JMC
Joined: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 4162
 
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| Premium Bonds or Krugerrands under the Mattress |
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OK, FWIW here is my gut feeling about the current 'crisis'......... 
As it stands, we have had a hefty drop off the financial cliff, but at the moment I think we have landed on a ledge with a broken leg. Problem is, the ledge may not be strong enough to support our weight. I think there may be another fall coming very soon and who the hell knows if it is a survivable one or not. 
So, where the hell do we put our savings if we are lucky enough have worked  hard enough for long enough to have more than the guarantee limit in one place??? Don't rush to say an Irish bank, as I suspect that, if the worst happens, we are going to see 'small country* Plc' going bust too  (*insert name of any country who have guaranteed more than three times their GDP  ).
IF, and I know it's a big IF, we get a second crash, then I reckon we could also see the complete collapse of the Euro due to the lack of a single central European financial institution capable of supporting ALL the involved nation states. Remember, the EU project has always been a political one, and the infrastructure isn't strong enough to cope with this sort of financial instability. Spain is in deep doo-doo just now and is suffering probably the worst economic climate in the Eurozone. By contrast, Italy has a much healthier savings to debt ratio and, given the typical Italian stigma associated to going bust, I doubt that a Pan-Eurozone rescue plan would gain the support of all nation states - even if one could be put together. 
So, where would you put your money then? The older I get, the more I realise that people confuse wrinkles for wisdom 
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 Fri Oct 03 2008 1:21pm |
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Discowex
Joined: 16 Apr 2007
Location: Craggy Island
Posts: 3647
 
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I would put it in shovels as there is going to be a big demand for all the shyte.I would then hide the proceeds in my sock. Don't take life me too seriously ..... it's I'm not permanent
" This society needs a fookin enema " Craig Oct 08
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| Fri Oct 03 2008 1:27pm |
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JMC
Joined: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 4162
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Yup, that's what I'm figuring too...... The older I get, the more I realise that people confuse wrinkles for wisdom
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| Fri Oct 03 2008 1:30pm |
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Discowex
Joined: 16 Apr 2007
Location: Craggy Island
Posts: 3647
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In relation to Ireland guaranteeing it's banks , I'm pretty sure that the cost should it go tits up is something like 13.5 billion as the banks assets exceed the risk/insured amount.*
I think that Ireland will also be guaranteeing Ulster Bank shortly ( non-irish bank).Also learned yesterday that Bank of Ireland are the bankers for Royal Mail/Postbank. Never knew that
*what I have heard Don't take life me too seriously ..... it's I'm not permanent
" This society needs a fookin enema " Craig Oct 08
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| Fri Oct 03 2008 1:32pm |
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JMC
Joined: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 4162
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Discowex wrote:*what I have heard
Not what I've heard....... The older I get, the more I realise that people confuse wrinkles for wisdom
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| Fri Oct 03 2008 1:40pm |
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JMC
Joined: 25 Feb 2006
Location: Aberdeen-Angus. Where the Bull* comes from!
Posts: 4162
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The guarantee to deposits and senior debt at Irish banks amounts to a staggering E456 billion - well over twice Ireland's GDP, analysts have revealed. The guarantee dwarfs Irish GDP - worth around E190 billion - and Ireland's national debt - worth around E45 billion.
http://www.businessworld.ie/livenews.htm?a...ngnews.htm The older I get, the more I realise that people confuse wrinkles for wisdom
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| Fri Oct 03 2008 2:02pm |
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NoDo$h
Joined: 02 May 2006
Location: wear the fox hat?
Posts: 6532
 
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I'd be buying the kind of assets that will have value/currency when we're back to trading in seashells and beads when the fires in the cities finally go out. Shotgun cartridges, canned food, rolls of barbed wire, that sort of thing.
And I'm only half joking.
As regards currency/savings? Spreading it across as many institutions as possible seems a reasonable proposition but the short term returns will be miserly. Carbon footprint? I neither know nor give a damn
DISCLAIMER: If you find a posting or message from me offensive, inappropriate, or disruptive, please ignore it. If you don't know how to ignore a posting, complain to me and I will be only too happy to demonstrate.
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| Fri Oct 03 2008 2:02pm |
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Discowex
Joined: 16 Apr 2007
Location: Craggy Island
Posts: 3647
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I don't see anything about the banks assets though John that would be offset against that.I was listening to an interview with our Finance Minister John , that's where I heard it.
But I don't believe a single word on either side of the " Yay " V " Boo" debate over here TBH.I find politics very depressing and only further damages my ( dwindling) faith in the human race.
Hows that for a Friday
But on the  side.Im off to the UK tomorrow to collect a Series III 88 so that in the eventuality of impending financial doom , myself and the young ones will have something to tinker with whilst the world collapses outside the shed  Don't take life me too seriously ..... it's I'm not permanent
" This society needs a fookin enema " Craig Oct 08
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| Fri Oct 03 2008 2:11pm |
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Pelyma
Joined: 06 Jan 2005
Location: Clymping, Sussex
Posts: 4761
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Comment removed by Martin: in the current market it is too risky to offer investment advice via the OT forums on here DS3 TDV6 HSE
Silver with Alpacca (old one)
DS3 TDV6 HSE
Silver with Alpacca (new one)
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| Fri Oct 03 2008 3:43pm |
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Discowex
Joined: 16 Apr 2007
Location: Craggy Island
Posts: 3647
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Wish I'd bought some shares in Anglo Irish Bank ( as did its CEO and a few others  ) before our Government decided to prop the Irish banks up
Agreee with you Pelyma , some shrewd people out there snapping things up and putting them in the shed till later. Don't take life me too seriously ..... it's I'm not permanent
" This society needs a fookin enema " Craig Oct 08
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| Fri Oct 03 2008 3:47pm |
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DG
Site Moderator
Joined: 12 Dec 2005
Location: In the pubic domain !
Posts: 15105
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I've spread my money around ...got a wedge of it in Premium Bonds which provides a surprisingly good return ....after nearly 3 years I'm over 25% up tax free ... just waiting for the £1m win Powered by TorqTune
In three words I can sum up everything I've learned about life: .................It goes on.
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| Fri Oct 03 2008 3:59pm |
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Pelyma
Joined: 06 Jan 2005
Location: Clymping, Sussex
Posts: 4761
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You get a nice lady visit you for that  Do you know anyone who has won big sums on the Premium bonds? I have met lots of lottery winners, but only one Premium bond winner. I had a client who was convinced they were a scam, she died before I could tell her that I had finally met a big winner. You are very lucky in my experience with £30K invested in them you win £50pm sometimes £100. Great short term home if you like a bit of fun. DS3 TDV6 HSE
Silver with Alpacca (old one)
DS3 TDV6 HSE
Silver with Alpacca (new one)
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| Fri Oct 03 2008 4:31pm |
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DG
Site Moderator
Joined: 12 Dec 2005
Location: In the pubic domain !
Posts: 15105
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Well I don't have anywhere near £30k in there but I've have had 8 wins in 32 months ...including one reasonable sum Like you say a bit of fun Powered by TorqTune
In three words I can sum up everything I've learned about life: .................It goes on.
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| Fri Oct 03 2008 5:11pm |
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RLD
Uncle Ray
Joined: 18 Jul 2005
Location: lancs
Posts: 3399
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i have my money in Haggis is it me your looking for well off again up Scotland for a week then back to sunny Leeds
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| Fri Oct 03 2008 5:33pm |
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