Plunging British Pound Saps Expat Pension Spending Power

[billd766]

6 hours ago, Hupaponics said:

I'm sorry to hear that. 

Nothing we should further discuss here, but I just want to pass on an idea that might help. If you arrange a wedding (legal), that would sort the visa issues. 

Cheers and best of luck!

 

I am on a retirement extension and have been for a few years. Should the worst happen I can always drop to a marriage extension which (should) last me my lifetime.

 

Like you I feel sorry for those on the borderlines.

 

Living out in rural Thailand away from the odd police checks especially if the Immigration police can't be bothered to drive a long way.

[Arth]

On 1/2/2018 at 5:25 AM, Samui Bodoh said:

And Brexit rears its ugly head...

 

Who didn't see this coming?

The currency is weak because we have relied upon a debt induced housing bubble to create wealth for 3 decades, along with public sector borrowing to hand out to you boomers.

 

Though Carney printing more money and dropping interest rates after the referendum has debased the currency though you're not of high enough intelligence to be aware of this.

 

Brexit is the antidote to this.

 

Educate yourself.

[Arth]

On 1/3/2018 at 2:57 PM, Basil B said:

Over the long term I doubt the pound will weaken unless things turn nasty, probably will strengthen over the long term, but we are talking decades.

 

It'll strengthen after the inevitable debt/housing bubble crash, and when we can no longer borrow 50/60/100 billion a year and print the same amount.

 

This crash should have been allowed to happen in 2008 then things would be on the up, sadly the Labour party were in the pockets of the banks and so are the equally traitorous Tory party. 

Edited January 4, 2018 by Arth

[Arth]

On 1/2/2018 at 6:12 AM, lovinglife said:

$ has weakened against THB and £ in 2017. That's not a bad thing for US economy, helps exports, same as £ weakening against euro has boosted UK exports

 

What a nonsense that is, if it were true Zimbabwes exports should have gone through the roof.

 

You don't debase your way to becoming an exporting powerhouse.

[Arth]

On 1/2/2018 at 8:09 AM, Get Real said:

I sincerely feel sorry regarding the drop in pension for so many of the brittish retirees. Actually know a lot of a nice bunch of them. 

.

These are the boomers who had the opportunity to buy assets/history at the lowest prices in history, pay off houses and save for a pension for a few dacades. Not to mention they are the ones who have created the 2008 debt bubble by living on borrowed money.

 

These are the last people to feel sorry for, you ought to save your pity for the young people of Britain who are left with the 2 trillion debt mountain that is unrepayable without some  form of default/hyperinflation..

[nausea]

Lot of truth in that last comment. 

[Watchful]

7 hours ago, Arth said:

What a nonsense that is, if it were true Zimbabwes exports should have gone through the roof.

 

You don't debase your way to becoming an exporting powerhouse.

 

Zimbabwe doesn't make anything to export.  US has shuttered factories all over the place. Indeed, as imports become more expensive some of those plants are being put back into service.

 

Now, if Trump will just honor his promise to assign border adjustment taxes exactly equal to those assigned to US products, things will get even better. This first step is to stop the flood of imports from countries that "rig" the game with border adjustment and other protectionist regulations.

 

In short, those countries should enjoy the same "free trade" that they offer.

[Get Real]

7 hours ago, Arth said:

These are the boomers who had the opportunity to buy assets/history at the lowest prices in history, pay off houses and save for a pension for a few dacades. Not to mention they are the ones who have created the 2008 debt bubble by living on borrowed money.

 

These are the last people to feel sorry for, you ought to save your pity for the young people of Britain who are left with the 2 trillion debt mountain that is unrepayable without some  form of default/hyperinflation..

 

6 hours ago, nausea said:

Lot of truth in that last comment. 

 

Okey then, let´s go to the real source of the real estate and housing bubble in 2008. That was created by the subprime mortgage crisis in USA, where the reaction was that it spread on to Europe and most other parts of the world. On the other hand that is something that people nowhere ever will learn anything from, because it happens time after time. I guess it´s just the cancer of business and economy. People just try to get what they can at any given time when there is an opportunity, and that always create a bubble in all sectors that regards economy in any kind of way. The ones that always take the hardest punch, is the small businesses. That due to the effect that the banks holding harder on the cash, which also is necsessary to get back on track. Unfortunately that is only one of the consequensies. The biggest part is that the greedy never learn their lessons, and never contributes to really teach the generations to come.

Edited January 4, 2018 by Get Real

[simoh1490]

1 hour ago, Get Real said:

 

 

Okey then, let´s go to the real source of the real estate and housing bubble in 2008. That was created by the subprime mortgage crisis in USA, where the reaction was that it spread on to Europe and most other parts of the world. On the other hand that is something that people nowhere ever will learn anything from, because it happens time after time. I guess it´s just the cancer of business and economy. People just try to get what they can at any given time when there is an opportunity, and that always create a bubble in all sectors that regards economy in any kind of way. The ones that always take the hardest punch, is the small businesses. That due to the effect that the banks holding harder on the cash, which also is necsessary to get back on track. Unfortunately that is only one of the consequensies. The biggest part is that the greedy never learn their lessons, and never contributes to really teach the generations to come.

6

"The housing bubble in 2008".

 

Interest (and mortgage) rates at record lows, money being pumped into the economy courtesy of QE, investors chasing yield and everyday people looking for a safe place to park their savings, that's basically the 2008 picture and it's the same picture that still exists today! Oh yes, and in the UK, the government trying to reinflate the economy with Buy to Let.

[Arth]

7 hours ago, Get Real said:

 

 

Okey then, let´s go to the real source of the real estate and housing bubble in 2008. That was created by the subprime mortgage crisis in USA, where the reaction was that it spread on to Europe and most other parts of the world. On the other hand that is something that people nowhere ever will learn anything from, because it happens time after time. I guess it´s just the cancer of business and economy. People just try to get what they can at any given time when there is an opportunity, and that always create a bubble in all sectors that regards economy in any kind of way. The ones that always take the hardest punch, is the small businesses. That due to the effect that the banks holding harder on the cash, which also is necsessary to get back on track. Unfortunately that is only one of the consequensies. The biggest part is that the greedy never learn their lessons, and never contributes to really teach the generations to come.

Britain had the biggest housing bubble in history, its banks were giving 95% of its loans to mortgages at one point and 5% to productive business. 

 

We had buy to let mortgge bubble and self cert mortgages where anyone could rock up to a bank and get a vast interest only mortgage.

 

But you blame the Americans, educate yourself you economically ignorant man.

Edited January 5, 2018 by Arth

[Arth]

8 hours ago, Watchful said:

 

Zimbabwe doesn't make anything to export.  US has shuttered factories all over the place. Indeed, as imports become more expensive some of those plants are being put back into service.

 

Now, if Trump will just honor his promise to assign border adjustment taxes exactly equal to those assigned to US products, things will get even better. This first step is to stop the flood of imports from countries that "rig" the game with border adjustment and other protectionist regulations.

 

In short, those countries should enjoy the same "free trade" that they offer.

The UK does, our currency dropped over 30% from the 2008 crash in sterling, trade deficit is still horrific.

 

You don't debase yourself to being a prosperous nation.

 

Though i will accept Germany having a weaker currency than what it would have due to weak nations in the Euro is a fantastic help for their exports and is an unfair advantage.

[Get Real]

13 minutes ago, Arth said:

Britain had the biggest housing bubble in history, its banks were giving 95% of its loans to mortgages at one point and 5% to productive business. 

 

We had buy to let mortgge bubble and self cert mortgages where anyone could rock up to a bank and get a vast interest only mortgage.

 

But you blame the Americans, educate yourself you economically ignorant man.

Appearently american. 

Economically ignorant? I can guarantee that I have the highest education in that area. That prices and bubbles are created everywhere, does not mean they originate from that place.
At the time of the crisis in 2008, most of the western world had overvalued the market for a long time.

However, it truly was the subprime mortgage crisis in USA that started the effect and the ripple that took the rest of the world economy down at that time. Over and out. That´s just pure facts.

[Arth]

42 minutes ago, Get Real said:

Appearently american. 

Economically ignorant? I can guarantee that I have the highest education in that area. That prices and bubbles are created everywhere, does not mean they originate from that place.
At the time of the crisis in 2008, most of the western world had overvalued the market for a long time.

However, it truly was the subprime mortgage crisis in USA that started the effect and the ripple that took the rest of the world economy down at that time. Over and out. That´s just pure facts.

Why are you hiding this education and just spouting the nonsense that Brown and the Labour party came up with to cover their backsides.

 

The British banks would have gone bust if it wasnt for being handed hundreds of billions, this wreckage of the financial system was a decade in the making and would have crashed and burnt no matter what happened in America.

 

Buy to let lending and self cert interest only mortgages were and are sub prime, see which banks in the UK went to the wall and see who they lent to (hint its the aforementioned). Now go and do some research on this and come back to tell me i am correct and thank me for educating you.

 

 

 

[Get Real]

1 hour ago, Arth said:

Why are you hiding this education and just spouting the nonsense that Brown and the Labour party came up with to cover their backsides.

 

The British banks would have gone bust if it wasnt for being handed hundreds of billions, this wreckage of the financial system was a decade in the making and would have crashed and burnt no matter what happened in America.

 

Buy to let lending and self cert interest only mortgages were and are sub prime, see which banks in the UK went to the wall and see who they lent to (hint its the aforementioned). Now go and do some research on this and come back to tell me i am correct and thank me for educating you.

 

 

 

Now, I know! Definately american. You can try to teach me and the rest of the world all the things you see as facts in the delusional world you are appearently living in.

The only thing you just managed to establish in way of some kind of education, is that you might be one of the persons the US government contract to make just another needed story that the population will fall for. Alternatively, you just happens to be one of the many convinced of the good story.

Have a nice day now, and go back to dreamland! 

[Get Real]

2 hours ago, Arth said:

Why are you hiding this education and just spouting the nonsense that Brown and the Labour party came up with to cover their backsides.

 

The British banks would have gone bust if it wasnt for being handed hundreds of billions, this wreckage of the financial system was a decade in the making and would have crashed and burnt no matter what happened in America.

 

Buy to let lending and self cert interest only mortgages were and are sub prime, see which banks in the UK went to the wall and see who they lent to (hint its the aforementioned). Now go and do some research on this and come back to tell me i am correct and thank me for educating you.

 

 

 

BTW! I just forgot. There are some kind of trustworthy Big Wigs in the US, that actually don´t try to blame others for the crasch 2008.

I don´t know if you believe Washington Post and Forbes, and I actually do not care about it either. Below you might found some interesting information.
The information is also written by high class and fairly dependible sources. Off course, up to you what world you want to live in. Dream or Reality?

https://www.forbes.com/2008/12/31/housing-bubble-crash-oped-cx_bb_0102bartlett.html#2fe79b405a43

https://www.washingtonpost.com/realestate/5-contributing-factors-in-housing-market-crash/2013/08/29/8532ddb6-0f60-11e3-85b6-d27422650fd5_story.html?utm_term=.9d322c603026

Edited January 5, 2018 by Get Real

[jayboy]

21 hours ago, Arth said:

These are the boomers who had the opportunity to buy assets/history at the lowest prices in history, pay off houses and save for a pension for a few dacades. Not to mention they are the ones who have created the 2008 debt bubble by living on borrowed money.

 

These are the last people to feel sorry for, you ought to save your pity for the young people of Britain who are left with the 2 trillion debt mountain that is unrepayable without some  form of default/hyperinflation..

Yes but these are the kind of savvy people that do not live out their lives as pensioners in Thailand, many of whom depend greatly on their state pension.In my view these less sophisticated often cash strapped people are profoundly misguided to have taken up residence here in the first place. The challenge is to eke out their limited financial resources when health costs here can be very high.Still they are here now and one cannot but sympathize however foolish they have been.As to the depreciation of Sterling it has not in fact been post Brexit as steep a decline as HSBC/Goldman Sachs predicted.The danger looking forward is more the likely appreciation of the Baht with the Thailand authorities coming under pressure mainly from the US not to artificially curb the value of their currency in a bid to make exports more competitive.

[Arth]

20 hours ago, Get Real said:

BTW! I just forgot. There are some kind of trustworthy Big Wigs in the US, that actually don´t try to blame others for the crasch 2008.

I don´t know if you believe Washington Post and Forbes, and I actually do not care about it either. Below you might found some interesting information.
The information is also written by high class and fairly dependible sources. Off course, up to you what world you want to live in. Dream or Reality?

https://www.forbes.com/2008/12/31/housing-bubble-crash-oped-cx_bb_0102bartlett.html#2fe79b405a43

https://www.washingtonpost.com/realestate/5-contributing-factors-in-housing-market-crash/2013/08/29/8532ddb6-0f60-11e3-85b6-d27422650fd5_story.html?utm_term=.9d322c603026

I dont dispute it kicked off in America first, my point is the UK banking system was in a similar state due to its own sub prime lending and would have crashed on its own accord.

[simoh1490]

2 minutes ago, Arth said:

I dont dispute it kicked off in America first, my point is the UK banking system was in a similar state due to its own sub prime lending and would have crashed on its own accord.

I don't think that is at all true. It was the US which packaged and sold subprime mortgage securities that caused the problem, the UK didn't do that.

[Get Real]

8 minutes ago, Arth said:

I dont dispute it kicked off in America first, my point is the UK banking system was in a similar state due to its own sub prime lending and would have crashed on its own accord.

Yeah but we were talking about where it originated, or are your memory that short. Please go back and read your comment where you state that the UK tried to blame the US for it.
Blaming game is always there, but it still originated in USA and made a world wide economic crasch, right?

The big thing that made the total crasch a fact, was the Crasch of the Lehman Brothers. That was a US company, right? Maybe you should read yourself in on in what business they were active. 
Bringing you some more good education as you seem to need it: https://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers

Do not ever try to change the subject to your favour. You will only fall on your own spikes. Cheers!

[George FmplesdaCosteedback]

I have a question: why has there only been 2 or 3 bankers prosecuted in either the UK or the US for their total incompetence?

The UK Gordon (ex-chancellor) Brown government ignored what was going on in the US so Brown is culpable for what subsequently happened in the UK. As chancellor for years before he was responsible, and even with one eye should have seen what was coming. Ludicrous unsecured loans and crazy funds could never last, which were just invented to increase performance bonuses for unscrupulous predators.

IMHO Brown should have let some banks go bust and recompensed the customers for their losses, not bailed out his mates with tax payers money.

Edited January 6, 2018 by George FmplesdaCosteedback

[the guest]

On 2018-01-02 at 11:33 AM, Moti24 said:

I presume that all us UK expats here are being transferred to the "Bad Guys Out" catagory, now we have less to spend.  My Non-O extension is looming, so I better take a couple of brown envelopes with me.

Proud that your admitting to bribing an official ? Not very clever, when the present country is trying to combat corruption in all forms, and what your doing is adding to the problem !

[Ricardo]

3 hours ago, George FmplesdaCosteedback said:

I have a question: why has there only been 2 or 3 bankers prosecuted in either the UK or the US for their total incompetence?

The UK Gordon (ex-chancellor) Brown government ignored what was going on in the US so Brown is culpable for what subsequently happened in the UK. As chancellor for years before he was responsible, and even with one eye should have seen what was coming. Ludicrous unsecured loans and crazy funds could never last, which were just invented to increase performance bonuses for unscrupulous predators.

IMHO Brown should have let some banks go bust and recompensed the customers for their losses, not bailed out his mates with tax payers money.

 

Agree whole-heartedly, the 'light touch' on the City & 'prudence' he so-often mentioned as both Chancellor & later PM, turned out to be a recipe for disaster, he deserves to be given the full credit for his mistakes !

 

But one can't go punishing the top-bods at the banks, they might move to a different tax-haven, and screw-up their economy instead !  If I were one, I'd have moved-on overseas, after legally moving my earnings offshore natch !

[Scott]

A post with illegal content has been reported and removed.  

[Moti24]

1 hour ago, the guest said:

Proud that your admitting to bribing an official ? Not very clever, when the present country is trying to combat corruption in all forms, and what your doing is adding to the problem !

Corruption in Thailand has been around since long before I was born, and will be around long after I'm gone.  If you think any different, you're ****in dreaming!

Edited January 7, 2018 by Moti24

[simoh1490]

1 hour ago, the guest said:

Proud that your admitting to bribing an official ? Not very clever, when the present country is trying to combat corruption in all forms, and what your doing is adding to the problem !

That's quite funny. corruption is a feature of Thailand, Asia and the Far East, as others have said it's been around for many decades and it will remain in its different forms for decades to come, Thailand is not unusual in this respect, only when compared to some Western countries is it so. In Japan, many companies actually show a position on their structure charts the role of official bribe taker, the person you need to go to in order to expedite whatever needs expediting or influencing, there's no beating around the bush with that one!

[Arth]

On 1/6/2018 at 11:53 AM, simoh1490 said:

I don't think that is at all true. It was the US which packaged and sold subprime mortgage securities that caused the problem, the UK didn't do that.

Of course the British banks sold exactly the same mortgages, <deleted> where was your head when the UK/ Euro property bubble went insane in the run up to 2008? 

[Arth]

On 1/6/2018 at 12:04 PM, Get Real said:

Yeah but we were talking about where it originated, or are your memory that short. Please go back and read your comment where you state that the UK tried to blame the US for it.
Blaming game is always there, but it still originated in USA and made a world wide economic crasch, right?

The big thing that made the total crasch a fact, was the Crasch of the Lehman Brothers. That was a US company, right? Maybe you should read yourself in on in what business they were active. 
Bringing you some more good education as you seem to need it: https://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers

Do not ever try to change the subject to your favour. You will only fall on your own spikes. Cheers!

I think its you who needs to go back and read the comment,i said the poster is trying to blame America. I then said the Labour Party with that thick chunt Brown blamed the Americans with his braindead line "the economic crisis which started in America". thus passing the buck. The crisis started a decade or 2 before Lehmans got caught out. 

 

The tide went out and the US got caught first but we were just moments behind it, and the UK banking system is a far greater part of our economy than America, as all thick boomer Brits can do for an economy is sell houses at ever rising prices to each other, hence why the currency is screwed and it will get worse when we default.

 

Balls to them, couldn't care less that they've got to tighten their belts.

 

 

[beautifulthailand99]

On 03/01/2018 at 9:30 AM, CG1 Blue said:

We Brits value independence and self-determination. I'm not ashamed of that.

 

Furthermore, Belgians are more used to living under German rule than we are.

 

I sense a lot of panic in your words my friend. What are you frightened of - lack of funding for Brussels perhaps?

 

 

well looks like we will get neither and a rinsed pound as the tories have guaranteed no hard border with Eire which will mean some sort of paid union fee. Thanks for that I will salute your Bulldog spirit when counting out my satang on my next visit. We have all greatly lost - you do see that - hope the feelgood factor you got when watching Uncle Nigel celebrate on that ghastly night has proved sufficient recompense.  Can I have my 50 baht to the pound back I would happily settle for that in these straitened times. 

Edited January 7, 2018 by beautifulthailand99

[Arth]

9 minutes ago, beautifulthailand99 said:

well looks like we will get neither and a rinsed pound. Thanks for that I will salute your Bulldog spirit when counting out my satang on my next visit. We have all lost - you do see that - hope the feelgood factor you got when watching Uncle Nigel celebrate on that ghastly night has proved sufficient recompense. 

The pound dropped 35% in 2008/9 was that the fault of Brexit? As others have said its as much to do with the baht getting stronger.

 

But pound has dropping over the last decade due to the economy being a debt fuelled disaster and a housing ponzi scheme, reliant on ZIRP and printed money ... and remoaner in chief Carnage printing £125 bln via Term Funding Scheme and dropping interest rates, then talking the pound down when its his job to defend it.

 

This is nothing to do with brexit, but its all happened whilst in the EU by pro EU parties.

 

Edited January 7, 2018 by Arth

[beautifulthailand99]

4 minutes ago, Arth said:

The pound dropped 35% in 2008/9 was that the fault of Brexit?

 

It is dropping due to the economy being a disaster and a housing ponzi scheme, reliant on ZIRP and printed money ... and remoaner in chief Carnage printing £125 bln via Term Funding Scheme and dropping interest rates, then talking the pound down when its his job to defend it.

 

This is nothing to do with brexit, but its all happened whilst in the EU by pro EU parties.

 

err the day after Brexit vote announced it dropped 10% and has languished since. Direct cause and effect. Like I said we have all lost there are no winners.

 

http://www.bbc.com/news/business-36611512

Edited January 7, 2018 by beautifulthailand99