Jump to content
House Price Crash Forum
TheBlueCat

David Bloom, Currency Chief At Hsbc

Recommended Posts

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7903463/Swiss-endure-safe-haven-agony-from-euro-flight.html

"If we have a US slowdown with a fresh financial crisis, everybody is going to want to buy the Swiss franc, along with bottled water, tins hats, and a shotgun," said David Bloom, currency chief at HSBC. "Now that Japan’s debt is around 200pc of GDP the franc has displaced the yen as the ultimate safe haven."

Share this post


Link to post
Share on other sites

I was Reading the telegraph I think and seeing that quote made me chuckle. Can you drink water from the Tyne btw?

Share this post


Link to post
Share on other sites
Ironically, Switzerland itself looked wobbly at the height of the credit crisis, thanks to the global exposure of its banks and vast losses at UBS on US property debt. Credit default swaps measuring bond risk suggested then that the country was losing its crown to oil-rich Norway. "What has changed everything again is that the banking crisis has mutated into a debt crisis," said Mr Bloom.

Switzerland’s budget deficit is just 1pc of GDP; gross public debt is 40pc; the current account surplus is 9pc; unemployment is 3.9pc. Above all, the eight million Swiss are still world’s unchallenged uber-rich with half a trillion dollars of external assets to back them up. "Whatever the problem, they can cover it," said Mr Bloom.

How quickly times change.

Share this post


Link to post
Share on other sites

I was Reading the telegraph I think and seeing that quote made me chuckle. Can you drink water from the Tyne btw?

of course you can, it's surely safer than the old Newcastle Brown ale

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 140 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.