Wasn`t expecting this - Austria about to implode

Wookster

Reaper wrote: »

The only good news is that when the interviewer asked if he thought Britain would need IMF help he laughed and said no.

Regardless of what he thinks, he simply cannot say yes to that can he?

Sir_Humphrey

Generali wrote: »

Propping up the banks isn't going to work because the losses are too large.

The Bank of England and Government should have spent the time and energy on propping up insolvent banks on preparing a nationalised credit and banking system (through Post Office network perhaps?) to replace the insolvent private one.

The nationalised system could be broken up into perhaps fifty banks and privatised in a few years time.

Stalin, Mao Zedung, Pol Pot!

It is clear that some form of nationalised lender is needed. The trouble with your suggestion is that it would still be enormously expensive since depositors would need to be protected to retain confidence in the system. The huge sums and debt were inevitable after the start of the credit crunch. The public would always end up paying, either through having their savings and/or livelihood wiped out, or through increased taxes/worse public services.

purch

he simply cannot say yes to that can he?

He's hoping and praying that the answer is NO !!! :eek:

harrup

Ian_Griffiths_Halifax wrote: »

All I can say is........... Fokking Fokk! :eek:

How true...and so eloquently put.

StevieJ

China will be hunting for resources on the cheap, they could exit from this in a very
strong position

Rochdale_Pioneers

Reaper wrote: »

I saw an interview with the head of the IMF a couple of days ago. He was saying that people don't appreciate the economies of several countries are heading for collapse.

The only good news is that when the interviewer asked if he thought Britain would need IMF help he laughed and said no.

I think our problems pale into insignificance compared to others.

Cobblers. Britain is "the most indebted nation on earth". Our banking system is collapsing under a tidal wave of debt, and Britain "is uniquely poorly placed" going into the downturn. And its all Brown's fault.

Must be true - Cameroon said it.

Generali

Sir_Humphrey wrote: »

Stalin, Mao Zedung, Pol Pot!

It is clear that some form of nationalised lender is needed. The trouble with your suggestion is that it would still be enormously expensive since depositors would need to be protected to retain confidence in the system. The huge sums and debt were inevitable after the start of the credit crunch. The public would always end up paying, either through having their savings and/or livelihood wiped out, or through increased taxes/worse public services.

Depositors can't be protected in the end I suspect, the cash just isn't there. If what I believe to be true is right then ultimately, depositors will lose their money.

There is no point in propping up the banking system if you destroy much of everything else to do so!

I realise that what I say seems to run counter to a lot of other stuff that I post. However, a system of credit is vital to the functioning of an economy and has been for a few hundred years in the UK and it is a function of Government to ensure that all things necessary for British subjects to continue with their lives is available.

Wookster

Generali wrote: »

Depositors can't be protected in the end I suspect, the cash just isn't there. If what I believe to be true is right then ultimately, depositors will lose their money.

Do you think that ultimately support will be cut for banks, which will end up in liquidation, and that savers will lose all their money?

Generali

Wookster wrote: »

Do you think that ultimately support will be cut for banks, which will end up in liquidation, and that savers will lose all their money?

I think there is a real risk that will happen. I can't way whether it actually will happen or not. Nobody knows. Perhaps these problems will just evaporate. I have my doubts.

Reaper

StevieJ wrote: »

China will be hunting for resources on the cheap, they could exit from this in a very
strong position

They certainly are. Apparently they are coming over to the UK on a shopping trip and are expected to spend $2.23 billion.
http://online.wsj.com/article/SB123510607228130765.html?mod=googlenews_wsj

That's more than some footballers wives.