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Crisis? What crisis?
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LOL my quote came from the Sunday Times
LOL, it must be going around as Mitch Ben, I think, from the Now Show, Radio 4 1830 Satirical news sketch show, sang a song about the credit crunch as a cereal to the tune of the Coco pops advert.
Also Hugh Denis and Andy Parsons on Mock the Week reuse the jokes from the Now Show, which they appear in.Buy for value not cost.
Feb Grocery = £55.87 / 800 -
Le Crunchie Credit:cool: hard as nails on the internet . wimp in the real world :cool:0
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echelon101 wrote: »LOL, it must be going around as Mitch Ben, I think, from the Now Show, Radio 4 1830 Satirical news sketch show, sang a song about the credit crunch as a cereal to the tune of the Coco pops advert.
Also Hugh Denis and Andy Parsons on Mock the Week reuse the jokes from the Now Show, which they appear in.
Ahh, they all reuse jokes on Mock the Week - I've heard entire routines repeated by Frankie Boyle on there from other shows / stand up he's done - pity they can't be a bit more off the cuff!0 -
Originally Posted by echelon101
LOL, it must be going around as Mitch Ben, I think, from the Now Show, Radio 4 1830 Satirical news sketch show, sang a song about the credit crunch as a cereal to the tune of the Coco pops advert.
Also Hugh Denis and Andy Parsons on Mock the Week reuse the jokes from the Now Show, which they appear in.
Have they been nicking my material again ? :mad:
See post 702 on here http://forums.moneysavingexpert.com/showthread.html?t=401374&page=36&highlight=crunchies
I demand royalties.
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Observer
Company pension deficits to rise to £92 billion - more than double over a year.
But companies are also coming under pressure from rising costs and falling profits.
It's my understanding that the Pension Protction Fund will charge them more for their insurance if their deficit has widened.
So there's every prospect of more Finance Directors advising their bosses to alter or abolish the schemes for new and even existing employees.0 -
Cozworth806 wrote: »Funny, Postbank in Germany is being sold for the same reasons as HBOS AFAIK.
Societe Generale?
Industriekreditbank (IKB), Germany's 4th largest bank, has also been caught in the financial crisis. It got its fingers badly burned dabbling in mortgage-backed securities in the USA. It was forced to find emergency funding before it too collapsed.
See: Financial Bubble Bursts in Germany"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
I'm currently in France but have access to British, French and German TV. The crisis is usually top of the British news, and the other evening there was wall-to-wall coverage on several UK channels. However, there's far, far less about it in France and Germany.
I imagine that the crisis is the main talking point around dinner tables in GB. Yet, the other evening we were "à table" with a large group of French and German friends. When we asked about the crisis, they thought we were talking about the rising cost of food and fuel!
Of course, they are aware of it, but it is really not such an issue here or in Germany. People with shares are complaining but there is no fear that savings deposits could be at risk.
Apparently, the Saturday edition of the German daily Frankfurter Algemeine Zeitung featured a lengthy historical article, detailing the 14th century collapse of the Lombard banking system, and its consequences, making the obvious comparison to the current global financial disintegration...
Here is a rough translation of that FAZ article by Dirk Schümer. It is titled Greed, Which Marches Over Corpses.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0 -
Fortis Bank has just been semi-nationalised by the Belgian and Dutch governments, so there are banking problems in Europe too.0
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Fortis Bank has just been semi-nationalised by the Belgian and Dutch governments, so there are banking problems in Europe too.
Fortis was a whopper. The scale of this failure is breathtaking. To date, "Fortis is by far the biggest European financial institution to be hit", says the FT's Thai Larsen.
More than half of all Belgians banked with Fortis and it was the country's largest private sector employer. Its liabilities were also more than three times the GDP of Belgium.
Also from the FT..
European banking on borrowed time
By Daniel Gros and Stefano Micossi
Published: September 23 2008 19:49 | Last updated: September 23 2008 19:49
The crucial problem on this side of the Atlantic is that the largest European banks have become not only too big to fail, but also too big to be saved.
For example, the total liabilities of Deutsche Bank (leverage ratio over 50!) amount to about €2,000bn (more than Fannie Mae) or more than 80 per cent of the gross domestic product of Germany.
This is simply too much for the Bundesbank or even the German state, given that the German budget is bound by the rules of the European Union’s stability pact and the German government cannot order (unlike the US Treasury) its central bank to issue more currency.
Similarly, the total liabilities of Barclays of around £1,300bn (leverage ratio 60!) are roughly equivalent to the GDP of the UK. Fortis bank has a leverage ratio of “only” 33, but its liabilities are three times the GDP of its home country of Belgium.
With banks that have outgrown their home turf, national treasuries and regulators in Europe are living on borrowed time: they cannot simply develop “road maps” (the only result of various Ecofin discussions of regulatory reform by finance ministers), but must contemplate a worst-case scenario.
Given that solutions for the largest institutions can no longer be found at the national level it is apparent that the European Central Bank will need to be put in charge as it is the only institution that can issue unlimited amounts of a global reserve currency. The authorities in the UK and Switzerland – which cannot rely on the ECB – can only pray that no accident happens to the giants they have in their own garden."If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."
-- Thomas Jefferson0
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