Friday, Feb 13, 2009
Anatole Kaletsky: Fool in denial, he failed to predict the downturn
Times: Unless governments stop posturing for the sake of headlines, the full nationalisation of every bank is inevitable
''If a minor flesh wound becomes infected and is allowed to fester, it can turn to gangrene and lead to crippling amputation or death. This is the situation of the world economy today.''
Posted by hpwatcher @ 06:09 AM (667 views) Add Comment
10 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. icarus said...
Slightly off topic but I wonder if anyone has had a similar experience to this. I flew London - Cape Town last weekend and immediately had problems using my Nat West (RBS) current account card to withdraw cash from local ATMs. The next day I managed to withdraw cash but a couple of days later the problems started again. I thought there was a local problem and let it go or a while. Eventually I phoned Nat West and was connected to their Fraud division. I was told that my card was blocked by them because there was a lot of fraud in South Africa. They didn't explain how they chose which cards to block. After establishing that my card was in the right hands they unblocked it and I was able to use it for cash withdrawals again.
Other people with a similar problem probably used other ways to obtain the cash or credit they needed. The effect would have been to reduce withdrawals from Nat West accounts. Was this the purpose of the blocking - desperation to hold on to depositors' cash??
2. drewster said...
Icarus,
That's standard practice for UK banks when their customers travel to countries with fraud problems. At some point in the past few years the bank probably notified you about it, buried amongst all the other small print.
Back to the original article - how can Anatole possibly describe the current crisis as a "minor flesh wound"? It's more like a maggot-filled corpse which somehow still has most of the visible skin intact. (Apologies for the graphic description so early in the morning)
3. icarus said...
drewster - I was here a year ago and had no such problem.
4. techieman said...
icarus - this is pretty normal stuff. While i was in la belle Swiss, someone had used my card in Brazil... apparently! I queried this and had no problem getting the money back. Anyway to answer your question my bank now asks that you tell them (most conveniently through internet banking ) where you are off to. Also i think thats normal practice - i.e. not because i had a fraud on my account.
I have had no problems since. I think its fair enough really - i mean until you can have retina and fingerprint scans this way is a way to tackle fraud... mind you i suppose with scans the crims might remove yr eyes and fingers...but thats a bit of a grizzly thought while eating weatabix!
I think ....in this case.... you are reading too much into this stance. I think it does what it says on the tin.
5. uncle tom said...
Can confirm - am currently spending the winter in southern Thailand (as per usual now) and find that you now have to phone card companies to tell them where and when you are going - bit of hassle, but better than having to deal with a fraudulent withdrawal..
6. another alan said...
Regardless of the sentiments of the article, Kaletsky should be the last person to criticise anyone for success with predictions. A shocking record.
7. sold out said...
Icarus,
I had the same problem trying to withdraw cash in Thailand a couple of years ago.
The annoying thing about this was that the bank did not contact me by mobile or email to explain the situation.Oh No they sent me a letter to my home in the UK.How stupid is that?
Anyway they explained to me that i need to contact them in future when i go away.
Uncle Tom,
You lucky devil, missing all the snow and misery and associated incompetence in the UK.
I am off to the Land Of Smiles in a about 7 weeks time.Shame about the £/Baht rate.What rate are you getting at the moment over there?
I am banking on Thailand as a major export ecomomy having to devalue soon, and then i may get 55/60 to the £ when i go.
Kaletsky
Needs a holiday.
8. Jayk said...
Kaletsky? Really? I'm told his Fleet Street peers call him Mystic Meg - only he is more deluded, far more vain and self-obsessed and much less accurate than the real one.
9. icarus said...
Thanks everyone. This does have the effect, intended or otherwise, of reducing withdrawals. And I'm still puzzled as to why this didn't happen to me a year ago, when the banks were less desperate.
10. uncle tom said...
Sold out,
Exchange rate is currently close to 50 - a bit dire compared to what we've been used to.
Not sure why, but you seem to get the best deal when converting sterling locally - the rate is even better than from a debit card.
Try to engage the Thai rather than the tourist economy - the prices are very different..!