Have you seen the stock markets today?

JonB · Afraid of Mileage Joined: 03 Jun 2004 Karma :

The FTSE 100 at only 3600 points. That's gotta be the lowest for sometime hasn't it?
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igiyf · World Chat Champion Joined: 01 Jun 2008 Karma :

what?

Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

I'm actually expecting it to level out at 1500-2500.

Thats many people's pensions toast then.....

Its probably got something to do with the fact that the Bank of England this week is poised to PRINT 140bn. However new laws mean that they don't have to tell us how much and who is getting the money either.

Which is about 8% of the money supply this means that every £10 you have is now only worth £9.15 ish.*

If this does not have the desired effect they will print more and more and more until we turn intom Zimbabwe.

Cutting interest rates and VAT did not have the desired effect so they cut them again and again and again.

The market is ineffect building into the price a premium of higher risk that the UK government will in effect default.

Oh and even HSBC is has made losses, and HSBC is so big that if it falls there can be no rescue of it.
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pa_broon74 · World Chat Champion Joined: 28 Mar 2006 Karma :

I thought HSBC made a profit, just not as high as last years... (62% down acording to the BBC.)

Stock markets went down world wide, its not just here. Apparently the DOW Jones is at its lowest since 1997 although I also notice that the FTSE fell the furthest (as a percentage...)

Mmm... Might get some more tinned goods, maybe get an allotment... (Not that I'd know what to do with one of those...)

Thumbs Up

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pigmo · Borekit Bruiser Joined: 17 Dec 2007 Karma :

I don't see a problem. I have just paid our monthly bills so everything is OK until armageddon, well OK, at least until next month. As long as I get my share of the £140,000,000,000 I couldn't care less how much the £ is devalued. I'm sure a token increase in the national minimum wage will compensate for the devaluation anyway
And that Morgan Tsvangirai seems like a nice enough bloke, certainly better than the Scottish idiot running this gaff, maybe a Zimbabwe style Britain will be OK.
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pa_broon74 · World Chat Champion Joined: 28 Mar 2006 Karma :

Mmm...

I'm sure itchy will be along shortly to explain properly. But your share of 140 gazillion pounds might not be worth much if a tin of beans, a loaf of bread and some flora buttery (for beans on toast you understand) costs about 139 gazillion pounds to buy.

Although I agree, these headlines are generating some pretty scary thoughts. But when I look out the window, folks are going about their usual business.

Its a schizophrenic economy. Shocked

(No it isn't! Shoosh, it is! etc etc etc... :groan: )

Thumbs Up

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Skudd · Super Spammer Joined: 01 Oct 2006 Karma :

Which Billion are we using? The English or the American? Ten to the power of 12 or ten to the power of 9?
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Fawbish · World Chat Champion Joined: 27 Jan 2006 Karma :

It is teh Tera Billion I fink.
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pa_broon74 · World Chat Champion Joined: 28 Mar 2006 Karma :

They've had to bring in a new one called 'gazillion.'

The key advantage is that it doesn't refer to a specific number of noughts after a number so can be chopped and changed on the whim of government/media/etc etc etc/woteva.

They tried saying 140 wedontreallyknowillion but some one pointed it people might get wise to the gig...

Thumbs Up

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Skudd · Super Spammer Joined: 01 Oct 2006 Karma :

I just hope we never get to the " Shed Load" .
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Famous last words of Humpty Dumpty. " Stop pushing me "
Petty Anarchists look at "1984".............. The Visionary looks at "Animal Farm".

pigmo · Borekit Bruiser Joined: 17 Dec 2007 Karma :

The Americans now use the same billion as we do.

I've just snapped back into reality and realised that what I typed earlier is a crock of PC shit. Must of been having one of my moments.
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Skudd · Super Spammer Joined: 01 Oct 2006 Karma :

GhostRider · World Chat Champion Joined: 31 Jan 2008 Karma :

Itchy · Super Spammer Joined: 07 Apr 2005 Karma :

iooi · Super Spammer Joined: 14 Jan 2007 Karma :

pigmo · Borekit Bruiser Joined: 17 Dec 2007 Karma :

Ahhh shit, I'd stand corrected, well and truly, if I could stand. Shit man, my legs have gone all weak.

So they're printing £140,000,000,000,000. Divide that by the 62 million they say reside in Not So Great Britain and that equals £2,258,064 (well over £2 million) for each person.

Ah well, I'm sure it will all work out well, I mean Gordon Brown wouldn't lead us into stormy waters would he?

Oh sorry, there I go again, getting all confused. It's the TV you know, it makes me say this shit.
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Kickstart · The Oracle Joined: 04 Feb 2002 Karma :

Hi

While UK billion was traditionally a million million, pretty much everything now uses the US thousand million as a billion.

All the best

Keith
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D O G · World Chat Champion Joined: 18 Dec 2006 Karma :

Paddy Blake · World Chat Champion Joined: 29 Jun 2006 Karma :

HSBC was stopped on NAZ for trading.
Dow hit a low of 6763.
Irish banks were up.
All were down but a few.

https://www.bloomberg.com/markets/stocks/wei_region2.html

Paddy.

pigmo · Borekit Bruiser Joined: 17 Dec 2007 Karma :

Mudskipper · World Chat Champion Joined: 22 Aug 2006 Karma :

Skudd · Super Spammer Joined: 01 Oct 2006 Karma :

hellkat · Super Spammer Joined: 12 Jul 2004 Karma :

I heard on BBC news today that the Govt are thinking about using the "quantitative easing" thing now.

I read in the Economist that we're ALL in the shit if they do Rolling Eyes

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igiyf · World Chat Champion Joined: 01 Jun 2008 Karma :

Na we will be fine we need and will be getting the help of america to solve these issues,the country with more toxic assets than the global gdp is it not- the new president who's actions in his first 50 days have been Momentous in setting the stage for economic recovery with such actions as investing 2.2 million$ towards the research of grape DNA...

https://www.youtube.com/results?search_type=&search_query=The+New+World+Order+on+CNN+Lou+Dobbs+Tonight&aq=f

In the next few months we will see further steps towards the new development of.....

D O G · World Chat Champion Joined: 18 Dec 2006 Karma :

Meh.

Ultimately the problem is that the banks won't lend. However, the banks don't make any money unless they lend.

Personally I believe that in a few months (maybe after next quarter's results), then banks will have to start lending to get their profits up.

There are only so many assets (i.e. loans) they can write down in value and record losses on. Once they have done so, which I believe they are doing aggressively at the moment they will have to stop, and will have nothing left to blame. They will have to start trading (i.e. lending) again to make money.

That will ease the situation a great deal.

Give it 6-12 months and we will see an improvement, IMO, or if you follow the Itchy school, I will be scooping your eyeballs out and eating them for breakfast.