March 30, 201313 yr ...I wonder if the timing of the Cyprus smash and grab had anything to do with this 4 day weekend?...Except there's no Good Friday hol down around the Med! Hard to believe when every conceivable excuse for a public holiday is honoured - but not that one!The UK£ is recovering some of its composure against the € though, which is a not unwelcome development in those parts! Saw something last night which said the grab could be as high as 60% of some deposits. Incredible, and a lot of powerful people with contacts are going to be very very upset! Maybe the bank manager who was doling his own money out to those in need has a better appreciation of hard realities than some politicos?
March 30, 201313 yr Message from ECB/IMF: Leave any serious cash in Southern European Banks at your peril, and that could even include socialist France.Result: A flight of capital into Northern Europe, or likely outside the Eurozone entirely.The lack of moral hazard all started with our very own Northern Rock and pathetically incompetent Labour chancellor Alastair Darling - as noted here at the time. Now, when introducing moral hazard is forced on the politicos, they characteristically go over the top - because it's far far too late! The US had the good sense to let Lehman Brothers go - it served a dual purpose in evening a few scores amongst the banking fraternity, and so was an easy choice.It's a totally pointless exercise recapitalising the Cypriot casinos, and they should have used a tiny fraction of the money setting up a string of local "savings and loans" to take over the day to day business of the populace - one per town.
March 31, 201313 yr Author Seems some are waking to this threat. http://mondediplo.com/2013/04/01nicosia
April 3, 201313 yr Author Cyprus and the ECB explained: http://demonocracy.info/infographics/eu/cyprus_crisis/cyprus_crisis.html
April 6, 201313 yr Author It seems clear now the Eurozone is haemorrhaging money, or investment. Where once foreign investment felt safe, now after the completely mishandled Cyprus debacle they obviously no longer feel the same. Record levels of financial repatriation are increasingly apparent.France's new President is now the least popular in 30 years, quite a feat in itself after the despised Sarkozy! His new finance minister has just announced he is actually a tax evader and yet another one of the ministers has admitted to stashing money in the Cayman Islands! Do as I say not as I do!Constitutional court in Portugal just decreed the hitherto agreed Troika imposed Portuguese austerity measures are illegal. Hardly surprising politicians and bankers have such low esteem in public opinion. How long can the Euro hang on or will Merkle etc back it into oblivion? That will be us in oblivion not them of course!
April 9, 201313 yr http://theblogofkevin.wordpress.com/2013/04/03/headaches-and-toast-living-on-18-a-week/Politicians with a sense of reality in the 'proper' North?!Shirley not...
April 15, 201313 yr Is Gold collapsing now then GGG?Don't follow it closely, but now that you come to mention it... looks like we are in a classic retreat to something between $1000/oz and $800/oz. There are quite a few producers who are struggling to produce profitably at around those levels and higher so I wouldn't expect it to go much lower. But confidence in it as a store of value has - very rightly - been shaken at these speculative bubble levels.The very people who are now losing money are the people who are reluctant to invest in equities because of the perceived risk - they don't like the idea of any capital loss, so will be doubly put out. Guess they will simply have to leave their money in Euros, collecting a derisory rate of interest in a nice safe offshore Eurozone bank! Anyway, I certainly wouldn't bet my shirt on the gold price! http://www.bbc.co.uk...-asia-22101436
May 15, 201313 yr Banker Watch! And to think all this could have been avoided if the had kept the Bedlington Branch open.
May 27, 201313 yr Author We all know those Germans have the best run economy in the EU don't we. Nothing to see here, move alone now! $72 Trillion, how many zeros in that? http://www.examiner.com/article/banking-insider-deutsche-bank-danger-zone-and-will-go-belly-up
May 29, 201313 yr Author Not good news for our High Streets!http://www.bbc.co.uk/news/business-22686180
June 2, 201313 yr Author Just when thing seemed quiet........http://www.bloomberg.com/news/2013-05-31/rbs-has-credit-outlook-changed-to-negative-by-standard-poor-s.html
June 18, 201313 yr Author How can we make things any worse??????http://www.publicserviceeurope.com/article/3598/eu-threatened-greek-broadcaster-days-before-it-went-off-air
June 18, 201313 yr It's just us pensioners that are suffering! Makes my decision, just as the crash started 5 years ago, to take my pension and freeze the rate for 10 years. We might just be getting out of it by 2018 and I should be able to afford two pints on a Friday night. I have zillions of zeros in my accounts. Even NS&I are changing their rates. Will have to get the wife back to work to boost her retirement fund. Think it's soup and bread for evening meal - missed out dinner.How come there are no charity shops (that I know of) of Bedlington front street? Is Bedlington avoiding the crash - apart from The Percy & Clayton Arms?
June 19, 201313 yr Author Funny what comes out in the wash........http://www.annaraccoon.com/politics/were-all-in-this-together-except-for-the-labour-party/
June 19, 201313 yr Author Could be the writing is on the wall.........http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10128049/Co-op-suffers-double-rating-blow-as-Moodys-warns-investors-may-only-get-a-third-of-their-money-back.html
June 20, 201313 yr Author Gideon at the Mansion House.........."High-street banking will be ring-fenced so that taxpayers are better protected when things go wrong.We will be able to bail in creditors when a bank fails rather than turning to the public purse.â€EH??????
June 22, 201313 yr Author http://www.telegraph...ilout-fund.htmlWell its looks like we are about to get really poorer really quick now. Why hasn't this been splashed all over the MSM? Let's look at how the 'Rescue Fund' is made up.There are several players in the above who I have no doubt are raring to hand over their contributions……..not! Countries already attracting bailouts having to stump up to bail out EU wide banking?The lunatics have already taken over the asylums!So what's likely to happen really……………EU/ECB money printing on a huge scale or even a contemptuous use of fractal banking. Either way paper money (FIAT) is going to be under intense pressure to survive in any form never mind with any worth. Draghi is ignoring any constitutional and democratic laws which get in his way and it's now a case of his way or the highway.
July 2, 201313 yr Author Strategic quantitative easing:http://www.neweconomics.org/publications/entry/strategic-quantitative-easing
July 17, 201312 yr Author Bit of fortitude required but well worth the effort.http://pro.moneyweek.com/myk-eob-tpr123/PMYKP703/
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