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  1. What a bunch of mindless Tory red necks you are.
  2. Has anyone managed to find a web site that discusses the 'relative safety' of the UK building societies still in existence? To date, I have assumed that UK building societies aren't quite as exposed as the banks to the current global credit-crunch nightmare. However, the recent demise of the Cheshire BS and Derbyshire BS has left me with many doubts about the safety of my own savings accounts. I suspect that any further advice would be extremely useful to most of us at a testing time like this. I now look forward to hearing from the more 'informed' members amongst us.
  3. I was horrified by Jon Moulton's program on Channel 4 the other night and as a 'newbie' to the international financial markets, I should be grateful for any help in understanding the following: CLO - Collateralised Loan Obligation CDS - Credit Default Swap LBO - Leveraged Buy Out If anyone can explain these terms in a simple way (idiot's guide required), I am sure that many of the forum readers would be grateful. Please accept my thanks in advance for any help or references suggested.
  4. October 2007 - The ICICI bank has finally signed up to the UK's Banking Code at long last. However, I would still be very concerned about depositing your savings with any overseas bank at this very volatile time.
  5. My advice? Don't even think about it. They will surely be dragged down by the sub-prime fiasco (both in the US AND the UK). It isn't over yet no matter what our glorious leaders have to say.
  6. My advice Kagiso? Stick to the building societies. The sub-prime fiasco (both US and UK) has yet to be revealed in 'all its' glory' and the banks are heavily involved. Try looking at the online accounts from: Coventry Building Society Yorkshire Building Society Principality Building Society Nationwide Building Society
  7. The importance of 'Peak Oil' cannot be over estimated. Just to reiterate: Our current economic and social structure, and indeed our way of life, is dependent on cheap oil and gas in every way, from transport to medicine, and from agriculture to plastics - which so many jobs, and thus our economy, rely. That the prevailing expectations, standards and aspirations of many in modern industrialised societies is a culture based on the cheap and easy supply of oil, and thus any solution must address that culture. That once it is realised that the oil-based economy is in permanent terminal decline, removing the confidence in perpetual growth on which the Financial System depends, the assumption of ever-onward growth, borrowing and lending dry up: there being little that is viable for one to invest in. It follows that there will be a need to remove vast amounts of so-called Capital, which in fact is not Capital in the sense of being the saved proceeds of labour, but merely an expression of speculative confidence in ever-onward economic growth. This financial shock will destroy many types of investments such as pensions. For an in-depth look at the problem of oil depletion and it's likely effect on our economy, I would highly recommend the following books by Richard Heinberg: The Party's Over - Oil, War and the Fate of Industrial Societies http://www.amazon.co.uk/Partys-Over-Fate-I...1353&sr=8-1 Powerdown - Options and Actions for a Post-Carbon World http://www.amazon.co.uk/Powerdown-Options-...1353&sr=8-7 The Oil Depletion Protocol - A Plan to Avert Oil Wars, Terrorism and Economic Collapse http://www.amazon.co.uk/Oil-Depletion-Prot...353&sr=8-11 Peak Everything - Waking Up to the Century of Decline in Earth's Resources http://www.amazon.co.uk/Peak-Everything-Ce...1353&sr=8-5
  9. Spot on Needle. We're all asking the wrong questions. We should be trying to find out which UK institutions have the highest US sub-prime related debts. NR, B&B and A&L aren't the only ones I am sure.
  10. Boy are you in for a shock. Take a look at http://www.powerswitch.org.uk/ More a case of OPEC trying to cover their collective a*rses over the disinformation they have been peddling for years regarding their questionable reserves.
  11. Granted. However, I'm talking about the UK institutions that have an involvement in the US sub-prime scene - e.g. Northern Rock.
  12. Come on folks. Someone must have some idea as to the involvement of our other cherished institutions.
  13. When it comes to involvement in the sub-prime fiasco, how many other UK institutions are heavily involved? Can anyone name them at this stage of the game? If you can, why not try to list them by their 'level of risk'.
  14. Reuters News Service: A&L says still largely unaffected by funding woes http://investing.reuters.co.uk/news/articl...DING-URGENT.XML Don't panic Mr. Mannering!
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