The Great Euro Crash with Robert Peston

[Red C220]

BBC iPlayer - The Great Euro Crash with Robert Peston

Did anyone else watch this last night?

If you didn't it gives a laymans terms explanation of why we're in the mess we are in Europe right now.

After watching this last night I felt if any of us as individuals or businesses had behaved in this manner (how some of the countries and politicians behaved) we would all now be facing serious fraud charges.

One startling statistic last night is there are more empty residential properties in Spain than in the entire USA.

 

[s88]

Yes it was interesting. Though not sure I like his presentation this walking into the camera and swerving out the way at the last minute.

A similar prog on Greece last week, which was interesting.

But they still live a grand life out there.

Cannot say I have any sympathy for the Irish guy, no doubt he is not skint.

 

[grober]

Confidence in European banks was undermined by ratings agency Moody's, which cut the credit ratings of 16 Spanish banks late on Thursday.
BBC News - Market jitters over troubles for Greece and Spain

Wonder what Moody's make of this - Facebook valued at over $104 billion---- of course its a US company which might just make a difference.
BBC News - Facebook share trading debut approaches

Moody's Corporation Its all total ******** imho



MOODY'S---- Are the European Banks are suspect?

The MARKET-----Why are you asking that- is there something wrong?

MOODY'S-------No there's nothing wrong--- just asking the question.

THE MARKET----NO NO there's definitely something wrong or you wouldn't have asked-- we're pulling funds out of the Eurozone.

MOODY'S --- Reports have reached us that funds are being withdrawn from the Eurozone--- this means the banks may be suspect.

THE MARKET---- Gee how on earth did you manage to predict that?

MOODY'S ------ our invoice for this information will be $1,000,000--- thanks.

 

[martin_a]

Peston slightly annoys me. He's got a very high and mighty way of delivering things, he's borderline patronising. compare him to someone like Dan Snow who goes over the history stuff without trying to look smug that he knows more than you.

It wasn't a bad programme but Peston does also tend to be pessimistic, (got a good going over on Have I Got News For You about that) so not quite ready to move into a cardboard box just yet. However, some will be based on that programme and that's the problem.

m.

 

[davethemus]

Peston is very annoying.

 

[C240Sport97]

Peston slightly annoys me. He's got a very high and mighty way of delivering things, he's borderline patronising. compare him to someone like Dan Snow who goes over the history stuff without trying to look smug that he knows more than you.

+1

Don't like his tone of voice either, patronising and tries too hard to make his voice 'interesting'.

 

[wemorgan]

It's the sentences that he constructs that annoy me. It takes him too long to deliver the facts. Almost like he's reciting an anecdote to then finally deliver a punch line, which he of course never does, because this is business news.

I thought Adam Shaw on Working Lunch was very good - anyway I digress from the OP's thread, sorry.

 

[stevieb15]

Given this is a BBC production, the BBC who have two items of faith, one, Global Warming is indisputable fact and two, the EU and the Euro are great and we must be enthusiastic members of both, the tone and direction is bizarre and a complete U turn.
Makes those of us accused of being "little Englanders" because of our distrust of the seemingly unstoppable European movement, look somewhat more enlightened now.
Scant consolation though as it looks as if we'll all end up f****d anyway.

 

[Red C220]

I;m not a huge fan of Peston either, but I found the input from the real traders more interesting.

The Irish fellow wasn't my bag either, happy to cash in on good times, bleating now it's not worked. He owes £40 million and was suggesting he had £10 Million on assets. Looks like he's a lot better off than Greece then!

 

[Red C220]

Moody's Corporation Its all total ******** imho



MOODY'S---- Are the European Banks are suspect?

The MARKET-----Why are you asking that- is there something wrong?

MOODY'S-------No there's nothing wrong--- just asking the question.

THE MARKET----NO NO there's definitely something wrong or you wouldn't have asked-- we're pulling funds out of the Eurozone.

MOODY'S --- Reports have reached us that funds are being withdrawn from the Eurozone--- this means the banks may be suspect.

THE MARKET---- Gee how on earth did you manage to predict that?

MOODY'S ------ our invoice for this information will be $1,000,000--- thanks.

This sadly isn't far from the truth it seems.

Greece - Hello EU we'd like to join.

EU - But your sovereign debt needs to less than 60% GDP.

ITALY - errr, if this 60% is a hard rule we're fecked.

EU - Oh, ok, err in that case you need to demonstrate you're reducing your sovereign debt towards this 60% figure can you do that?

Greece/Italy :- Of course we can, we just set up some incredibly stupid derivitives that mature in 15 years time deferring all our debt till then - then we hit your 60% number.

EU - That's fine you're in, Europe will be Germania by then anyway. WOuld you like to borrow Billions of Euros at 1% despite having no hope of ever paying it back?

Greece/Italy - Does a bear $hit in the woods? Where do we sign?

 

[stevieb15]

I;m not a huge fan of Peston either, but I found the input from the real traders more interesting.

The Irish fellow wasn't my bag either, happy to cash in on good times, bleating now it's not worked. He owes £40 million and was suggesting he had £10 Million on assets. Looks like he's a lot better off than Greece then!

I think he actually intimated the bank were selling the assets for ten million.
Really don't understand why so many Irish got caught out, all of my many Irish business associates from the early part of this century correctly forecast the collapse of their economy, the smart players still have their money, it was only the greedy and dopey who got caught short.

 

[Scott_F]

Given this is a BBC production, the BBC who have two items of faith, one, Global Warming is indisputable fact and two, the EU and the Euro are great and we must be enthusiastic members of both, the tone and direction is bizarre and a complete U turn.
Makes those of us accused of being "little Englanders" because of our distrust of the seemingly unstoppable European movement, look somewhat more enlightened now.

Global Warming is an indisputable fact - the figures speak for themselves. The only disagreement is over the cause - is it a natural phenomenon or is mankind is mainly responsible ?

And I don't rememeber the BBC ever championing the Euro, a currency that we never seriously considered joining.

The current BBC "item of faith" is the Olympics. We can't have a day go by without peak time news slots dedicated to some unimportant aspect or other.

 

[Red C220]

I think he actually intimated the bank were selling the assets for ten million.

Very true.

But here's the thing, you owe a bank £40 thousand it's your problem.

You owe a bank £40 Million it's their problem.

 

[stevieb15]

Global Warming is an indisputable fact - the figures speak for themselves. The only disagreement is over the cause - is it a natural phenomenon or is mankind is mainly responsible ?

And I don't rememeber the BBC ever championing the Euro, a currency that we never seriously considered joining.

The current BBC "item of faith" is the Olympics. We can't have a day go by without peak time news slots dedicated to some unimportant aspect or other.

No it's not, our world changes constantly and will continue to do so,mthatbis a fact.
Fact is something thats been proved, it's not an opinion shared by those who want to buy into everything that supports control of the silly ignorant masses.
The BBC has always been editorially pro Euro, that's not a fact but it is my opinion.

 

[stevieb15]

Very true.

But here's the thing, you owe a bank £40 thousand it's your problem.

You owe a bank £40 Million it's their problem.

I am somewhat familiar with the sentiment.....not 40 though thankfully!

 

[davethemus]

We do have 'climate change' not 'global warming', how much of this is caused by mankind is not clear.

If it wasn't for Gordon Brown we would be in the euro right now, that's a fact.

 

[Scott_F]

No it's not, our world changes constantly and will continue to do so,mthatbis a fact.
Fact is something thats been proved, it's not an opinion shared by those who want to buy into everything that supports control of the silly ignorant masses.
The BBC has always been editorially pro Euro, that's not a fact but it is my opinion.

Global Warming is happening. The planet is getting warmer - full stop.

http://ear****servatory.nasa.gov/Features/WorldOfChange/decadaltemp.php

As you say, the planet constantly evolves hence the on-going debate about the causes.

 

[artyman]

Getting away from Global warming and back on the topic of the Euro, the fundamental is everyone has been spending money they don't have, spending more than you earn is always going to result in misery, ask Mr Micawber. Yet despite all this handwringing, the bricks and mortar of my house are still the same as they were 40 years ago and proved me with somewhere to live. It is not a derivative, or funding solution to a profligate lifestyle, it's somewhere to live.

Unfortunately many have not viewed propery as such and the consumer demand funded by banks against property was the start of the mess that we now all face. Basic needs are shelter, food, and warmth (unless you live somewhere hot) get those right and if, and I say if you have something left over then squander that on your desires.

Governments have done the same spent on promises to get themselves elected, then worried about funding later. The financial institutions invented clever devices to give the appearance of available wealth to fund these things and politicians being inherently stupid and not looking further than short term political gains went along with these cons tricks.

Then of course we have corruption in high places, Murdoch etc etc. sooner or later the **** hits the fan, then it's sloping shoulder syndrome, not me guv. Where is the politician honest enough to tell it really like it is and with the sense and commitment to sort it out.

 

[davethemus]

Getting away from Global warming and back on the topic of the Euro, the fundamental is everyone has been spending money they don't have, spending more than you earn is always going to result in misery, ask Mr Micawber. Yet despite all this handwringing, the bricks and mortar of my house are still the same as they were 40 years ago and proved me with somewhere to live. It is not a derivative, or funding solution to a profligate lifestyle, it's somewhere to live.

Unfortunately many have not viewed propery as such and the consumer demand funded by banks against property was the start of the mess that we now all face. Basic needs are shelter, food, and warmth (unless you live somewhere hot) get those right and if, and I say if you have something left over then squander that on your desires.

Governments have done the same spent on promises to get themselves elected, then worried about funding later. The financial institutions invented clever devices to give the appearance of available wealth to fund these things and politicians being inherently stupid and not looking further than short term political gains went along with these cons tricks.

Then of course we have corruption in high places, Murdoch etc etc. sooner or later the **** hits the fan, then it's sloping shoulder syndrome, not me guv. Where is the politician honest enough to tell it really like it is and with the sense and commitment to sort it out.

IMO a major problem is the fractional reserve system that banks use to magic money out of nothing. During the boom times it took $7 of debt to create $1 of growth, now it takes billions of $ of debt to keep everything were it is.

1) Private banks shouldn't be allowed to create money

2) End fractional reserve

3) Seperate the 'City Banks' from the 'High Street Banks'

4) Go back to the gold standard (once we've bought several hundred tonnes of gold of course)

5) Get Germany out of the Euro

Problem soved

 

[John]

I thought Adam Shaw on Working Lunch was very good - anyway I digress from the OP's thread, sorry.

Without question - the finest presenter of such topics without challenge.