Posts1,029,821
Topics75,777
Members13,634
Forums65
Posts in last 24hrs18
|
Most Online14,906 Nov 23rd, 2019
|
|
43 registered members (Baza7, 9 invisible),
1,573
guests, and369
spiders. |
Key:
Admin,
Global Mod,
Mod
|
|
|
|
|
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
21
|
22
|
23
|
24
|
25
|
26
|
27
|
28
|
29
|
30
|
31
|
|
|
Re: OMG This looks really SERIOUS!!!!
[Re: venice]
#1054149
2nd Apr 2018 2:37pm
2nd Apr 2018 2:37pm
|
Joined: Jul 2011
Posts: 3,621 Wirral
venice
OP

Forum Guardian
|
OP

Forum Guardian
Joined: Jul 2011
Posts: 3,621
Wirral
|
|
|
|
Re: OMG This looks really SERIOUS!!!!
[Re: venice]
#1054152
2nd Apr 2018 3:11pm
2nd Apr 2018 3:11pm
|
Joined: Mar 2010
Posts: 4,042 Heswallish
fish5133
Forum Guardian
|
Forum Guardian
Joined: Mar 2010
Posts: 4,042
Heswallish
|
Well it will be blamed on Tories Brexit and Corbyn
Last edited by fish5133; 2nd Apr 2018 3:11pm.
|
|
|
Re: OMG This looks really SERIOUS!!!!
[Re: venice]
#1054159
2nd Apr 2018 4:10pm
2nd Apr 2018 4:10pm
|
Joined: Jul 2008
Posts: 13,864 Birkenhead
diggingdeeper

Wiki Master
|

Wiki Master
Joined: Jul 2008
Posts: 13,864
Birkenhead
|
As far as I'm aware there is no legal obligation for the Government to bail out the bank, we are only shareholders the same as any other shareholder. Personally I think its time to cut our losses, our current shareholding is "only" about £21bn I think but we have it on paper as an asset much greater than that. There must be a way to put some package together to help others that are caught up in this mess .... but of course our membership of the EU means we aren't allowed to do things like that, the EU controls our finances!
The bank supposedly has assets of something like £713bn (yet a company value of circa £30bn????), I guess most of these are only paper assets. Why not asset strip the bank so at least some parts of it do some good with minimum damage, the damaged parts are never going to recover and can only take the rest down with them.
Its time to go back to having a proper state bank and local council loans.
But to answer your question, yes this is disastrous, whatever happens it is going to hugely affect UK finance for the next 10+ years. At some point it needs sorting and it might as well be now, its never going to fix itself, bailing them out in the way they did in the first place was stupid, we should have secured loans against their known good assets and gone from there.
From day one of the bailout it was obviously not going to work when they used some of the bailout money to award themselves £1bn of bonuses despite being a totally totally failed company.
The further you are down the pay scale, the more 'essential' you are when the s--- hits the fan... Sue Farbysmith 2020
Insults are engendered from vulgar minds, like toadstools from a dunghill - Charles Caleb Colton
We don't do charity in Germany, We pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn
|
|
|
Re: OMG This looks really SERIOUS!!!!
[Re: venice]
#1054167
3rd Apr 2018 8:54am
3rd Apr 2018 8:54am
|
Joined: Jan 2010
Posts: 1,758 wirral
Excoriator
Forum Addict
|
Forum Addict
Joined: Jan 2010
Posts: 1,758
wirral
|
The Giro was originally intended to be a state bank. The threat of one honest bank to all the rest was so great that it had to be killed off. Thatcher was, of course, happy to comply. Perhaps a combination of blockchain technology and crowdfunding will do the same job. One interesting side effect of this is that without bankers to introduce new money into the economy, the government will have to do it by printing vastly more. If nothing else this demonstrates the sheer folly of 'austerity' as a policy and the obvious stupidity to run a country like a business or a domestic budget. Those stunned at the idea that banks are allowed to 'invent' new money - in effect printing it - may like to look at https://en.wikipedia.org/wiki/Money_creation for a start. There are lots more sites that explain it too.
|
|
|
Re: OMG This looks really SERIOUS!!!!
[Re: venice]
#1054173
3rd Apr 2018 3:49pm
3rd Apr 2018 3:49pm
|
Joined: Jan 2010
Posts: 1,758 wirral
Excoriator
Forum Addict
|
Forum Addict
Joined: Jan 2010
Posts: 1,758
wirral
|
Hard to see how governments can do much to stop blockchain technology. The choice of what currency people believe in is the people's, not the governments. Lots of countries use US dollars rather than their own currency despite the disapproval of their own government.
I think the banks are getting worried about blockchain. It is not under their control either and could take a lot of trade from them. A number of them have come out and tried to frighten people off by claiming its a bubble. It certainly is at the moment, but it is no less so than any other currency and will settle down if it is widely adopted as a money rather than a risky investment.
As a form of currency that supports undeniable untraceable transactions, it is just like cash, but without its problems of bulk, vulnerability and forgery it seems to be an improvement on banks and their version of electronic money - debit and credit cards etc and is a lot cheaper. The banks are right to be scared of it.
As to DD's point about it being used for drugs and other nefarious activities, of course it is. But so is cash!
For the record, I have invested nothing except my curiosity in any blockchain based currency. It is too volatile at the moment, and I am not a gambler. When it settles down into a serious currency I most certainly will, however. I trust the mathematics underpinning it much more than I trust the likes of our piss-poor government and banks who control our money at present. We can expect, by the way, for a thumping devaluation in the pound as a result of brexit and it is probably not a bad idea to buy some Euros before it happens.
|
|
|
Re: OMG This looks really SERIOUS!!!!
[Re: venice]
#1054174
3rd Apr 2018 5:00pm
3rd Apr 2018 5:00pm
|
Joined: Jul 2008
Posts: 13,864 Birkenhead
diggingdeeper

Wiki Master
|

Wiki Master
Joined: Jul 2008
Posts: 13,864
Birkenhead
|
The main thing about money is it can't really be created, if someone makes a profit, someone else makes a loss. It may be in a very indirect route but its bound to happen.
Bitcoin etc is always a massive gamble compounded with its similarity to a pyramid scheme. Yes, a LOT of money has been made out of bitcoin but also a lot of money has been lost. In the future, bitcoin is inevitably going to crash. At its peak, the total value of bitcoins were around $325tn, at the moment those same bitcoins are worth about $120tn, that is how much it has fallen in less than 4 months.
Its unregulated, its unsafe. Its fine for gambling a small portion of your savings but if you use it for all your savings you are taking a huge risk. Its value has changed by over 20% in one day on occasions, great if its in your favour but you might as well toss a coin.
The further you are down the pay scale, the more 'essential' you are when the s--- hits the fan... Sue Farbysmith 2020
Insults are engendered from vulgar minds, like toadstools from a dunghill - Charles Caleb Colton
We don't do charity in Germany, We pay taxes. Charity is a failure of governments' responsibilities - Henning Wehn
|
|
|
Re: OMG This looks really SERIOUS!!!!
[Re: venice]
#1054186
3rd Apr 2018 6:15pm
3rd Apr 2018 6:15pm
|
Joined: Jan 2010
Posts: 1,758 wirral
Excoriator
Forum Addict
|
Forum Addict
Joined: Jan 2010
Posts: 1,758
wirral
|
The main thing about money is it can't really be created, if someone makes a profit, someone else makes a loss. It may be in a very indirect route but its bound to happen. Total nonsense! If you go to the bank for a £1,000, loan, the bank DOESN'T use funds deposited there by me or anyone else. They can't. They loan far more than they receive in deposits. What they do is to invent £1,000 in your account. If there was a trillion pounds in circulation in the country before this transaction, there will be one trillion and one thousand pounds in circulation after the transaction. They have created it. Banks account for - I think - 97% of new money introduced, but governments always spend more than they take in in taxes too. They have to. Population rises and we generally grow richer. If the amount of money stayed the same it would become more valuable and you could buy more with it. This is called deflation, and although it seems like a good bet for you and me, it turns out to be a disaster because why should anyone invest in a new venture when by hanging on to their cash they can become richer without any risk. The result is growth comes to a grinding halt! This is why the government aims for an inflation rate of a couple of percent. Enough to encourage investment but not enough to cause real hardship (allegedly). People tend to think money obeys rules like energy or momentum, but in fact it is a pure human invention and we can do what we like with it. Well, governments can. You and I cannot invent more money for instance. Governments do not have to obey the same rules as you and I and Mr Micawber do. They PRETEND to of course in order to persuade you and me that they are 'good managers' but their view of money is quite different from the rules you and I have to follow. But it is important to remember that running a country and controlling the money supply is a totally different job from running a company. It is absolute folly to try to 'balance the books' the way Osborne and the present clown are trying to do. The result for the country will be even more disastrous than what they have 'achieved' so far.
|
|
|
|
Click to View Topic.
|
|
|
|
|
|
Toyah . .
by GaryFromWirral. 10th Jan 2021 1:39pm
|
|
|
|
AQUARIUM
by lincle. 8th Jan 2021 10:47am
|
|
|
|
|
Toyah . .
by GaryFromWirral. 10th Jan 2021 1:39pm
|
|
|
|
|
Sunrise Mon 8:16am
Sunset Mon 4:29pm
Local Time Mon 6:54am
|
|
|