Pound drops to lowest level since 1985

[chiang mai]

2 hours ago, Laughing Gravy said:

But the forecasts and the scaremongering of millions of job losses and empty shelves in supermarkets simply didn't happen. George Osborne and the likes simply got it wrong as did Grouse. That is my point. I guess it is if you see the glass half empty or half full scenario.

 

But but but! I'm addressing only a single point regarding markets, on which you were mistaken, not the whole referendum. And frankly I think it's way too early to conclude that there wont be job losses going forward, the issue of leaving the EU and all the fall out that entails wont be entirely visible for many months if not over a year or more.

[Grouse]

3 hours ago, Laughing Gravy said:

Grouse I was trying to think of what you remind me of and all I can think of is a doomsday prepper.  Before the brexit vote and directly after on this forum you were forecasting the end of the world as we know it so to speak because the UK had democratically voted to leave the EU. You where wrong on that. the markets recovered after a few days.

 

Even Lagrade has the courage to say she got it wrong and she is in charge of the IMF.

 

http://www.express.co.uk/news/uk/718425/IMF-Brexit-mild-economy-Christine-Lagarde-EU-money-UK

 

The Brexit campaign mentioned on numerous times the IMF had got it wrong in the past. Are you going to be an adult and admit you were wrong.

 

Here's a few things you don't understand

 

1) Sovereignty is being given to the government NOT parliament. Do you understand what that means?

 

2) FTSE 100 is up in GBP. If you look at it in USD it has actually fallen since Brexit. It is also up because profits generated overseas are now higher when CONVERTED to pounds

 

3) The main damage has yet to be done

 

4) The collapse of cable is due to the fear of what will happen next

 

However, it LOOKS LIKE we may escape a recession

 

Happy now?

[Johnyo]

3 hours ago, Laughing Gravy said:

 

 

On 10/6/2016 at 10:46 AM, Laughing Gravy said:

No I never missed the point. I get the point. We see it differently. The UK did fine before the EU and will do fine after the EU.

Once again you are wrong. I am not against any EU regulation. Some yes.

 

People are under the impression  and wrongly so, that the EU has made the UK a better place and modern. In fact it is the other way around. The UK had many great things in place before the EU with better pensions, benefits related to earnings to name just a few.

 

As the prime minster pointed out as others have too the EU can stifle and hinder the UK progress with many laws. I agree with the UK getting rid of the European Human rights law. Soldiers getting took to the cleaners and put in prison for doing their job.

 

The UK can't deport the hate preachers and terrorists due to this pathetic law. Well I am one that is overjoyed. The EU will try its best to punish the UK for getting out of its club. It is a price worth paying for sovereignty. My grandmother use to tell me that times were hard during the wars 'but it was worth it to be free' she always said. I agree and it is a price all my friends and I are willing to pay to be free of the tyranny and corruption of the EU fat cats telling us what we have to do.

 

I am against Zero hour contracts and I know those who are on them are too.

 

Looking forward having a propa' English breakfast served in an authentic greasy spoon by a local school drop-out, as opposed one of those who-do-they-think-they-are-with-their-3-flags-on-the-chest foreign baristas from Spain, Poland or Romania in a foreign poncy coffee shop such as Costa or Nero, after a hard 1/2 days work in the City cleaning toilette for all those foreign German bankers, Indian software engineers and French stuck up culture refugees. I am sure China with it's population of 1.4 billion and GDP of 10 trillion would treat us with our 65 million people as a completely equal partner in trade negotiations. After all, we're a force to be reckoned with. I voted BREXIT because I'm fed up with bureaucrats in Brussels telling us what shape bananas I can and cannot eat. Besides, I wanted to stick up a finger or two to the establishment and instead have real hardworking representatives of the people like, Boris J. Nigel F. and the saviour of our school system, Mr Gove. It fills me with pride to think of all things British like Jaguar, Land rover, Mini, Rolls Royce, Bentley and mushy peas. 

[Laughing Gravy]

38 minutes ago, Grouse said:

 

Here's a few things you don't understand

 

1) Sovereignty is being given to the government NOT parliament. Do you understand what that means?

 

2) FTSE 100 is up in GBP. If you look at it in USD it has actually fallen since Brexit. It is also up because profits generated overseas are now higher when CONVERTED to pounds

 

3) The main damage has yet to be done

 

4) The collapse of cable is due to the fear of what will happen next

 

However, it LOOKS LIKE we may escape a recession

 

Happy now?

Yes very happy and will be regardless.

Again go back and see what I said. Laws were being made by Brussels. The UK people could not vote them out. They are unelected by the British people. The British government is not.

 

The main damage has already been done. Being in the EU for so long with the countries industries decimated. Patriotism is a dirty word now, sadly. If you don't agree with the EU you are a racist. Well once again I am glad the UK has bravely chosen to get out. The EU for sure will try their best to punish the UK for 'giving them the middle finger'.  The UK nearly lost its identity and now has to get it back along with agriculture, fisheries and other important industries that have been eroded.

 

I am going to agree with you on one issue. The fall in the markets is due to fear. Hollande and Merkel are crapping themselves. I am looking forward to seeing the back of them when their people will 'kick them out'. They are creating fear and people are latching on to it. It will all be OK. The UK can survive.   The EU is about control and having a single identity. The pound is slipping but for myself and friends who are in the UK it will be worth it, so we can start working for the UK people again, spending money on UK people and prospering UK people. The schools, hospitals and benefits have had enough and can't cope with the massive influx of other nationals.

 

Here is another example of having to make excuses for being British, caring for British people and the future and others playing the racist card, if you don't agree with them.

http://www.express.co.uk/news/uk/718488/nick-ferrari-immigration-rant

[Grouse]

59 minutes ago, Johnyo said:

 

 

Looking forward having a propa' English breakfast served in an authentic greasy spoon by a local school drop-out, as opposed one of those who-do-they-think-they-are-with-their-3-flags-on-the-chest foreign baristas from Spain, Poland or Romania in a foreign poncy coffee shop such as Costa or Nero, after a hard 1/2 days work in the City cleaning toilette for all those foreign German bankers, Indian software engineers and French stuck up culture refugees. I am sure China with it's population of 1.4 billion and GDP of 10 trillion would treat us with our 65 million people as a completely equal partner in trade negotiations. After all, we're a force to be reckoned with. I voted BREXIT because I'm fed up with bureaucrats in Brussels telling us what shape bananas I can and cannot eat. Besides, I wanted to stick up a finger or two to the establishment and instead have real hardworking representatives of the people like, Boris J. Nigel F. and the saviour of our school system, Mr Gove. It fills me with pride to think of all things British like Jaguar, Land rover, Mini, Rolls Royce, Bentley and mushy peas. 

 

Wonderful piece of satire!

 

Not sure if everyone gets the delicious irony!

[Grouse]

13 minutes ago, Laughing Gravy said:

Yes very happy and will be regardless.

Again go back and see what I said. Laws were being made by Brussels. The UK people could not vote them out. They are unelected by the British people. The British government is not.

 

The main damage has already been done. Being in the EU for so long with the countries industries decimated. Patriotism is a dirty word now, sadly. If you don't agree with the EU you are a racist. Well once again I am glad the UK has bravely chosen to get out. The EU for sure will try their best to punish the UK for 'giving them the middle finger'.  The UK nearly lost its identity and now has to get it back along with agriculture, fisheries and other important industries that have been eroded.

 

I am going to agree with you on one issue. The fall in the markets is due to fear. Hollande and Merkel are crapping themselves. I am looking forward to seeing the back of them when their people will 'kick them out'. They are creating fear and people are latching on to it. It will all be OK. The UK can survive.   The EU is about control and having a single identity. The pound is slipping but for myself and friends who are in the UK it will be worth it, so we can start working for the UK people again, spending money on UK people and prospering UK people. The schools, hospitals and benefits have had enough and can't cope with the massive influx of other nationals.

 

Here is another example of having to make excuses for being British, caring for British people and the future and others playing the racist card, if you don't agree with them.

http://www.express.co.uk/news/uk/718488/nick-ferrari-immigration-rant

 

You have again failed to register that you understand any of the points I raised. I give up at this point. You are a perfect example of why universal suffrage is not necessarily a good thing ?. You are of course entitled to your opinions but if you are going to vote I think you have a responsibility to read around the subject and become properly informed. Sorry.

[rockingrobin]

7 minutes ago, Laughing Gravy said:

Yes very happy and will be regardless.

Again go back and see what I said. Laws were being made by Brussels. The UK people could not vote them out. They are unelected by the British people. The British government is not.

 

The main damage has already been done. Being in the EU for so long with the countries industries decimated. Patriotism is a dirty word now, sadly. If you don't agree with the EU you are a racist. Well once again I am glad the UK has bravely chosen to get out. The EU for sure will try their best to punish the UK for 'giving them the middle finger'.  The UK nearly lost its identity and now has to get it back along with agriculture, fisheries and other important industries that have been eroded.

 

I am going to agree with you on one issue. The fall in the markets is due to fear. Hollande and Merkel are crapping themselves. I am looking forward to seeing the back of them when their people will 'kick them out'. They are creating fear and people are latching on to it. It will all be OK. The UK can survive.   The EU is about control and having a single identity. The pound is slipping but for myself and friends who are in the UK it will be worth it, so we can start working for the UK people again, spending money on UK people and prospering UK people. The schools, hospitals and benefits have had enough and can't cope with the massive influx of other nationals.

 

Here is another example of having to make excuses for being British, caring for British people and the future and others playing the racist card, if you don't agree with them.

http://www.express.co.uk/news/uk/718488/nick-ferrari-immigration-rant

I truly fail to understand this concept that if the EU do not capitulate to the UK demands then somehow the EU is punishing the UK.It is clear to both parties that the  four freedoms is a fundamental principle and if the UK are reluctant to accept them or the EU unwilling to compromise then the UK can simply leave and negotiate a trade deal like any other country. 

There are 2 committees that scrunitize draft EU laws before the government ratifies them

[Johnyo]

 
Wonderful piece of satire!
 
Not sure if everyone gets the delicious irony!

Don't worry Grouse at least Butlins will be packed next summer. Who wants to go Europe anyway with all them foreigners?


Sent from my iPhone using Thaivisa Connect

[Orac]

57 minutes ago, Johnyo said:

 

Don't worry Grouse at least Butlins will be packed next summer. Who wants to go Europe anyway with all them foreigners?


Sent from my iPhone using Thaivisa Connect

 

 

Do not despair as May has a secret plan to issue red coats to everyone so we can properly service the hordes of chinese visiting under their new free rade/movement pact.

[siam2007]

and it continues to drop today...... 1.1% down against the € in the early minutes of the trade. now stands at 0.8936

 

maybe I finally can afford to overnight in London again after 20 years on my yearly X-mas trip back to my country of origin. A decent cider and a gig of a still unknown "tomorrow's heroes" band in a dark small music club would be nice

[SantiSuk]

It is being called "fat finger day in Asia" on some financial newscasts. Someone in Asian markets pressed the wrong button in early morning Asian trade and markets have been running with blowback ever since. Bangkok Bank's TT rate (that's the one that matters if you ship retail funds in here bank to bank) dropped to 42.9 ish I noticed about 10am - may have been even lower. Fat fingers are apparently not rare but are prevalent more in Asia than elsewhere - so they say.

 

Do we believe it? More likely deliberate market manipulation than a mistake I would guess (pure prejudice, but I'm not making a moral judgement there - in a capitalist world an element of manipulation is what greases markets and provides liquidity). Turn for us Brits to be kicked around for bucking world trends and upsetting markets in the first place!

Edited October 7, 2016 by SantiSuk

[Grouse]

http://www.economist.com/node/21708264

 

Sensible analysis of the rocky road ahead

[Laughing Gravy]

2 hours ago, Grouse said:

 

You have again failed to register that you understand any of the points I raised. I give up at this point. You are a perfect example of why universal suffrage is not necessarily a good thing ?. You are of course entitled to your opinions but if you are going to vote I think you have a responsibility to read around the subject and become properly informed. Sorry.

Your arrogance is astounding. I would not want you in my trench in a battle.

[HauptmannUK]

Well, yesterday afternoon we had a presentation from COO (Chief Operating Officer) of our company - US headquartered but with UK, French, German and Chinese operations (high-tech aeropsace and automotive components).

UK operation had our best ever year last year.  However, going forward it looks like 'hard Brexit' UK operations are non-viable because of the way parts and materials are shipped mutliple times between locations.  Components from fab facilities in China now cost almost 20% more than last year.  We are offering 80 staff VS (voluntary severance - two week's pay per year of service) - that's about 20% of the UK workforce.  In the longer term (assuming hard Brexit and a $1.18-1.20 GBP) then COO predicts our operating costs to be 30% higher in 2017 Q3 than in 2015 Q3 - i.e. non-viable.  These job losses won't make headlines because they will be voluntary.  Eventually the UK operation may be closed - which would make the news of course.

 

I think pretty much all the 'project fear' predictions will be realised.  The government is embarking on a 'tax and spend' infrastructure investment policy (probably a good idea) - but may not be enough to rescue the economy.  UK manufacturing was already in quite poor shape (productivity 30% lower than FR and 40% lower than DE) due to low levels of capital investment.  UK manufactured cars like Toyotas, Hondas, Jags, Mini etc use a lot of parts imported from the EU, and even the 'UK sourced' parts (such as we produce) contain imported elements.  Unless the government offers subsidies then I can see these companies relocating ASAP.

More than half of NHS drugs are imported; medical equipment, virtually all computer and electronic parts are imported; clothes; a lot of food - the list goes on - energy prices are sure to rise sharply next year. Expect big tax and price hikes.

 

I was much against unrestricted immigration, but we should have stayed and fought from within - possibly being difficult and intransigent, even breaking EU laws - but stayed with it.  Brexit is the equivalent of an economic suicide bomb - sure we inflicted some damage on Europe will inflict severe damage on our economy in the process. We WERE the fifth largest economy in the world, so EU membership didn't do much harm - we have already slipped to 6th and will doubtless fall further.  I think France and Germany in particular will be strengthened in the long run.  A lot of good quality British jobs will move to those countries, especially in financial services..  If it were possible I would now swap my UK passport for a French or German one and take their citizenship, pensions and benefits etc.

 

The drop in the pound can be dismissed as 'sentiment' or even some kind of conspiracy by the EU - but at the end of the day its a measure of confidence in the UK economy and investers just don't think a post-Brexit economy is going to offer particularly good returns. I can't see any reason to disagree with that point of view.

[Grouse]

19 minutes ago, HauptmannUK said:

Well, yesterday afternoon we had a presentation from COO (Chief Operating Officer) of our company - US headquartered but with UK, French, German and Chinese operations (high-tech aeropsace and automotive components).

UK operation had our best ever year last year.  However, going forward it looks like 'hard Brexit' UK operations are non-viable because of the way parts and materials are shipped mutliple times between locations.  Components from fab facilities in China now cost almost 20% more than last year.  We are offering 80 staff VS (voluntary severance - two week's pay per year of service) - that's about 20% of the UK workforce.  In the longer term (assuming hard Brexit and a $1.18-1.20 GBP) then COO predicts our operating costs to be 30% higher in 2017 Q3 than in 2015 Q3 - i.e. non-viable.  These job losses won't make headlines because they will be voluntary.  Eventually the UK operation may be closed - which would make the news of course.

 

I think pretty much all the 'project fear' predictions will be realised.  The government is embarking on a 'tax and spend' infrastructure investment policy (probably a good idea) - but may not be enough to rescue the economy.  UK manufacturing was already in quite poor shape (productivity 30% lower than FR and 40% lower than DE) due to low levels of capital investment.  UK manufactured cars like Toyotas, Hondas, Jags, Mini etc use a lot of parts imported from the EU, and even the 'UK sourced' parts (such as we produce) contain imported elements.  Unless the government offers subsidies then I can see these companies relocating ASAP.

More than half of NHS drugs are imported; medical equipment, virtually all computer and electronic parts are imported; clothes; a lot of food - the list goes on - energy prices are sure to rise sharply next year. Expect big tax and price hikes.

 

I was much against unrestricted immigration, but we should have stayed and fought from within - possibly being difficult and intransigent, even breaking EU laws - but stayed with it.  Brexit is the equivalent of an economic suicide bomb - sure we inflicted some damage on Europe will inflict severe damage on our economy in the process. We WERE the fifth largest economy in the world, so EU membership didn't do much harm - we have already slipped to 6th and will doubtless fall further.  I think France and Germany in particular will be strengthened in the long run.  A lot of good quality British jobs will move to those countries, especially in financial services..  If it were possible I would now swap my UK passport for a French or German one and take their citizenship, pensions and benefits etc.

 

The drop in the pound can be dismissed as 'sentiment' or even some kind of conspiracy by the EU - but at the end of the day its a measure of confidence in the UK economy and investers just don't think a post-Brexit economy is going to offer particularly good returns. I can't see any reason to disagree with that point of view.

 

Saddened to read this....

[chiang mai]

4 hours ago, Laughing Gravy said:

Yes very happy and will be regardless.

Again go back and see what I said. Laws were being made by Brussels. The UK people could not vote them out. They are unelected by the British people. The British government is not.

 

The main damage has already been done. Being in the EU for so long with the countries industries decimated. Patriotism is a dirty word now, sadly. If you don't agree with the EU you are a racist. Well once again I am glad the UK has bravely chosen to get out. The EU for sure will try their best to punish the UK for 'giving them the middle finger'.  The UK nearly lost its identity and now has to get it back along with agriculture, fisheries and other important industries that have been eroded.

 

I am going to agree with you on one issue. The fall in the markets is due to fear. Hollande and Merkel are crapping themselves. I am looking forward to seeing the back of them when their people will 'kick them out'. They are creating fear and people are latching on to it. It will all be OK. The UK can survive.   The EU is about control and having a single identity. The pound is slipping but for myself and friends who are in the UK it will be worth it, so we can start working for the UK people again, spending money on UK people and prospering UK people. The schools, hospitals and benefits have had enough and can't cope with the massive influx of other nationals.

 

Here is another example of having to make excuses for being British, caring for British people and the future and others playing the racist card, if you don't agree with them.

http://www.express.co.uk/news/uk/718488/nick-ferrari-immigration-rant

 

I somehow guessed you might be a Daily Express reader!

 

 

[Grouse]

1 hour ago, Laughing Gravy said:

Your arrogance is astounding. I would not want you in my trench in a battle.

 

We have not had trench warfare since the EU was formed. Frankly I would prefer to drink a pils or sip a Chablis than fight in a trench!

[SheungWan]

2 hours ago, SantiSuk said:

It is being called "fat finger day in Asia" on some financial newscasts. Someone in Asian markets pressed the wrong button in early morning Asian trade and markets have been running with blowback ever since. Bangkok Bank's TT rate (that's the one that matters if you ship retail funds in here bank to bank) dropped to 42.9 ish I noticed about 10am - may have been even lower. Fat fingers are apparently not rare but are prevalent more in Asia than elsewhere - so they say.

 

Do we believe it? More likely deliberate market manipulation than a mistake I would guess (pure prejudice, but I'm not making a moral judgement there - in a capitalist world an element of manipulation is what greases markets and provides liquidity). Turn for us Brits to be kicked around for bucking world trends and upsetting markets in the first place!

 

Sterling downside continues. <43. Sterling in the firing line and now clearly vulnerable to market volatility for a reason ---> hard brexit, whatever the failed attempts to spin the story elsewhere.

[Grouse]

Cable now below 1.23

 

43 THB

 

Off to the pub

[SantiSuk]

You can almost smell the blood now as currency speculators alight close to the damaged animal!

 

Luckily I can live off bank deposits in Thailand for a handful of years and store my pension and investment pounds in the UK in the vain hope that the Brexiteers are right in their optimism we can do as well/better alone.

 

Hate to be a smart @rse ... ah. what the hell. Som nam ma to all the financially unwashed who used to parade the view on ThaiV that you must keep every bit of money back in the UK and only bring it here when you need it.

[SheungWan]

Just now, SantiSuk said:

You can almost smell the blood now as currency speculators alight close to the damaged animal!

 

Luckily I can live off bank deposits in Thailand for a handful of years and store my pension and investment pounds in the UK in the vain hope that the Brexiteers are right in their optimism we can do as well/better alone.

 

Hate to be a smart @rse ... ah. what the hell. Som nam ma to all the financially unwashed who used to parade the view on ThaiV that you must keep every bit of money back in the UK and only bring it here when you need it.

 

If there is one thing worse than a smart @arse, its an arsenal supporter smart @rse.

[Laughing Gravy]

1 hour ago, chiang mai said:

 

I somehow guessed you might be a Daily Express reader!

 

 

I actually read the Times (subscribe) but links are for members only. I read the Mail and the Guardian although don't like it. I also read the Telegraph but many articles are for members. I get it you are profiling me.

 

1 hour ago, Grouse said:

 

We have not had trench warfare since the EU was formed. Frankly I would prefer to drink a pils or sip a Chablis than fight in a trench!

You keep going on an d on and on and on about you are entitled to an opinion. You may not realise it you your perpetual drivel. Bye bye doomsday prepper. KKD was right you are a sally army soldier.

[Laughing Gravy]

1 hour ago, chiang mai said:

 

I somehow guessed you might be a Daily Express reader!

 

 

It is better to read something that nothing at all.

[rockingrobin]

http://polemics-pains.blogspot.co.uk/2016/10/gbp-goes-eurchf-whats-going-on.html

[chiang mai]

27 minutes ago, SantiSuk said:

You can almost smell the blood now as currency speculators alight close to the damaged animal!

 

Luckily I can live off bank deposits in Thailand for a handful of years and store my pension and investment pounds in the UK in the vain hope that the Brexiteers are right in their optimism we can do as well/better alone.

 

Hate to be a smart @rse ... ah. what the hell. Som nam ma to all the financially unwashed who used to parade the view on ThaiV that you must keep every bit of money back in the UK and only bring it here when you need it.

 

Exactly, only bring into Thailand what you can afford to lose they said!

[chiang mai]

3 minutes ago, Laughing Gravy said:

I actually read the Times (subscribe) but links are for members only. I read the Mail and the Guardian although don't like it. I also read the Telegraph but many articles are for members. I get it you are profiling me.

 

You keep going on an d on and on and on about you are entitled to an opinion. You may not realise it you your perpetual drivel. Bye bye doomsday prepper. KKD was right you are a sally army soldier.

 

"I get it you are profiling me".

 

Not at all, but could you just tell us anyway what age you left school you went to and where in the Midlands/North you come from?

[Laughing Gravy]

1 minute ago, chiang mai said:

 

"I get it you are profiling me".

 

Not at all, but could you just tell us anyway what age you left school you went to and where in the Midlands/North you come from?

Are you and Grouse the same person? Same IP? Regardless you should stop stalking you will get yourself a bad name.

Your Sherlock work it out.

[chiang mai]

Just now, Laughing Gravy said:

Are you and Grouse the same person? Same IP? Regardless you should stop stalking you will get yourself a bad name.

Your Sherlock work it out.

 

That was a joke, lighten up. And I already have a bad name, I worked hard to get it, I deserve it and nobody will take it away from me.

 

And no Grouse and I are not the same person, I'm far more handsome and debonair.

[howerde]

lets hope we won't be looking back to the good old days of 43bht to the £  (i can see it now, i remember the wonderfull days  of Oct 2016 when i got 43 baht to the £)

[Laughing Gravy]

OK lets leave it at that.  We have opinions that are different. Lightened already you suave, debonair, handsome chap.