Is The British Pound Doomed

[lannarebirth]

Things must be serious IF the Swiss had to devalue their currency to help out Eastern Europe .

I don't know if it was the Eastern Europe angle that precipitated their actions, but I'd wager, it was to help out themselves that caused them to take action.

[sanmiguel]

Things must be serious IF the Swiss had to devalue their currency to help out Eastern Europe .

One good thing the British govt has done is to get as much bad news out as quickly as possible, whereas continental European nations have been far more secretive, hence one reason why the Euro has stayed relatively strong.

But it looks as if its becoming almost impossible for them to sweep it under the carpet for much longer, this link shows the Germans are about to create a toxic bank, in order to hide their problems until after the upcoming election.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

IMO its going to be everyone for themselves in the Eurozone in the coming months, the East Europeans/ Irish/ greeks/ Spanish/ Italians arent going to get bailed out by the French/ Germans, the French have already been talking about the need to protect their economy/workers and a strong Euro is crippling them and thwarting any chance of selling goods to get out this mess.

Intersting times ahead i think for Euroland, id like nothing more then to see the end of the EU fascist state, and a return to unbeauracratic plain and simple free trade, pity i think the outcome is going to be governments taxing us like never before creating huge overbearing governance.

Edited March 14, 2009 by sanmiguel

[chiang mai]

Things must be serious IF the Swiss had to devalue their currency to help out Eastern Europe .

Apologies for appearing to teach how to "suck eggs" but I think it's important that we put this into perspective for all readers, hence, in simple terms:

Every country has a local currency and its value is determined by the strength of that country's economy. Where the currency of neighboring and/or competing countries rises or falls it's important to ensure that the home currency maintains a suitable relative strength and where it does not, adjustments need to be made. All we are seeing in the movements of the Swiss Franc is a series of adjustments relative to the currencies and economies of other neighboring currencies and economies. Such movement does not imply any lessening of value in the Swiss Franc in the medium/long relative term although it does imply a stressing of the monetary system overall, no surprise there and no surprise really that the Swiss currency should follow many others thus far!

[12DrinkMore]

The Swiss National Bank stated that they had bought USD and EUR as they felt the CHF was appreciating too much and making the Swiss industry less competitive. The CHF has always appreciated in times of economic stress. The have now tried to slow down the rise in CHF.

The Eastern European CHF debt is not a major issue for Switzerland. Most of the loans were made by the Eastern European banks with no involvement with any Swiss banks. The CHF were not "real" CHF but existed only in the accounts, payments in and out being converted from/to the local currency. So it is the Eastern European banks who have the big problem.

However some Austrian and German banks did take out CHF loans from Swiss banks after lending out CHF to the Eastern Europeans. So there is a domino effect if the Eastern European Banks fail and then cause the Austrian baks to fail then the Swiss banks will take a hit.

[scottyd]

It was on the news this morning that the British Pound is now weaker than Monopoly Money. Good job I passed Go.

[Rinrada]

Something not quite right with the ability to quote and respond, hence, this post in response to Naam's lat post:

In which case you must beg less strenuously because the terms "devaluation" and "depreciation" broadly imply the same measure, but let's not get caught up in semantics here, the Swiss currency is reducing in value and the race is now on to see which one reaches a floor closest to the Pound first.

Strange goings on with the Swiss theyre banking industry is about to become less secretive -

http://www.thisismoney.co.uk/investing-and...=moretopstories

Along with their govt devaluing their currency -

http://www.rferl.org/content/Switzerland_B...cy/1509618.html

They must be deeper in the sh7t then theyve let on so far.

All that stolen NAZI gold they have held in their secret vaults under the pretex of being honourable Bankers must be making 'em sweat a little bit.......

Chickens coming home to roost me thinks....SODS

[loverboy44]

Things must be serious IF the Swiss had to devalue their currency to help out Eastern Europe .

One good thing the British govt has done is to get as much bad news out as quickly as possible, whereas continental European nations have been far more secretive, hence one reason why the Euro has stayed relatively strong.

But it looks as if its becoming almost impossible for them to sweep it under the carpet for much longer, this link shows the Germans are about to create a toxic bank, in order to hide their problems until after the upcoming election.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

IMO its going to be everyone for themselves in the Eurozone in the coming months, the East Europeans/ Irish/ greeks/ Spanish/ Italians arent going to get bailed out by the French/ Germans, the French have already been talking about the need to protect their economy/workers and a strong Euro is crippling them and thwarting any chance of selling goods to get out this mess.

Intersting times ahead i think for Euroland, id like nothing more then to see the end of the EU fascist state, and a return to unbeauracratic plain and simple free trade, pity i think the outcome is going to be governments taxing us like never before creating huge overbearing governance.

I think a post like this is what noone needs at the moment. The problems have to be solved internationally between the US, Uk, Europe, Japan and China and whoelse can be helpful.

If someone wants to see an end of the "Fascist State" then we will have a black whatever day like 1929 when the Us started to "protect" their economy.

Luckily all governments see it that way.

By the way, the toxic bank is not only in talk in Germany but everywhere. It should help all banks to get rid of their "toxic" papers and to help them get confidence between themselves so they can start lending money to eaxh other. This is the reason why so much money is pumped into the banks.

What we surely not need is someone who fires hate between countries.

[Naam]

Something not quite right with the ability to quote and respond, hence, this post in response to Naam's lat post:

In which case you must beg less strenuously because

1. the terms "devaluation" and "depreciation" broadly imply the same measure,

but let's not get caught up in semantics here, the Swiss currency is reducing in value and

2. the race is now on to see which one reaches a floor closest to the Pound first.

1. if you insist to call an ape a monkey because both expressions broadly imply... i will hesitantly agree it does however not help those TVmembers who read our postings to inform themselves because misunderstandings are preprogrammed

2. a long way to go, depends how you define "closest".

look at the graph Swiss Franc / Pound. a couple of years ago one Pound bought 2.49 Swiss Francs (10 years ago it was 2.65), today it buys 1.66 - that's 50% calculated "down > up" or 33% calculated "up > down".

[sanmiguel]

Things must be serious IF the Swiss had to devalue their currency to help out Eastern Europe .

One good thing the British govt has done is to get as much bad news out as quickly as possible, whereas continental European nations have been far more secretive, hence one reason why the Euro has stayed relatively strong.

But it looks as if its becoming almost impossible for them to sweep it under the carpet for much longer, this link shows the Germans are about to create a toxic bank, in order to hide their problems until after the upcoming election.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

IMO its going to be everyone for themselves in the Eurozone in the coming months, the East Europeans/ Irish/ greeks/ Spanish/ Italians arent going to get bailed out by the French/ Germans, the French have already been talking about the need to protect their economy/workers and a strong Euro is crippling them and thwarting any chance of selling goods to get out this mess.

Intersting times ahead i think for Euroland, id like nothing more then to see the end of the EU fascist state, and a return to unbeauracratic plain and simple free trade, pity i think the outcome is going to be governments taxing us like never before creating huge overbearing governance.

I think a post like this is what noone needs at the moment. The problems have to be solved internationally between the US, Uk, Europe, Japan and China and whoelse can be helpful.

If someone wants to see an end of the "Fascist State" then we will have a black whatever day like 1929 when the Us started to "protect" their economy.

Luckily all governments see it that way.

By the way, the toxic bank is not only in talk in Germany but everywhere. It should help all banks to get rid of their "toxic" papers and to help them get confidence between themselves so they can start lending money to eaxh other. This is the reason why so much money is pumped into the banks.

What we surely not need is someone who fires hate between countries.

The banks arent going to lend in the way people such as yourself or Gordon Brown want at the moment as the economy needs to hit the bottom wherever that may be, at which point im sure theyll lend to decent business.

<deleted> Why do people like you and Gordon really think its a good idea to pump money into banks to keep property prices artificially high by lending money to people who will be taking a gamble on whether they can pay it back. If property prices become affordable people and business will have more disposable income to spend on cheap imported goods thus his deluded idea of a working economy will be back on track.

If you bothered to keep up with current affiars you would know that France are trying to be protectionist, and if you read what i wrote, i said i would LIKE TO SEE FREE TRADE BETWEEN NATIONS WITHOUT THE NEED FOR HUGE INCREASES IN TAXATION TO PAY FOR UNELECTED BUREAUCRATS WHO HAVE NO FCUKEN IDEA ABOUT ANYTHING OTHER THEN CLAIMING EXPENSES, AND STIFLING BUSINESS.

Why insinuate that i hate another country i never said that, your reading skills leave a lot to be desired, but that does seem common practice of lefties to use the racist card when someone shows them theyre wrong.

And why does Britain need to create a toxic bank, we already almost own several banks surely if unelected Gordon wishes to throw my future taxes away after bad businesses and reward braindead fools who bought property they couldnt afford, (thus pricing me out of the property market) then all he has to do is buy another few percent in one of the banks we almost own and get them to lend.

You pro EU superstate lefties really havent got a clue.

Edited March 15, 2009 by sanmiguel

[Naam]

You pro EU superstate lefties really havent got a clue.

we have you. isn't that sufficient?

[Zombienation]

Things must be serious IF the Swiss had to devalue their currency to help out Eastern Europe .

One good thing the British govt has done is to get as much bad news out as quickly as possible, whereas continental European nations have been far more secretive, hence one reason why the Euro has stayed relatively strong.

But it looks as if its becoming almost impossible for them to sweep it under the carpet for much longer, this link shows the Germans are about to create a toxic bank, in order to hide their problems until after the upcoming election.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

IMO its going to be everyone for themselves in the Eurozone in the coming months, the East Europeans/ Irish/ greeks/ Spanish/ Italians arent going to get bailed out by the French/ Germans, the French have already been talking about the need to protect their economy/workers and a strong Euro is crippling them and thwarting any chance of selling goods to get out this mess.

Intersting times ahead i think for Euroland, id like nothing more then to see the end of the EU fascist state, and a return to unbeauracratic plain and simple free trade, pity i think the outcome is going to be governments taxing us like never before creating huge overbearing governance.

I think a post like this is what noone needs at the moment. The problems have to be solved internationally between the US, Uk, Europe, Japan and China and whoelse can be helpful.

If someone wants to see an end of the "Fascist State" then we will have a black whatever day like 1929 when the Us started to "protect" their economy.

Luckily all governments see it that way.

By the way, the toxic bank is not only in talk in Germany but everywhere. It should help all banks to get rid of their "toxic" papers and to help them get confidence between themselves so they can start lending money to eaxh other. This is the reason why so much money is pumped into the banks.

What we surely not need is someone who fires hate between countries.

The banks arent going to lend in the way people such as yourself or Gordon Brown want at the moment as the economy needs to hit the bottom wherever that may be, at which point im sure theyll lend to decent business.

<deleted> Why do people like you and Gordon really think its a good idea to pump money into banks to keep property prices artificially high by lending money to people who will be taking a gamble on whether they can pay it back. If property prices become affordable people and business will have more disposable income to spend on cheap imported goods thus his deluded idea of a working economy will be back on track.

If you bothered to keep up with current affiars you would know that France are trying to be protectionist, and if you read what i wrote, i said i would LIKE TO SEE FREE TRADE BETWEEN NATIONS WITHOUT THE NEED FOR HUGE INCREASES IN TAXATION TO PAY FOR UNELECTED BUREAUCRATS WHO HAVE NO FCUKEN IDEA ABOUT ANYTHING OTHER THEN CLAIMING EXPENSES, AND STIFLING BUSINESS.

Why insinuate that i hate another country i never said that, your reading skills leave a lot to be desired, but that does seem common practice of lefties to use the racist card when someone shows them theyre wrong.

And why does Britain need to create a toxic bank, we already almost own several banks surely if unelected Gordon wishes to throw my future taxes away after bad businesses and reward braindead fools who bought property they couldnt afford, (thus pricing me out of the property market) then all he has to do is buy another few percent in one of the banks we almost own and get them to lend.

You pro EU superstate lefties really havent got a clue.

Wow, the only person proving they know very little (and spectacularly I might add) is your good self. Your post is full of opinion, based upon your own belief system, and contains virtually zero actual factual information. You do seem rather full of hate and anger and it appears to have hindered your ability to apply logic to an argument.

You're so wrong, about so much, but what's the point in educating you? You wont listen.

[chiang mai]

Things must be serious IF the Swiss had to devalue their currency to help out Eastern Europe .

One good thing the British govt has done is to get as much bad news out as quickly as possible, whereas continental European nations have been far more secretive, hence one reason why the Euro has stayed relatively strong.

But it looks as if its becoming almost impossible for them to sweep it under the carpet for much longer, this link shows the Germans are about to create a toxic bank, in order to hide their problems until after the upcoming election.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

IMO its going to be everyone for themselves in the Eurozone in the coming months, the East Europeans/ Irish/ greeks/ Spanish/ Italians arent going to get bailed out by the French/ Germans, the French have already been talking about the need to protect their economy/workers and a strong Euro is crippling them and thwarting any chance of selling goods to get out this mess.

Intersting times ahead i think for Euroland, id like nothing more then to see the end of the EU fascist state, and a return to unbeauracratic plain and simple free trade, pity i think the outcome is going to be governments taxing us like never before creating huge overbearing governance.

I think a post like this is what noone needs at the moment. The problems have to be solved internationally between the US, Uk, Europe, Japan and China and whoelse can be helpful.

If someone wants to see an end of the "Fascist State" then we will have a black whatever day like 1929 when the Us started to "protect" their economy.

Luckily all governments see it that way.

By the way, the toxic bank is not only in talk in Germany but everywhere. It should help all banks to get rid of their "toxic" papers and to help them get confidence between themselves so they can start lending money to eaxh other. This is the reason why so much money is pumped into the banks.

What we surely not need is someone who fires hate between countries.

The banks arent going to lend in the way people such as yourself or Gordon Brown want at the moment as the economy needs to hit the bottom wherever that may be, at which point im sure theyll lend to decent business.

<deleted> Why do people like you and Gordon really think its a good idea to pump money into banks to keep property prices artificially high by lending money to people who will be taking a gamble on whether they can pay it back. If property prices become affordable people and business will have more disposable income to spend on cheap imported goods thus his deluded idea of a working economy will be back on track.

If you bothered to keep up with current affiars you would know that France are trying to be protectionist, and if you read what i wrote, i said i would LIKE TO SEE FREE TRADE BETWEEN NATIONS WITHOUT THE NEED FOR HUGE INCREASES IN TAXATION TO PAY FOR UNELECTED BUREAUCRATS WHO HAVE NO FCUKEN IDEA ABOUT ANYTHING OTHER THEN CLAIMING EXPENSES, AND STIFLING BUSINESS.

Why insinuate that i hate another country i never said that, your reading skills leave a lot to be desired, but that does seem common practice of lefties to use the racist card when someone shows them theyre wrong.

And why does Britain need to create a toxic bank, we already almost own several banks surely if unelected Gordon wishes to throw my future taxes away after bad businesses and reward braindead fools who bought property they couldnt afford, (thus pricing me out of the property market) then all he has to do is buy another few percent in one of the banks we almost own and get them to lend.

You pro EU superstate lefties really havent got a clue.

So many experts here, every one with a different view as to how the problems should be cured and every one a critic of the plans that have been adopted by their government. "It's not right", they cry, "they've got it totally wrong", they scream, "they really should do ...", they wail. Hmm I think to myself! I reckon it's truly great that we live in an environment where people can express their opinions and say what they think, that in itself is worth much indeed. But frankly, if you were serious about your opinions, I mean truly serious, you would have got yourself elected into a position whereby you could make change, at a minimum you would have voted in the elections, at least once! Hmm, I think, again!

[sanmiguel]

Wow, the only person proving they know very little (and spectacularly I might add) is your good self. Your post is full of opinion, based upon your own belief system, and contains virtually zero actual factual information. You do seem rather full of hate and anger and it appears to have hindered your ability to apply logic to an argument.

You're so wrong, about so much, but what's the point in educating you? You wont listen.

Please explain what i am wrong about if you wish to come out with such a statement, if you wish to debate please correct me otherwise shut the <deleted> up.

Are you telling me we can borrow our way out of this recession, and that failing banks are going to lend to business and people they arent 100% sure theyll get their money back from, this is what the banks are currently doing so it isnt my opinion, <deleted> the government are printing money to get them to lend and a good percent of this is leaving the country .....this is a fact

http://www.independent.co.uk/news/uk/home-...ad-1644887.html

Do you think its a good idea to bail out people who cant afford to pay the mortgage on their buy to let property with taxpayers money? , and that to lend people to buy an asset which is expected to fall 30-50% is a good idea???????? i dont ive made this clear.

That the EU didnt totally ignore the democratic vote of the people and pressed ahead with its fascist manifesto, again its a fact - http://www.timesonline.co.uk/tol/news/worl...icle4749723.ece

and that its ran by unelected friends of politicians who claim what seems to be limitless expenses. http://www.thepolitics.co.uk/2008/07/17/th...-unaccountable/

That the EU doesnt bring in an endless list of stupid bureaucratic laws which stifle business (Fridays one was for companies to pay full salary to women who take time off to have kids for 6 months .... its un fcuken affordable and will stop people hiring women or put companies out of business)

http://www.telegraph.co.uk/news/newstopics...er-EU-plan.html

The Germans have already stated they wont be bailing out other nations, im saying this is a fact.

http://www.kansascity.com/business/story/1061830.html

that France arent implimenting protectionist policies again im saying this is a fact

http://uk.reuters.com/article/motoringAuto...H46483720090217

Can you pro Euro fascists please tell me why you wish to keep moving the goalposts of the EU, it was meant to be a free trade zone to stop you Europeans starting wars with countries like mine that you never win through FREE TRADE, can you please tell me why you now wish to create a superstate against the will of the people, and why this is such a wonderful idea.

[Chaimai]

It was on the news this morning that the British Pound is now weaker than Monopoly Money. Good job I passed Go.

...And your £200 is now worth 10,000 Baht, 220 US$ or 216 EURO.

[sanmiguel]

I mean truly serious, you would have got yourself elected into a position whereby you could make change, at a minimum you would have voted in the elections, at least once! Hmm, I think, again!

In the coming months i will be voting but this time with my feet, i will soon be working offshore purely on the basis that i wont have to pay 1 penny in income tax ..... i see it as a small victory/protest.

Besides i have a criminal record for arguing about bank charges this most serious of offences would stop me from ever running for an elected position.

But i do know from running a once fairly successful business that bureaucratic laws and having to pay too much tax are 2 major factors in stopping entrepreneurship, the EU and NuLiebour support both these policies to the hilt.

[bangkokrick]

Dollar1.3993

Euro 1.0828

The pound against the dollar and the Euro as of now. This does not bode well for us Brits. I just hope that the Baht weakens or indeed the pound strengthens.

Cheers, Rick

[chiang mai]

Dollar1.3993

Euro 1.0828

The pound against the dollar and the Euro as of now. This does not bode well for us Brits. I just hope that the Baht weakens or indeed the pound strengthens.

Cheers, Rick

If you can't handle 35 baht per Pound, the kitchen is too warm!

[sanmiguel]

Dollar1.3993

Euro 1.0828

The pound against the dollar and the Euro as of now. This does not bode well for us Brits. I just hope that the Baht weakens or indeed the pound strengthens.

Cheers, Rick

If you can't handle 35 baht per Pound, the kitchen is too warm!

Pretty much every farang whether living off fixed rates savings/investment or state pensions could get by at this rate its just it wouldnt be as much fun.

At this rate im not sure the tourist industry would survive in its present form though. (if it were relatively as strong v YEN USD EUR etc..)

Edited March 15, 2009 by sanmiguel

[mommysboy]

Dollar1.3993

Euro 1.0828

The pound against the dollar and the Euro as of now. This does not bode well for us Brits. I just hope that the Baht weakens or indeed the pound strengthens.

Cheers, Rick

If you can't handle 35 baht per Pound, the kitchen is too warm!

Pretty much every farang whether living off fixed rates savings/investment or state pensions could get by at this rate its just it wouldnt be as much fun.

At this rate im not sure the tourist industry would survive in its present form though. (if it were relatively as strong v YEN USD EUR etc..)

Even introducing 35bt as a prospective rate is insane.

The Euro may be the next currency to dive.

The dollar is the world's reserve currency and will likely remain strong.

It seems the Thai bt is over valued.

[sanmiguel]

Dollar1.3993

Euro 1.0828

The pound against the dollar and the Euro as of now. This does not bode well for us Brits. I just hope that the Baht weakens or indeed the pound strengthens.

Cheers, Rick

If you can't handle 35 baht per Pound, the kitchen is too warm!

Pretty much every farang whether living off fixed rates savings/investment or state pensions could get by at this rate its just it wouldnt be as much fun.

At this rate im not sure the tourist industry would survive in its present form though. (if it were relatively as strong v YEN USD EUR etc..)

Even introducing 35bt as a prospective rate is insane.

The Euro may be the next currency to dive.

The dollar is the world's reserve currency and will likely remain strong.

It seems the Thai bt is over valued.

Agreed with all points apart from the last one i'm not sure it really is that much overvalued against sterling in the short term, im still thinking there is going to be a lot more bad news come out before the upcoming summer of discontent in the UK.

A summer election would be a god send for sterling and the UK economy purely on the basis it would raise public confidence, even though most in the country see the Tories and Labour as 2 faces of the same coin.

Edited March 15, 2009 by sanmiguel

[loverboy44]

i will soon be working offshore purely

I do hope you are there already and hopefully you can stay there.

[Wrong Turn]

Agreed with all points apart from the last one i'm not sure it really is that much overvalued against sterling in the short term, im still thinking there is going to be a lot more bad news come out before the upcoming summer of discontent in the UK.

The Sterling will go down, IMO.

And yes, there will be more discontent in the UK in the coming months.

[Swelters]

As usual when talking about currencies and financials, I totally agree with Naam !

Devalue against what ?

the problem with Thaivisa is that any Bill, Buck, Hank or Joe can make any statement as he pleases and if nobody checks and contradicts even the most ridiculous statements based on pure ignorance and/or wishful thinking will be taken at face value by those readers/members who are inexperienced but eager to inform themselves.

:D

Come come now, Nam you're having a weak day. Aren't the experts with bisyllabic names the ones who got us and themselves into all this trouble? Isn't it really a bit of a laugh to hear MBAs ( the best credential for sheephood ever) criticising Obama for his supposed "mistake" in invoking that obviously ridiculous notion of PE ratio? I think or hope that he deliberately did that, and I applaud.

Swelters

[colibra]

The UK, Europe and the US are bankrupt. Its not that the baht is over valued its just that the western currency are doomed. Either the banks will fail or hyper inflation with make the pound, the euro and the dollar worthless. All part of the plan. Time to duck in cover. The dollar will devalue as soon the de-leveraging is finished and the derivatives all get unwound, so we still have some time left, best make plans now.

[sleepyjohn]

its just that the western currency are doomed.

Last time I saw this sort of thing it was on the cover of Newsweek.

The cover title was "The End of the Dollar!"

The cover photo had someone lighting a cigarette from a rolled up dollar bill.

The $ was available right then at $1.90 to the pound.

Hmmm...

Edited March 17, 2009 by sleepyjohn

[mommysboy]

its just that the western currency are doomed.

Last time I saw this sort of thing it was on the cover of Newsweek.

The cover title was "The End of the Dollar!"

The cover photo had someone lighting a cigarette from a rolled up dollar bill.

The $ was available right then at $1.90 to the pound.

Hmmm...

I agree the doom merchants have it wrong. The US entered recession first, then UK, then major Euro economies. The spotlight is now on UK, soon to pass on to Euro, and then of course Bertie Baht is on the menu.

US expats will benefit the most IMHO, and then UK, and there you have it, business as usual. The ironic thing is these 2 nations probably cause the credit crunch in the first place.

[sanmiguel]

US expats will benefit the most IMHO, and then UK, and there you have it, business as usual. The ironic thing is these 2 nations probably cause the credit crunch in the first place.

Gordon worringly thinks it purely Americas fault and is nothing to do with the UK banks or his 10 years of mismanagement as the prudent iron chancellor. He thinks the only reason property is unaffordably expensive and the banks were forced to lend so much money for mortgages in the UK is due to a housing shortage, then he lets in 4 million extra people.

Until he goes i dont think we'll get back to business as usual.

Edited March 17, 2009 by sanmiguel