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  • FIRST POST
    • missile
    • By missile 8th Oct 16, 6:27 AM
    • 8,319Posts
    • 3,947Thanks
    missile
    The pound in my pocket
    • #1
    • 8th Oct 16, 6:27 AM
    The pound in my pocket 8th Oct 16 at 6:27 AM
    I can understand why the suits in the square mile don't want the euro but would it bad for the rest of us? I have seen the value of the £ in my pocket plummet against the € .... and not just since Brexit.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
Page 1
    • bigadaj
    • By bigadaj 8th Oct 16, 7:08 AM
    • 7,822 Posts
    • 4,768 Thanks
    bigadaj
    • #2
    • 8th Oct 16, 7:08 AM
    • #2
    • 8th Oct 16, 7:08 AM
    Depends on your perspective, as an average person then the euro has advantages in that you travel round Europe, are familiar with and carry the same money, doesn't cost you to exchange.

    The falling value of the pound has hit the wealth of the country overall, my net position looks great since Brexit but that's primarily down to a chunk of my investments in dollars, euros and other currencies appreciating in sterling terms, which could largely drop back if and when the pound appreciates.

    Of course the problem with the euro is that the eu isn't a dull federal state, like the us. Any halfway house creates problems and monetary union between independent countries creates many problems, with interest rates being too high for many, and too low for many others.

    This was one of the problems with the Brexit debate, massively over simplistic on both sides, and the correct answer is that there are good and bad points to being in and outside of the eu, even when we are only sort of in and have no appetite for continuing towards a full European state.
    • Pincher
    • By Pincher 8th Oct 16, 1:36 PM
    • 5,850 Posts
    • 2,133 Thanks
    Pincher
    • #3
    • 8th Oct 16, 1:36 PM
    • #3
    • 8th Oct 16, 1:36 PM
    Brexit is supposed to a baptism of fire.

    We plunge voluntarily into the volcano, when we emerge like a Phoenix reborn, we will be a leaner and meaner fighting machine.

    The extreme poverty in the lean years to come will mean no more welfare state and NHS. The ones who survive the Mad Max years will have high immunity to diseases as the weak that succumb will have long since died.

    Obese type II diabetes will be a thing of the past, as only the fit will survive. Cannibalism means the fat and slow will end up on the barbecue.

    As for sterling, I expect it will not exist during the Second Dark Age.
    What happens if you push this button?
    • coyrls
    • By coyrls 8th Oct 16, 1:51 PM
    • 591 Posts
    • 544 Thanks
    coyrls
    • #4
    • 8th Oct 16, 1:51 PM
    • #4
    • 8th Oct 16, 1:51 PM
    I can understand why the suits in the square mile don't want the euro but would it bad for the rest of us? I have seen the value of the £ in my pocket plummet against the € .... and not just since Brexit.
    Originally posted by missile
    Well it's not an option is it? EU membership would be a prerequisite.
    • missile
    • By missile 8th Oct 16, 10:02 PM
    • 8,319 Posts
    • 3,947 Thanks
    missile
    • #5
    • 8th Oct 16, 10:02 PM
    • #5
    • 8th Oct 16, 10:02 PM
    Well it's not an option is it? EU membership would be a prerequisite.
    Originally posted by coyrls
    Obviously it is not an option now.
    The crooks in suits managed to scare us with their forecast of doom if we had joined the euro. If we had, I estimate the real value of my savings would be 30% more. Thanks a lot Gordon Brown.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • Thrugelmir
    • By Thrugelmir 8th Oct 16, 10:04 PM
    • 51,259 Posts
    • 43,049 Thanks
    Thrugelmir
    • #6
    • 8th Oct 16, 10:04 PM
    • #6
    • 8th Oct 16, 10:04 PM
    Euro traded around this level between 2009-11. What's the fuss for?
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • LHW99
    • By LHW99 8th Oct 16, 10:08 PM
    • 519 Posts
    • 352 Thanks
    LHW99
    • #7
    • 8th Oct 16, 10:08 PM
    • #7
    • 8th Oct 16, 10:08 PM
    I don't think anyone was scared out of joining the euro.
    We didn't join because the country was nearly bankrupted trying to maintain the exchange rate level that we had joined the "snake" at.
    If we had joined the euro at that level, we could be another Greece now.
    • bigfreddiel
    • By bigfreddiel 8th Oct 16, 10:25 PM
    • 4,072 Posts
    • 1,865 Thanks
    bigfreddiel
    • #8
    • 8th Oct 16, 10:25 PM
    • #8
    • 8th Oct 16, 10:25 PM
    In 1967....

    "It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued."

    Prime Minister Harold Wilson

    He was right wasn't he? The pound in your pocket is still worth a pound.

    It was true in 1967, so surely it's true now?

    I remember the headlines well, and life just went on as usual. Harold must have believed it or else he wouldn't have said it.

    True back in '67 and true now. All these fluctuations will be but a tiny little blip when you look back in years to come.


    Cheers fj
    • greenglide
    • By greenglide 8th Oct 16, 11:40 PM
    • 2,360 Posts
    • 1,457 Thanks
    greenglide
    • #9
    • 8th Oct 16, 11:40 PM
    • #9
    • 8th Oct 16, 11:40 PM
    It was true in 1967, so surely it's true now?

    I remember the headlines well, and life just went on as usual. Harold must have believed it or else he wouldn't have said it.
    The 60s and seventies, a time of chaos and severe financial problems. Remember the IMF bailing us out etc?

    Are you suggesting that we should voluntarily return to those days simply in the name of "getting our sovereignty back" or, even worse, "to have control of our borders" which is always a thinly veiled comment expression showing their xenophobic small mindedness.

    It is about time you took your rose tinted glasses off and look to see what those days were really like. If it hadnt been for North Sea gas and oil that came along I wonder what would have become of us? I certainly wouldnt want to go back.
    • redmalc
    • By redmalc 9th Oct 16, 6:43 AM
    • 1,165 Posts
    • 440 Thanks
    redmalc
    I can remember in 2010 exchanging pounds in Tenerife at 1 for 1.

    I am glad I purchased 10k worth at 1.40 earlier this year,it will last for a few holidays
    • Glen Clark
    • By Glen Clark 9th Oct 16, 8:55 AM
    • 3,452 Posts
    • 2,492 Thanks
    Glen Clark
    I can understand why the suits in the square mile don't want the euro but would it bad for the rest of us? I have seen the value of the £ in my pocket plummet against the € .... and not just since Brexit.
    Originally posted by missile
    The suits in the square mile are on a nice little earner taking commission for changing your pounds to euro backwards and forwards
    (Apparently the Queen doesn't want the Euro either because she likes to keep her face on our money)
    And of course, devaluation hits the poor the hardest because they have no assets which rise in price to counteract it.
    An interesting view from one of the world's richest men... http://www.politico.com/magazine/story/2014/06/the-pitchforks-are-coming-for-us-plutocrats-108014?o=0
    The Council Tax on a 3 bed semi is higher than Buckingham Palace
    • Malthusian
    • By Malthusian 10th Oct 16, 10:43 AM
    • 1,176 Posts
    • 1,547 Thanks
    Malthusian
    Well it's not an option is it? EU membership would be a prerequisite.
    Originally posted by coyrls
    Of course it's an option. Plenty of countries use another country's currency as their official currency. You don't need that country's permission. For example the US dollar is the currency of Ecuador, Panama and Zimbabwe.

    All the UK government would have to do is announce that from a given date the official currency of the UK is the Euro, that it will only accept payment of taxes in Euros, and all government salaries and state benefits will be paid in Euros. None of this would require permission from the EU. The rest of the country would inevitably follow suit. You would get a few stalwarts still trading in sterling but it would become like Bitcoins or the Bristol Pound.

    It would be a bloody stupid option but it would still be an option.
    • Jibeddy
    • By Jibeddy 10th Oct 16, 11:20 AM
    • 32 Posts
    • 8 Thanks
    Jibeddy
    Of course it's an option. Plenty of countries use another country's currency as their official currency. You don't need that country's permission. For example the US dollar is the currency of Ecuador, Panama and Zimbabwe.

    All the UK government would have to do is announce that from a given date the official currency of the UK is the Euro, that it will only accept payment of taxes in Euros, and all government salaries and state benefits will be paid in Euros. None of this would require permission from the EU. The rest of the country would inevitably follow suit. You would get a few stalwarts still trading in sterling but it would become like Bitcoins or the Bristol Pound.

    It would be a bloody stupid option but it would still be an option.
    Originally posted by Malthusian
    Just to add to this, a number of non-EU countries already use the Euro namely Montenegro, Kosovo and a few of the 'micro-nations' of Europe.
    • Rollinghome
    • By Rollinghome 10th Oct 16, 11:34 AM
    • 2,036 Posts
    • 2,185 Thanks
    Rollinghome
    He was right wasn't he? The pound in your pocket is still worth a pound.

    It was true in 1967, so surely it's true now?
    Originally posted by bigfreddiel
    No, it wasn't true in 1967 and isn't true now. The years following 1967 brought inflation of up to 24% as a result.

    A pound is still worth 100 pennies, just as it was still worth 240 pennies then, but those pennies won't buy as much as they previously did, as you'll find when you step off the ferry.

    Similarly those big increases in the value of our investments that have been great fun are only increases in local terms and won't benefit us much if we want to blow the money on champers, a foreign holiday or a foreign car.

    But don't fret, stick to a week in Bognor next year and you'll hardly notice.
    • Thrugelmir
    • By Thrugelmir 10th Oct 16, 12:11 PM
    • 51,259 Posts
    • 43,049 Thanks
    Thrugelmir

    But don't fret, stick to a week in Bognor next year and you'll hardly notice.
    Originally posted by Rollinghome
    The price of those imported toy Spanish donkeys will be noticeable though. Have to go home with a stick of rock instead.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • bigfreddiel
    • By bigfreddiel 10th Oct 16, 5:04 PM
    • 4,072 Posts
    • 1,865 Thanks
    bigfreddiel
    No, it wasn't true in 1967 and isn't true now. The years following 1967 brought inflation of up to 24% as a result.

    A pound is still worth 100 pennies, just as it was still worth 240 pennies then, but those pennies won't buy as much as they previously did, as you'll find when you step off the ferry.

    Similarly those big increases in the value of our investments that have been great fun are only increases in local terms and won't benefit us much if we want to blow the money on champers, a foreign holiday or a foreign car.

    But don't fret, stick to a week in Bognor next year and you'll hardly notice.
    Originally posted by Rollinghome
    It must have been true, Harold said so! Surely he wasn't telling porkies!
    • bigfreddiel
    • By bigfreddiel 10th Oct 16, 5:06 PM
    • 4,072 Posts
    • 1,865 Thanks
    bigfreddiel
    I guess we were all just as stupid then as we are now to believe anything anyone says, especially a politician

    fj
    • missile
    • By missile 12th Oct 16, 5:11 AM
    • 8,319 Posts
    • 3,947 Thanks
    missile
    In 1967....

    "It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued."

    Prime Minister Harold Wilson

    He was right wasn't he? The pound in your pocket is still worth a pound.

    It was true in 1967, so surely it's true now?

    I remember the headlines well, and life just went on as usual. Harold must have believed it or else he wouldn't have said it.

    True back in '67 and true now. All these fluctuations will be but a tiny little blip when you look back in years to come.


    Cheers fj
    Originally posted by bigfreddiel
    Harold Wilson sold us a huge porky in '67. I would have hoped those on here might understand politicians (of whatever colour) spin the facts to suit their own agenda.
    I fear things may get a lot worse.
    http://www.msn.com/en-gb/money/news/how-crashing-pound-will-hit-your-pocket-millions-of-households-warned-to-brace-for-price-rises/ar-BBxj1vP?ocid=spartandhp
    Last edited by missile; 12-10-2016 at 6:13 AM.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • lesta1980
    • By lesta1980 12th Oct 16, 9:38 AM
    • 92 Posts
    • 20 Thanks
    lesta1980
    I can understand why the suits in the square mile don't want the euro but would it bad for the rest of us? I have seen the value of the £ in my pocket plummet against the € .... and not just since Brexit.
    Originally posted by missile
    Just had a serious case of deja vu until I remembered reading this on Britishexpats as well
    • missile
    • By missile 12th Oct 16, 10:57 AM
    • 8,319 Posts
    • 3,947 Thanks
    missile
    Are you stalking me? <LOL>
    I find it interesting to compare the differing views / opinions on this issue from both forums.
    Last edited by missile; 12-10-2016 at 11:02 AM.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
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