PostPosted: 21:45 - 24 Feb 2013    Post subject: Reply with quote
Wish I had bought some a few months ago when it was 1.25, but I was putting everything in to the mortgage then.

Now I am mortgage free and starting to build up savings, but with the annual apr on savings and the predicted collapse of sterling. Should I just get some holiday money now.

Tbh I have been here before and bought and then the exchange rate has gone up. Or should I holiday in the UK, not done so in 25 years, but I might have to now.

How long will Gideon, I mean George last? Surely Vince could do a better job.
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mr jamez
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PostPosted: 21:48 - 24 Feb 2013    Post subject: Reply with quote
The banking system is directly responsible for depression and economic instability, wealth is not destroyed in times like this it is simply redistributed. So until that changes and we take back control of issuing money this is perfectly normal; Its just a shame how many lives it is going to ruin.

Pass the popcorn
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fatpies
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PostPosted: 21:52 - 24 Feb 2013    Post subject: Reply with quote
kawakid wrote:

How long will Gideon, I mean George last? Surely Vince could do a better job.


Rock <-> Hard place.

Back in 92 and the ERM days. They put interest rates up to 12% (for a day). To defend the currency.

There are millions of idiots who over stretched themselves lying on mortgages, who can't cope at 0.5%. They'd be wiped out at 3% let alone 12%.
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Tungtvann
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PostPosted: 22:04 - 24 Feb 2013    Post subject: Reply with quote
fatpies wrote:

Why do you get paid in Gold or something?

Or a different currency?

We're in a race to the bottom.

Japan, USA, Europe, UK are all printing money in a race to devalue. And as the UK devalues more and more stuff gets stamped property of China or India like many former UK industries.

I have investments in gold. I had a feeling currency was going to weaken a while back and thought it a good idea to put some of my savings into gold rather than keep it in a bank!
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Derivative
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PostPosted: 22:08 - 24 Feb 2013    Post subject: Reply with quote
Right, but that doesn't mean currencies devaluing is 'good' for you.

At best it's neutral. You buy the same things before and after devaluation.

I own international shares. If the pound halves in value they double, all else being equal.

Last edited by Derivative on 22:15 - 24 Feb 2013; edited 1 time in total
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fatpies
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PostPosted: 22:08 - 24 Feb 2013    Post subject: Reply with quote
Tungtvann wrote:

I have investments in gold. I had a feeling currency was going to weaken a while back and thought it a good idea to put some of my savings into gold rather than keep it in a bank!



Investments as in certificates or physical? While I hold a small amount of gold (physical) it is like an insurance policy, you have to lose to win.
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Tungtvann
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PostPosted: 22:16 - 24 Feb 2013    Post subject: Reply with quote
fatpies wrote:

Investments as in certificates or physical? While I hold a small amount of gold (physical) it is like an insurance policy, you have to lose to win.

Physical. It's not really a way of making money, but more protecting some of my savings. I have a fair amount in currency and I'm using it to put down a deposit on a property this year (I hope!) but uncertain times be a coming!
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kawakid
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PostPosted: 23:23 - 24 Feb 2013    Post subject: Reply with quote
Bought some. So no doubt sterling will rise to €1.30, I got them at €1.135. Ahh well, I don't need to worry about spending money for holidays this year.
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Rogerborg
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PostPosted: 11:34 - 25 Feb 2013    Post subject: Reply with quote
As one of the six or seven people in the country who still makes goods for export, for contracts negotiated in dollah or ewrows, that's a qualified Thumbs Up from me.

Sterling is well overdue for a collapse, our national deficit is eye-watering, our GD"P" is largely based on shuffling numbers around, and our balance of trade is dire even though Sterling is already at a relatively low rate.

There's no reason that we still enjoy the global clout that we do, it's an historical quirk and apparently based entirely on market perception. When the algorithms that run the money markets stop believing that Sterling is worth anything, they'll all bail out.
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MarJay
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PostPosted: 15:24 - 27 Feb 2013    Post subject: Reply with quote
Rogerborg wrote:
As one of the six or seven people in the country who still makes goods for export, for contracts negotiated in dollah or ewrows, that's a qualified Thumbs Up from me.

Sterling is well overdue for a collapse, our national deficit is eye-watering, our GD"P" is largely based on shuffling numbers around, and our balance of trade is dire even though Sterling is already at a relatively low rate.

There's no reason that we still enjoy the global clout that we do, it's an historical quirk and apparently based entirely on market perception. When the algorithms that run the money markets stop believing that Sterling is worth anything, they'll all bail out.


This.

Also I get paid in dollars converted to £ for both my on-call payment and my stock options, means both will be worth more to me.
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fatpies
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PostPosted: 17:46 - 27 Feb 2013    Post subject: Reply with quote
They are crazy.

https://www.independent.co.uk/news/business/news/bank-of-england-mulls-negative-interest-rates-8512047.html

Negative interest rates?

Shocked

https://upload.wikimedia.org/wikipedia/commons/e/e5/Birmingham_Northern_Rock_bank_run_2007.jpg
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Derivative
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PostPosted: 18:04 - 27 Feb 2013    Post subject: Reply with quote
fatpies wrote:
Negative interest rates?


Negative BoE base rate does not mean negative savings rate.

Of course, whether or not the general public could be trusted to understand that is another matter.
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fatpies
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PostPosted: 18:07 - 27 Feb 2013    Post subject: Reply with quote
Derivative wrote:


Of course, whether or not the general public could be trusted to understand that is another matter.



Its already negative, best I can get is 1.75%. If inflation is 2.5% (which is isn't its higher). Then I lose by keeping it in the bank.

They want to reduce even more, making the gap even bigger.
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Derivative
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PostPosted: 18:15 - 27 Feb 2013    Post subject: Reply with quote
fatpies wrote:
Derivative wrote:


Of course, whether or not the general public could be trusted to understand that is another matter.



Its already negative, best I can get is 1.75%. If inflation is 2.5% (which is isn't its higher). Then I lose by keeping it in the bank.

They want to reduce even more, making the gap even bigger.


Cash savings have always returned less than inflation aside from a few short term pockets.

You wouldn't expect to make any return if you're taking on zero risk.
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fatpies
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PostPosted: 18:20 - 27 Feb 2013    Post subject: Reply with quote
Derivative wrote:
Cash savings have always returned less than inflation aside from a few short term pockets.

You wouldn't expect to make any return if you're taking on zero risk.


Since when has it been zero risk?

MF Global simply stole account holders money and said it disappeared.
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Derivative
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PostPosted: 18:23 - 27 Feb 2013    Post subject: Reply with quote
fatpies wrote:
Derivative wrote:
Cash savings have always returned less than inflation aside from a few short term pockets.

You wouldn't expect to make any return if you're taking on zero risk.


Since when has it been zero risk?

MF Global simply stole account holders money and said it disappeared.


The FSCS guarantee? (They actually have a specific page all about MF Global on their site, as it happens).

I suppose in some sense it would be more accurate to call it 'lowest risk' rather than 'zero risk'.

There is a non-zero risk that the Bank of England ceases to exist tomorrow.
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Rogerborg
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PostPosted: 20:34 - 27 Feb 2013    Post subject: Reply with quote
My energy supplier offers a higher rate on credit balances than my bank's "high interest savings account".

I wish there was a punchline to that.
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kawakid
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PostPosted: 16:52 - 03 Mar 2013    Post subject: Reply with quote
As someone who has paid their mortagage and is now saving I want interest rates to go up.

But I can understand the logic of them being low, as I don't get any interest I might as well go and buy that new wardrobe, driveway etc. I guess those of us who have money need to start spending.
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Derivative
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PostPosted: 17:38 - 03 Mar 2013    Post subject: Reply with quote
Rogerborg wrote:
My energy supplier offers a higher rate on credit balances than my bank's "high interest savings account".

I wish there was a punchline to that.


Mmm, but, if your energy supplier were to disappear tomorrow, you'd likely lose the lot.

I mean, I'll offer you more than the banks do on your savings.
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smegballs
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PostPosted: 22:28 - 03 Mar 2013    Post subject: Reply with quote
kawakid wrote:


But I can understand the logic of them being low, as I don't get any interest I might as well go and buy that new wardrobe, driveway etc. I guess those of us who have money need to start spending.


It's annoying though, in effect in punishes those fiscally responsible, and encourages frivolous spending. Sensible savers take the hit, while you can run up debts that will be inflated away, and you get to keep your physical goods from the debt.

In a time of so-called "austerity" surely you want a financial policy that incentive's fiscal prudence and punishes spending like a dog with two dicks.
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Zen Dog
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PostPosted: 19:03 - 06 Mar 2013    Post subject: Reply with quote
I only vaguely understand this stuff, but am I right in thinking that pre-keynesian economies did this in bad times:-

smegballs wrote:
a financial policy that incentive's fiscal prudence and punishes spending like a dog with two dicks.


Then Keynes came along and they did this:-

kawakid wrote:
I don't get any interest I might as well go and buy that new wardrobe, driveway etc. I guess those of us who have money need to start spending.


And now they don't have a clue what to do to sort things out, so they're just pressing all the buttons and hoping things get better? Maybe thats just the impression I'm getting...

Zen Dog
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