Monday, December 1, 2008

The Pound Sterling may be a little nearer to retirement

UK 'closer' to adopting the euro

"The current poor economic situation had emphasised the importance of the euro." Britain will, sooner or later, be forced to adopt the euro as the UK economy (even with its significant financial services sector -- FSS) goes down the pan. Or is this prediction precisely because of the greed in the the FSS undermining the strength of GBP?

Posted by dude @ 12:15 AM (1191 views)
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16 thoughts on “The Pound Sterling may be a little nearer to retirement

  • gardeniadotnet says:

    “I know that the majority in Britain are still opposed, but there is a period of consideration under way and the people who matter in Britain are currently thinking about it”, he said.

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  • gardeniadotnet says:

    “the people who matter in Britain”

    He’s talking about LANCASHIRE !!!!

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  • gardeniadotnet says:

    … or to misquote Bart Simpson…

    If everyone matters, then noone matters.

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  • little professor says:

    Hasn’t our latest debt splurge taken us outside the criteria to join the euro?

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  • @4

    No Britain has the lowest debt in the galaxy as is well placed to cope with the ‘problems that started in America’

    😉

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  • planning4acrash says:

    I’ve been banging on about this for over a year now. The whole Sterling crisis is being engineered to bring Euro parity and the Euro, it need not happen, because interest rates could and should be higher. Its why Brown sold half of our gold.

    You wait, they’ll call a crisis and not even give us a referendum. Just wait. Fat good the Euro did for Ireland. This is total hogwash.

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  • ‘ “I know that the majority in Britain are still opposed, but there is a period of consideration under way and the people who matter in Britain are currently thinking about it”, he said.’

    So, let me get this right – the majority are therefore … not the people who matter?

    This is precisely why even those of us who love the IDEAL of the EU (I a democratic alliance that was meant to be – ONLY – about stopping another major war) have fallen out of love with it on the grounds of what it has become: out of touch, authoritarian and openly chasing an agenda that it knows the majority do not support.

    Isn’t this the ultimate in “know better” politics?

    And what do we do if we disagree, but still can’t exercise any power over the direction of events?

    One of the great things about nation states is that if you don’t like the one you’re in, you can leave. This ensures competition between states, and keep a lid on any nutty extremities.

    If all the European states join together in an “ever-closer union”, then there is less competition between states – and nowhere to go if you don’t like it.

    The importance of ensuring competition between states is just as an important a way of keeping checks and balances in place over our leaders as … oppositions calling governments to account.

    If we lose both competition and opposition – then what?

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  • @p4ac – I diverge with the common analysis that this whole financial crisis was “planned”.
    The world is too big and messy a place for any one (or one group) to exercise any meaningful control.
    The economy is larger and more powerful than the government, and even more so any group that purportedly controls things from behind the scenes.
    Running a company is hard enough, and it’s easier to be a dictator within a company than in government!
    In my opinion, the notion that anyone is in charge is simply a very persistent illusion – chaos rules, and we huddle together when things go wrong, which is what gives the illusion of a plan or structure.

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  • What are the main arguments for the UK to use the euro as its currency? Is it simply avoiding having to pay at an exchange to get euros to buy stuff in France, Spain, etc. – and that that is considered to be a competitive advantage?

    What happens to an existing Sterling mortgage if the currency is replaced? Typically, when a country adopts the euro, is this a good thing for people with existing mortgages?

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  • Barosso is like a door to door encyclopedia salesman. He will sell his totalitarian state to everyone until his dying day, he is a euro fundamentalist…….and I thought it was the electorate who mattered in a democracy. GB will like the idea of being one of the people who matter and will, indeed spin a crisis to join the euro, having sold our gold at a rock bottom price and bought euros with the proceeds (cunning).

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  • The BBC is clearly supportive of joining the Euro. Articles reflect their bias. They consider themselves as “opinion formers” not a news site.

    The people I meet every day are far more cautious about joining up with a broken system. Unfortunately I don’t have a statistic for that!

    The BBC are softening us up for the Euro – IMHO

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  • What is the benefit of joining the Euro for the UK at this point in time or ever ? The Euro has not got long to live IMHO.

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  • planning4acrash says:

    “a democratic alliance that was meant to be – ONLY – about stopping another major war” – That was the official version, sucked in!!

    Winston Churchill

    London press in 1922: “From the days of Sparticus, Weishaupt, Karl Marx, Trotski, belacoon, Rosa Luxenberg and Ema Goldman, this world conspiracy has been steadily growing. This conspiracy played a definite recognizable role in the French Revolution. It has been the mainspring of every subversive movement during the 19th century. And now at last, this band of extraordinary personalities from the under-world of the great cities of Europe and America have gripped the Russian people by the hair of their head and have become the undisputed masters of that enormous empire.”

    “Unless some effective World Super-Government, for the purposes of preventing war, can be set up and begin the reign, the prospects for peace and human progress are dark and doubtful. . .Without a United Europe there is no prospect of World Government.”

    Elsewhere, Churchill said: “The creation of an authoritative World Order is the ultimate aim toward which we must strive.”

    Remember that Wall Street bankers financed both sides of the ware and now, are emerging as the only victors of the economic collapse and international solutions to it. The hedian dialectic, problem, reaction, solution.

    (The open conspiracy)

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  • A post on friday (http://www.housepricecrash.co.uk/newsblog/2008/11/blog-and-so-the-buyers-strike-begins-19875.php) pointed out that the latest sale of gov bonds faced investor disinterest. This is partly due to the bailouts of UK banks which have debts in US dollars which become very dangerous if the GBP falls further (http://www.housepricecrash.co.uk/newsblog/2008/11/blog-uks-dollar-debt-19835.php). If UK gov bonds were priced in Euros they might sell better. As a person when you are in debt you no longer call the shots, the same is true for a country. Faced with bankruptcy the UK might be forced to join the Euro.

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  • What an incredible story!

    Aside from the fact that hardly anyone in Britain favours the idea, there is also the little matter of whether the rest of the eurozone would want us in..

    ..to quote the late Charles DeGaulle:

    “NON!”

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  • This Spanish pipsqueak is a joke, Spain is in serious financial trouble, it’s probably why Santander had to look here for boost their profits.
    We cannot really afford the EU now. The migration costs, to the Euro, would cripple what is left of the British Economy, possibly tip Britain from recession, into a depression, and pull Europe in with us, after we have to drastically cut our payments to the EU, when the buyers tire of buying ever more UK government debt!

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