Thursday, Sep 20, 2007
Jerusalem Post puts the Boot into Bank of England
Jerusalem Post: Global Agenda: Sterling dross
The last two paragraphs are critical, the Jerusalem Post accuses the UK government of effectively nationalising by implication the entire mortgage banking sector and urges the rest of the world to withdraw their holdings of sterling and move to whatever they consider a safer home for their money.
Posted by enuii @ 11:02 PM (959 views) Add Comment
18 Comments
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1. david20040_0 said...
The only real place they can go to is the Euro.
2. planning4acrash said...
Or Gold?
3. tyrellcorporation said...
Ouch! Spot on assessment I'd say.
4. enuii said...
It doesn't particularly matter where you go as long as you don't loose money in the stampede for the exit.
5. confused76 said...
Swiss Franc
6. david20040_0 said...
The only supposedly safe currency right now is the Euro. It seems to keeping its value with others crash around it.
7. voiceofreason said...
Hmmm .. I reckon even the Euro will lose attractiveness eventually !
Then where ?
The only way out is if the Asian economies finally learn to stand on their own two feet and actually spend some of their hard earned.
After all Bretton Woods worked for the West in the post war years.
Or am I talking rubbish having spent the last few hours in the local !!
8. david20040_0 said...
No the Euro will keep going up, it is the US Dollar that is screwed.
9. enuii said...
I think Dave's got a point, the euro will go up slightly but the pounds is basically sunk. I don't think we will see the highs of todays rates (USD/Euro) for a long time to come, tomorrow will be an interesting day.
10. david20040_0 said...
Look at Friday's Times.
What is your house worth is on the front cover, says it all really.
11. david20040_0 said...
I have a gut feeling the Yen won't go up too much, but I would be surprised to see the Euro really rally against the US Dollar.
Funny really I remeber when the Ero was worth about One US Dollar.
Then again I also remeber when the US Dollar used to be worth 50% more than the Canadian Dollar and now they are worth the same roughly.
Crazy.
12. Fedupwithhouseprices said...
I am soooo cross they are using my hard earned money as a tax payer to bail them out!! Who bailed me out when I lost my home in the last recession? NOBODY despite the fact I wrote to the government complaining about the economy and the effect on people's lives. I am still living the consequences all these years later. I am not helped but told 'hard luck that's how it goes' It is s**t and SO unfair!!!!!!
13. Sold Out said...
Maybe this is what Gordon Brown wants.Once he and nu labour have screwed sterling he can call a referendum to join the euro?
14. Happy Renter said...
If sterling dives, then what tools are there to support it - higher interest rates anyone?
15. sold out said...
Maybe Gordons plan is to screw sterling,he can then have his referendum on euro that he has always wanted.after all he always said we would only join when it benefitted uk economy?The question is will the rest of europe want the Basketcase UK to join?
16. mrmickey said...
In the long run the Euro is just another paper currency with very little backing it up, just a loose group of countries that don't even have a common language and no military force.
17. tyrellcorporation said...
Italy and Spain will probably have to leave the Euro soon anyway as they're scre*ed with a strong currency. Even France is bleating loudly. I don't reckon the Euro is as cool as people reckon. I think it's only strong at the moment cos everything else is shite! Best of a bad job sort of thing.
French bricks and mortar sounds good!... DOH!
18. Drewster said...
The Euro-zone economies aren't looking too healthy, with Italy particularly sickly and Spain's housing market poised to crash. However that doesn't mean the Euro itself will sink.
It's quite possible for the Euro to become the de-facto world reserve currency. No other currency is big enough to take over from the dollar except perhaps China's, but nobody would trust the Chinese or Russian governments not to manipulate their currencies. The fact that the Euro is controlled by 11 different democratic countries with competing interests means it should remain broadly stable and free of the political meddling so clear in the UK and USA recently. The only other currency to offer such stability is gold, and it doesn't bear interest. If the Euro does become a global reserve then the value of the Euro could rise significantly. Even if the Euro-zone economy falls, the currency's (potential) position as new world reserve should keep it buoyant just as the dollar remained far above its "fair value" for a long time.