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Portugal Next - Then Spain

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No-one is questioning the UK now. Sterling = new reserve currency.

Score 2, Mervyn King.

I'm as surprised as you are :unsure:

There's a subtle irony in the fact that back in 1993 we learnt the consequences of not being able to set our own economic policy.

That few billion quid that Soros made may turn out to be bargin of the century.

Edited by SteveAustin

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so ******ing unethical....the i*****ers will probably make billions from betting on the downfall and destruction and eventual enslavery of the sheeple.

They could always say no and default on their debt... but they won't until the people have been smashed in the knackers. I hate the term 'sheeple' as its so patronising but they must rise up and do something about it if they want to avoid being enslaved for generations to a debt that can never be repaid. In the end, they must choose and at the same time, if they do, they will lose the 'sheeple' tag.

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linky no worky :(

It's a Bloomberg live video stream. If their server(s) are busy, you'll get nothing. Keep trying. Should open up media player and if it's going to play, you'll see a little "moving chevron" symbol in the lower-left corner of the player as it buffers the content.

Edited: Even if it doesn't play the first time, I think you can just keep hitting the media player "play" button and it'll try and stream again, i.e. it's not necessary to keep clicking the link itself.

Edited by AvidFan

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There's a subtle irony in the fact that back in 1993 we learnt the consequences of not being able to set our own economic policy.

That few billion quid that Soros made may turn out to be bargin of the century.

I would says so. Though I keep it quiet these days. I just fly the flag instead. Upsets a lot of people, I can tell you...

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There's a subtle irony in the fact that back in 1993 we learnt the consequences of not being able to set our own economic policy.

That few billion quid that Soros made may turn out to be bargain of the century.

The President Of Iceland has now decided he's well off without the Euro.

Link

Icelandic President: Benefits of The Euro No Longer Clear

Inclusion in the euro currency does not automatically ensure economic well-being. So said the President of Iceland, Olafur Ragnar Grimsson, in an interview with Reuters today.

“The sentiment about a year ago when [icelandic] EU membership was being discussed was that the markets had developed in a way that made it difficult to maintain an independent currency in a small country,” the President said.

“But since then we have seen one euro country after another land in serious trouble. Most recently came what is still happening in Ireland. So the benefits of changing currency are less clear now,” he stated, adding: “The euro is not an infallible route to economic success, as the Greeks and Irish are now finding out.”

BTW Iceland will be back in growth next year, while Ireland, Spain and Portugal will be looking at ten years' hard. There's a lot to be said for not bailing the banks.

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It's a Bloomberg live video stream. If their server(s) are busy, you'll get nothing. Keep trying.

Working at the moment.

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The President Of Iceland has now decided he's well off without the Euro.

Link

BTW Iceland will be back in growth next year, while Ireland, Spain and Portugal will be looking at ten years' hard. There's a lot to be said for not bailing the banks.

It's fake though. Think of the 50%+ loss in saved wealth in Iceland. So they grow at 3% in real terms next year - maybe the UK reverts to a fish diet, who knows - it'll still take them over 15 years to recoup their "wealth".

Do you want to sit in a traffic jam for 10 years, or race through the back streets for 15? At least the latter option makes people feel as if they're getting somewhere, when in fact, they aren't.

Edited by AvidFan

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It's fake though. Think of the 50%+ loss in saved wealth in Iceland. So they grow at 3% in real terms next year - maybe the UK reverts to a fish diet, who knows - it'll still take them over 15 years to recoup their "wealth".

Do you want to sit in a traffic jam for 10 years, or race through the back streets for 15? At least the latter option makes people feel as if they're getting somewhere, when in fact, they aren't.

Whilst I agree that wealth will be destroyed with bankruptcy you have to ask the question, who looses most? From my analysis average Joe on the street has very little to loose, its the established wealth which would bear the brunt. Hence, as they control our governments they will instead ensure their wealth is protected through bailouts and tax rises to average Joe. And the best thing of all, he doesn't know its happened.

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It's fake though. Think of the 50%+ loss in saved wealth in Iceland. So they grow at 3% in real terms next year - maybe the UK reverts to a fish diet, who knows - it'll still take them over 15 years to recoup their "wealth".

Do you want to sit in a traffic jam for 10 years, or race through the back streets for 15? At least the latter option makes people feel as if they're getting somewhere, when in fact, they aren't.

I see the logic in the drag it out as long as possible and spread the pain crowd especially for those with something to loose (mostly those in charge).

However consider your one of graduates, unemployed, new business investor or foreign investor.

If for example the shop rents stay high/margins low due to businesses dragging their deaths out (low rates), houses are too expensive as their is no market for them at the price the owner would sell for so he keeps it empty...etc etc.

The groups above start at a more competitive level in the sudden crash scenario and things get going for more people.

I have worked in a developing nation for a couple of years now and I have reached the conclusion that the local phrase "When your rich your rich and when your poor you will be poor" is so true you dont need guns anymore you just need a bank and then issue enough credit to buy what you like and then not pay for it.....the plebs will via inflation.

Extending and dragging out, along with the bank bailouts is a bullet to social mobility and puts us on the same track as developing nations with their oligarchies.

Also its human nature you want to be crushed slowly or kicked in the nuts? In a free market it will crash as people pre-empt the inevitable if it doesn't we dont have a free market!

Edited by Fromage Frais

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The President Of Iceland has now decided he's well off without the Euro.

Link

BTW Iceland will be back in growth next year, while Ireland, Spain and Portugal will be looking at ten years' hard. There's a lot to be said for not bailing the banks.

The president of Iceland is a moron (as well as being a crook who was bribed millions by the banks to act as company spokesman).

You obviously don't know what you are talking about so I'll just point out that Iceland is F***ed this year, next and for a very long time. Iceland doesn't have its own currency any more; its worthless. I'm sure they would love to have the Euro, but having a 'currency' that is unconvertible to any other rather precludes it.

Icelandic politicians in his Party hate the idea of the EU preventing their Mafia from operating (they have applied for EU membership) so they will say anything they can to keep raping Iceland.

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You obviously don't know what you are talking about so I'll just point out that Iceland is F***ed this year, next and for a very long time. Iceland doesn't have its own currency any more; its worthless . . . . I'm sure they would love to have the Euro . . .

Hmmmmm. Thanks. :lol:

No, I can't guess the future, but I'd have thought diversifying out of financial services to be not a bad idea, particularly if your country has been laid waste by such (perceived) dependency. If only the UK would re-invigorate traditional industries . . . and jobs of any sort.

According to reports, inflation is now down to 3.3 per cent, rather less than the retail price index in Britain (currently going up by 4.6 per cent a year).

The total peak-to-trough fall in GDP has been about 7 per cent, only slightly more than the 6.4 per cent contraction seen in this country, and about average for Europe.

Now, that doesn't sound like a formula for a basket-case economy.

But surely the greatest advantage is that Iceland got the banks off its back. They only keep coming back for more, because the losses will go on losing and debt is only ever piled on debt. And imagine if the krona had been pegged to the Euro . . . it would be in the same position as Latvia. No escape ever in anyone's lifetime.

I can share your views about any member of the political classes. But in terms of economics, I'd take the Icelandic model over any Eurozone construct any day.

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Whilst I agree that wealth will be destroyed with bankruptcy you have to ask the question, who looses most? From my analysis average Joe on the street has very little to loose, its the established wealth which would bear the brunt. Hence, as they control our governments they will instead ensure their wealth is protected through bailouts and tax rises to average Joe. And the best thing of all, he doesn't know its happened.

Average Icelandic Joe had less to lose, yes, but the middle classes still lost a hell of a lot of accumulated wealth, well the ones that didn't hold it in gold did. You only need to look at the relative state of the finances of those that converted Krona to Gold prior to the Icelandic crash and those that kept wealth in Krona to see the virtues of the gold ownership argument.

It is true that those at the very bottom (due to lack of never having had a lot in the first place) and those at the very top (due to having the power and influence to hijack the system and protect their wealth through nefarious means) will be largely unaffected by what is happening now. It is the middle classes (which I'm sure accounts for most HPCers on here) that are about to get royally shafted when they find their pensions and life savings have suddenly been devalued.

Edited by General Congreve

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Hmmmmm. Thanks. :lol:

No, I can't guess the future, but I'd have thought diversifying out of financial services to be not a bad idea, particularly if your country has been laid waste by such (perceived) dependency. If only the UK would re-invigorate traditional industries . . . and jobs of any sort.

According to reports, inflation is now down to 3.3 per cent, rather less than the retail price index in Britain (currently going up by 4.6 per cent a year).

The total peak-to-trough fall in GDP has been about 7 per cent, only slightly more than the 6.4 per cent contraction seen in this country, and about average for Europe.

Now, that doesn't sound like a formula for a basket-case economy.

But surely the greatest advantage is that Iceland got the banks off its back. They only keep coming back for more, because the losses will go on losing and debt is only ever piled on debt. And imagine if the krona had been pegged to the Euro . . . it would be in the same position as Latvia. No escape ever in anyone's lifetime.

I can share your views about any member of the political classes. But in terms of economics, I'd take the Icelandic model over any Eurozone construct any day.

they still have inflation?

who the FRACK is printing?

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  • 259 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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