Wednesday, November 17, 2010

OOh dear

Ireland's debt crisis could kill the European Union stone dead, EU president warns

In an astonishing intervention, Herman Van Rompuy said the financial meltdown engulfing Ireland, Greece and other EU countries could spark the collapse of the entire European project.

Posted by mark @ 10:43 AM (4045 views)
Please complete the required fields.



17 thoughts on “OOh dear

  • Let’s hope so 🙂

    Reply
    Please complete the required fields.



  • It really is astounding, and if I were the EU powers that be, I would have him taken out and shot.

    But on this occasion, I hope he is right, the Euro-zone thing is getting increasingly silly, it is a massively expensive vanity exercise, it’s the economic equivalent of trying to occupy Vietnam or Afghanistan, so that’s doomed to failure (most currency unions fail, or else we’d have a single world currency by now) and with a bit of luck it will take the EU down with it!

    Reply
    Please complete the required fields.



  • @2, MW. Is cash still king, eventhough inflation is much higher than they would like it to be ?

    Reply
    Please complete the required fields.



  • House, I think that “cash is king” esp. during a recession when we can expect the price of “assets” to fall over time.

    You can just ignore inflation completely, there is nothing that you can do about it, whatever you invest in, the current cost of food, petrol, holidays etc is going up and up, and that is the end of that. But that is the “spending” side and not the “income” side.

    Other people say “buy gold” or “buy shares” or even “buy land”, fair enough, they may be right and I may be wrong.

    Reply
    Please complete the required fields.



  • @4, MW thank you. I am pleased to hear that you think cash is king. My sentiment at present is the same. I have noticed many people out there who are supposedly asset rich but do not have cash to pay monthly household bills. I know in the past we agreed that 4% inflation is not too bad. Do you still agree with it ?

    Reply
    Please complete the required fields.



  • Interesting MW……… if Danny Bunchflower says that he likes the idea of inflation eroding the debt of a house owner….
    Surely a house is a good hedge if you can buy in at a good price now……….. let me know your thoughts matey…….

    Reply
    Please complete the required fields.



  • Where does it end, if Ireland’s debt doesn’t kill the EU, then maybe Spain’s will, or Portugal’s, or if none of them do because they get bailed out, then maybe the cost of the bailouts will mean that those that bailed them out need bailing out. We’ll all be speaking Chinese soon.

    Reply
    Please complete the required fields.



  • House, like I said, don’t worry about inflation, it’s like worrying about dying, it’s going to happen whether you like it or not.

    My gamble is that they won’t be able to repeat the trick of the 1970s, when real house prices fell by half in three years but we had 23% inflation for three years as well so in nominal terms they were flat (NB, three years inflation at 23% = prices double).

    Even if they can repeat the trick (which they can’t) and the house you are looking at costs £200,000 today and you have £200,000 in the bank, it will still cost no more than £200,000 in three years’ time and you can still buy it.

    The fact that you have “lost” half your money is offset to the penny by the fact that the price of the house has also fallen by half.

    Bluebeach, those are my thoughts. I say that nominal house prices will fall over the next five years. You think they won’t. Perhaps I’m wrong, but Home-Owner-Ism tends to collapse under the weight of economic logic sooner or later, a bit like Socialism.

    Reply
    Please complete the required fields.



  • @8, MW thank you. I have never worried about dying, it is a certainty. Dying resolves all the problems of living. It is the living that is a bigger problem, you have to eat and the rest to survive. As long as the 3.5% (Gross) is offered on a fixed term then things are not too bad. I know you have to tie it up for 2 or 3 years.

    Reply
    Please complete the required fields.



  • It’s seems to me that there is a sort of Mexican stand off going on between Ireland and Brussels, if Ireland dropped out of the Euro then it wouldn’t take long for the other lame countries to follow suit leaving France and Germany the only countries left, the alternative is for Ireland to stay in the Euro and become a sort of vassal of Brussels.

    Reply
    Please complete the required fields.



  • if ireland did drop out of the euro what would happen?

    Reply
    Please complete the required fields.



  • Long term, cash is defiantely not king, its probably the worst investment out there.

    Reply
    Please complete the required fields.



  • Cash may not be king, but King is definitely a four letter word beginning with C

    Reply
    Please complete the required fields.



  • today

    I have bought the following shares

    Stobart
    Lloyds Bank
    BP
    all are nice and ripe to make something from

    this is my interest I would have got on my money in the bank, still don’t get buying gold..

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    Debtfree, in the long term, we are all dead.

    There are times to be in cash and times to be in land and buildings. And ‘cash’ does not just mean sterling, you have to shift from overvalued to undervalued currencies every now and then – but at the moment sterling IS undervalued, so if you’re already in sterling, you have no choice except to stick it out.

    Reply
    Please complete the required fields.



  • @2. Mark

    What will become of UKIP if the EU project falls apart? 🙂

    Reply
    Please complete the required fields.



  • mark wadsworth says:

    NAC, as Denic Healey said, I don’t answer hypothetical questions. You might as well ask “what will become of the LibLabConsensus if the EU project falls apart?”

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>