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The default delusion: Inevitable & desirable

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Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    lvader wrote: »
    Germany would get taken out before us.

    I doubt it. UK banks balance sheets are highly exposed to mortgage debt that requires funding.
  • Wookster
    Wookster Posts: 3,795 Forumite
    CLAPTON wrote: »
    remind me, in your lifetime how many retail banks in the UK failed such that ordinary savers lost money?

    How is this relevant?
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    Wookster wrote: »
    How is this relevant?


    if you don't understand the thread then so beit.
  • A._Badger
    A._Badger Posts: 5,881 Forumite
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    It's wrong to single-out Lloyds. It was doing fine until a useless CEO was conned into trying to digest HBOS by a useless Prime Minister

    This is another example of the corporatism .(not capitalism) that has threatened to destroy the West's economies - corrupt governments and big businesses hand in hand.
  • Wookster
    Wookster Posts: 3,795 Forumite
    CLAPTON wrote: »
    if you don't understand the thread then so beit.

    Oh I laughed out loud. Even though I have a stinking cold, I laughed out loud.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    Wookster wrote: »
    Oh I laughed out loud. Even though I have a stinking cold, I laughed out loud.


    fair enough
  • lvader
    lvader Posts: 2,579 Forumite
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    Thrugelmir wrote: »
    I doubt it. UK banks balance sheets are highly exposed to mortgage debt that requires funding.

    German banks are hugely exposed to all Euro zone government debt, if It really gets bad Germany are stuffed.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    CLAPTON wrote: »
    it means you can't lose your lifes savings although inflation may make them a little less valuable

    which would most people choose if push came to shove?

    A long slow recovery. As painful as it may be.

    Time that prudence was rewarded.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
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    lvader wrote: »
    German banks are hugely exposed to all Euro zone government debt, if It really gets bad Germany are stuffed.

    Germany is stuffed either way.

    A doomed economy, living on borrowed time.

    A shrinking population, and an economy built on an illusion of prosperity through currency imbalances and one way capital flows from the European periphery, will see to that soon enough.

    I'm quite amused they invented the word "Schadenfreude"....

    Many of us will be enjoying rather large quantities of it over the next few decades.
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 14 June 2012 at 9:45PM
    Thrugelmir wrote: »
    Time that prudence was rewarded.

    Prudence has been rewarded. It always is.

    What has not been rewarded is the excessively risk averse behavior of those who thought they were being prudent, but were just being mugged instead.

    Parasitical risk free above inflation returns were never going to be sustainable, as those "savers" who thought they were being prudent are only now realising. :cool:
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”
    -- President John F. Kennedy”
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