Do your duty-savers,support UK institutions.!

Pssst

With the fall of Landeswanki we saw clearly where loyalites lie. At home, supporting your own people, your own banking system and your own economy.

A clear lesson was learned. That foreign powers can quite happily renege on gaurantees and promises if it means that they gain support of their own people and it helps their own country and economy.

Surely then,in these troubled time,we the UK people,have a duty to assist ONLY the UK economy by supporting the best of the UK financial institutions?

Why put money and investments with foreign banks?

I got stung with Landeswanki. I foolishly moved money to them a few days before they crashed. I was lulled into a false sense of security by their confident statements on their website about guarantees and how big they are and how many billions of reserves they have blah blah blah.

Secretly they were plotting behind our backs to steal our money. At the very point when i gave them my money,they knew they were in trouble.

Thankfully it appears im covered this time. But i will make sure it does not happen again.

I have learned some valuable lessons..

(1) In the financial sector its all smoke and mirrors, Its all about promoting confidence. The actual money is etherial and often not real. Its just numbers on a sreeen or a bit of paper but can you actually get your hands on it?

(2) Saving too much money is a mugs game. Who says your going to live forever and even if you reach a ripe old age,the state or someone else will look after the wasterals and the ones who lived it large during their youth,whilst those who have been more conservative will be taxed to the hilt in their old age and will have to spend all their savings paying for what others will get for free.

The most vital point is that in a crisis such as this,we all have a duty to support and bolster the UK economy. If we dont,then all is lost. Whatever money i have left has now all been moved to a number of UK institutions. I will not support foreign economies whilst ours wobbles.

Ximian

The UK councils should take your advice, they have(had) millions in Icelandic banks

Pssst

Indeed Ximian..The world is different now and we were living under an illusion of perceived confidence, lies and deceit. The only thing that matters is that the UK economy comes out STRONG. If it doesnt,we will all suffer no matter where we are in the food chain. As the guy said in Parliament the other day, when a ship hits an iceberg,you take to the lifeboats. You dont run round looking to blame who steered it.

Limes

Pssst wrote: »

A clear lesson was learned. That foreign powers can quite happily renege on gaurantees and promises if it means that they gain support of their own people and it helps their own country and economy.

Surely then,in these troubled time,we the UK people,have a duty to assist ONLY the UK economy by supporting the best of the UK financial institutions?

Why put money and investments with foreign banks?

I think I almost heard "Land of Hope and Glory" whilst reading your message but am a little unconvinced. . .

The best UK financial institutions. . . what would they be then?
HBOS? - whose exposure to business around the world was limited and some would have considered a great British institution has struggled and subsequently gone the way of other great British institutions such as Bradford & Bingley, Alliance & Leicester et al.

RBS? - well take a look at their share prices recently

Barclays? - Huge exposure and write-downs as a result of sub-prime fiasco

Abbey? - not British for a number of years

You seem to be advocating doing business in my opinion with either Lloyds TSB, HSBC or Nationwide. . . who else is there? Which of these offer good deals for customers' savings?

As I've mentioned in another thread elsewhere, people have got their fingers burned and are understandably anxious because of the Icelandic thing - however, when comparing this particular economy's size and strength to other nations it's no surprise things happened the way they did. Believe it or not there are economies out there that are significantly stronger or as strong(!) as the UK with sound banking and better guarantees on deposits.

I have to say I think that the original post is maybe a little jingoistic and despite the stirrings of "Proud to be British" evident in the message is uncharacteristically and rather un-British-ly emotive and knee-jerk in its reaction and content.

"We will bite them on the features!!!";)

shellbell63

I agree - never been a better time to buy British.

However would the likes of B & B, Abbey & A & L come under 'supporting UK institutions' now that they are under Santander umberella?

Pssst

Hmmm...well i dont know about stiff upper lips,land of hope and glory and jingo-ism and I'm not actually English but leaving that aside, i still maintain that Cash earned by British people is best left in British institutions. The more "British" money that is kept in house,the better. As to where to put it,thats a different matter. Obviously it would be wise to diversify and do your homework.

I do not necessarily see share price as a good indicator of a companies' strength although in normal times it can be.

I think what we are seeing here is those at the very front line of the stock market, troughing it and generating income for themselves and their employers by buying and selling volatile stock. No doubt the papers will soon be full of stories outing those who have made millions from the recent troubles.

Those who have power and influence simply promote stalking horses to hunt prey and then profit from the kill.

If it isnt M&S then its RBS or someone else.

All i am saying is that we are all citizens of GB Ltd and if GB Ltd dives then we are all on board so lets do what we can to make it a smoother ride?

Caterina

Hey the HSBC is not a British bank, its name Is an acronym of:

Hongkong and Shanghai Banking Corporation

I thought they were Saudi?

There's no safety anywhere, but if I can get my money back from the bloody icelandic disaster KE I am going to put it in UK banks, yeh probably Nationwide is the best bet at the moment I think!

Caterina

Darts

On a point of pedantry, HSBC is not an acronym.

Masomnia

I don't see that it makes a huge amount of difference. We put our money in an English bank, they invest it in America anyways...

Caterina

Darts wrote: »

On a point of pedantry, HSBC is not an acronym.

Oh I thought that this is what is called, what is it then when a word is made up of the initials of other words? Thanks

Caterina

Darts

An acronym is when a new word is made up out of the intials or shortened form of something - like NATO for example. HSBC is just saying the individual letters, it's not actually a word itself.

I only know that from remembering Will Self on Shooting Stars, a long time ago.