Crisis? What crisis?

Martha2

I'm currently in France but have access to British, French and German TV. The crisis is usually top of the British news, and the other evening there was wall-to-wall coverage on several UK channels. However, there's far, far less about it in France and Germany.

I imagine that the crisis is the main talking point around dinner tables in GB. Yet, the other evening we were "à table" with a large group of French and German friends. When we asked about the crisis, they thought we were talking about the rising cost of food and fuel!

Of course, they are aware of it, but it is really not such an issue here or in Germany. People with shares are complaining but there is no fear that savings deposits could be at risk.

They are appalled when we tell them about the level of personal debt in GB. As far as I can tell, the practice of raising money on the strength of your house is almost unknown. People buy with plastic, but the cards seem to be debit cards, with money being taken straight out of a bank account.

BTW, it's a criminal offence to bounce a cheque in France. You just can't believe the fuss that was made when we accidentally overdrew - even though we had a good balance on our deposit account at the same bank.

M2

dunstonh

Its nice to hear the media in continental Europe is not scaremongering like the UK media is. Although if Euronews is anything to go by, then it wouldnt matter if the planet was about to be hit by an asteroid as Euronews would focus on some art gallery opening in Frankfurt.

The UK media have been an absolute disgrace in their reporting. It is being presented as the end of the world almost and people who have no need to be scared are being scared and are almost certainly making decisions now which are wrong and do not need to be made.

Everything is dumbed down or presented as a negative. e.g. last night it was reported that pensions would be lower. Technically correct if you were foolish enough to be retiring this year and left all your money in equities (instead of phasing down to cash over the years as you get closer). However, no mention of the fact that those paying in monthly with many years to go are doing very well out of this as they are buying units so much cheaper. The focus is always on the negative as far as the UK media are concerned.

baby_boomer

I'm not against a sense of perspective and I'm all in favour of sniffing out buying opportunities but I can't agree with dunstonh on this.

Private pensions are lower. The FTSE has declined significantly over the last nine years. This has hit a clobbered a whole generation of people - especially since many delay saving for retirement until they have set up family and home.

Final salary company pensions will also come under threat as the pension deficits widen and companies cut back on those eligible, or ask for higher contributions in response.

And it's no surprise that the media is quieter on the subject in France since the state pension is a more important part of the retirement package - so the movement of the markets doesn't impact on so many people. The UK is the poor man of Europe for state pensions - unless you are a public sector employee, of course.

dunstonh wrote: »

However, no mention of the fact that those paying in monthly with many years to go are doing very well out of this as they are buying units so much cheaper.

I think you meant to say, may do well out of this. It matters not what price the units are, but how much they actually grow.

Cozworth806

Funny, Postbank in Germany is being sold for the same reasons as HBOS AFAIK.
Societe Generale?

napoleon

Doom, doom, We're ALL doomed

isofa

Isn't the Credit Crunch a new type of cereal?

echelon101

Stop ripping The Now Show...

The UK media have been an absolute disgrace in their reporting. It is being presented as the end of the world almost and people who have no need to be scared are being scared and are almost certainly making decisions now which are wrong and do not need to be made.

Exactly! It is a small wonder that many of the major tabloids get regularly sued for slander due to their brash and sweeping headlines.

isofa

echelon101 wrote: »

Stop ripping The Now Show...

What's the Now Show?

purch

What's the Now Show?

You've missed it............cos now it's Then, ..... but then it was Now !!!

isofa

purch wrote: »

You've missed it............cos now it's Then, ..... but then it was Now !!!

LOL my quote came from the Sunday Times

cvd

There is another reason - the financial services industry is a much, much, much more important part of our economy than in France or Germany.
The international financial services industry is concentrated in New York and London. I guess Singapore is next, but much less important.