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Indian Bank Account?


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#16 Democorruptcy

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Posted 17 March 2012 - 02:21 PM

I was talking to an indian colleague about his forth coming wedding and he let slip they he was saving up to pay for it own wedding, even though his dad had just retired at 60 and had equiv 1/2 a million in an indian bank account! I asked him what his father did to be so rich, he worked for the inidian train company and had saved all his life not buying things... and was now living off the interest of.... 9%! Compound Interest hey!

Google confirms IR is true...
http://www.bbc.co.uk...siness-17377488

Is this sustainable, is this the new carry trade? To a layman sounds like india is going to get a rather nasty icelandic style currency crash? If not is there any reason why I cant open an indian bank account?

Over the long term the pairing has looked relativly stable:
http://www.xe.com/cu...to=INR&view=10Y

It sounds like if you have assets/savings in india you will be doing rather well


One of the reasons why our property has demand from foreigners?

Savings paying 9% used to fund a 5% mortgage in the UK?

The more houses cost, the more hours you have to work to buy one. The more hours you work, the more taxes you have to pay the Governbankment. The more debt you take on, the more interest you have to pay bankers, so the more hours you work for them. 

 

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm

 

Governbankment
A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. 

 

Democorruptcy
If you say "Democorruptcy" quickly, it sounds a bit like "Democracy". In a "Democracy" people vote for politicians who represent their interests. In the UK's "Democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

 

 


#17 Democorruptcy

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Posted 17 March 2012 - 02:31 PM

Anyway why chose a currency that is level with Sterling?

Surely instead of India it's got to be Mongolia?

13% bank interest AND 15% currency appreciation!!

http://www.mongolban...olbankrate.aspx

The more houses cost, the more hours you have to work to buy one. The more hours you work, the more taxes you have to pay the Governbankment. The more debt you take on, the more interest you have to pay bankers, so the more hours you work for them. 

 

If it is asserted that civilization is a real advance in the condition of man -- and I think that it is, though only the wise improve their advantages -- it must be shown that it has produced better dwellings without making them more costly; and the cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.
http://classiclit.ab...en-Part-2_4.htm

 

Governbankment
A "Governbankment" is a Government that has no line between itself and banks. It diverts public money (our taxes) to private companies (banks). George Osborne's Help to Buy Bail Banks, will see our taxes go to bankers to cover their losses on mortgages that default. 

 

Democorruptcy
If you say "Democorruptcy" quickly, it sounds a bit like "Democracy". In a "Democracy" people vote for politicians who represent their interests. In the UK's "Democorruptcy" people can only vote for expense fiddling thieving MPs who are in the hip pocket of big business and the finance sector.

 

 


#18 getknk

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Posted 17 March 2012 - 11:47 PM

i think its worth punt to put in 9% compound interest
that's 2000 quid to increase to 27000 quid in 30 years..
might put some pension there then !! :)




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