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Greece Will Leave The Euro. Portugal, Spain, Italy And France Will Be Next.

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Another bearfest from Terry Smith of Tullet Prebon on Radio 5 this afternoon. He said that the sooner we face reality the better so we can stop throwing good money after bad. The good side is that we won't repeat the mistakes which led to this mess.

Should be available on listen again in a few hours - http://www.bbc.co.uk/programmes/b016lkm9

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Another bearfest from Terry Smith of Tullet Prebon on Radio 5 this afternoon. He said that the sooner we face reality the better so we can stop throwing good money after bad. The good side is that we won't repeat the mistakes which led to this mess.

Should be available on listen again in a few hours - http://www.bbc.co.uk/programmes/b016lkm9

Ah, Tullet Prebon, suppliers of premium bear food to the gentry. :D

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Oh, I would not be so sure about that.

+1

Isn't that what they said back in '92 after the ERM crisis? And look where we are now...

Edited by Deckard

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http://lynncoins.com/fiat-money-france5.htm

I have now presented this history in its chronological order—the order of events: let me, in conclusion, sum it up, briefly, in its logical order,--the order of cause and effect.

And, first, in the economic department. From the early reluctant and careful issues of paper we saw, as an immediate result, improvement and activity in business. Then arose the clamor for more paper money. At first, new issues were made with great difficulty; but, the dyke once broken, the current of irredeemable currency poured through; and, the breach thus enlarging, this currency was soon swollen beyond control. It was urged on by speculators for a rise in values; by demagogues who persuaded the mob that a nation, by its simple fiat, could stamp real value to any amount upon valueless objects. As a natural consequence a great debtor class grew rapidly, and this class gave its influence to depreciate more and more the currency in which its debts were to be paid.[85]

The government now began, and continued by spasms to grind out still more paper; commerce was at first stimulated by the difference in exchange; but this cause soon ceased to operate, and commerce, having been stimulated unhealthfully, wasted away.

Manufactures at first received a great impulse; but, ere long, this overproduction and overstimulus proved as fatal to them as to commerce. From time to time there was a revival of hope caused by an apparent revival of business; but this revival of business was at last seen to be caused more and more by the desire of far-seeing and cunning men of affairs to exchange paper money for objects of permanent value. As to the people at large, the classes living on fixed incomes and small salaries felt the pressure first, as soon as the purchasing power of their fixed incomes was reduced. Soon the great class living on wages felt it even more sadly.

Prices of the necessities of life increased: merchants were obliged to increase them, not only to cover depreciation of their merchandise, but also to cover their risk of loss from fluctuation; and, while the prices of products thus rose, wages, which had at first gone up, under the general stimulus, lagged behind. Under the universal doubt and discouragement, commerce and manufactures were checked or destroyed. As a consequence the demand for labor was diminished; laboring men were thrown out of employment, and, under the operation of the simplest law of supply and demand, the price of labor—the daily wages of the laboring class—went down until, at a time when prices of food, clothing and various articles of consumption were enormous, wages were nearly as low as at the time preceding the first issue of irredeemable currency.

I'm betting the same mistakes will be made again, once greed comes into it there is only one outcome.

Similarities in history always repeat, Rome fell because of debt, greed and corruption I bet you'd find massive similarities between now and then.

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Could it be that the gobshite French could default on their debt?

That would signal the end of the EU, not just the Euro. Thanks Greece, fantastic idea :lol:

It would also signal the end of the French language.

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I'm betting the same mistakes will be made again, once greed comes into it there is only one outcome.

Similarities in history always repeat, Rome fell because of debt, greed and corruption I bet you'd find massive similarities between now and then.

"The only thing we can learn from history is that we cant learn anything from history"

G.K. Chesterton ( or someone else )

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You missed Ireland off the list. I was having a chat about G Pap with a colleague - who surprised me by saying that their sibling works at the Irish Central Bank and that they were printing new punts in September. I was surprised as this came from someone with no interest in politics or economics and was said very matter-of-factly.

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The good side is that we won't repeat the mistakes which led to this mess.

If the crisis leads to fundamental political reform we might end up with a proper constitution including rigid rules on deficit levels.

I suggest keeping it simple :-

1) No one in Whitehall or government gets paid until the books are balanced.

2) The same people have their pay levels fixed in the constitution, no further increase unless passed by a referendum.

That should focus minds a bit.

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  • 284 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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