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ralphmalph

Eu Banks To Be Stress Tested Again In Feb

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8187396/Eurozone-members-left-to-fend-off-markets-alone.html

I can not think of one thing that the EU have done correctly during this financial crisis.

First of it was an Anglo Saxon Problem - cue Sarko Laughing.

Then when the UK and the US and The Swiss the Japanese were stuffing the banks full of capital we heard "Our banks are fine, Fortress Euro, no problem here."

Then they let Brown Talk them into stimulus, eventhough they were mostly bust.

Then we had all the fantasy mark to purcahse price of assets in the Euro banks.

Then we had the stress tests of the EU banks and they are all super douper souper trouper, business is booming

Then 2 months later aparently Ireland can turn the whole of the European banking sector bust if they default on one of there poxy banks.

So Merkel, Sarko, Berlusconi, Zapatero either stuff your banks full of tax payer cash or let them go bust. Fixing Ireland or Fixing Portugal is not going to solve anything until you accept that your banks are stuff full of shite assets that they are over valuing.

Why oh Why we do not go it alone and leave these bozos to there own delusions is beyond me.

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8187396/Eurozone-members-left-to-fend-off-markets-alone.html

I can not think of one thing that the EU have done correctly during this financial crisis.

First of it was an Anglo Saxon Problem - cue Sarko Laughing.

Then when the UK and the US and The Swiss the Japanese were stuffing the banks full of capital we heard "Our banks are fine, Fortress Euro, no problem here."

Then they let Brown Talk them into stimulus, eventhough they were mostly bust.

Then we had all the fantasy mark to purcahse price of assets in the Euro banks.

Then we had the stress tests of the EU banks and they are all super douper souper trouper, business is booming

Then 2 months later aparently Ireland can turn the whole of the European banking sector bust if they default on one of there poxy banks.

So Merkel, Sarko, Berlusconi, Zapatero either stuff your banks full of tax payer cash or let them go bust. Fixing Ireland or Fixing Portugal is not going to solve anything until you accept that your banks are stuff full of shite assets that they are over valuing.

Why oh Why we do not go it alone and leave these bozos to there own delusions is beyond me.

Cos sovereign debt default in the eurozone will sink our banks too.

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Can I save them the effort of this farce.

All European banks are solvent.

Easy, complete crap but easy.

No no no. They cannot pass them all or it will look suspiciously like a wallpaper job. They need to have about 2 or 3 almost fail the test with the vast majority solid as a rock. Just like the last time when the mugs believed them.

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No no no. They cannot pass them all or it will look suspiciously like a wallpaper job. They need to have about 2 or 3 almost fail the test with the vast majority solid as a rock. Just like the last time when the mugs believed them.

Apart from the EU elites nobody believed the last set of stress tests. They were so unstressful the fact that some banks failed them indicated just how bad things really are. Whatever you say about the US and UK stress tests at least they were stressful.

I remember the thread on here openly mocking the results. If the HPC massive can work it out those "So smart I must earn millions or my toys get thrown out the pram" bankers, should have worked it out before the results were announced.

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http://www.bloomberg.com/news/2010-12-08/banks-in-europe-failing-market-tests-for-stress-with-no-central-authority.html

.../
Now, amid a widening European debt crisis, regulators from 27 nations are searching for ways to improve the tests, which will be repeated next year. That won’t be easy as long as national leaders and central banks remain unwilling to cede bank oversight to a central authority, said Nicolas Veron, a senior fellow at Bruegel, a Brussels-based economics research group.
“Financial nationalism prevented the tests from being credible or really useful,” said Veron, who’s also a visiting fellow at the Washington-based Peterson Institute for International Economics. “Nations view the bank tests as a competitive game among countries and not as a way to ensure the common good of European financial stability.”

Explains it nicely.

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8187396/Eurozone-members-left-to-fend-off-markets-alone.html

I can not think of one thing that the EU have done correctly during this financial crisis.

First of it was an Anglo Saxon Problem - cue Sarko Laughing.

Then when the UK and the US and The Swiss the Japanese were stuffing the banks full of capital we heard "Our banks are fine, Fortress Euro, no problem here."

Then they let Brown Talk them into stimulus, eventhough they were mostly bust.

Then we had all the fantasy mark to purcahse price of assets in the Euro banks.

Then we had the stress tests of the EU banks and they are all super douper souper trouper, business is booming

Then 2 months later aparently Ireland can turn the whole of the European banking sector bust if they default on one of there poxy banks.

So Merkel, Sarko, Berlusconi, Zapatero either stuff your banks full of tax payer cash or let them go bust. Fixing Ireland or Fixing Portugal is not going to solve anything until you accept that your banks are stuff full of shite assets that they are over valuing.

Why oh Why we do not go it alone and leave these bozos to there own delusions is beyond me.

Because the Noth Sea Oil revenue is drying up and because, apart from importing parts and assembling them with a "Made In Britain" badge slapped on them, we don't have a manufacturing base anymore. In any event, the things we do "manufacture" tend to be the higher-end items as the essential consumer items can be assembled much cheaper elsewhere (Chindia et al). As things stand in the world economy, the only things that the rest the world's consumers are going to be wanting in the coming period are essentials anyway.

We can't go it alone. We don't have anything to sell.

In addition to all of the above, we are so overcrowded we can't even feed ourselves anymore.

That's why.

Edited by tallguy

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Cos sovereign debt default in the eurozone will sink our banks too.

no...we owe them more.

UK is a NET borrower.

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Apart from the EU elites nobody believed the last set of stress tests. They were so unstressful the fact that some banks failed them indicated just how bad things really are. Whatever you say about the US and UK stress tests at least they were stressful.

I remember the thread on here openly mocking the results. If the HPC massive can work it out those "So smart I must earn millions or my toys get thrown out the pram" bankers, should have worked it out before the results were announced.

You think that in private they would really believe these tests?

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.....

In addition to all of the above, we are so overcrowded we can't even feed ourselves anymore.

.....

Not really. The UK imports a lot of food because its cheaper to do so, rather than growing it. Also, being a cold northern climate (as seen at the minute) quite a lot of stuff doesn't grow in the UK, it being winter. It is theoretically possible to feed the current UK population and some from the available land. If you move to new technologies like hydroponics you could probably feed three times the current population with ease. The issue would then be energy not food per se.

Energy is the problem - we use more fossil energy growing food than the food provides. If we could eat crude oil we would be laughing. Growing biomass for fuel means less land for food so is a compounding problem not a solution.

Modern agricultural technology can easily feed the world but not without energy. Britain was forced to ration food in WW2 when the population was less than it is today because the U Boats kept sinking the imported food while at sea. I'm afraid the "population/immigration" issue is an urban myth.

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http://www.bloomberg.com/news/2010-12-08/banks-in-europe-failing-market-tests-for-stress-with-no-central-authority.html

.../
Now, amid a widening European debt crisis, regulators from 27 nations are searching for ways to improve the tests, which will be repeated next year. That won’t be easy as long as national leaders and central banks remain unwilling to cede bank oversight to a central authority, said Nicolas Veron, a senior fellow at Bruegel, a Brussels-based economics research group.
“Financial nationalism prevented the tests from being credible or really useful,” said Veron, who’s also a visiting fellow at the Washington-based Peterson Institute for International Economics. “Nations view the bank tests as a competitive game among countries and not as a way to ensure the common good of European financial stability.”

Explains it nicely.

By retaining some level of competition between member states it limits the ability for bad banking practices to spread across the EU. Financial nationalism within the EU is clearly not much of an obstacle because many of them do ape each other but any obstacle is better than none. The proposed centralisation and everyone doing the same thing with regard to international banking regulations aided the spread of the crisis.

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Not really. The UK imports a lot of food because its cheaper to do so, rather than growing it. Also, being a cold northern climate (as seen at the minute) quite a lot of stuff doesn't grow in the UK, it being winter. It is theoretically possible to feed the current UK population and some from the available land. If you move to new technologies like hydroponics you could probably feed three times the current population with ease. The issue would then be energy not food per se.

Energy is the problem - we use more fossil energy growing food than the food provides. If we could eat crude oil we would be laughing. Growing biomass for fuel means less land for food so is a compounding problem not a solution.

Modern agricultural technology can easily feed the world but not without energy. Britain was forced to ration food in WW2 when the population was less than it is today because the U Boats kept sinking the imported food while at sea. I'm afraid the "population/immigration" issue is an urban myth.

I completely agree energy is the problem. At the monent, with that energy at our dispoosal, we produce about 60% of our food. Without it, food production would fall through the floor. As I am sure you are aware, peak-oil production occured somewhere between 2005-2007. $150 dollars per barrel is what is at the heart of the current global ciris. It's only abated temproiarily while demand destruction has set in. However, as soon as the world economy tries to grow again all hell will break loose and oil will go throuigh the roof in price again.

Rinse and repeat

All the way to the bottom

In the end, population size is going to matter. Without continued easy access to plentiful hydrocarbons, that population size is completely unsustainable

Edited by tallguy

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Because the Noth Sea Oil revenue is drying up and because, apart from importing parts and assembling them with a "Made In Britain" badge slapped on them, we don't have a manufacturing base anymore. In any event, the things we do "manufacture" tend to be the higher-end items as the essential consumer items can be assembled much cheaper elsewhere (Chindia et al). As things stand in the world economy, the only things that the rest the world's consumers are going to be wanting in the coming period are essentials anyway.

We can't go it alone. We don't have anything to sell.

In addition to all of the above, we are so overcrowded we can't even feed ourselves anymore.

That's why.

So your argument is that because, in your opinion, we have nothing to sell then the EU are going to be lovely and kind to us and provide loads of free money, food and oil. Yeah right.

So lets take your view that we do not make anything any more we have nothing to sell.

Here is a chart of UK manufacturing.

manufacturing_graph_550p.jpg

Look it is growing over a long period of time, but that can not be right because established wisdom is that Thatcher single handedly destroyed UK manufacturing and then Nu Labour did no better so we make nuffink now.

To people that actually understand what has happened, it is that, it is perfectly posible for a once large sector of the economy to fall as a percentage of the overall economy but still be growing on its own.

Think to the industrial revolution. Before, 90% of gdp was agriculture. Then after the industrial revolution it was about 10%, but it had to grow on its own to feed all the new mouths it was just that the manufacturing sectors and others needed to support the industrial revolution grew much faster so as to displace agriculture from the largest percentage of the overall economy.

The same has happened over the past 40 years with the growth in service industrys, banking, etc growing faster than manufacturing so as to make it appear that manufacturing has shrunk so much that we now make nuffink.

Seeing as hopefully we as a country have learnt the errors of our ways in letting banking and house selling become too large and will restrict growth in these industries in the future whilst encouraging manufacturing to grow faster we can rebalance the economy.

There is one fact in all off this the EU will do nothing to help us at all. They just want our cash.

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....

In the end, population size is going to matter. Without continued easy access to plentiful hydrocarbons, that population size is completely unsustainable

Yup. I think we agree. The real problem is that millions will die in the "third world" and the rich countries like the US will not care very much. This thinning out of the H. Sapiens numbers will however have little effect on the availability of fuels or their attendant issues of pollution. I foresee a point in the very near future where people starve to death in countries that export crops to supply biofuel to the rich countries. No doubt this will be reported earnestly by concerned journalists from the west, having flown in by plane and then chartered a helicopter to impressive shots of the devastation......

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  • 276 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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