End of the world?

Ark_Welder

kidmugsy wrote: »

Are you claiming that the bondholders were wiped out? That it cost the taxpayer nothing?

No. You don't mention shareholders? PIBS holders?


You may find NRAM's half-year results to be of interest, available on here. Shows how much of the taxpayer funds provided to both Northern Rock and B&B has been repaid to-date.


Further reading about Granite:

http://news.bbc.co.uk/1/hi/business/7256431.stm
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4789111/Creditors-fear-new-losses-on-Northern-Rock-bonds.html

bendix

End of the world, my !!!!. This is the best bargain buying time for years. I'll let all the idiots sell their stocks and I'll buy up.

Reaper

You may be too late. Dow Jones up 4%, Nasdaq up 5.3% and all other markets up too. Looks like the end of the world has been postponed.

chris_m

For now ;-)

Geoff23

Reaper wrote: »

You may be too late. Dow Jones up 4%, Nasdaq up 5.3% and all other markets up too. Looks like the end of the world has been postponed.

It wasn't due until the end of next year anyway...

Ark_Welder

Geoff23 wrote: »

It wasn't due until the end of next year anyway...

Might as well get a year's worth of interest free credit in while I can then...:D

Old_Slaphead

talexuser wrote: »

I saved another sheet from other portfolio revamps in Oct 2010 and am up 4.7% since then.

Is the panic type reporting a little over done compared to other corrections over the years?

Did you save your 31/12/1999 spreadsheet to compare - after all shares are long-term investments

Geoff23

llubdlog wrote: »

What will come next after the monetary system started in 1971?

That's a tough question. Bretton Woods was negotiated, although those negotiations weren't exactly even given the respective states of Europe and the US at the end of WWII. When Bretton Woods collapsed it was replaced with another system that was unilaterally brought into existence by the US, after negotiations failed. This time it is not the US which will act to bring down the system, because the current system works in favour of the US....and Europe isn't in any position to dictate the future either. The big losers if no action is taken will be the holders of US dollars (i.e. the central banks of China, India, Brazil, etc...) and those who don't want to trade in dollars (e.g. Iran.) I think the most likely outcome is either gold as the reserve currency with a variety of other currencies (the most important of which will be the Chinese Renmimbi) OR a new international reserve currency backed by a basket of barterable commodities. This was what was being suggested by Keynes and the UK at the end of WWII. Google for "Bancor" if you want more information. If the negotiations between these other countries suceed then we'll get something like Bancor. If the negotiations fail then we'll have gold as the reserve currency with various different national currencies competing with it as a store of value, some of which may be gold-backed.

My best guess, anyway.

Ark_Welder

llubdlog wrote: »

What will come next after the monetary system started in 1971?

Something that hasn't already been tried before 1971 and failed.

talexuser

Old_Slaphead wrote: »

Did you save your 31/12/1999 spreadsheet to compare - after all shares are long-term investments

Yes, my graphs are slightly down from that peak but my first PEP was 1995 so those years have compensated. The point of the thread was my surprise at the actual figures compared to the headlines and tv reports, and the fact that similar corrections are not exactly unknown.