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Uk Draws Up Euro Collapse 'contingency'

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Britain is drawing up contingency plans for a catastrophic collapse of the euro which experts fear could plunge our economy back into a recession ‘beyond comprehension’.

Economists believe the EU would be unlikely to survive a disorderly break-up of the euro and say that even stronger economies could contract by as much as 25 per cent in the aftermath.

Amid a mounting sense of inevitability that Greece will default on its massive debts and be forced to leave the single currency,

Read more: http://www.dailymail.co.uk/news/article-2037528/Britain-draws-survival-plans-life-euro-avoid-plunging-recession.html#ixzz1XyAn0tSK

Sorry if a silly question, but what will happen to Euro fiat that people hold, for example not just Eurozone citizens but Brits with Euros in their possession?

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Sorry if a silly question, but what will happen to Euro fiat that people hold, for example not just Eurozone citizens but Brits with Euros in their possession?

solution is simple.

scrub all of the diktat and start trading with our commonwealth chums again.

india is growing at nearly 10% a year don't ya know!.

and we certainly shouldn't negelct our cousins across the pond.they are far better stalwart friends than the ones over the channel.

Personally I'd like to see a bit of a schism in france...which would cement the atlanticists....ie yanks,brits ,irish,french and canadians(of both british and french origin)

that would torpedo fe(de)ral europe for good.

that won't happen with sarkozy in charge of france,as he's not even french.far too much ex-commie influence in present EU is the problem.

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solution is simple.

scrub all of the diktat and start trading with our commonwealth chums again.

india is growing at nearly 10% a year don't ya know!.

and we certainly shouldn't negelct our cousins across the pond.they are far better stalwart friends than the ones over the channel.

Personally I'd like to see a bit of a schism in france...which would cement the atlanticists....ie yanks,brits ,irish,french and canadians(of both british and french origin)

that would torpedo fe(de)ral europe for good.

that won't happen with sarkozy in charge of france,as he's not even french.far too much ex-commie influence in present EU is the problem.

I'm all for that, but from a selfish point of view - what happens to my Euros if the Euro becomes yesterday's fiat?

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Well people in the UK did vote for the Common Market and while I'm all in favour of trading with the old Commonwealth countries as well as the US and Canada etc I still think that the original Common Market vote should be respected.

Nobody in the UK voted for the eu as it currently stands.

Edited by billybong

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Sorry if a silly question, but what will happen to Euro fiat that people hold, for example not just Eurozone citizens but Brits with Euros in their possession?

I would presume that you can change them with national banks in the "new" countries or major UK banks will change them into all the "new" (old?) European currencies. I do not see why this should be a problem. Going to Italy on holiday? Change them there and get lire. Have euros at home? Change them in town for Deutschmarks. As all Western currencies are convertible, I do not see any problem either in getting a heap of drachmas, because you should be able to exchange them at market rates for DM, GBP, whatever... Personally, I do not see why this should not run smoothly and why it is being sold as a "nightmare scenario". It is just politicians trying to scare us, because they see their gravy train collapsing - nothing more. If the EU were a rational organisation, they could have a "north euro" and a "south euro", with an exchange rate of maybe 1:2. What's the big deal? You could even have two parallel currencies for a while. It happened all the time when the USSR broke up - eg. in Ukraine you had their new paper money alongside the roubles. It is just like bartering - people get on just fine. It is the politicians and the bankers who lose, because they need to control our money (and hence us), that is why they are trying to frighten us...

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you have to hand it to the uk press. for some reason they fail to see we as a nation are foar more in the hock that 90% of the eurozone with far higher social problems and a whole heap of denial.

i cant WAIT for the public sector strikes.

im going to attend the lines of passage with my own signage saying

PAY FOR YOUR OWN PENSIONS IDIOTS !!

bring on the unrest...

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Well people in the UK did vote for the Common Market and while I'm all in favour of trading with the old Commonwealth countries as well as the US and Canada etc I still think that the original Common Market vote should be respected.

Many, if not most, of the people who voted for it are dead. Why should today's kids be forced to stay in the EU because of the way their grandparents voted forty years ago?

More to the point, how many would actually have voted for it if the government hadn't lied to them about where the EEC was heading?

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Many, if not most, of the people who voted for it are dead. Why should today's kids be forced to stay in the EU because of the way their grandparents voted forty years ago?

More to the point, how many would actually have voted for it if the government hadn't lied to them about where the EEC was heading?

Exactly,

Freedom is the right to change your mind.

Yurrup has never been really popular here, remember the metric martyrs? straight cucumbers etc.

Problem is, Britons like a restrictive law (ie do what you like unless it's illegal)

Continentals like a permissive law (ie, you cannot do anything unless a written law allows it.)

That is why we seem to be getting buried in more and more Eurobosh.

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Many, if not most, of the people who voted for it are dead. Why should today's kids be forced to stay in the EU because of the way their grandparents voted forty years ago?

More to the point, how many would actually have voted for it if the government hadn't lied to them about where the EEC was heading?

You missed out my comment

Nobody in the UK voted for the eu as it currently stands.

The vote on the Common Market was about 36 years ago so it's likely wrong to assume that people who voted for or against it aren't still alive - or even have to be grandparents etc for that matter. In fact it's more than likely that a high percentage of those involved in the vote are still alive. If you were 18 and entitled to vote on it you would be 54 now .

I agree that today's kids shouldn't be forced to stay in the eu now because of a vote on the Common Market - the vote was for or against the Common Market which wasn't and isn't anything to do with the eu.

I also agree that if people who voted then were told where the Common Market might be headed then the result might well have been different but at the same time likely the balance of voters would still think that the Common Market in itself was likely to be a good idea for trade and european cohesion. The vote was about the Common Market nothing else - not on where europe might be heading beyond that - so if TPTB knew apparently they didn't disclose their plans rather than blatantly lied about their plans.

As I said nobody in the UK has ever had a vote for or against the eu as it is now.

Of course if they want to today's kids could always ask for a new vote on the Common Market, maybe they should if they don't want even that european trading market arrangement although in practical terms to overturn such a vote would likely be very difficult, so that their current voice is represented and in that case if the majority (of all ages) voted to leave (or stay) in a Common Market then that vote should also be respected.

Edited by billybong

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Sorry if a silly question, but what will happen to Euro fiat that people hold, for example not just Eurozone citizens but Brits with Euros in their possession?

It is hard to say since such an event has not happened before, at least in recent years. The closest historical reference we have is when the countries gave up their currencies to join the Euro. The change in your pocket, under your mattress, and in your bank account would be changed into the new currency or pounds sterling at the going rate, just as it was before.

The big problem as I see it, and that no one anywhere has mentioned is, what will be the going rate? What happens if the Euro drops in value drastically overnight or within a few days? Many currency experts have been predicting for a while that the Euro will go to par with the US dollar. In my humble opinion, the Euro should drop drastically because it is nothing but a worthless currency that is only slightly more valuable than Monopoly money. It is only a dream of scheming politicians and out of touch central bankers and historians who never even gave a thought about the harm that it would cause the average working individual or family. This same problem existed when the Euro was born, but no one talked about it because the hype from the politicians had the people jubliant, no different than a speech from a dictator. A friend of mine from Italy would tell me about how the prices of food and necessities skyrocketed when the Euro was introduced, yet he would never criticise the Euro. He always said the Euro is wonderful and would bring a better Italy and Europe. He drank the politician's Kool-aid.

I surely would not keep any money in Euros other than the change in my pocket, even if I lived in the Eurozone. I would keep my money in pound sterling because I think the pound is way undervalued right now.

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I surely would not keep any money in Euros other than the change in my pocket, even if I lived in the Eurozone. I would keep my money in pound sterling because I think the pound is way undervalued right now.

I think the opposite! Is the Eurozone itself not a net exporter, whereas Britain is a net importer? So surely the euro is a better bet, similar to JPY or CHF? Don't forget, the euro is "the DM by any other name"!

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The vote on the Common Market was about 36 years ago so it's likely wrong to assume that people who voted for or against it aren't still alive - or even have to be grandparents etc for that matter.

36 is nearly half the average lifespan, and since you can't vote until 18, that would mean more than half the people who voted would have reached the average lifespan by now, if we assume a fairly even age distribution. As you say yourself, the youngest person who voted to join would be in their mid-50s, with everyone else older.

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I would presume that you can change them with national banks in the "new" countries or major UK banks will change them into all the "new" (old?) European currencies. I do not see why this should be a problem. Going to Italy on holiday? Change them there and get lire. Have euros at home? Change them in town for Deutschmarks. As all Western currencies are convertible, I do not see any problem either in getting a heap of drachmas, because you should be able to exchange them at market rates for DM, GBP, whatever... Personally, I do not see why this should not run smoothly and why it is being sold as a "nightmare scenario". It is just politicians trying to scare us, because they see their gravy train collapsing - nothing more. If the EU were a rational organisation, they could have a "north euro" and a "south euro", with an exchange rate of maybe 1:2. What's the big deal? You could even have two parallel currencies for a while. It happened all the time when the USSR broke up - eg. in Ukraine you had their new paper money alongside the roubles. It is just like bartering - people get on just fine. It is the politicians and the bankers who lose, because they need to control our money (and hence us), that is why they are trying to frighten us...

It is hard to say since such an event has not happened before, at least in recent years. The closest historical reference we have is when the countries gave up their currencies to join the Euro. The change in your pocket, under your mattress, and in your bank account would be changed into the new currency or pounds sterling at the going rate, just as it was before.

The big problem as I see it, and that no one anywhere has mentioned is, what will be the going rate? What happens if the Euro drops in value drastically overnight or within a few days? Many currency experts have been predicting for a while that the Euro will go to par with the US dollar. In my humble opinion, the Euro should drop drastically because it is nothing but a worthless currency that is only slightly more valuable than Monopoly money. It is only a dream of scheming politicians and out of touch central bankers and historians who never even gave a thought about the harm that it would cause the average working individual or family. This same problem existed when the Euro was born, but no one talked about it because the hype from the politicians had the people jubliant, no different than a speech from a dictator. A friend of mine from Italy would tell me about how the prices of food and necessities skyrocketed when the Euro was introduced, yet he would never criticise the Euro. He always said the Euro is wonderful and would bring a better Italy and Europe. He drank the politician's Kool-aid.

I surely would not keep any money in Euros other than the change in my pocket, even if I lived in the Eurozone. I would keep my money in pound sterling because I think the pound is way undervalued right now.

Thank you both, yes it is the going rate I am thinking about

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Sorry if a silly question, but what will happen to Euro fiat that people hold, for example not just Eurozone citizens but Brits with Euros in their possession?

Possible make sure it's German printed fiat. The Germans themselves don't hold onto anything printed by the PIIGS although in theory it's the same money.

Not all Euro's are equal in a single currency.

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solution is simple.

scrub all of the diktat and start trading with our commonwealth chums again.

india is growing at nearly 10% a year don't ya know!.

and we certainly shouldn't negelct our cousins across the pond.they are far better stalwart friends than the ones over the channel.

Personally I'd like to see a bit of a schism in france...which would cement the atlanticists....ie yanks,brits ,irish,french and canadians(of both british and french origin)

that would torpedo fe(de)ral europe for good.

that won't happen with sarkozy in charge of france,as he's not even french.far too much ex-commie influence in present EU is the problem.

Anyone can trade with any other, in any place, with any currency already. You don't need the government to do anything to allow* this.

EDIT: * Although some governments prevent it in many cases.

Edited by Traktion

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Sorry if a silly question, but what will happen to Euro fiat that people hold, for example not just Eurozone citizens but Brits with Euros in their possession?

The value of any currency is the result of supply and demand. If the Eurozone collapses, I cant imagine that there will be any demand for it from the people. What demand there will be is from individual nations such as Germany, who may exchange Euros for a Neu Deutsch Mark. They may exchange only certain Euros, those in German Bank accounts and notes with an 'X' on them (think it is an 'X'). Other countries may well do the same, but if you have Greek Euros, it may be more difficult to drive a good bargain.

Chances are, if you have 'German' euros, you might be alright. Not a risk I would want to run though, I exchanged mine down at Sainsbury's.

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Presumably electronic money in bank accounts would just be automatically converted back to the local currency; effectively a reversal of what happened on the day the Euro went live, when bank balances blinked over from the old currency to the new. So if you had €x in a German bank it would become y Marks overnight & in a Dutch bank it'd become z Guilders (y & z being determined by the exchange rate at the time).

Of course, if you had €x in a Greek bank it'd become a much smaller y Drachmas.

Or is that too simplistic a way to look at it?

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Presumably electronic money in bank accounts would just be automatically converted back to the local currency; effectively a reversal of what happened on the day the Euro went live, when bank balances blinked over from the old currency to the new. So if you had €x in a German bank it would become y Marks overnight & in a Dutch bank it'd become z Guilders (y & z being determined by the exchange rate at the time).

Of course, if you had €x in a Greek bank it'd become a much smaller y Drachmas.

Or is that too simplistic a way to look at it?

That's how I see it.

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Presumably electronic money in bank accounts would just be automatically converted back to the local currency; effectively a reversal of what happened on the day the Euro went live, when bank balances blinked over from the old currency to the new. So if you had €x in a German bank it would become y Marks overnight & in a Dutch bank it'd become z Guilders (y & z being determined by the exchange rate at the time).

Of course, if you had €x in a Greek bank it'd become a much smaller y Drachmas.

Or is that too simplistic a way to look at it?

Can you recall what happened on the run up to the Euro go-live date regarding value and trading in the old currency? Might give us some idea of what to expect if they do decide to close the € and convert back.

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What on earth is a recession 'beyond comprehension'?

Is it so bad that it will take the economy outside the confines of current human understanding about time and space, so that even Stephen Hawkings would have trouble working out how f*cked we are?

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  • 334 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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