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Re: Collapse of the euro?
Posted: 21 May 2012, 19:14
by syncropaddy
Its going brilliantly thanks. In the two or so years that this thread has been going Sterling has risen 4 whole pence againt the Euro and is 25 whole pence lower than where it was 5 years ago. Sterling also hit an all time low against the Euro in 2009 as well - bless it!!
Britian is now in recession - again - and your national debt is larger than Italy's .......... Long live the Euro !!
Re: Collapse of the euro?
Posted: 21 May 2012, 21:25
by KarlT
syncropaddy wrote: In the two or so years that this thread has been going
Sterling has risen 4 whole pence againt the Euro and is 25 whole pence lower than where it was 5 years ago. Sterling also hit an all time low against the Euro in 2009 as well - bless it!!
Britian is now in recession - again - and your national debt is larger than Italy's .......... Long live the Euro !!
If only our political elite were so far sighted!
Its called devaluing, its complicated but watch what Greece does. Unfortunately, as Europeans buy as many GBP as they can get their hands on (best estimates are 25% of all Greek Euros are now in London. And Spains not far behind) our value is being forced back up, not good news for our exports.
I heard Ireland is the new Celtic tiger! Remember those days? Did you believe that too?
Keep singing for your supper, although after Chelsea upset the home party the other day, you might need another River-dance!!
Re: Collapse of the euro?
Posted: 22 May 2012, 14:59
by jebiga41
We've discovered oil
or hadn't you heard. We''re going to be The Celtic Arabs
Re: Collapse of the euro?
Posted: 22 May 2012, 20:39
by syncropaddy
KarlT wrote:
Its called devaluing, its complicated but watch what Greece does. Unfortunately, as Europeans buy as many GBP as they can get their hands on (best estimates are 25% of all Greek Euros are now in London. And Spains not far behind) our value is being forced back up, not good news for our exports.
Just goes to show how daft the Greeks and the Spanish are ...... the clever money is buying in Norway, Canada and Switzerland!
KarlT wrote:I heard Ireland is the new Celtic tiger! Remember those days? Did you believe that too?
Nope .... you cant build an economy on construction and service industry alone.
Re: Collapse of the euro?
Posted: 22 May 2012, 21:11
by KarlT
Why would the 'clever money' be getting out of the Euro?
syncropaddy wrote:
Nope .... you cant build an economy on construction and service industry alone.
That's so funny, the Irish boom wasn't 'built' on construction & service industries.
It was built on borrowed money with cheap interest rates because you were/are tied to Germany's industry/production. It is estimated that Ireland, Spain, Italy etc are overvalued by around 30% because of it.
This means to reach a balance you/we have to get 30% poorer. Many will disagree but logic says this will happen.
Re: Collapse of the euro?
Posted: 23 May 2012, 20:53
by syncropaddy
KarlT wrote:Why would the 'clever money' be getting out of the Euro?
syncropaddy wrote:
Nope .... you cant build an economy on construction and service industry alone.
That's so funny, the Irish boom wasn't 'built' on construction & service industries. It was built on borrowed money with cheap interest rates
Everyone economy was 'boomed' by cheap money from China, UK included! Dont forget the first EU bank to go belly up was one of yours !!
We built with the money we borrowed and we all became property developers. All the silly people queued to borrow money and buy property at ridiculous prices and all the clever ones (me) sold their property to the silly ones!
Re: Collapse of the euro?
Posted: 23 May 2012, 21:22
by KarlT
KarlT wrote:Why would the 'clever money' be getting out of the Euro?
This means to reach a balance you/we have to get 30% poorer.
Re: Collapse of the euro?
Posted: 23 May 2012, 21:39
by syncropaddy
KarlT wrote:KarlT wrote:Why would the 'clever money' be getting out of the Euro?
This means to reach a balance you/we have to get 30% poorer.
A. Risk equalisation?
B. Yes indeed the silly people will get poorer
The clever ones will get richer as they mop up the mistakes made by others. The gap will widen even more.
12% of the mortgage debt in Ireland is now in default and it grows every day