Much worse recession approaches fast.
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End of Euro nigh....
Sexpert
Thank goodness we're not in it - the euro that is. Europe has let too many weak economies join the euro and is now paying the price. Let's hope DC resists the pressure on him to use our cash to bail them out.
Good old Gordy eh - sold 430 tonnes of our gold bullion when gold was £180 per ounce, and bought shed loads of euros. Gold is now £830 per ounce and rising, the euro is going down the pan.
Good old Gordy eh - sold 430 tonnes of our gold bullion when gold was £180 per ounce, and bought shed loads of euros. Gold is now £830 per ounce and rising, the euro is going down the pan.
Warming the Bed
Euro goes down we go with it.
Master of Sex
why,how many you got?
53% of our exports go to the Euro-zone.
This is why the euro, in its current form, is finished. The game is up for a monetary union that was meant to bolt together work-and-save citizens in northern Europe with the party animals of Club Med. No amount of pit props from Berlin can save the euro Mk I from collapsing under the weight of its structural dysfunctionality. You cannot run indefinitely a single currency with one interest rate for 16 economies, when there are such huge fiscal disparities.
I think that I may have already said on another thread that the problem with Europe is that it has been expanded too quickly to take in less well developed countries along the Eastern border. They say Portugal is struggling, well they could easily have been assisted if we didn't have the trouble with Greece and perhaps others to the east.
As someone has said, thank goodness we didn't go into the Euro, although we can't escape altogether as some knock on effects will spread to us - no doubt.
Plim :sad:
As someone has said, thank goodness we didn't go into the Euro, although we can't escape altogether as some knock on effects will spread to us - no doubt.
Plim :sad:
The knock-on effects will be the 53% of our exports to europe.
Trade barriers will go up between countries, again.
The recession caused by the collapse of the euro (the worlds second largest currency) would be worse than the 1930's depression.
The fact that Britain kept the pound and did not adopt the euro would make no difference.
Trade barriers will go up between countries, again.
The recession caused by the collapse of the euro (the worlds second largest currency) would be worse than the 1930's depression.
The fact that Britain kept the pound and did not adopt the euro would make no difference.
If the euro does disintegrate, as
Mrs Merkel warns, the consequences would be incalculable. Replacing all the national currencies was a gargantuan task, by far the most ambitious ever attempted in the name of European integration, and there is no Plan B. Without a currency, trade would collapse – leaving Britain, dependent on Europe for 50 per cent of its trade, just as seriously affected as everyone else. A system failure on this scale would make the 1930s pale into insignificance.
As alarming as anything, with this tsunami roaring down on us, has been the sight of our new leaders preening themselves with their list of irrelevant little "coalition policies" and babyish boasts about the "greatest democratic shake-up since the 1832 Reform Act", as if none of this was happening. As one analyst put it: "They are like children let loose in the sweet shop, seemingly oblivious to the horrendous reality unfolding before us."
A well-known economist said wryly to me last week: "Bring back the days of Alistair Darling and Gordon Brown. At least they had some grasp of what is going on. This lot are just totally out of their depth."
Quote by Max777
total load of crap. absolutely no concept or understanding of the global financial system of debt/credit or banking just media shite.
So please enlighten us Gulson. How are you preparing for the oncoming apocalypse?
same way as you max, keeping debt free, larder full, tank full and my wits about me. being aware.
Quote by gulsonroad30664
total load of crap. absolutely no concept or understanding of the global financial system of debt/credit or banking just media shite.
So please enlighten us Gulson. How are you preparing for the oncoming apocalypse?
same way as you max, keeping debt free, larder full, tank full and my wits about me. being aware.
If the global financial system implodes, a full larder and a full tank won't be much use......and maybe you should be racking up as much debt as possible, after all there won't be anyone there to collect it!
Quote by Max777
total load of crap. absolutely no concept or understanding of the global financial system of debt/credit or banking just media shite.
So please enlighten us Gulson. How are you preparing for the oncoming apocalypse?
same way as you max, keeping debt free, larder full, tank full and my wits about me. being aware.
If the global financial system implodes, a full larder and a full tank won't be much use......and maybe you should be racking up as much debt as possible, after all there won't be anyone there to collect it!i am now more sure that you are fully aware of the situation. thanx for your contribution.
Quote by kentswingers777well kenty, most british banks hold greek, portugese, spanish, irish and italian government debt (bonds) as well as french and german banks. if any one of these countries default, we will suffer contagion.
Well Gulls contributions make me laugh, and not many have that affect on me.
You keep going Gulls.....you certainly make my day.
as the condems cut government spending, (any other political combination would do the same no matter what bullshit they come out with) in order to service the countries debt and draw down the principle, the situation will deteriorate still further and money in circulation will fall.
we will not suffer a double dip recession as the financial pundits would have us believe. this developing crisis is merely the continuation of the economic collapse. all talk of "coming out of recession" and " on the way out but fragile" by all political spokesmen/women was and is, wishful thinking at best and downright lies at worst.
wether the euro or any other reserve currency collapses first, last or on what date is irrelevent. the amount of credit that had been created in this preceding boom and the interest required to service it, became greater than the total of human activity on the planet and cannot be repaid.
this recession, it would be more accurate to say developing depression, will make 1929 and the depression of the 1930's seem like a walk in the park. "this, the mother of all crisies" not my words but those of paul volker in january 2008.
quantatative easing, (creating credit out of thin air) sometimes refered to as "printing money" and no different to the ever increasing expansion of credit that fueled the boom, was confined to the bank of england buying toxic assets from bank balance sheets, in order to prevent an imminent collapse at that time.
trouble is, the central bank (the bank of england limited) created the credit out of thin air and charged it to h.m.g. AT INTEREST ! this debt spiral is unresolvable. it is designed that way.
Sexpert
It doesn't necessarily follow that a total or partial collapse of the euro will cause a worldwide recession. Whilst I would agree it would have an impact on our economy, it would not necessarily mean the end of trade with europe, in fact it's more likely that trade would continue at levels close to what it is now - and then there's always the option to sell more elsewhere in the world.
In any event, no-one can accurately predict what will happen, and there are no comparable historical situations in modern times that can be studied for any insights.
Personally, I think that the EU should not have embraced so many weak economies.
In the beginning I was in favour of joining, but now think that we should leave (in fact if I were trade secretary, I would be puling out all the stops to start improving our non EU trade links just as a precaution - it's what you do in business if you are too exposed with one or just a few customers)
In any event, no-one can accurately predict what will happen, and there are no comparable historical situations in modern times that can be studied for any insights.
Personally, I think that the EU should not have embraced so many weak economies.
In the beginning I was in favour of joining, but now think that we should leave (in fact if I were trade secretary, I would be puling out all the stops to start improving our non EU trade links just as a precaution - it's what you do in business if you are too exposed with one or just a few customers)
Quote by easyrider_xxx
- and then there's always the option to sell more elsewhere in the world.
There isn't, at least nowhere near as profitably, that's why people sell so much stuff in Europe. Even if we could flog all the stuff to - I don't know, the US? China? Japan? - and get it all there, we'd lose so much of the profit in the process that it would severely knacker our economy.
Quote by Max777
total load of crap. absolutely no concept or understanding of the global financial system of debt/credit or banking just media shite.
So please enlighten us Gulson. How are you preparing for the oncoming apocalypse?
There's something to be said for learning the skills you would need in the event of the collapse of civilisation. As much medicine as you can, how to make an electricity generator, and lots of fighting?
Sexpert
Quote by tomu
- and then there's always the option to sell more elsewhere in the world.
There isn't, at least nowhere near as profitably, that's why people sell so much stuff in Europe. Even if we could flog all the stuff to - I don't know, the US? China? Japan? - and get it all there, we'd lose so much of the profit in the process that it would severely knacker our economy.
It's never easy finding new customers, that's why good sales people get so well rewarded when they succeed. It's a question of matching what you've got to sell, with what customers need, then getting of your backside and knocking on some doors - well, lots of doors.
A world wide depression is baked in at the moment, all nations are trying to buy time and exports by devaluing currency. Greece cant do this at the moment because they are locked into the Euro and that's why they are screwed. its not pretty and all the western economy's are going to go through some real pain. but at least as we are not in the Euro and we can devalue the pound which to some degree is easier to take than out right wage deflation.
Im Impressed by conversation guys!
Im Impressed by conversation guys!
