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What Action Will You Be Taking Over The Coming Days?

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People: if the UK banks are running to the BoE in a panic, have we reached the critical point where we need to take immediate action? I ask because I have 25k sat in an instant savings account...

This is not the start of a 'what should i do with my STR fund' thread but a serious urgent question given rapidly unfolding events.

We saw this coming, some of us acted, others waited. There are in excess of 900 people reading this forum right now. Between us we have enough advance information.

Im just wondering what people are going to do over the next few days?

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People: if the UK banks are running to the BoE in a panic, have we reached the critical point where we need to take immediate action? I ask because I have 25k sat in an instant savings account...

This is not the start of a 'what should i do with my STR fund' thread but a serious urgent question given rapidly unfolding events.

We saw this coming, some of us acted, others waited. There are in excess of 900 people reading this forum right now. Between us we have enough advance information.

Im just wondering what people are going to do over the next few days?

I`m no expert but if there is any hint that your bank could have problems get some or all of your money out and put it in a jar under your bed. Even if there are no whispers on your bank get some or all of your money out and keep it about your person. A flatmate I had a few years ago used to talk about buying survival supplies, I didn`t take him too seriously, but I am now considering a decent stock of tinned food because any hint of lack of anything or emergency in relation to anything and the sheeple will behave in very silly greedy ways, emptying petrol pumps and supermarkets for example. £2k in non perishable supplies, £18k in a safe place in your home, and £5k left in the bank as a "punt" on meltdown or higher interest rates sounds about right.

Edited by dances with sheeple

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NONE

I liquidated 100% of my current accounts holdings many months ago. My retirement fund is mostly in large cap multinationals and at least 60% government bonds. 60% in the US and 40% here in the UK.

Overall about 85% in cash* where I plan to stay waiting for a bargain par excellence property-wise, in about 3 years time. Although I am wondering whether to rent for the long long haul and forget home "ownership." I have been a non-OO now since late 2003 and have become used to it and find the flexibility a plus.

_______________

FDIC guranteed CDs at 4.5%.

Edited by Realistbear

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I think it's too late to cash in the investments, I know my pension fund is down about 11,000 down on 12 months ago so no point me cashing in when it's rock bottom.

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this afternoon was the first time i considered buying tins of food n supplies- i guess i should move my money out of my high st bank and put into NSI and bonds

is everyone assuming water will still be available should the worst happen?

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did it last year. bought gold coins and a safe + euros.

so far they have done very well, and im not stressing.

if banks stocks survive im ok.

if they fail im more or less ok.

no worries here yet.

wouldnt it have been so much better if we HADNT gone on a lending hpi boom and just settled for 1.5% growth target.

now we might have blown a gasket going at political full speed like that.

now im priced out and cant lend.,

soon i mihgt be priced out, cant lend, and unemployed.

sheesh. british life is just sooooooo complicated.

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this afternoon was the first time i considered buying tins of food n supplies- i guess i should move my money out of my high st bank and put into NSI and bonds

is everyone assuming water will still be available should the worst happen?

I have lots of tins. some gold and the bulk of my dough in NS&I.

FYI Water is going to be flouridated - in the same week that this was announced

there was an attempt to outlaw bottled water. stay alert.

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I think it's too late to cash in the investments, I know my pension fund is down about 11,000 down on 12 months ago so no point me cashing in when it's rock bottom.

Unless your balance was 11K total this is not rock bottom :ph34r:

have you looked into where your money is and what sort of risk it is exposed to?

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Can't rely on being able to get replacement shotgun shells. I've got the kids out the back working an arrow production line....

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I liquidated my pension stocks about 10 days ago. Need to find another asset class to put it in as sterling is down from here. I expect the markets to get trounced, and weve only just started the downward spiral. Im going to move my sterling savings into CHF.

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I liquidated my pension stocks about 10 days ago. Need to find another asset class to put it in as sterling is down from here. I expect the markets to get trounced, and weve only just started the downward spiral. Im going to move my sterling savings into CHF.

I have exactly the same thoughts. Stirling is a one way bet. Tomorrow I plan to open an international savings account in CHF with HSBC. 5 quid per month to run. I see CHF as a simlar hedge against inflation as yellow bricks. I missed that particular boat and am in any case too risk averse to deal with the volitatlity on the way up.

Savings in the bank obviously won't protect me if the big boys go down, but at this point i don't think thats going to happen. We also have the 35k protection. If we get to stage where that is not honoured, then all bets are off.

So in the immediate term i will take 2k out over the next few days to keep in cash, and move the rest into swissies.

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Not much I can do. We have our savings spread round 4 building societies/banks. If ALL of them go under then everything else everywhere will have gone whoosh too so I think it's probably best to just sit tight.

As for keeping all the cash in a jar under the bed or about one's person, surely that's a lot more risky than even a dodgy bank.

Edited by Sofa Spud

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I have exactly the same thoughts. Stirling is a one way bet. Tomorrow I plan to open an international savings account in CHF with HSBC. 5 quid per month to run. I see CHF as a simlar hedge against inflation as yellow bricks. I missed that particular boat and am in any case too risk averse to deal with the volitatlity on the way up.

Savings in the bank obviously won't protect me if the big boys go down, but at this point i don't think thats going to happen. We also have the 35k protection. If we get to stage where that is not honoured, then all bets are off.

So in the immediate term i will take 2k out over the next few days to keep in cash, and move the rest into swissies.

why HSBC? - the problem as i see it is not really the 35k limit- its how long they'll take to return your money and in what form- if the worst happens do you really think theyll hand over everyone's money just like that? no they dont have enough money! remmember its a question of solvency rather than a credit crunch- we dont even know if tha banks have our money or not - i'm not even sure how safe government bonds are, as for gold what if the powers that be decide that gold has to have a certain mark on it to be deemed as currency? if thats the case then we could exclude gold as a currency.

the situation is really really bad

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People: if the UK banks are running to the BoE in a panic, have we reached the critical point where we need to take immediate action? I ask because I have 25k sat in an instant savings account...

This is not the start of a 'what should i do with my STR fund' thread but a serious urgent question given rapidly unfolding events.

We saw this coming, some of us acted, others waited. There are in excess of 900 people reading this forum right now. Between us we have enough advance information.

Im just wondering what people are going to do over the next few days?

get even more cash out of the machines before everyone else starts doing the same.

might get round to buying those small denomination gold coins too.

also pasta, our branch of waitrose had no waitrose own brand pasta on the shelves. they said it was due to quality control problems, rising wheat prices and panic buying more like. i might invest heavily in spaghetti. can you spread bet on tagliatelle futures?

also, i'm hoarding capital letters, don't feel it prudent to use them before the big one hits.

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Overall about 85% in cash* where I plan to stay waiting for a bargain par excellence property-wise, in about 3 years time. Although I am wondering whether to rent for the long long haul and forget home "ownership." I have been a non-OO now since late 2003 and have become used to it and find the flexibility a plus.

Am I not alone then in my view that, post-crash, property still may not be a particularly good long-term investment. ie demographic trends suggesting long-term real-terms stagnation or loss - basically I'm short/medium-term bear, long-term uncommitted, but def NOT a bull!

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the problem as i see it is not really the 35k limit- its how long they'll take to return your money and in what form- if the worst happens do you really think theyll hand over everyone's money just like that?

This is my one genuine concern. Personally, am going to open a couple of instant savings accounts (Nationwide and NS&I) this week and chuck a couple of grand in each of them, so in case of absolute horror scenarios, I've at least got access to some cash of sorts. Mind you, if the places where I've got cash go belly up, then we are sooooo screwed that a few grand dotted about elsewhere won't make all that much difference.

I also plan on visiting my parents (not credit crunch related), and convincing my boss that adding gimped functionality to a product is worse than not bothering in the first place (not credit crunch related, although we do take dollars away from Yanks).

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why HSBC? - the problem as i see it is not really the 35k limit- its how long they'll take to return your money and in what form- if the worst happens do you really think theyll hand over everyone's money just like that? no they dont have enough money! remmember its a question of solvency rather than a credit crunch- we dont even know if tha banks have our money or not - i'm not even sure how safe government bonds are, as for gold what if the powers that be decide that gold has to have a certain mark on it to be deemed as currency? if thats the case then we could exclude gold as a currency.

the situation is really really bad

I always post this whenever I see the £35k mentioned, but just so everyone knows.

There is no money to support the £35k, it is a retrospective levy on rest of the banking industry. The FSCS' own literature says it is insufficient to work in the event of a large crash. If the banking system goes bust, then the levy won't work.

The £35k system is designed to prop-up credit unions, and things of that scale. Most years it pays out around £50m The government have yet to prove they can even prop-up Northern Rock (because few of the loans have defaulted yet, and their previous action stopped the run, so they didn't have to much more than guarantee things).

If it got to relying on the £35k for any of HSBC, Lloyds, RBS, Barclays then there wouldn't be a government to pay out.

If this wasn't the case, then all banks would only offer the same rate on savings as gilts. They pay a premium, because they have to compensate you for the risk that you won't get your cash back. So those best buys are in some ways the worst buys.

If you don't find the previous makes comfortable reading, then spread your cash among several banks, and go back to believing that the magic money fairy will wave her wand and will protect your £35k.

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I always post this whenever I see the £35k mentioned, but just so everyone knows.

There is no money to support the £35k, it is a retrospective levy on rest of the banking industry. The FSCS' own literature says it is insufficient to work in the event of a large crash. If the banking system goes bust, then the levy won't work.

The £35k system is designed to prop-up credit unions, and things of that scale. Most years it pays out around £50m The government have yet to prove they can even prop-up Northern Rock (because few of the loans have defaulted yet, and their previous action stopped the run, so they didn't have to much more than guarantee things).

If it got to relying on the £35k for any of HSBC, Lloyds, RBS, Barclays then there wouldn't be a government to pay out.

If this wasn't the case, then all banks would only offer the same rate on savings as gilts. They pay a premium, because they have to compensate you for the risk that you won't get your cash back. So those best buys are in some ways the worst buys.

If you don't find the previous makes comfortable reading, then spread your cash among several banks, and go back to believing that the magic money fairy will wave her wand and will protect your £35k.

If it gets that bad we wont be needing money anyway.

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did it last year. bought gold coins and a safe + euros.

so far they have done very well, and im not stressing.

if banks stocks survive im ok.

if they fail im more or less ok.

no worries here yet.

wouldnt it have been so much better if we HADNT gone on a lending hpi boom and just settled for 1.5% growth target.

now we might have blown a gasket going at political full speed like that.

now im priced out and cant lend.,

soon i mihgt be priced out, cant lend, and unemployed.

sheesh. british life is just sooooooo complicated.

Out of interest, where did you buy your gold coins? Was it simple? What was the additional cost like compared to holding virtual gold (per oz).

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why HSBC? - the problem as i see it is not really the 35k limit- its how long they'll take to return your money and in what form- if the worst happens do you really think theyll hand over everyone's money just like that? no they dont have enough money! remmember its a question of solvency rather than a credit crunch- we dont even know if tha banks have our money or not - i'm not even sure how safe government bonds are, as for gold what if the powers that be decide that gold has to have a certain mark on it to be deemed as currency? if thats the case then we could exclude gold as a currency.

the situation is really really bad

HSBC seem to be one of the few high street banks that have a comprehensive international banking service which is relatively cheap. They are also very very big. Even though lots of US banks failed during the 1929 crash, many survived.

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I always post this whenever I see the £35k mentioned, but just so everyone knows.

There is no money to support the £35k, it is a retrospective levy on rest of the banking industry. The FSCS' own literature says it is insufficient to work in the event of a large crash. If the banking system goes bust, then the levy won't work.

The £35k system is designed to prop-up credit unions, and things of that scale. Most years it pays out around £50m The government have yet to prove they can even prop-up Northern Rock (because few of the loans have defaulted yet, and their previous action stopped the run, so they didn't have to much more than guarantee things).

If it got to relying on the £35k for any of HSBC, Lloyds, RBS, Barclays then there wouldn't be a government to pay out.

If this wasn't the case, then all banks would only offer the same rate on savings as gilts. They pay a premium, because they have to compensate you for the risk that you won't get your cash back. So those best buys are in some ways the worst buys.

If you don't find the previous makes comfortable reading, then spread your cash among several banks, and go back to believing that the magic money fairy will wave her wand and will protect your £35k.

i think if it got really bad then even if yon only had a couple of grand in an account you wouldnt see it - thats why i'm not sure placing a few grand in loads of accounts would be such a good idea.- put your money under your mattress?

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Might be worth investing in a very large stock of incontinence knickers

and open a stall in the Square Mile.

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  • 292 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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