Pound at $1.56 and Sinking Daily? How Low Can It Go?
Oct 30th, 2008, 04:36 AM
#21
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Hi PQ,
>Should i snap up pounds now for my annual Feb sojourn - assuming i can fetch a good rate?<
Should have done it on Monday.
The GBP went up to $1.65 yesterday.
May I suggest that you leave currency trading to the currency traders, and just get your GBP from an ATM when you arrive?
>Should i snap up pounds now for my annual Feb sojourn - assuming i can fetch a good rate?<
Should have done it on Monday.
The GBP went up to $1.65 yesterday.
May I suggest that you leave currency trading to the currency traders, and just get your GBP from an ATM when you arrive?
Oct 30th, 2008, 06:04 AM
#22
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Ira- i was thinking of paying for my accommodations, etc in pounds with my credit card now - actually i was not but that could be an easy way to lock in a decent rate (or perhaps a higher rate if pound keeps going down)
the B&B i stay at in Eltham don't take credit - just pound notes.
the B&B i stay at in Eltham don't take credit - just pound notes.
Oct 30th, 2008, 01:06 PM
#23
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Acutally, I'd say a financial crisis like we're having illustrates why the UK would want to stay out of the Euro. Monetary policy can be a very useful tool in handling these emergencies, and I'd hate to be running a country that had given that tool up to some unelected beauraucrats who may or may not be concerned with the conditions that prevail in your country. Maybe the European Central Bank's actions will work out for all it's members, but there are going to be times when different countries would want different policies to be taken due to local economic conditions. Euro Zone countries have forfeited this flexibility. For a small country, that combined strength may outweigh the policy flexibility, but for the larger ones, that's a more difficult case to make.
Oct 30th, 2008, 01:14 PM
#24
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>Euro Zone countries have forfeited this flexibility
Of course the perversion about that statement is, that UK and US monetrary policies CREATED that financial crisis.
So yes, maybe it lacks flexibility in the €-Zone but maybe it also lacks the flexibility to create such a mess. ;-)
Of course the perversion about that statement is, that UK and US monetrary policies CREATED that financial crisis.
So yes, maybe it lacks flexibility in the €-Zone but maybe it also lacks the flexibility to create such a mess. ;-)
Oct 30th, 2008, 02:59 PM
#25
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99 says,
>..UK and US monetrary policies CREATED that financial crisis. <
Pish tosh, and nonsense.
The Eurozone banks got caught up in the sub-prime mortgage feeding frenzy along with everyone else.
Matthew 7:3
>..UK and US monetrary policies CREATED that financial crisis. <
Pish tosh, and nonsense.
The Eurozone banks got caught up in the sub-prime mortgage feeding frenzy along with everyone else.
Matthew 7:3
Oct 30th, 2008, 03:09 PM
#26
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Cheap money ira, cheap money! And a totally unrestricted market. It didn't just happen, it was created.
Neither pish tosh nor nonsense, you've got no idea how many years "our" governments tried to stop them.
No wonder they are outraged now, because EVERYBODY here knew the outcome.
Neither pish tosh nor nonsense, you've got no idea how many years "our" governments tried to stop them.
No wonder they are outraged now, because EVERYBODY here knew the outcome.
Oct 30th, 2008, 11:04 PM
#27
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<i>Neither pish tosh nor nonsense, you've got no idea how many years "our" governments tried to stop them.</i>
But they didn't. In other words, they were either ineffectual or didn't really back up their rhetoric with action. Likely, it was both. Plenty of American politicians made similar speeches and took similar "actions". They can say "I told you so" but it doesn't change the outcome.
Nobody cares that you Chancellor made silly political speeches about "Anglo-Saxon" capitalism. They care about whether EU businesses got caught up in the fallout. They did, therefore it is ludicrous to claim that the EU is somehow better positioned for the long-term.
<i>Monetary policy can be a very useful tool in handling these emergencies, and I'd hate to be running a country that had given that tool up to some unelected beauraucrats who may or may not be concerned with the conditions that prevail in your country.</i>
And don't forget that they also are restricted in their fiscal policy, even if the fiscal restrictions don't really seem to be enforced very rigorously. And there is the compounding issue of labor market inflexibility, as well. Some of this is quasi-official, like the seniority-based rules that reduce labor market participation in Germany and France, and some is cultural/linguistic, like the barriers that prevent someone from a struggling area of Italy to move to a booming area of Germany.
But they didn't. In other words, they were either ineffectual or didn't really back up their rhetoric with action. Likely, it was both. Plenty of American politicians made similar speeches and took similar "actions". They can say "I told you so" but it doesn't change the outcome.
Nobody cares that you Chancellor made silly political speeches about "Anglo-Saxon" capitalism. They care about whether EU businesses got caught up in the fallout. They did, therefore it is ludicrous to claim that the EU is somehow better positioned for the long-term.
<i>Monetary policy can be a very useful tool in handling these emergencies, and I'd hate to be running a country that had given that tool up to some unelected beauraucrats who may or may not be concerned with the conditions that prevail in your country.</i>
And don't forget that they also are restricted in their fiscal policy, even if the fiscal restrictions don't really seem to be enforced very rigorously. And there is the compounding issue of labor market inflexibility, as well. Some of this is quasi-official, like the seniority-based rules that reduce labor market participation in Germany and France, and some is cultural/linguistic, like the barriers that prevent someone from a struggling area of Italy to move to a booming area of Germany.
Oct 31st, 2008, 12:00 AM
#28
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As if we had any chance to instill some reason into their brains.
When governments go criminal there isn't much you can do. Even worse you always find people to applaud your evil deeds.
Everybody, every scholar, our governments, everybody with just a little knowledge of economics knew that this would happen. There's no f*cking alternative to that outcome.
Basic math!!!
Anyway, not talking to you, since I don't have much hope that this will change a thing in your false perception.
When governments go criminal there isn't much you can do. Even worse you always find people to applaud your evil deeds.
Everybody, every scholar, our governments, everybody with just a little knowledge of economics knew that this would happen. There's no f*cking alternative to that outcome.
Basic math!!!
Anyway, not talking to you, since I don't have much hope that this will change a thing in your false perception.
Oct 31st, 2008, 04:10 AM
#29
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<i>Anyway, not talking to you, since I don't have much hope that this will change a thing in your false perception.</i>
I'm not arguing the rights or wrongs of the system. The issue is that, even if I conceded that you are absolutely right about how the system <i><b>should</b></i> be structured, it doesn't mean that is how the system <i><b>will</b></i> be structured.
The problem is that you are trying to make claims that the Euro-zone will be healthier, because they make a couple of speeches or dire warnings. If those speeches and dire warnings are not accompanied by substantive change, then they are nothing more than hot air. The events of the past few months have brought into sharp relief that no amount of German or French concern (no matter how grave) actually impacted the outcomes. Since they couldn't stop the tsunami, they are left to deal with the clean-up, much the same as the Americans, the Brits, the Japanese, etal. And because they were impotent to stop it, the German stock markets have declined just as much as US markets. Because they couldn't change the rules, Germany will likely descend into recession in 2009, along with everyone else.
Indeed, the impotence of the French and German governments to actually create a different kind of system is pretty much a fait accompli. The problem was/is/will be the fact that, during good times, capital will flee to those financial markets where they can maximize their returns. During good times (and probably even in bad), those markets happen to be in London and New York. Germany, since they don't live in a vacuum, can restrict all they want, but it will only lead money to flow out of Frankfurt to the more flexible financial centers. In short, Germany can create a new kind of system, with new kinds of rules, but it is doubtful anyone will actually come to the party, so what is the point?
At the end of the day, we have a global financial system. Germany simply isn't important enough or powerful enough to rewrite the rules. Their only option is to pretty much go along with the rules, largely written in New York and London. Intent doesn't matter, only results.
Only one of us is deluding themselves, and it ain't me. I make no value claims, I simply point out that these "values" don't impact outcomes. You are the one that clings to the belief that, because the Germans made some speeches, that they will be insulated from the outcome. My guess is that, you will continue to believe that, no matter how many losses DB reports, or how many German banks require a handout, or how many % points are shaved off of German GDP. But the actual results don't lie and it is pretty plain that Germany and the rest of the EU is in as much trouble as anyone else.
I'm not arguing the rights or wrongs of the system. The issue is that, even if I conceded that you are absolutely right about how the system <i><b>should</b></i> be structured, it doesn't mean that is how the system <i><b>will</b></i> be structured.
The problem is that you are trying to make claims that the Euro-zone will be healthier, because they make a couple of speeches or dire warnings. If those speeches and dire warnings are not accompanied by substantive change, then they are nothing more than hot air. The events of the past few months have brought into sharp relief that no amount of German or French concern (no matter how grave) actually impacted the outcomes. Since they couldn't stop the tsunami, they are left to deal with the clean-up, much the same as the Americans, the Brits, the Japanese, etal. And because they were impotent to stop it, the German stock markets have declined just as much as US markets. Because they couldn't change the rules, Germany will likely descend into recession in 2009, along with everyone else.
Indeed, the impotence of the French and German governments to actually create a different kind of system is pretty much a fait accompli. The problem was/is/will be the fact that, during good times, capital will flee to those financial markets where they can maximize their returns. During good times (and probably even in bad), those markets happen to be in London and New York. Germany, since they don't live in a vacuum, can restrict all they want, but it will only lead money to flow out of Frankfurt to the more flexible financial centers. In short, Germany can create a new kind of system, with new kinds of rules, but it is doubtful anyone will actually come to the party, so what is the point?
At the end of the day, we have a global financial system. Germany simply isn't important enough or powerful enough to rewrite the rules. Their only option is to pretty much go along with the rules, largely written in New York and London. Intent doesn't matter, only results.
Only one of us is deluding themselves, and it ain't me. I make no value claims, I simply point out that these "values" don't impact outcomes. You are the one that clings to the belief that, because the Germans made some speeches, that they will be insulated from the outcome. My guess is that, you will continue to believe that, no matter how many losses DB reports, or how many German banks require a handout, or how many % points are shaved off of German GDP. But the actual results don't lie and it is pretty plain that Germany and the rest of the EU is in as much trouble as anyone else.
Nov 18th, 2008, 11:42 AM
#31
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Fortunately the crash of the USA and Britain will be fast and final. (A least for the next decade).
There will be nothing left to bail out. I keep my fingers crossed that at least GM will be bancrupt before the "free money" crooks are able to react. Gives the US a little more time. In the end this won't change a thing.
There will be nothing left to bail out. I keep my fingers crossed that at least GM will be bancrupt before the "free money" crooks are able to react. Gives the US a little more time. In the end this won't change a thing.
Nov 18th, 2008, 01:54 PM
#32
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Bloody hell.
The loons really are out tonight.
The paint addict who's not checked the currency markets lately.
And - well, at least the uber-loon's modified his stance. It's not just the US that's going to collapse, but Britain too. Next week, no doubt Australia will join the list. Then India, since 60% of its economy is exports to English-speaking countries.
So who's Germany going to sell to then? And when Germany goes, who'll prop up France and Italy? And with no America or Europe, who'll the Japanese sell to?
We're all doomed. Sounds a great time to go to Iceland.
Oh, Iceland's screwed too? Best top yourself then.
The loons really are out tonight.
The paint addict who's not checked the currency markets lately.
And - well, at least the uber-loon's modified his stance. It's not just the US that's going to collapse, but Britain too. Next week, no doubt Australia will join the list. Then India, since 60% of its economy is exports to English-speaking countries.
So who's Germany going to sell to then? And when Germany goes, who'll prop up France and Italy? And with no America or Europe, who'll the Japanese sell to?
We're all doomed. Sounds a great time to go to Iceland.
Oh, Iceland's screwed too? Best top yourself then.
Nov 18th, 2008, 02:18 PM
#35
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<<Should the U.S. bail out Britain, again, again?>>
Who's going to bail out the US, maybe the Chinese. They are sitting on truckloads of cash and even if it doesn't make much commercial sense I could see them going for something, like the once mighty GM.
There will be plenty of other potential targets, as quoted recently
<<Li Rongrong, the chairman of the Chinese agency in charge of big state corporations, had blunt words for those licking their chops at the cut-rate prices of overseas companies.
"Hold your cash," he said last week, according to the China Daily newspaper.
"Don't rush. There will be plenty of opportunities in the future.">>
Geordie
Who's going to bail out the US, maybe the Chinese. They are sitting on truckloads of cash and even if it doesn't make much commercial sense I could see them going for something, like the once mighty GM.
There will be plenty of other potential targets, as quoted recently
<<Li Rongrong, the chairman of the Chinese agency in charge of big state corporations, had blunt words for those licking their chops at the cut-rate prices of overseas companies.
"Hold your cash," he said last week, according to the China Daily newspaper.
"Don't rush. There will be plenty of opportunities in the future.">>
Geordie
Nov 18th, 2008, 02:24 PM
#36
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I am planning a trip to London in March - I have a friend who was there a few years ago and came home with several "coins" - we are aware that British money does change - can anyone tell me if I can find out if I can still use his?? rather than both of us exchanging ......
Nov 19th, 2008, 02:02 AM
#37
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Nothing is likely to go out of legal tender anytime soon, oh2doula, particularly not coins. There are lots of design variations - a whole new set of coin designs has just started appearing - but the basic sizes and values are unchanged and still valid.
Nov 19th, 2008, 02:05 AM
#38
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<i>The paint addict who's not checked the currency markets lately.</i>
I don't know whether it is from huffing paint or not, but it is clear that someone hasn't looked at their beloved charts in a while.
Except for the last couple of weeks, which might well be a blip, USD gains against Sterling have largely tracked with the gains against the euro. From the end of July to the end of October, the USD gained 23% vs the Euro and 26% vs the GBP.
The main difference, aside from the past couple of weeks, is that Sterling started dropping/steadying against the dollar back in September of last year. But I wouldn't want to bet against the notion that the GBP will also recover sooner than the euro.
I don't know whether it is from huffing paint or not, but it is clear that someone hasn't looked at their beloved charts in a while.
Except for the last couple of weeks, which might well be a blip, USD gains against Sterling have largely tracked with the gains against the euro. From the end of July to the end of October, the USD gained 23% vs the Euro and 26% vs the GBP.
The main difference, aside from the past couple of weeks, is that Sterling started dropping/steadying against the dollar back in September of last year. But I wouldn't want to bet against the notion that the GBP will also recover sooner than the euro.
