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About elalamein

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  1. I was enjoying your posts on this thread Sir Harold but you have lost me on the 4th paragraph
  2. Now just imagine an Independent Scotland led by Big Eck had coincided with the 2008 credit crunch. We in Scotland would be wishing we had Ireland's problems !!!!! http://www.scotsman.com/news/salmond_i_d_have_acted_to_save_hbos_1_1437705
  3. In reality the Irish taxpayer is Ireland? That same taxpayer was quite happy to take the dividends of the EU created Tiger, surely now it should pay the price?
  4. Salmond is politically fluid , yesterday the Euro for an independent Scotland, today the pound, tomorrow the Renminbi. Whatever is the flavour of the month is good for his independent Caledonia.
  5. To be fair before it went tits up, it was a lot of subsidy and a lot of infrastructure. The EU allowed Ireland to become one of the wealthiest countries on the planet. The EU did not force Ireland to to borrow.
  6. We can't even build our own nuclear power stations anymore. A large amount of what industry we have left is owned by foreigners whose primary loyalty and hence investment decisions lie elsewhere. This country still has capital (for the moment) and we need a complete change of direction before it is too late.
  7. The decision to deindustrialise made by Thatcher and supported by the subsequent Major, Blair and Brown Governments will come to haunt us!
  8. A number of British banks in effect part nationalised by the Government, if this does not stabilise the situation what are the consequences? A move from part nationalisation to complete public ownership is not such a huge step? Such commitment from H M Government is of historic proportions ! What will the EU say or are we beyond caring? If this part nationalisation works and Britain is seen as a safe haven what are the consequences for the Irish banks? Given the British Government's historic role as a global bastion of long term financial stability, this may just about save the day!!
  9. On the subject of risk and slightly off topic from the actual thread, does the Government guarantee the financial services compensation scheme? If say 2 institutions went under and there was a call on member firms but this was insufficient to meet the schemes liabilities what happens ??
  10. I trust if you had that £150,000 mortgage and £50,000 in savings the o/s £100,000 would require to repaid at the terms and conditions pertaining to the original £150,000 mortgage?
  11. It's a question worthy of debate, how a country faced with the economic problems we have can afford such contributions in economic aid. If you have spare money, donations to charity are very worthy but if you are giving money you borrowed in the first place, then is that prudent? I believe the UK is the worlds second largest contributor in respect of direct Government aid, if true how sustainable is this? Also, on the question of economic aid are we also destined to fund the European Union for ever more ?
  12. This is a good post by "hotairmail" as a conclusion cannot be made on the external debt figure until we see the other side of the balance sheet. London's position as a world financial centre must also complicate matters ! What would be interesting would be in circumstances where the British economy "went belly up" what would be the net position as regards amounts that would require to be paid in hard foreign currency. For example, I presume Government bonds are always in sterling, all be it often held by overseas investors. A debt that you have to repay in a foreign currency is another matter altogether and would be a much more serious cause of concern. This is one of the main reasons joining the Euro would be such a risk but that is for another day. I suspect that analysis of the net position may paint a somewhat better picture.
  13. An economic miracle built on debt and a strong pound ! A credit crunch coupled with a steep fall in sterling will see the walls come crashing in. Stormy seas ahead.
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