Sterling Slide Is Worst Since 1931

[bingobongo]

arbitrage anyone?

making money is easy, but for most holding on to it will be futile........the stupid deserve to be separated from their money

The pound is suffering its worst slide since Britain was forced off the gold standard in 1931.

If the pound's fall triggers an exodus of investors from the financial sector, he said, the UK could find itself in a similar position to Thailand, which had to submit to the IMF after the baht collapsed in 1997.

http://www.telegraph.co.uk/finance/economi...since-1931.html

[lannarebirth]

arbitrage anyone?

making money is easy, but for most holding on to it will be futile........the stupid deserve to be separated from their money

The pound is suffering its worst slide since Britain was forced off the gold standard in 1931.

If the pound's fall triggers an exodus of investors from the financial sector, he said, the UK could find itself in a similar position to Thailand, which had to submit to the IMF after the baht collapsed in 1997.

http://www.telegraph.co.uk/finance/economi...since-1931.html

Worst slide since the early 80's anyway.

http://www.chartsrus.com/chart.php?image=h...hp?ticker=FUTBP

[chiang mai]

Oh contraire, I am assured by a poster in another thread that GBP will reach 75 Baht within six months and his source is the Minister of Finance, how to reconcile this disparity I wonder!

[H2oDunc]

The pound is being intentionally brought down by Lord Mandelson so we kow tow to the demands of Europe to accept the Euro. It is now n par with the Euro and looks only to be getting worse. I give it a couple of years before Britain is just another European state with everything decided in Brussels. Already 80% of al laws brought into power came from the EU. Is funny because I can only ever remember voting for a common market not to join a European superstate ? If ever we get a party with the balls to give the people a vote on weather to leave this fiasco the sooner we can go back to running the country ourselves.

[Lancelot]

UK the same as Thailand? Really?

Maybe, but:

UK = Rule of Law, propert rights, enforcement of contracts...

UK = Civilian control of Armed Forces

UK = Independent judiciary

UK = Professional police force (I don't think they accept bribes as often as the Thai police do)

I'm not a betting man, but if I were and forced to choose between the UK or Thai economy, gee wiz, I might bet on the Brits

[whiterussian]

plus the UK works the longest hours in Europe.

My Thai friend here has a sister who has worked in a Thai restaurant in London for years (good on her - she has paid off a 4,000,000 house in CM)

anyway, she describes life in the UK as like a MACHINE.

get up--> work--->gap baan---> sleep---->get up

thought that was nice to hear the Thai's know all about just how relatively easy some of them have it here. (despite the low wages).

Getting the Thai's to comprehend that ALL the land is already taken in the UK/W.Europe, and has been for hundreds of years.. thats a tough one.

be so nice just to be able to stroll into the English jungle and setup a baan for the price of a few years work...

Edited December 20, 2008 by UKWEBPRO

[MeetJohnDoe]

Yeah...what ever happened to all that talk about London being the new world capitol of finance and edging out NYC

What was it that comes after hubris...oh yeah...the fall...in this case...A BIG ONE!

That's what happens when some little folks in UK try to play with the big boys...you get squashed...you can't try to be a world financial capitol when you are not a world class and sized economy...you can't backstop such ambitions with an economy that's only 1/5th the size of the USA!

[VegasVic]

The pound is being intentionally brought down by Lord Mandelson so we kow tow to the demands of Europe to accept the Euro. It is now n par with the Euro and looks only to be getting worse. I give it a couple of years before Britain is just another European state with everything decided in Brussels. Already 80% of al laws brought into power came from the EU. Is funny because I can only ever remember voting for a common market not to join a European superstate ? If ever we get a party with the balls to give the people a vote on weather to leave this fiasco the sooner we can go back to running the country ourselves.

The Pound is not on par with the Euro my friend (at least not yet) As far as your conspiracy theories involving Lord Mandleson, I will let your countrymen comment on that one! The BOE will have no choice but to lower rates to 0% within the next 3 months, as the U.K. is in dire straits and they are quickly running out of water to throw on the fire! As for the EU, if Trichet does not start cutting rates more substantially soon it is possible that the EU could start to unravel all on its own

[jesimps]

Yeah...what ever happened to all that talk about London being the new world capitol of finance and edging out NYC

What was it that comes after hubris...oh yeah...the fall...in this case...A BIG ONE!

That's what happens when some little folks in UK try to play with the big boys...you get squashed...you can't try to be a world financial capitol when you are not a world class and sized economy...you can't backstop such ambitions with an economy that's only 1/5th the size of the USA!

Typical yank reply. The yanks started this crisis and instead of being contrite, they shout and show off coz other countries are suffering because of them. Typical b....y yank, big country, big heads and big mouths.

[VegasVic]

Yeah...what ever happened to all that talk about London being the new world capitol of finance and edging out NYC

What was it that comes after hubris...oh yeah...the fall...in this case...A BIG ONE!

That's what happens when some little folks in UK try to play with the big boys...you get squashed...you can't try to be a world financial capitol when you are not a world class and sized economy...you can't backstop such ambitions with an economy that's only 1/5th the size of the USA!

Typical yank reply. The yanks started this crisis and instead of being contrite, they shout and show off coz other countries are suffering because of them. Typical b....y yank, big country, big heads and big mouths.

jesimps, To say the yanks started this crisis is a bit of an oversimplification. There were many European hedge funds and investment banks that were also playing along with the same 40-1 leverage game As far as the last line of your post goes, it is not an accurate generalization, however it is spot on in describing the individual you responded to

[whiterussian]

I thought NYC was run from Jerusalem?

Looks like every country will be the Middle east's biyatch for years to come.

One day the Ruskies will run the show, but maybe only when the west has imploded, and the east has eaten every blade of grass.

Edited December 20, 2008 by UKWEBPRO

[jesimps]

Yeah...what ever happened to all that talk about London being the new world capitol of finance and edging out NYC

What was it that comes after hubris...oh yeah...the fall...in this case...A BIG ONE!

That's what happens when some little folks in UK try to play with the big boys...you get squashed...you can't try to be a world financial capitol when you are not a world class and sized economy...you can't backstop such ambitions with an economy that's only 1/5th the size of the USA!

Typical yank reply. The yanks started this crisis and instead of being contrite, they shout and show off coz other countries are suffering because of them. Typical b....y yank, big country, big heads and big mouths.

jesimps, To say the yanks started this crisis is a bit of an oversimplification. There were many European hedge funds and investment banks that were also playing along with the same 40-1 leverage game As far as the last line of your post goes, it is not an accurate generalization, however it is spot on in describing the individual you responded to

Yep, I know Vic, sorry for the generic reply but he really got to me with his anti-British post. I quite like Americans really, my daughter is one. By the way, I didn't like Braveheart or The Patriot either!

[wolfmanjack]

Yeah...what ever happened to all that talk about London being the new world capitol of finance and edging out NYC

What was it that comes after hubris...oh yeah...the fall...in this case...A BIG ONE!

That's what happens when some little folks in UK try to play with the big boys...you get squashed...you can't try to be a world financial capitol when you are not a world class and sized economy...you can't backstop such ambitions with an economy that's only 1/5th the size of the USA!

Typical yank reply. The yanks started this crisis and instead of being contrite, they shout and show off coz other countries are suffering because of them. Typical b....y yank, big country, big heads and big mouths.

i am an american and i think these guys that started this thing should be in jail. Just a big ponzi as far as i i am concerned

[VegasVic]

Yeah...what ever happened to all that talk about London being the new world capitol of finance and edging out NYC

What was it that comes after hubris...oh yeah...the fall...in this case...A BIG ONE!

That's what happens when some little folks in UK try to play with the big boys...you get squashed...you can't try to be a world financial capitol when you are not a world class and sized economy...you can't backstop such ambitions with an economy that's only 1/5th the size of the USA!

Typical yank reply. The yanks started this crisis and instead of being contrite, they shout and show off coz other countries are suffering because of them. Typical b....y yank, big country, big heads and big mouths.

i am an american and i think these guys that started this thing should be in jail. Just a big ponzi as far as i i am concerned

Agreed! The first ones hanged should be the politicians who were paid off to not pass legislation to regulate the hedge funds and allow the investment banks to leverage up to 40-1 instead of 10-1! Chris Dood, Charlie Schumer, and Barney Frank would be a good start

[VegasVic]

Yeah...what ever happened to all that talk about London being the new world capitol of finance and edging out NYC

What was it that comes after hubris...oh yeah...the fall...in this case...A BIG ONE!

That's what happens when some little folks in UK try to play with the big boys...you get squashed...you can't try to be a world financial capitol when you are not a world class and sized economy...you can't backstop such ambitions with an economy that's only 1/5th the size of the USA!

Typical yank reply. The yanks started this crisis and instead of being contrite, they shout and show off coz other countries are suffering because of them. Typical b....y yank, big country, big heads and big mouths.

jesimps, To say the yanks started this crisis is a bit of an oversimplification. There were many European hedge funds and investment banks that were also playing along with the same 40-1 leverage game As far as the last line of your post goes, it is not an accurate generalization, however it is spot on in describing the individual you responded to

Yep, I know Vic, sorry for the generic reply but he really got to me with his anti-British post. I quite like Americans really, my daughter is one. By the way, I didn't like Braveheart or The Patriot either!

Thats OK jesimps, I know you were just lashing out at that obnoxious poster that you reponded to

[spiderman2]

Yeah...what ever happened to all that talk about London being the new world capitol of finance and edging out NYC

Youre either havent been watching the news of late or are very stupid, both financial centres are in the sh7t.

an economy that's only 1/5th the size of the USA!

And a population thats only.... wait for it........ 1/5th the size of the USA!

Edited December 20, 2008 by spiderman2

[MeetJohnDoe]

Typical yank reply. The yanks started this crisis and instead of being contrite, they shout and show off coz other countries are suffering because of them.

Don't you still owe us for "Lend-Lease"?

I wouldn't be talking trash when we pulled your <deleted> out of the Nazi fire

We started it...seems to me the UK has it's own mega-subprime housing loan scandals and problems that have nothing to do with us!

[MeetJohnDoe]

an economy that's only 1/5th the size of the USA!

And a population thats only.... wait for it........ 1/5th the size of the USA!

Spiderman...shake the cobwebs out of your head...did the essence of my point go totally above you?

The UK/London started to fancy itself as a WORLD-WIDE financial center (not just for the UK)...listing stocks from around the world...world wide center of currency trading, hedge-fund trading, etc...get it? The only problem was when all the sh!t hit the fan, instead of having a 14 TRILLION dollar economy to bail-out/clean-up the mess like the USA/NYC, they were stuck with an economy only 1/5th the size.

I mean, some UK folks lost a few billion in Iceland's banking implosion and the UK practically declared war with Iceland so desperate were they to recover some of their lost money.

[Chaimai]

Typical yank reply. The yanks started this crisis and instead of being contrite, they shout and show off coz other countries are suffering because of them.

Don't you still owe us for "Lend-Lease"?

I wouldn't be talking trash when we pulled your <deleted> out of the Nazi fire

Yes, thanks for your personal contribution on that one. I suspect that you were still a wet dream at that time. I am grateful that your countrymen of that era were of better substance and the UK did not have to rely on tw*ts like you.

We started it...seems to me the UK has it's own mega-subprime housing loan scandals and problems that have nothing to do with us!

Boll*cks! The UK sub-prime market is miniscule by comparison. My guess is somewhat less than 4%. The UK banks can be criticised for their greed in piling into junk bonds under-pinned by the worthless pile of real estate sh!t.

When an ex-NASDAQ chairman like Madoff can pull off a US$50 billion 'Ponzi' sting it says a lot about what America has contributed to the current meltown.

Still, your arrogant ar5e will be in a sling when your country's strings are pulled by China and Russia.

Edited December 20, 2008 by Chaimai

[mijan24]

Oh contraire, I am assured by a poster in another thread that GBP will reach 75 Baht within six months and his source is the Minister of Finance, how to reconcile this disparity I wonder!

YES but is his source the Minister of Finance from UK, Thailand or Zimbawbe the latter me thinks

[Rinrada]

Heard that Gordon Brown and Pete (Mandy)are in secret talks to do a financial re-structuring deal with Baby Kim Ill of North Korea.........................dont worry ....things will get better......

[Lite Beer]

Posts containing personal insults have been deleted. Please be civil. Any more will be met with warnings.

[angiud]

C'mon, it's time you come in the big, friendly EURO family. Catch the time now you nearly par the Euro!

[Khun Jean]

Now it is Yanks against Brits. Wanna fight a war, or accept everyone is in trouble and start supporting a rebuild and work on solutions.

Everywhere in the world they use the same experimental growth expansion type economics. Together with its fractional banking system and printing money out of nothing. Do you realise when you borrow money from the bank it is just created out of thin air.

Someone just types a few numbers in a computer and presto there is the money for your mortgage. You pay the bank back plus interest and when you can not anymore well they take your house and land. Price for the bank = nothing actually they got your money AND your house. How did they do that, well that is easy. First you lower the interest rate so many people can buy, then you raise the interest so many default and you take there assets. Then you pump money in the economy and lower interest again to start the cycle again. Difference this time is that the amounts are so enormous it can not be contained anymore and with the economy more global then before it can not be solved in the US alone. What is left? Devalue the dollar, probably also devalue the pound because they are in the exact same situation. The Euro still has a few percentage point to go before it reaches zero. US and UK are already there and dont have that 'tool' anymore. Biggest cause? Fractional banking and the ease of printing money.

Time for another economic experiment. One that has no fractional banking and no creating money out of thin air.

[H2oDunc]

The pound is being intentionally brought down by Lord Mandelson so we kow tow to the demands of Europe to accept the Euro. It is now n par with the Euro and looks only to be getting worse. I give it a couple of years before Britain is just another European state with everything decided in Brussels. Already 80% of al laws brought into power came from the EU. Is funny because I can only ever remember voting for a common market not to join a European superstate ? If ever we get a party with the balls to give the people a vote on weather to leave this fiasco the sooner we can go back to running the country ourselves.

The Pound is not on par with the Euro my friend (at least not yet) As far as your conspiracy theories involving Lord Mandleson, I will let your countrymen comment on that one! The BOE will have no choice but to lower rates to 0% within the next 3 months, as the U.K. is in dire straits and they are quickly running out of water to throw on the fire! As for the EU, if Trichet does not start cutting rates more substantially soon it is possible that the EU could start to unravel all on its own

WRONG !!!! As of yesterday 100 pounds got you 97 EURO S so I would call that being on par with the Euro My friend. And Its o conspiracy theory just good old fashioned British politics My friend. something as an Amercian would know nothing about.

[LaoPo]

WRONG !!!! As of yesterday 100 pounds got you 97 EURO S so I would call that being on par with the Euro My friend.

I think YOU are mistaken Sir:

100 GBP gets you € 107.266

100 Euro gets you GBP 93.226, as of now.

LaoPo

[Naam]

some people had either lousy maths teachers or derive their information from the neighbour on the barstool next to them

[taxexile]

As of yesterday 100 pounds got you 97 EURO

tourist rates at the exchange booths.

[spiderman2]

Spiderman...shake the cobwebs out of your head...did the essence of my point go totally above you?

Your superior intelligence must be above me internet warrior.

The UK/London started to fancy itself as a WORLD-WIDE financial center (not just for the UK)...listing stocks from around the world...world wide center of currency trading, hedge-fund trading, etc...get it?

But it is a WORLDWIDE financial centre (not just for the UK), because companies around the world were flocking there due to less regulations, lower taxes and because its the financial centre of Europe which has 500 million people and is worth more then the US economy. Besides London was a global financial centre that raised the funds to create your Almighty Nations booming economy at the end of the 19th century.

The only problem was when all the sh!t hit the fan, instead of having a 14 TRILLION dollar economy to bail-out/clean-up the mess like the USA/NYC, they were stuck with an economy only 1/5th the size.

So youre economy is going to be more run by the state then ours, well done comrade, but wasnt America suposed to be built on free markets? not anymore more my socialist buddy. Besides the dollar printing press bailing out your economy is going to affect the dollar even more so in the coming years.

I mean, some UK folks lost a few billion in Iceland's banking implosion and the UK practically declared war with Iceland so desperate were they to recover some of their lost money.

It was local governements who lost billions of taxpayers money they were defending and for once i back this pathetic government.

And no i dont think America is at fault for the state of the UK economy, it is purely down to the greed of the people thinking housing will rise 10-15% PA forever, the banks for lending money that cant be paid back and the most incompetent government this nation has ever had for actively encouraging the boom and having an economy totally based on Finance and the property market.

Edited December 21, 2008 by spiderman2

[JimsKnight]

UK the same as Thailand? Really?

Maybe, but:

UK = Rule of Law, propert rights, enforcement of contracts...

UK = Civilian control of Armed Forces

UK = Independent judiciary

UK = Professional police force (I don't think they accept bribes as often as the Thai police do)

I'm not a betting man, but if I were and forced to choose between the UK or Thai economy, gee wiz, I might bet on the Brits

Yes, but 'professional' doesn't always mean 'best'. (think police state and control of population). Give me the laissez-faire BIB anyday!

'Civilian control' isn't always a good thing, just look at some of the recent blunders the Labour government have made. The military covenant (the government of the day promising to look after soldiers etc) has been broken six-ways til sunday and more!

By that same token at least the Royalty in LOS still actually does something openly rather than kow-tow like British Royalty does (most of the time).

Yes the UK has a 'few' adventages, but believe me these are being erased slowly but surely alas.

The £ is going down, but its part of the PTBs plan so we're just along for the ride folks...