Queens Fish Bar 11:20 Mon Oct 10
Anyone betting on where the pound is going?
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(nt)
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Replies - In Chronological Order ( Show Newest Messages First)
Ronald_antly
12:14 Tue Oct 11
Re: Anyone betting on where the pound is going?
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To the bloke selling the fish?
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murf tenerife
12:25 Tue Oct 11
Re: Anyone betting on where the pound is going?
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1 euro to the pound by the end of November.
Not good for me, i was getting 140 euros to the pound before the Brexit vote.
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bruuuno
12:27 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Blimey 140 euros to the pound that is good
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Gavros
1:58 Tue Oct 11
Re: Anyone betting on where the pound is going?
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I remember when it was 145 euros to the pound.
I sold my mansion in the south of France and bought a second hand ford orion.
I've never looked back.
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Willtell
3:09 Tue Oct 11
Re: Anyone betting on where the pound is going?
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It was only last November that it was 1.42€ to £1. It is today 1.11€ to £1 but I think it is deliberate government action to ensure Britain can compete with a real world value for the pound to enable overseas trade.
It's costing me because I'm living in France and getting my income from Britain but que sera sera...
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claret50
3:42 Tue Oct 11
Re: Anyone betting on where the pound is going?
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As low as possible would suit me as it costs me a bundle every time I buy ££££'s
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J.Riddle
3:48 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Everything works out expensive from Europe now. Cheaper to buy British, down to Margate like back in teh day for our hols. All those Polish economic immigrants will send less money back home instead of losing it to our economy. Funny enough the money will circulate within our own economy now and we will all be richer for it. It's a win win.
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BubblesCyprus
9:16 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Sterling income Euro Bills not a good equation at the moment.
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SurfaceAgentX2Zero
9:24 Tue Oct 11
Re: Anyone betting on where the pound is going?
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I shouldn't worry Bubbles - I doubt the Euro will exist in a couple of years
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Hammer and Pickle
9:40 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Bubbles doesn't have to worry about the bills today because of what some twit on a football forum thinks is going to happen to the Euro in a couple of years? But last I checked, the Euro was one of the most stable currencies in the world.
Can you explain the how the Euro won't exist in a couple of years and why that will be good for Bubbles? Because it will be replaced by lots of shit currencies and he will be earning in pounds? Oh, but last I checked the pound was pretty much the worst performing shit currency going so actually I think you're talking crap as usual.
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SurfaceAgentX2Zero
10:15 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Because the Italian banking system is about to go bust with horrific contagious effect possibly even including Germany. If you really don't think there's a danger of this, I suggest you stop spamming the FT comments section for a bit and read some of the other pages.
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Hammer and Pickle
10:19 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Actually, I've heard Italian banks come out rather well in recent stress tests - wouldn't put Bubbles' money on it anyway.
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SurfaceAgentX2Zero
10:19 Tue Oct 11
Re: Anyone betting on where the pound is going?
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And since the EU has made Cyprus a basket case, yes, he will be better off.
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Spandex Sidney
10:19 Tue Oct 11
Re: Anyone betting on where the pound is going?
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I really know nothing about foreign exchange but I can imagine Mark Carney and 'Big' Phil Hammond would be delighted by this.
Going into Brexit with a weak pound sends our exports through the roof. Sadly we will all be driving Hyundai's but hey ho.
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SurfaceAgentX2Zero
10:24 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Hammer and Pickle 10:19 Tue Oct 11
'Actually, I've heard Italian banks come out rather well in recent stress tests'
Really? Post up the source, there's a good lad? Or was it just a private whisper in your ear from Mario Draghi?
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Willtell
10:26 Tue Oct 11
Re: Anyone betting on where the pound is going?
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H&P - Haha haha! From Wall Street Journal...
"Italy’s biggest banking headache is the 544-year-old Banca Monte dei Paschi di Siena SpA, the world’s oldest bank but also the worst capitalized in Europe, according to continentwide stress tests carried out by the European Banking Authority over the summer."
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Hammer and Pickle
10:34 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Did you know the word comes from the Italian for bench? It's what the money dealers would sit on in the park and you'd go on one side if you wanted to lend and on the other to borrow.
Anyway, one shit bank does not a world crisis make so don't pin your hopes on it fuckface.
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Willtell
10:36 Tue Oct 11
Re: Anyone betting on where the pound is going?
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"A bail-in is when a bank recapitalizes itself by tapping its creditors, including depositors.
Most people think of the money they deposit into the bank as a personal asset they own.
But that’s not true.
Once a deposit is made at the bank, it’s no longer your property. It’s the bank’s. What you own is a promise from the bank to repay. It’s an unsecured liability. That’s a very different thing from owning physical cash stuffed under your mattress. Money deposited into the bank technically makes you a creditor of the bank. You’re liable to get burned from a bail-in should the bank get into trouble.
People in Cyprus had to find this out the hard way in early 2013. People awoke on an otherwise normal Saturday morning to the shock that the money in their bank accounts had been taken by a bail-in to recapitalize the banks.
Not surprisingly, many Italians aren’t just waiting around to get “Cyprused.”
I recently spent weeks on the ground in Italy investigating the ongoing banking crisis. I spoke with a prominent lawyer who told me that most Italians are now distrustful of the banks. They’re keeping a substantial portion of their savings in cash under their mattresses. They’re also buying lots of gold.
I’ve been to Italy numerous times over the years. But this time, I saw something new. There were signs everywhere advertising gold bullion, like the one below.
I think it indicates a strong demand for gold and a strong distrust of the banks. It seems to me like a slow motion bank run is already happening. This is the last thing Italy’s banking system needs. It’s further bleeding the capital in the banking system.
I only see the situation getting worse…
Italians are rightly afraid of bail-ins. That fear is leading them to withdraw their savings as cash and also to buy gold. This further drains the banks’ capital, making it more likely they’ll need to do a bail-in to remain solvent, which fuels even more withdrawals. It’s like a self-fulfilling prophecy.
This means that the chances are good that a large number of unsuspecting Italian savers are going to get wiped out.
The thought of potentially many more old, struggling pensioners committing suicide because they got wiped out from bail-ins has enormous emotional power in Italy. It’s like political nitroglycerin.
It would have a catalyzing political effect.
Bottom line, if Italians get Cyprused before the referendum later this year it’s a virtual certainty it will fail.
That’s the unenviable conundrum the current, pro-EU Italian government is facing. They can stall and save the banks through a bail-in, or they can let the whole house of cards come down. Either option is political suicide.
It’s hard to imagine that the frustrated Italian populace won’t vote to give the establishment the finger in the referendum, and humiliate the pro-EU government.
Prime Minister Matteo Renzi has promised to resign if that happens.
If he does, the anti-euro, populist Five Star Movement will almost certainly come to power. They’ve promised to promptly hold another referendum. This one would be on whether Italy should leave the euro and go back to its old currency, the lira.
If Italy—the third-largest member of the eurozone—leaves, it will have the psychological effect of someone yelling “Fire!” in a crowded theater. Other countries will quickly head for the exit, and return to their national currencies.
Economic ties and integration are what hold the EU together. Think of the currency as the economic glue. Without the euro, economic ties will weaken, and the whole project could unravel.
It would be a deathblow to the EU, the world’s largest economy… And it would explode into a global stock market crash like the world has never seen.
The Financial Times recently put it this way:
An Italian exit from the single currency would trigger the total collapse of the eurozone within a very short period. It would probably lead to the most violent economic shock in history, dwarfing the Lehman Brothers bankruptcy in 2008 and the 1929 Wall Street crash.
That’s how important the upcoming referendum in Italy is. It would be the first domino to fall in the collapse of the EU."
http://www.zerohedge.com/news/2016-10-10/heres-where-next-bank-deposit-bail-will-strike
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SurfaceAgentX2Zero
10:44 Tue Oct 11
Re: Anyone betting on where the pound is going?
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Willtell
The FT, you say?
I expect H&P put 'em right, though.
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Swiss.
11:05 Tue Oct 11
Re: Anyone betting on where the pound is going?
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I get paid in Euros. Last year was a nightmare as it reached 1.43
Now as 75% of my expenses are in GBP I'm making well over 1K a month.
Thanks Brexit...and the stupid ignorant mugs who voted for it as you aint seen nothing yet. I've got EU residents status and can be a Belgium citizen by 2017 so I can sit back and watch the UK rot as the city moves to Frankfurt
Still we'll have a few 100 thousand less Eastern Europeans and plenty of jobs. Oh but no economy to supprot them
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