Preparedness for when

[Deleted User]

The most unlikely sources bring the most pertinent thoughts don't they? I was watching the news this morning and Louise Minchin was interviewing Angelina Jolie, OK I thought, time to pour another cuppa in the kitchen until it's over as it will be the usual how wonderful the rest of the world is and how lucky I am to be me!!! Boy was I wrong!!! She actually said that her work with TPTB in poor world countries has made her think no matter how bad I think life is, I have seen how all these people live and what they have to cope with on a day to day basis and I realise just how privileged my life is and those lives of all of us in the 'developed' world and it's made me realise just how much we ALL actually have. Pretty profound eh? from someone I've just regarded as a clothes horse. Good object lesson in not having preconcieved ideas about people.

Butterfly_Brain

This is on Zero Hedge today

http://www.zerohedge.com/news/2014-05-19/chilean-activist-burns-500-million-student-loan-docs-protest-against-debt-serfdom

Not to mention the military coup in Thailand which has the Chinese twitching

http://www.theguardian.com/world/2014/may/20/thai-army-declares-martial-law

Butterfly_Brain

The IMF wants to tax all bank accounts in the EU and it looks like it is being taken seriously by the EU diktat

http://www.activistpost.com/2013/10/imf-proposal-to-tax-bank-deposits.html

short_bird

A discussion of human waste disposal. You're welcome.
http://www.treehugger.com/bathroom-design/hot-poop-alternative-toilets-update-3.html

Frugalsod

Butterfly_Brain wrote: »

The IMF wants to tax all bank accounts in the EU and it looks like it is being taken seriously by the EU diktat

http://www.activistpost.com/2013/10/imf-proposal-to-tax-bank-deposits.html

This sort of action to recapitalise the banks was guaranteed after the Cyprus bail in. Though those close to the government got their money out before the bail in so were not impacted at all. The real problem is that ALL our big banks are insolvent and even the small percentage of RBS that is still in private hands will have to be nationalised. Wiping the remaining shareholders out.

The problems that we had in 2008 are still waiting to be fixed and not one country has actually fixed them. It could go on for a while.

jk0

Frugalsod wrote: »

This sort of action to recapitalise the banks was guaranteed after the Cyprus bail in. Though those close to the government got their money out before the bail in so were not impacted at all. The real problem is that ALL our big banks are insolvent and even the small percentage of RBS that is still in private hands will have to be nationalised. Wiping the remaining shareholders out.

The problems that we had in 2008 are still waiting to be fixed and not one country has actually fixed them. It could go on for a while.

I was listening to an interview with Ellen Brown, (author of Web of Debt) on USA Watchdog yesterday.

https://www.youtube.com/watch?v=NJVlDEB_V2U

She was talking about the FDIC bank deposit protection level of $250k. She made the point that in the event of several banks failing there would not be enough cash in the kitty to pay everyone with under $250k in their accounts.

The US Treasury would be prevented from conjuring funds up from thin air by the 'Dodd Frank Act', so the funds to recapitalise the banks would still come from depositors.

Anyone know if that would be the same situation here?

pineapple

No idea. I've just always assumed that deposit protection (or whatever it's called) won't be worth a can of beans in the even of a massive failure. Plus is there any stipulation about timescale in this 'protection'? Because you might well get your money eventually but not when you need it - and by the time you get it, it could be massively devalued.

Perplexed_Pineapple

I don't think the situation would be the same here, no Dodd Frank Act or similar so they can print the money and deflate the currency ad infinitum (see Zimbabwe).

Frugalsod

pineapple wrote: »

No idea. I've just always assumed that deposit protection (or whatever it's called) won't be worth a can of beans in the even of a massive failure. Plus is there any stipulation about timescale in this 'protection'? Because you might well get your money eventually but not when you need it - and by the time you get it, it could be massively devalued.

What will happen is that depositors with deposits above the threshold will be hit hard, though they might significant reduce the level of protection significantly, to effectively hit more people and spread the pain out. You might be restricted to £200 per day of withdrawals for several months until the banks are stable again. Capital controls will be imposed to stop another run on the banks. So just look at Cyprus to see the impact.

COOLTRIKERCHICK

just seen on the news.. Russia is striking a deal with china to supply gas, so its not reliant on Europe to buy its gas... only caught the that bit of info at the end of the news..


To me ( I might be wrong) 'if' Russia strikes a deal to supply China with gas, then in theory they don't need Europe, as I am sure the amount of gas China would buy/use would keep Putin happy.. but as I say this is just my personal thought on this..


Any thoughts ???