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Paul Mason is brilliant tonight. UK is liable for 7 billion Euros - have paid 2 billion so far to help Greece - into a Euro crisis fund.

One slight problem for those calling the doom of the Euro . . .

The pound is at its lowest for three months against the dollar, record low against the Swiss Franc . . . I think the markets were more bothered about hard facts like our declining retail sales and shops going bust.

I think we are being prepped for a phrase like, 'It all started in Greece'.

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I think we are being prepped for a phrase like, 'It all started in Greece'.

Well I am willing to buy a Greek Island to help them out when they start to sell off and privatise their assets. :)

The Euro will come to haunt those countries who believed they could screw the system and get something for nothing. :rolleyes:

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Newsnight is excellent tonight - all those numpties watching QT and the action is on NN.

Economist boy just saying now that is Greece goes under the knock-on affect on global banks would take them down and take us to unchartered waters. He is emphasising that this is actually far worse than people realise.

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Newsnight is excellent tonight - all those numpties watching QT and the action is on NN.

Economist boy just saying now that is Greece goes under the knock-on affect on global banks would take them down and take us to unchartered waters. He is emphasising that this is actually far worse than people realise.

they're going to have to go for a part default, a full default, uncontrolled, would be terrible

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Well I am willing to buy a Greek Island to help them out when they start to sell off and privatise their assets. :)

The Euro will come to haunt those countries who believed they could screw the system and get something for nothing. :rolleyes:

Most Germans I know have a property in Greece.

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Newsnight is excellent tonight - all those numpties watching QT and the action is on NN.

Economist boy just saying now that is Greece goes under the knock-on affect on global banks would take them down and take us to unchartered waters. He is emphasising that this is actually far worse than people realise.

Hmm you see this is what happens when you decide to have a TV free night. Something interesting happens.

Not to worry, can download shortly on iPlayer and just get the juicy bits.

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the thing about this "knock on effect" that people are so worried about is that if people lose confidence in spain portugal etc... there is a good reason for it.

if people dont buy (or start selling) spanish/portuguese bonds, under a market, 2 things will happen,

1) the rising rates are justified due to the risk

2) the rising rates arent justified, people who were confident will make money, the people that jumped ship will lose money.

if the fundamental of your economy is strong and people lose confidence for no good reason, then theyre the fools for jumping ship at the wrong time, they get it wrong, and theyll lose money in the end.

the market sorts itself out.

Edited by mfp123
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The Greek commentator was excellent talking about how democracy in Europe has been handed over to an unelected bankers/eurocrats... an unelected elite...

You raise an interesting point.

I spent a lot of time in Brussels. Euro MPs are elected of course. But in the most disinterested way possible. (Check the turnout figures)

Some (not many) complained to me that they got little feedback and rarely got letters from their constituents. The upside (from a Euro MPs point of view) is that they are never held accountable for anything. Most people don't even know who their Europarl member is.

So . . . it is democratic . . . and they are elected . . . but no one is faintly interested. Or to put it another way, no one relates to the EU even after all this time. Either way, the EU operates in a huge vacuum and the current disconnect between its politicians, and what is actually happening on the ground in member states, reflects this.

How many people here contacted their Euro MP over the current crisis? Or heard from him? Or thought he might be looking out for your interest?

I'd wager in this forum sample the answer is big fat zero. The EU is technically democratic, yet we are entirely unrepresented.

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You raise an interesting point.

I spent a lot of time in Brussels. Euro MPs are elected of course. But in the most disinterested way possible. (Check the turnout figures)

Some (not many) complained to me that they got little feedback and rarely got letters from their constituents. The upside (from a Euro MPs point of view) is that they are never held accountable for anything. Most people don't even know who their Europarl member is.

So . . . it is democratic . . . and they are elected . . . but no one is faintly interested. Or to put it another way, no one relates to the EU even after all this time. Either way, the EU operates in a huge vacuum and the current disconnect between its politicians, and what is actually happening on the ground in member states, reflects this.

How many people here contacted their Euro MP over the current crisis? Or heard from him? Or thought he might be looking out for your interest?

I'd wager in this forum sample the answer is big fat zero. The EU is technically democratic, yet we are entirely unrepresented.

Interesting about the lack of mail.

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The discussion on Greece on This Week ended with the conclusion that in 3-4 months time we (as in The World) will be utterly f*cked. This came after a mundane discussion about what fund the UK should contribute to etc. Then A. Neill asked Hutton "what WILL happen" (as opposed to what should happen etc)... I was stunned. There is a real realisation now amongst the media and politicians that we are royally buggered.

It's baked beans hoarding time again folks!!

bruce-spence-with-wrecked-gyrocopter.jpg

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How does the saying go? If you cant beat them join them? We would be loaning the money to them ie being the banker so we would make money on it in the long term unless theres a default. But even if there is a default Greece aint going anywhere fast, last I looked it was still a bit of land.

Theres always ways and means to get the money back. :D

Unless there's a default. Indeed.

Apparently Greece is spending a lot of money (several £billions) on defence equipment so evidently it does still value its own land.

Maybe the equipment is what Hutton wants to bail out - the UK people should be told.

Edited by billybong
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  • 429 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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