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Sterling - Trash Currency


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Anyone who shorted Cable after my post you owe me 50% comission ;). Just wish I'd had the nerve to trade it myself :(.

The rate it's dropping is a bit scary now, could the summer of green shoots be over already?

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Is this the start of a massive run, have the currency markets woken up to the true state of the UK's finances?

Doubtful. Pound has been flopping about between 1.60 and 1.65 ever since the QE announcement. The next sets of GDP figures will probably strengthen it, as will the prospect of the General Election if the polls stay the same. The dollar also continues to look more frail.

For the £ to hit its true value you'd need to see a curbing of the enthusiasm of the UK markets. For that, QE needs to end, but that would only make the pound go up.

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For christs sake is cash safe anywhere?

In the good old days, when money was safe as houses, people worried about their investments not their currency. So they diversified.

Now, that we have to worry about our currency, as just another commodity traded on the fx market, we need to diversify our currencies. My favorites are as follows;

Yen

Gold

Dollar

Silver

Stay safe out there.

Edited by roman holiday
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precisely.

it's a bit of paper.

the real currencies are,and have always been,land and food.

gold is a universally recognised means of exchange,which transcends fiat.

but the means to sustainance are far more valuable than gold.

it's basic needs.Food,water,fuel and shelter.

create a scarcity in any of these and watch people squeal....the PTB are full aware of this,and it can be weaponised.

the problem occurs for these landowners,that people will get so hungry they,quite frankly,won't give a shit what's been put on the statute book to protect the "haves".

it'll be a total free-for-all.....and those who posess the most will end up losing the most.

The ultimate means of exchange is a big stick and the threat to use it.

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In 1969 I was No 1 cashier at Nat West (in a small place around Manchester). We had the local bus company pay in huge amounts of coin (especially after weekend). I saw an advert offering 106 quid for every 100 of pre-47 coin. What a time-I could do 200 quid a week-no kiddin. I even got the manager on it in his spare time. I would just put the 100 sorted coin in to reserve-have the bullion guys come in and pay me and I would do the necessary "currency swap" pocket the difference and balance my till. I remember I was making my salary at least again by way of this bonus scheme so decimal currency and the rise of the silver price wasn't all bad for everybody. Yep ten quid was my "salary"When I left the bank (at twenty years old) I was called crazy because I was considered a "high flyer" and would be on scale to earn the magical "twenty quid a week" at age 31 (that's 1982 BTW).

Anybody else remember when 20 quid a week was the ultimate goal??

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Hmmm!

But everywhere I look says Sterling does derive its name from the value of silver

Anyone out there like to put this straight?

If Sterling derives its name from the value of silver, then surely the government and the bank of England is guilty of misrepresentation and fraud

Yes, that is exactly what I was referring too. Infact, before looking on the web, I thought that our £ money was actually made out of silver way back when!

Yes, £ taking more beats lately. I have been long in and out since 84p on the €. As soon as it went through resistance at 8637 not good. I am off to Millau next week as well grrr.

I have CHF, CAD, AG & AU. [aka 2 FIATS & 2 FERRARIS] :lol:

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Stop me if I'm boring people, this must be the millionth time I've corrected a thread about the name of Sterling. This is not a particularly good reference, as it is a random website, but it matches what I've read in a more authorative source that I can't find on the web:

The term "Sterling Silver", in reference to the 925 grade of silver, emerged in England by the 13th century (the 1200s).

The terms "sterling" and "pound sterling", seem to have acquired their meaning over a period of time, and from several convergent sources. The first mention is that of "sterilensis" in 1078, and by the 13th century the term sterling had appeared. "Sterling" is believed to come from the Old Norman French esterlin (meaning little star) and Old English stiere (strong, firm, immovable).

Hanseatic_league.jpgAn alternative explanation is that Sterling Silver may have been known first as "Easterling Silver". The term "Easterling Silver" was used to refer to the grade of silver that had originally been used as the local currency in an area of Germany, known as "The Easterling".

This "Easterling" consisted of five towns in the eastern part of Germany which banded together in the 12th century under the name of the Hanseatic League. The Hanseatic League proceeded to engage in considerable commerce with England. In payment for English cattle and grain, the League used their local currency. This currency was in the form of 92.5% silver coins. England soon learned that these coins, which they referred to as "the coins of the Easterlings", were of a reliably high quality and hardness.

This is from this website.

PS Apologies for the weird formatting I've never seen cut 'n paste pull out pictures and paragraphs like that before.

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from gei

QUOTE (chris ct @ Aug 26 2009, 01:41 PM) *

Double post (sterling toast thread)...

http://www.ft.com/cms/s/f112e45c-9199-11de...;nclick_check=1

Does this mean what I think it means? - negative interest rates on bank reserves? - that would sure increase the money velocity... to infinity - it would be like pass the parcel with the money bomb and if you end up holding the sterling overnight, you pay the BofE?

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In 1969 I was No 1 cashier at Nat West (in a small place around Manchester). We had the local bus company pay in huge amounts of coin (especially after weekend). I saw an advert offering 106 quid for every 100 of pre-47 coin. What a time-I could do 200 quid a week-no kiddin. I even got the manager on it in his spare time. I would just put the 100 sorted coin in to reserve-have the bullion guys come in and pay me and I would do the necessary "currency swap" pocket the difference and balance my till. I remember I was making my salary at least again by way of this bonus scheme so decimal currency and the rise of the silver price wasn't all bad for everybody. Yep ten quid was my "salary"When I left the bank (at twenty years old) I was called crazy because I was considered a "high flyer" and would be on scale to earn the magical "twenty quid a week" at age 31 (that's 1982 BTW).

Anybody else remember when 20 quid a week was the ultimate goal??

You might want to read this article ( bottom of page 26 and page 27) :lol: :

http://books.google.co.uk/books?id=u6A9AAA...;q=&f=false

It's quite amazing today that we walk around with token coins of trust that do not hold any real value.

I also think that we will soon have parity with the euro perhaps before the end of the year or early 2010. What do others think?

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  • 2 weeks later...
You might want to read this article ( bottom of page 26 and page 27) :lol: :

http://books.google.co.uk/books?id=u6A9AAA...;q=&f=false

It's quite amazing today that we walk around with token coins of trust that do not hold any real value.

I also think that we will soon have parity with the euro perhaps before the end of the year or early 2010. What do others think?

I really do hope that we get back to 3 EUR/ 2 GBP. I don't believe we will - but for my own ends I *really* hope we do ! :( As I'm holding far more ZimPounds than I feel comfortable with. My guess - early 2010 1GBP=1.25EUR.

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Sterling seems rather robust really. Odd but apparently true.

That is because we have a leader who is intent on doing everything at his disposal to help the hard working families of this country because it is the right thing to do. I sure am glad we don't live in a country where we are led by a sociopathic meglamaniac who would do anything (including bankrupting the country for generations) just so he could be re-elected. As long as our Dear Leader continues to borrow and print money the pound will rise because debt equals wealth and there is no danger that taking on trillions of pounds of extra debt is dangerous to the economy or will undermine the pound.

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That is because we have a leader who is intent on doing everything at his disposal to help the hard working families of this country because it is the right thing to do. I sure am glad we don't live in a country where we are led by a sociopathic meglamaniac who would do anything (including bankrupting the country for generations) just so he could be elected for the first time. As long as our Dear Leader continues to borrow and print money the pound will rise because debt equals wealth and there is no danger that taking on trillions of pounds of extra debt is dangerous to the economy or will undermine the pound.

Fixed

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Bit like comparing rotten apples to rotten pears. I still think the stench from this one will be the worst, alas not in a position to fully protect savings either way, c'est la vie.

Ive been converting some of mine into tangibles of late.

12 pairs of new work shoes - should see me through to retirement :lol:

4 work suits

Decent tools

Fruit trees

Food stash

Greenhouse

Next week or two £1500 worth of Photovoltaic panels

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  • 442 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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