There Goes The Pound

[sotsira]

Swiss National Bank is investing Billions every month to make sure the Swiss Franc does not get too strong (which of course hurts me for my Thai exchange rate); Swiss National Bank has decided to not let the Swiss Franc drop below 1.20 towards 1 Euro which of course brings my Thai exchange rate down along the Euro: Swiss Government is investing Billions into the Economy to help our export and tourism industry which of course will be through taxes.

Shall I cry or shall I congratulate the government and the SNB for those interventions? I better congratulate them, cause they keep the unemployment down, the industry up and in the long term ensure the safety of all of us Swiss and our pension and social security system.

I am just one in 6.5 Million Swiss citizens... yes, I suffer on my Thai exchange rate now but do profit for my future...

so stop whining about exchange rates and look at the greater picture

You succinctly explained why the Swiss economy is holding up: The government and its citizens see the big picture and have put the interest of the nation ahead of personal interests. It is refreshing to see that some people do understand that a failure to act would cause a bigger problem with more failed exporting employers causing a drop in tax revenue and more importantly, a loss of jobs. No jobs=civili unrest as we are now seeing in some western countries.

The Greeks cheated their way into the Euro. They are like the Thais utterly corrupt. I wonder how the other European countries can trust them. Its crazy. Should have kicked them out right from the start. Corrupt countries can't be trusted.

The only thing Greece has been good for is holidays . They live life like its one big one.

I think you'll find that the UK economy isn't much better off than the Greek economy

it's just that the UK isn't in the Euro Currency therefore doesn't need to answer to the ECB.

Otherwise the UK would be exposed in the same light.

No good blaming the Greeks for the demise of the £, you only need to look a little closer to home.

[thaibeachlovers]

Its not surprising the B of E decided to opt to pump more money into the economy. A few weeks ago the USA decided not to pump more money into their economy and stock markets and the stock markets descended, so pretty predictable really, they needed to show they were doing something. Personally I dont think anyone knows how to deal with financial problems we have not seen before.

The current UK govt and likely the ones before as well are spending too much, for every £4 they take in income they are spending £5, it cannot go on! They need cut public spending drastically, it will be very painful for a short time, or, they put it off. The result of putting it off is twofold, firstly when the time for the correctio finally arrives it will be harder and longer. Secondly the economy would be in such a bad state that the UK would be joining the Greeks and the Spanish as broken and bankrupt. Nobody wants to be in the hot seat when that happens, in the meantime those that are in situe just keep pushing things away till they escape the job, complete with a nice pension package.

As someone who was in the UK for 10 years it was obvious to me why they are in the financial poo. The NHS is where I worked, and it is just a huge money pit where billions are wasted every year. Then the amount they spend on illegals and so called "refugees" is a scandal. Giving 3 generations in the north the dole while the work is in the south- what a pile............

As far as I could see, all the problems were created by government incompetence and public greed. Time to bite the bullet and get it sorted, but of course they won't- too soft, too lazy and too greedy. They'll keep doing the same stupid things till it all turns to poo and my NHS super is worth enough to pay for a dinner once a week!

Bah, humbug.

As for the stockmarket- it's GAMBLING!!!! Why should people that worked hard all their lives and saved have their future destroyed because the Government wants to "look like it's doing something" by saving the stock market? Looks like we're going to have massive inflation with zero interest to compensate those who have retired and trying to get by on savings.

[thaibeachlovers]

I don't think the country has got much choice in the matter, keeping the Pound strong is hardly going to help stimulate the economy, even if it does make the ex-pats happy.

Personally I think we could easily be looking at several Baht less per Pound by Xmas,

So, can someone explain why, when the pound was worth 70 baht ( or more ) everything was OK financially in Britain? Didn't see anyone complaining that the high value of Sterling was hurting the British worker then.

Personally, I think it's all BS and we're being taken for a ride as a few get very very rich by manipulating all the economies.

Not all of us - just you.

International bankers are singling you out because you are a paranoid whinger

You'll find that most rich and successful people in international finance are incompetent buffoons who are motivated by nothing other than to unproductively impoverish the middle class, the poor, the working man and the pensioner.

SC

Well you may think that you're making some rilly rilly clever point against me, but the present chaos is as a direct result of all those bankers and financiers that sold a pup to the greedy masses and destroyed the western economies. And, yes they are rich, but not successful as they are just a bunch of criminals that should be in jail, not raking in huge bonuses while the middle class, the poor, the working man and the pensioner are impoverished.

Edited October 7, 2011 by thaibeachlovers

[thaibeachlovers]

Must say I'm inclined to think that living in LOS on a sterling income and hoping things are going to improve are a bit King Canute like at present. The QE will not work for a very simple reason. Plan A which is the only thing this government focuses on is an absolute f***ing disaster. You don't get growth in an economy where people are scared to spend money because they don't know if their job is next on the hit list. Cameron & Osbourne have talked down the economy so much that consumers are terrified to spend. People who depend on their savings interest simply can not spend.

This might be as good as your going to see sterling for a long time.

You are probably soooooo correct, unfortunately.

[ludditeman]

Well, given that every Western currency has fallen against the Thai Baht I would suggest that CHF has fallen less than any other so he's not exactly in a truly terrible position - BTW, I'm not suffering because I'm holding mostly SGD and THB.

NOTE: Too lazy at this time of the evening to sort out he quotes et al hence this separate post on the CHF issue.

Before the Swiss National Bank did bind the Swiss Franc to the Euro (telling everybody they want and exchange rate of at least 1.20), CHF went up to the Baht ilke mad... I came to BKK 20 July with 36 Baht, left in August with 42 Baht... when SNB did tell about the exchange rate of 1.20 that they will defend, CHF went down to currently 32 Baht... all in line with the Euro!

And... I never talked about this being terrible, just telling that CHF is now falling or going up in line with the Euro

Don't worry, war is coming to Thailand very soon.

That should take care of everything.

[thaibeachlovers]

Well, given that every Western currency has fallen against the Thai Baht I would suggest that CHF has fallen less than any other so he's not exactly in a truly terrible position - BTW, I'm not suffering because I'm holding mostly SGD and THB.

NOTE: Too lazy at this time of the evening to sort out he quotes et al hence this separate post on the CHF issue.

Before the Swiss National Bank did bind the Swiss Franc to the Euro (telling everybody they want and exchange rate of at least 1.20), CHF went up to the Baht ilke mad... I came to BKK 20 July with 36 Baht, left in August with 42 Baht... when SNB did tell about the exchange rate of 1.20 that they will defend, CHF went down to currently 32 Baht... all in line with the Euro!

And... I never talked about this being terrible, just telling that CHF is now falling or going up in line with the Euro

Don't worry, war is coming to Thailand very soon.

That should take care of everything.

Wouldn't be surprised if war is coming to a lot of countries. Politicians seem to think that a war will save their bacon when all else has failed. Remember the Falklands- that certainly saved Thatcher!

[chiang mai]

Well, given that every Western currency has fallen against the Thai Baht I would suggest that CHF has fallen less than any other so he's not exactly in a truly terrible position - BTW, I'm not suffering because I'm holding mostly SGD and THB.

NOTE: Too lazy at this time of the evening to sort out he quotes et al hence this separate post on the CHF issue.

Before the Swiss National Bank did bind the Swiss Franc to the Euro (telling everybody they want and exchange rate of at least 1.20), CHF went up to the Baht ilke mad... I came to BKK 20 July with 36 Baht, left in August with 42 Baht... when SNB did tell about the exchange rate of 1.20 that they will defend, CHF went down to currently 32 Baht... all in line with the Euro!

And... I never talked about this being terrible, just telling that CHF is now falling or going up in line with the Euro

Don't worry, war is coming to Thailand very soon.

That should take care of everything.

Wouldn't be surprised if war is coming to a lot of countries. Politicians seem to think that a war will save their bacon when all else has failed. Remember the Falklands- that certainly saved Thatcher!

It's not so much about saving politicians as it is about historically, every major economic downturn has been ended with a significant war or armed conflict, war is great for the economy, historically speaking.

[nong38]

The truth is no one has clue how to sort this mess out, they tell you they do, we just have to hope that something unexpected turns up and things get better and hope that thing is not a war because we cant afford that either. In the meantime here I hope the floods go down and people can return to normal lives.

[midas]

The Stock Market liked it.

Better to do something (even if it is not 100% right) than do <deleted> all.

rearranging the deck chairs on the Titanic as it was sinking comes to mind

[letitbe]

your asking the wrong question How low will most currencies go against value of real assets is the right question and its quite possible for GBP to rise to 100 or more against baht if the Thai government decides to also print currency massively at a faster rate than UK or other countries particularly with this lot of muffins now running Thailand. You need to measure any currency against oil rice gold property land and even price of toilet paper and not against other fiat money. Actually the better question would be how many rolls of toilet paper will you get for 1 gbp or 100 baht and way they are printing money not many.

[roamer]

your asking the wrong question How low will most currencies go against value of real assets is the right question and its quite possible for GBP to rise to 100 or more against baht if the Thai government decides to also print currency massively at a faster rate than UK or other countries particularly with this lot of muffins now running Thailand. You need to measure any currency against oil rice gold property land and even price of toilet paper and not against other fiat money. Actually the better question would be how many rolls of toilet paper will you get for 1 gbp or 100 baht and way they are printing money not many.

No need to worry about the toilet paper. When the floods hit Bangkok there will be plenty of it floating right by you

[cmsally]

Can someone remind me again why we are giving billions away.

UK Aid statistics

Isn't that one of the basics of financial management - don't give away unless you have enough.

[roamer]

Can someone remind me again why we are giving billions away.

UK Aid statistics

Isn't that one of the basics of financial management - don't give away unless you have enough.

But Dave explained it all the other day, shame on you for not listening.

http://www.dailymail.co.uk/news/article-2045795/David-Cameron-says-foreign-aid-sign-strength.html

[cmsally]

Can someone remind me again why we are giving billions away.

UK Aid statistics

Isn't that one of the basics of financial management - don't give away unless you have enough.

But Dave explained it all the other day, shame on you for not listening.

http://www.dailymail.co.uk/news/article-2045795/David-Cameron-says-foreign-aid-sign-strength.html

So next question, how did it become Britain's responsibility to feed,educate vaccinate the whole world?

[StreetCowboy]

Can someone remind me again why we are giving billions away.

UK Aid statistics

Isn't that one of the basics of financial management - don't give away unless you have enough.

But Dave explained it all the other day, shame on you for not listening.

http://www.dailymail...n-strength.html

So next question, how did it become Britain's responsibility to feed,educate vaccinate the whole world?

I don't think we feed, educate and vaccinate the whole world. We just help out those in dire need.

I was at a Mercy Malaysia fund-raising dinner last night. Malaysia's not a particularly rich country, but companies and people there are willing to put their hands in their pockets to help their fellows, in Cambodia, Myanmar, Sri Lanka, Afghanistan, Iran, Kosova, Japan...

I would feel bad about taking rice back from people in Ethiopia to give to doleys. Let's face it, times are never so hard that you can't share a shilling for the man that still suffers.

SC

[exeter]

Can someone remind me again why we are giving billions away.

UK Aid statistics

Isn't that one of the basics of financial management - don't give away unless you have enough.

But Dave explained it all the other day, shame on you for not listening.

http://www.dailymail...n-strength.html

So next question, how did it become Britain's responsibility to feed,educate vaccinate the whole world?

I don't think we feed, educate and vaccinate the whole world. We just help out those in dire need.

I was at a Mercy Malaysia fund-raising dinner last night. Malaysia's not a particularly rich country, but companies and people there are willing to put their hands in their pockets to help their fellows, in Cambodia, Myanmar, Sri Lanka, Afghanistan, Iran, Kosova, Japan...

I would feel bad about taking rice back from people in Ethiopia to give to doleys. Let's face it, times are never so hard that you can't share a shilling for the man that still suffers.

SC

I was at an eatery last night, one of the travelling vendors is an old chap, makes little fish from palm leaves, look nice but next to useless but he is dilligent and he is trying to make a living, seen him many times before,last night I bought one his creations, he needs the 20 bhats more than me, a lot more at this time.

[cmsally]

If the money reaches those truly in need then no problem. Although I am not quite sure whether our governments should be forking out on our behalf. One of the major problems being the aid often turns up in the strangest of places!

Papal visit

[roamer]

If the money reaches those truly in need then no problem. Although I am not quite sure whether our governments should be forking out on our behalf. One of the major problems being the aid often turns up in the strangest of places!

Papal visit

I think your post illustrated the problem, certainly your link did:

"MPs demanded to know today why £1.85 million of foreign aid funding was spent on the Pope's recent visit to the UK.

An influential Commons committee called on ministers to explain how diverting development cash to subsidise the trip met global aid rules."

[cmsally]

My instincts tell me that whereas the govt has to be seen to make cuts; the "Aid budget" can easily be increased. This is an effective money siphoning tactic because the big PR machine recognises its not "nice" to criticise someones charitable intentions.

There are always a large band of people that object when you start to question about giving to charity. The politicians and PR aren't stupid; they cash in on people's good intentions and the fact that they to a certain extent have a moral pedestal for this one.

[StreetCowboy]

If the money reaches those truly in need then no problem. Although I am not quite sure whether our governments should be forking out on our behalf. One of the major problems being the aid often turns up in the strangest of places!

Papal visit

I think your post illustrated the problem, certainly your link did:

"MPs demanded to know today why £1.85 million of foreign aid funding was spent on the Pope's recent visit to the UK.

An influential Commons committee called on ministers to explain how diverting development cash to subsidise the trip met global aid rules."

Whether aid money should be spent honestly and correctly with a view to benefiting the poor and misfortuned, and whether we should give or not, are two different questions. If we are unable to actually deliver aid money where it is needed, the answer is not to put a lock on our pockets, but rather to take on the work necessary to deliver the aid where it is needed. If we can't deliver aid, what else can we not deliver? Health services? Perhaps we should pull out of the health service, and let the sick and elderly join the Ethiopians in looking after themselves. Defence. Perhaps we should give up on our global influence, and hope that our strategic location ensures the no-longer-mutual support from our allies.

I would feel happier giving to Oxfam if none of their workers in the field were fat. But nevertheless, they are better at getting money to Ethiopians (or whoever) than I am, so while I might shop around, that is still the best way for me to give what little help I am willing to spare

SC

[thaibeachlovers]

Can someone remind me again why we are giving billions away.

UK Aid statistics

Isn't that one of the basics of financial management - don't give away unless you have enough.

But Dave explained it all the other day, shame on you for not listening.

http://www.dailymail...n-strength.html

Love to know how much Dave et all give from their own money!

[thaibeachlovers]

Hmmmm. Isn't this all getting a bit off topic?

...............................

But, will everyone be happy to lose the value of their pension so as to save the world's poor and destitute? I always thought it was a personal choice whether to give charity or not, and who ever voted for it to become the government's job to do so?

Edited October 8, 2011 by thaibeachlovers

[cmsally]

The government aid issue could actually make most charities worse off. If your govt is already "giving" on your behalf; is it really necessary to give a personal donation. After all you are already contributing to that big number they are giving away.

[StreetCowboy]

To be fair, I don't think that the UK aid budget, which I believe is in the region of 8 - 13 billion GBP, when the full increase kicks in, is a large fraction of the 75 billion printing order.

I have a mortgage, and I struggle to meet other commitments, but I would almost sooner cut back on the drink than think I had not a shilling to spare for the needy. Almost. Shoes, anyway. We can all make our shoes last longer, if not our pints.

SC

[cmsally]

Why in heavens name are we comparing the aid figures to the latest round of QE. The whole point being that if the economy was in decent shape we wouldn't need the QE.

Looking at the budget figures it would seem that levels of aid are getting to nearly half of what is centrally spent on education.

Budget

[StreetCowboy]

Why in heavens name are we comparing the aid figures to the latest round of QE. The whole point being that if the economy was in decent shape we wouldn't need the QE.

Looking at the budget figures it would seem that levels of aid are getting to nearly half of what is centrally spent on education.

Budget

Someone else brought up the question of aid at a time when we were having to print money to try and dig ourselves out of a hole. I think the implication was that if we took the finger out of the aid hole, we would be less in need of devaluing our way out of bankruptcy.

Education is primarily (sic) locally funded.

Personally, I'd rather pay for starving Africans than people sitting on their <deleted> in the UK. To be honest, as far as I am concerned, we can have as many starving Africans as you want, but I'd rather people in the UK worked for a living. thank goodness for the Poles

SC

[teletiger]

Is now the right time to mention that 75 Billion is just the beginning? 'And that figures of between 300 to 500 Billion are being bandied about?

Regards.

[Thongkorn]

Why in heavens name are we comparing the aid figures to the latest round of QE. The whole point being that if the economy was in decent shape we wouldn't need the QE.

Looking at the budget figures it would seem that levels of aid are getting to nearly half of what is centrally spent on education.

Budget

Someone else brought up the question of aid at a time when we were having to print money to try and dig ourselves out of a hole. I think the implication was that if we took the finger out of the aid hole, we would be less in need of devaluing our way out of bankruptcy.

Education is primarily (sic) locally funded.

Personally, I'd rather pay for starving Africans than people sitting on their <deleted> in the UK. To be honest, as far as I am concerned, we can have as many starving Africans as you want, but I'd rather people in the UK worked for a living. thank goodness for the Poles

SC

Oviously a wined up, Because you dont have a clue, many people want to work , me includer but when you are exploited because Poles will work for next to nothing, and send money home to there family < i have no problem with this , but i have to drop My wages to keep my job , but i have the British standard of living , all the Utility bills have gone up in the Uk , Also they to are going home now they have F.k up all the jobs and made wages lower. Not all people in the Uk are sat on there &lt;deleted&gt; as you serjest

.oe

[Pedzie]

Can someone remind me again why we are giving billions away.

UK Aid statistics

Isn't that one of the basics of financial management - don't give away unless you have enough.

But Dave explained it all the other day, shame on you for not listening.

http://www.dailymail...n-strength.html

Love to know how much Dave et all give from their own money!

It is astounding how much we give to overseas aid and the countless billions we pour into the undemocratic EU every year say 10 billion +

And lots of people losing jobs and services coz of cutbacks??

I never (directly) give to charity, as mentioned HM Gov does that for me and also the small percentage on my bought lotto tickets is more than enough to give I think.

[Pedzie]

Why in heavens name are we comparing the aid figures to the latest round of QE. The whole point being that if the economy was in decent shape we wouldn't need the QE.

Looking at the budget figures it would seem that levels of aid are getting to nearly half of what is centrally spent on education.

Budget

Someone else brought up the question of aid at a time when we were having to print money to try and dig ourselves out of a hole. I think the implication was that if we took the finger out of the aid hole, we would be less in need of devaluing our way out of bankruptcy.

Education is primarily (sic) locally funded.

Personally, I'd rather pay for starving Africans than people sitting on their &lt;deleted&gt; in the UK. To be honest, as far as I am concerned, we can have as many starving Africans as you want, but I'd rather people in the UK worked for a living. thank goodness for the Poles

SC

Oviously a wined up, Because you dont have a clue, many people want to work , me includer but when you are exploited because Poles will work for next to nothing, and send money home to there family < i have no problem with this , but i have to drop My wages to keep my job , but i have the British standard of living , all the Utility bills have gone up in the Uk , Also they to are going home now they have F.k up all the jobs and made wages lower. Not all people in the Uk are sat on there &lt;deleted&gt; as you serjest

.oe

I couldn't agree more, British people have been shafted from the previous gov and Dave and his mates aint doing nothing about immigration BECAUSE THEY CAN'T..as long as we are part of the EU juggernaut then we are fcukd!!