OT. Ten percent.

With QE they will not need to once the inflation kicks in.

MBQ

account?

Ooo, I'd love 10% of my overdraft and mortgage to disappear.

JGH

Hmm. Yes.

Is this not called theft?

Mind you one wonders if its merely to disguise that the banks have already lost the 10 percent so its no good everyone wanting it in the first place. The trouble is everyone will now rush the banks and take out their dosh and scathe it under the bed, but if you are near the end there will not be enough dosh to go around in any case. sound familiar? Was not Mr Osbourne going to 'give' us all shares in the rescued banks, When I hear a politician say give, I look for small print. Brian

I thought quantitive easy was just devaluation of the currency in any case. Brian

Toxic loans, no thanks don't want those. Brian

Everyone runs out, stashes it under the bed, and is then surprised when HMG make old style notes invalid, and impose a 90% exchange rate for the new ones.

If you're using money, you're at the mercy of the people who print it.

On Monday 18 March 2013 14:34 harry wrote in uk.d-i-y:

That should help destroy any remaining confidence in the banks.

Dealers of gold, platinum and palladium will be happy though as people transfer accounts to the Bank of Mattress.

Now the question is:

On Monday 18 March 2013 15:16 Jethro_uk wrote in uk.d-i-y:

Why do you think they would stash it in worthless paper format?

Even ordinary people like me are actually wondering if hiding a few precious metal coins around the place might not be a damn good idea.

Gold might be a bit dodgey as the price is rather bullish of late, but there's platinum and palladium.

The main problem is the conversion hit you take as far as I can see, but if you need long term investment, it might not be a bad idea at all.

And yes, I'd want the metal in my possession, not a vault in Hong Kong.

I imagine you'd also be unsurprised when burglaries with violence skyrocket :( ?

A run on the banks in terms of ordinary people wanting cash is one thing.

But what is to stop the rich Russians etc. that they are really targeting from moving their money to other banks ? I suppose a lot of it may be in limited access deposits, but if the government orders the banks to freeze the assets that would be a whole other thing.

Simon.

More to the point, will there be any banks in Cyprus ;)

I suspect their culture of banking is so unlike the UKs, we can't really say.

Hope so. (Not that I'm a UKIP supporter, but it makes a Tory victory less likely )

Probably never. The Euro is a political idea, so defies logic. Those old enough might recall the Ben Elton show, with Steve Nallon impersonating Mrs Thatcher. The gag was she was on the down escalator but wanted to go up. Instead of switching escalators, she proceeds to try and walk up insisting to everyone that "this escalator is going the wrong way". One of those priceless moments where humour is more accurate than real life.

moving their money to other banks ?

orders the banks to freeze the assets that would be a whole other thing.

It is always the thrifty who suffer. governments pay lip service to getting peeps to save. Then they take care that savers loose out. If inflation is higher than interest rates, it is. this government is subsidising banks ( so that they can pay bonuses?) out of taxpayers money. This had depressed interest rates below their real %, so savers loose. Yet still we vote according to a politicians party. The fact that, for example, Stoke on Trent Council are running the city to the ground yet still the population vote Labour. In a democracy you get the government you deserve.

Gold soveriegns it is hen!

On Monday 18 March 2013 15:48 Jethro_uk wrote in uk.d-i-y:

Coins are *incredibly* easy to hide in a fashion that no-one, even if they know what they were looking for, would be able to find them, short of breaking the house and garden to tiny rubble and putting it through a sieve.

Even if they were in the house or on the property...

And the first rule of actually doing this is to tell no one at the time, ever, except perhaps one other trusted party, which leaves the robbery with violence as a bit of a hit or miss affair...

I'm fine right now, because I don't actually have any money kicking around.

I wonder what a persons life savings would look like in coins ?

Not really. If scrotes hear enough talk on the news about people taking their savings out of banks and keeping them in their houses (in whatever form) then how long before said scrotes decide it's worth breaking into a few more houses ?

Like most of us ;)

On Monday 18 March 2013 16:12 Jethro_uk wrote in uk.d-i-y:

Not that much, volume wise - given a kruggerrand is a little over £1000 - and it's a fairly small coin.

account?

Doesn't even need inflation - the devaluation of the pound has already grabbed much more than 10% out of everyone's bank account, probably nearer 25-30% since 2006.

A big issue the Euro countries have is they can't devalue relative to Germany. Grabbing 10% out of their accounts only solves part of the problem, but it doesn't do the other part which is to reduce the cost of their exports and potentially boost them, which would happen if they could devalue their own currency. Without that, they don't have much hope of ever recovering.

I can't see any way the Eurozone can work unless Germany takes over the fiscal management of the whole zone, and Germany is willing to fully support the less viable countries just like they were some poor province of Germany.

"lose", not "loose"