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Today's Guardian: "banks Will Go Bust"

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From today's Guardian:

A top-performing fund manager warned yesterday that the markets turmoil would result in "one of the greatest banking crises in decades".

Ken Murray of Edinburgh-based Blue Planet - whose Worldwide Financials Investment Trust has been one of the best-performing financial funds in recent years - said: "The credit cycle has turned, bad debts are soaring, banks will go bust and stock markets will fall much further.".............

Guardian

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From today's Guardian:

Guardian

well he's right so far.

got take your hat off to him for pulling out in May when everyone else was still piling into stocks though.

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well he's right so far.

got take your hat off to him for pulling out in May when everyone else was still piling into stocks though.

I shifted an endowment assurance from stocks to bonds in May. Just as a warning: I'll shift from bonds to gold soon (for this I have to cancel the insurance, though). I totally agree with cgnao that the flight into government bonds at the moment will become one of the biggest financial traps ever. Western government bonds are rubbish - look at the deficits, ageing population, and declining manufacturing base.

Edited by Goldfinger

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I shifted an endowment assurance from stocks to bonds in May. Just as a warning: I'll shift from bonds to gold soon (for this I have to cancel the insurance, though). I totally agree with cgnao that the flight into government bonds at the moment will become one of the biggest financial traps ever. Western government bonds are rubbish - look at the deficits, ageing population, and declining manufacturing base.

Hi GF, quick question: what do you think about more mundane savings such as NS&I ISAs for example... still risky?

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Hi GF, quick question: what do you think about more mundane savings such as NS&I ISAs for example... still risky?

First, I am no financial advisor. What I can say is that I have no confidence in the bond market in general. I am also very suspicious of banks/the finance sector at the moment, which is why I tend more and more to manage my finances/investments/speculations myself.

I agree with some people here that cash will do better than many other things over the next few years - not better than PMs though, but that is MHO anyway. When holding larger amounts of cash, I would spread it over several banking groups and if invested in bonds I would try to stay in short maturities since IR fluctuations have less of an impact there (I expect IRs to become more volatile when things with China become less rosy - we see the beginning of this already).

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First, I am no financial advisor. What I can say is that I have no confidence in the bond market in general. I am also very suspicious of banks/the finance sector at the moment, which is why I tend more and more to manage my finances/investments/speculations myself.

I agree with some people here that cash will do better than many other things over the next few years - not better than PMs though, but that is MHO anyway. When holding larger amounts of cash, I would spread it over several banking groups and if invested in bonds I would try to stay in short maturities since IR fluctuations have less of an impact there (I expect IRs to become more volatile when things with China become less rosy - we see the beginning of this already).

Thanks GF. BTW just had a Britannia just arived from Bairds... not as nice as me Pandas but hey ho... :)

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Thanks GF. BTW just had a Britannia just arived from Bairds... not as nice as me Pandas but hey ho... :)

Some Britannias are very nice IMO. Must check now whether my coins are in the post today. Ordered some sovereigns earlier this week. I just can't get enough. :rolleyes:

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not as nice as me Pandas but hey ho... :)

Given the recent revelations of Chinese export quality are you quite sure your pandas aren't Lead&Mercury amalgam covered in a very thin layer of Gold?

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Guest DissipatedYouthIsValuable
Where do you stash all this gold?

In a pirate trunk in the woods, with a map marked X?

Safety deposit box I guess?

From the look of his Avatar, I'd guess somewhere close to his heart but a little more southward.

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Given the recent revelations of Chinese export quality are you quite sure your pandas aren't Lead&Mercury amalgam covered in a very thin layer of Gold?

Ha ha! Oh well, will probably serve me right if they are :D

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From the look of his Avatar, I'd guess somewhere close to his heart but a little more southward.

:lol: Preciousssssss!

Ha ha! Oh well, will probably serve me right if they are :D

I have only one Panda. There is a stain on the coin. :( But seems like original packaging (wrote this in another thread anyway - no worries about the stain).

BTW, my sovereigns have arrived. Excitement!

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