Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
20 January 2009
11:5613296The UK is finished... sell any sterling you might have
This is what Jim Rogers says, a partner of George Soros the (in)famous currency speculator. Rogers is a commodities/China investment expert.
He also said that the currency will fall below its record low of $1.0520. Such is the confidence that investors have in the UK economy and the present Government's economic policy.
That is not all. The EU is saying (yet again) that we will be worse hit by the recession.
It does not stop there. I was at a conference last week talking to the top investment managers and much of what they say is revealing.
Do you realise that investment grade Corporate Bonds are pricing in default rates of 5 times the level of the Great Depression! These are people putting their money where their mouth is. Hopefully it will not be that bad and if not CB investors will make handsome profits over the next few years. (Dont invest in them though without advice, whatever you do)
This Government is floundering around in desperation and is being seen to do so.
Sid Pollitt
20 January 2009
12:1713297Bye then. We'll stick it out, we like it here. Again, bye. Is your shop up for sale?
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
20 January 2009
12:4113301Are you not concerned Sid about the Country ? not just trying to protect (!!!) the reputation of the Government.
All this silly nonsense about Bye Bye we'll stick it out.
Bailing out the Banks etc. maybe the only choice, but it should be done by making savings - big savings, not just borrow, borrow, borrow.
These are eye-watering amounts of money we are borrowing and as what we are doing is not thought to be that clever, it's makiing a mockery of our currency.
Roger
Sid Pollitt
20 January 2009
12:5013302I think we're all concerned, but we'll have to see how things go. The government have put into place a package of measures that may or may not help, of course BarryW knew best and rubbished them at the time and ever since.
Have the measures worked, it'll take months to know. BarryW says they've failed
As I say if people think the place is finished they can leave, that's what would be the case if it was an office or factory. Bye, tara.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
20 January 2009
13:5413313Its not rocket science. I have been saying how badly Brown has been handling the economy on this very forum for years but few listened, to their cost. I take no pleasure in the problems we now have.
Sid Pollitt
20 January 2009
14:0913315Maybe you should try rocket science, a rocket shop in Dover would be fun. John Micklethwait of the Economost said on the telly today that the US [The US, repeat US] was the epicentre of the financial problem, and asked does the US economy have to recover before ours does said Yes.
Yesterday on the telly Richard Lambert, Director General of the CBI, said the government's latest [GB's government] package for the UK banks was 'important and a welcome step', and said that the government had to [HAD TO] act earlier when they re-capitalised the banks. He said that this brought a degree of stability and will build a platform in the longer term for recovery.
I've two points: 1. When you take away the vested interests many are willing to wait to see if the actions will bring about the much needed recovery, and 2. for those who have been saying Britain is broken and now say it's broke, dont bother to turn the light out, but please do leave.
Guest 670- Registered: 23 Apr 2008
- Posts: 573
20 January 2009
14:1613316Barry you really are like that character in Dad's Army, Private Fraser, WE'RE DOOMED, WE'RE ALL DOOMED. He always got it wrong.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
20 January 2009
14:3413318The US is the worlds strongest economy there is no dopubt about that and they do have some very serious problems that result from Clinton's policies of extending homeloans to those who previously could not borrow.
That does not detract from the series of economic errors made over the last 11/12 years by Brown that result in our situation being so much worse than it need be. I have mentioned them before and will not repeat them again. I have regularly on this forum pointed out where Brown has been going wrong over the years and now we are reaping the whilrwind.
Dave, its Jim Rogers who is telling people to sell sterling, traders who are building in such high default levels, the EU who have said what they have. I am merely pointing out what they are saying. Labour supporters would prefer an ostrich act hoping people wont notice the mess Brown has made.
This is an interesting article about electoral prospects.
http://timesonline.typepad.com/comment/2009/01/with-the-public.htmlhoward mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
20 January 2009
20:2113340dave has hit the nail on the head, all this doomed stuff from barry is nonsense.
of course, there are serious problems, will take a year or two to get the things back on track.
the last thing that everyone needs now is defeatist talk, we are all suffering, but most are trying to make the most of things.
Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
20 January 2009
21:2313352dont know so much howard,just looked at the finaceal pages on the internet looks realy gloomy evan the the dow jones is down 3% what with the new president taking over as well.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
20 January 2009
23:0013361The fact is howard, doomed we may not be, but Brown has certainly junked our economy by his ill-conceived and incompetent economic management. Sadly there is a lot worse to come, the facts speak for themselves.
23 January 2009
15:5513605Thatcher, Blair, Brown...same person, different hairstyle. No other difference. They've each shafted Blighty in ways way beyond the realms of decency. And now we're all paying. Thanks. Thanks a bunch.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
23 January 2009
16:2413609Andrew - What Brown has been doing over the last 11/12 years goes totally against the 'sound money' philosophy followed by Mrs T. The mistake she made was when she weakened and allowed her Chancellor John Major to take us into ERM. She held out for a long time against the whole establishment on that one. Far from shafting us she, earlier, saved the economy from the economic disaster left by Callaghan.
23 January 2009
16:4813611You're entitled to your opinion, Barry. And I mine. As far as I'm concerned, the spiritually and morally corrosive rot of selfish capitalism so eagerly taken up by Blair and Brown started with the grocer's daughter from Grantham.
Guest 670- Registered: 23 Apr 2008
- Posts: 573
23 January 2009
17:0013613I thought it was the poll tax that finished her but then I expect I'm wrong.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
23 January 2009
17:0713614Andrew, opinion is one thing, facts are another.
It really does stretch the imagination to blame Mrs T who believed in sound money and repaying debt for Blair and Brown who have clearly followed the opposite course!
Today we are now officially in recession, not only that but this recession is now officially deeper than any since 1980 when Mrs T was fighting to restore the mess left behind by Callaghan.
Her response to the recession was exactly the opposite to what Brown has done. She actually raised taxes (compares to Brown's so called stimulus) and cut public spending. Geoffrey Howe's budget prompted 360 economists to write to the papers saying it would never work, among them was the present Governor of the Bank of England. These economists can now be seen to have been wrong. Her policy did work and resulted in an unprecedented period of growth and prosperity.
Now we have the '360' economists in charge, with those who attacked Mrs T in Government. There is no sign of their medicine working and worse to come. Next quarter's figures are set to show that we will be in the worse recession since WW2.
To try to argue that Mrs T's economic policies bear any resembelance to those of the Blair/Brown era stretches credability too far.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
23 January 2009
17:0813615Dave. I was referring to the economy not broader policy. What you refer to is another debate.
23 January 2009
17:3413619Thanks Barry. I don't profess to be an economics expert, as you'll probably gather.
You've probably also gathered that I am not a party political animal at all! Just a casual, independent punter and resident with the area's best interests at heart.
Have a good weekend and all the best to you,
Regards,
Andy
Sid Pollitt
23 January 2009
19:2313644Hi Dave1, I think that the Poll Tax was a factor but what finished Thatcher was members of the Tory party who stabbed her in the back.
Brian Dixon- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
23 January 2009
20:2613657finised what persisly.