Iceland

LucyTheDwarf

isofa wrote: »

Satisfying, or will it make the heel taller?! :beer:

Now, that is a novel idea! Shoes made of cash - I like!


Now, jp01's posts appear on the verge of hysterical - if he/she is not trying to scaremonger and whip people up into a "let's withdraw our cash" frenzy, then I do not know what scaremongering is! Are people just so desperate to see others fall? I know society seems to enjoy watching misfortune happening to others, like to mock those who they believe are inferior to themselves, build people up to push them down - it's why dire TV shows such as Big Brother have found so much success. But does this jp01 really want to add to the depositors withdrawing funds? Perhaps he'd enjoy the widespread misery caused if one of these banks crumbled.

And I'd like to add that I find isofa's posts to be intelligent, knowledgeable and reasonable.

edwinac_2

LucyTheDwarf wrote: »

"The FSCS have not "just admitted" that they don't have the cash - that is not the point of the FSCS! They have the power to levy the money from banks and other financial institutions, if they need it.

You feign ignorance of the enormity of this problem.

We are witnessing the total disintegration of the entire international monetary-financial system!

The following is in response to the fairytale guarantees of the FSCS..

Imagine if (or rather when) one of the larger British banks collapses...

Following its own rules, the FSCS will call on the other banks to provide the funds needed to compensate the depositors...

Except the compensation bill will be so vast, none of the remaining banks can possibly settle up without bankrupting themselves, too!

That is the scale of this problem. The banking system is finished. Kaputt. Irretrievably broken!

The only solution is to nationalise all the banks in order to put them through bankruptcy reorganisation.

This would see the deposits and traditional loans safeguarded. However, the toxic derivative debts held by the banks (and which caused this financial train wreck) would be extinguished as worthless paper.

Then FDR's Glass-Steagall conditions of 1933 would be imposed. These conditions would forbid the banks from ever venturing beyond their original chartered functions of deposit-takers and traditional lenders.

That would be the first major step to stabilising the banking system and returning confidence to it.

In response to edwinac, you suggest they just print money? It would be worthless, because of the hyperinflation this would cause. Like someone said on an earlier post, your £35,000 compensation might just buy you two loafs of bread if you're lucky. Printing money is just paper, it has to be backed up by somethign tangible.

I think you're a bit of a fraud, because that is exactly what has been happening!

The fascist central bankers have been printing new money (or "injecting liquidity" to use their deceitful euphemism) like nothing we have seen in Europe since the hyperinflationary blowout of 1923 Weimer Germany.

Since the Bretton Woods agreement ended in 1971, our fiat money is not backed by anything tangible. It is no longer on a Gold standard and no longer convertible into anything of intrinsic value. To return confidence to the system, we need a New Bretton Woods Agreement.

But I figure you knew that already, which is why you're a fraud!

isofa

edwinac wrote: »

I think you are being unreasonable.. You don't like the content of his messages, so you want him silenced.. What he posts isn't spam, and whether he is "scaremongering" or not is a subjective call.

He has supported his claims by linking to articles from three well known media organs - the Daily Mail, the Telegraph and Marketwatch...

Your opinions are equally subjective, but unlike "jp-01", you offer no corroboration to support them!

Whilst I agree with you with JP01s last post, I'm afraid I don't on his previous three, and neither did the many users who reported him, nor the administrators of MSE who removed all three posts - if you read the threads you see where they were removed.

He is a classic forum troll.

I have no intention of reporting this post, nor silencing anyone - a healthy debate is important, and one with over 3000 posts, I've entered into many here. But people posting words to the effect, "we are all doomed, get your money out now, run for the hills", isn't helpful, it's foolish, and I disagree with you, it is scaremongering.

My opinions are just that, as it's worth pointing out are yours. I'm able to make reasoned choices and decisions based on research and knowledge - I don't read tabloid newspapers, nor respond in haste.

Finally, I, and most other reasoned posters here, do not rush around the forums, cross posting the same message with banned links (JP01 did this a few days ago).

Trollfever

Visit Iceland.

The Land of Smoke and Mirrors.

genny

Visit Iceland, land of stunning unspoilt scenery!

LucyTheDwarf

Haha, I'm a fraud?! Why, thank you - as you have decided to launch an attack on me, I'm glad to have rattled your cage.

I am well aware of the enormity of the crisis the worldwide economy is in. Do excuse me for not panicking though, I'm just a fraud. I don't think you can even begin to compare what is happening now to Weimar Germany.

I am sick to death of the scaremongering, the doomsayers, the downright troublemakers. The end is nigh, yayaya. Run back to your bunkers everyone.

Plasticman

Some of the posts on this thread remind me of 1999 and the Y2K 'bug'. Planes will be falling from the sky, it's the end of society as we know it, we're all doomed (etc etc).

isofa

Plasticman wrote: »

Some of the posts on this thread remind me of 1999 and the Y2K 'bug'. Planes will be falling from the sky, it's the end of society as we know it, we're all doomed (etc etc).

Not to mention the LHC (Large Hadron Collider), just as well it's out of action until next year, otherwise the end of the World would be nigh!

<Sighs>

luvpump

Dave_®f© wrote: »

I'm still holding out and not running to move my dosh....still doesn't stop me pooping my pants though! And I'll be watching the news like a hawk for warning signs that Kaupthing may be in the dodo.

I withdrew my Final 20K this evening Dave, I like the Bank !, Great Customer service & I think on balance they will be ok..... but I simply couldn't be sure, no one can, the factors that determined this for sure were..

1. Very high rates, too good to be true perhaps.
2.A very Highly leveraged bank
3. The Icelandic krona is collapsing !
4. Can a Country with a very small population rescue such a big bank ??
5. The T&C's saying they can transfer your money to Kaupthing hf away from Kaupthing edge, thus away from FSCS, to the icelandic equivalent,

Adding all this together says one thing to me at least..better safe than sorry..

Swipe

Peace of mind is worth much more than an extra 0.3% interest IMO.