Bank and goverment Guarantees

Discussion in 'OT (OFF Topic) Forums' started by WLeg, Oct 7, 2008.

  1. WLeg

    WLeg Hardcore MB Enthusiast

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    I'm not clued up on this stuff.....

    But am I right that the wonderful Mr Brown is not guaranteeing our savings as he sold off all our Gold reserves, and so has nothing to guarantee with ?

    Other than Gold bars under the matteress...what is safest right now ?
     
  2. robert.saunders

    robert.saunders Hardcore MB Enthusiast

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    I 'own' 1g of gold; will that assist?
     
  3. Chattonmill

    Chattonmill Hardcore MB Enthusiast

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    Your savings are guaranteed up to £50k or £100k if a joint account. Where Gordy gets the money from God only knows, but if you get yours back I'm sure you wont really care.....until the Tax rises
     
  4. grober

    grober MB Club Veteran

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    Gold bars under the bed ---until there's a glut of gold on the market and the price falls.:rolleyes:
     
  5. wemorgan

    wemorgan MB Club Veteran

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    Here's an opinion on investment strategy in these uncertain times. Maximum £50k deposits in banks and gilts seem the safest bet.
     
  6. jaymanek

    jaymanek Authorised Forum Sponsor Authorised Forum Sponsor

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    I thought it was 32K guaranteed?
     
  7. st4

    st4 Banned

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    So did I, I wonder if the financial services protection act is being confused with this guarentee.
     
  8. mattc

    mattc Hardcore MB Enthusiast

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    50K as of today Jay.
     
  9. Mudster

    Mudster Hardcore MB Enthusiast

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    They upped it earlier this week in response to Ireland, Germany and Greece guaranteeing everything in their banks (very unsound).

    There's a lot of knee jerk reactions and policies going on all over Europe...interesting times.

    Meanwhile, after about two months of wondering if I'll have a business this time next year, all my customers have started to return. It's as though someone just turned business on again..most strange..but rather a relief....
     
  10. jaymanek

    jaymanek Authorised Forum Sponsor Authorised Forum Sponsor

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    dont speak too soon Mudster... Its very up and down most people I speak to at the moment.
     
  11. mattc

    mattc Hardcore MB Enthusiast

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    Do you think they stopped doing headless chicken impersonations and started using their own noodles and realised life goes on?
     
  12. IanA2

    IanA2 Hardcore MB Enthusiast

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    A lot of the problem is people talking themselves into a recession.
     
  13. Mudster

    Mudster Hardcore MB Enthusiast

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    The feeling I'm getting from people is "What can we do about it - life goes on...."

    It's a kind of resigned apathy.

    The local shopping centres have never been so busy strangely....

    I have quite a lot of stock in transit (3 containers of granite counter tops plus another four in production) and I have fitters crawling up the wall waiting for it...I just wish I could get it here quicker...

    I just hope it continues....
     
  14. manalishi

    manalishi Hardcore MB Enthusiast

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    Alternatively, a lot of the problem is that people have been talking themselves into a credit-fuelled boom.

    :)
     
  15. jeremytaylor

    jeremytaylor Hardcore MB Enthusiast

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    Where will Gordy get the money from?

    Simple. He'll just print some more. Which will lead to inflation, and then devaluation of £, and general poverty for all of us, not to say yet more taxes as we pay all the money back.

    Oh what deep, deep joy!!
     
  16. wemorgan

    wemorgan MB Club Veteran

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    I'm not so sure this government will copy Zimbabwe's economic strategy on tackling debt. It's much more likely he'll borrow money from us in the form of Bonds.
    With recession looming or already here, depending who you listen to, consumer spending will shink rapidly and deflation a possibility. Just read how that has effected Japan over the last 10-15 years to see dangerous that can be.
    It's tough times ahead, save hard, spend wisely and enjoy a glass of wine each evening :)
     
  17. C240Sport97

    C240Sport97 MB Club Veteran

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    the cost will be added to the national debt .. each of us will ultimately pick up the bill
     
  18. crockers

    crockers MB Club Veteran

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    Lets face it if a high street bank fails - one of the big ones -- we are in big do do.

    It is also important to look back at history and the Wall Street crash of the late 1920's led to a world wide recession partly due to European countries adopting protectionism policies.

    It is imperative that EU countries work together - not in isolation. Therefore Ireland and now Germany are causing problems.

    Savers in Northern Rock and BB were protected 100%.
     

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