O.k so news is U.K have opted out and ECB also.....Now this is getting VERY interesting indeed....They've been talking for 10 hrs lol!!!
The UK "opted out"? or the UK was "left out"? Theres a world of difference between the two. http://euobserver.com/843/114563 ......... "UK left out as euro countries to make own treaty" is the headline I wonder if there will now be boomgates put in front of the Channel tunnel ie a border. And how long before its brought into effect that visa's will need to be filled for travel from the UK to and from Europe? Lots of implications for the UK if its role outside of Europe/the Euro zone is well and truely cemented. Should definitely be VERY interesting indeed.
And this..... 2 months ago! http://www.creditwritedowns.com/2011/10/greece-expansionary-fiscal-consolidation-failure.html
UK (inc Pound rich House of Windsor, and the City banks) know how to survive. They now have a feverish month or two to extricate themselves from Europe's fate.
I think that the banksters will work out a way to steal Italy's gold and any other they have their eyes on. [youtube]http://www.youtube.com/watch?v=02W3iq6ew9Q[/youtube] Behind closed doors, Germany and France will be planning a smaller Euro zone with Finland et al being the rich half and PIIGS being the poorer half. Once this is all consolidated and almost every Euro not held by the common man has been moved into US dollars, the Euro will collapse and the stronger Euro half will adopt the Deutschmark and the Franc as their currency (France still has their old Franc notes stored away, Germany has been still printing Deutschmarks), and the PIIGS will revert to their now totally destroyed local currencies and looking to Somalia for social services models. The banksters in the City of London will keep putting away their Sterling, Wall Street will keep stealing and 2013 will be real world crisis. I think gold will spurt up to $2300 during this madness and you won't be able to find physical, and then pull back to $1900 in time for the Olympics before heading to $3k plus in 2013 But I could be wrong, so I've been debating all morning about gold vs cash. Cash has won so far by a whisker. A lot of people here are much smarter than me with this material - ask them!
Yes indeed -but at the moment liquidity gives you room to move, run or consolidate -and with the potential downside in metals at the moment I think it more prudent to hold cash than metals that I might need to trade to get said cash. I would usually put all spare dollars into gold, but at the moment there is too much smoke on the horizon to be all in. In my opinion, that is.
I mean your liquidity, your cash, your ability to convert what you have into what you choose. X amount in a dogy bank is a risk in the current environment.
Understand. Yes almost any funds can be pillaged by the banksters or the politicians, but in the balance of probabilities I believe the 4 Oz banks are as safe as possible at the moment - and if they go down currency won't matter. I have to play the banksters game to pay my bills and get currency and so there is an inevitable risk to some of my assets in that they can withold it or steal it at will. No escape there. To a degree I'm hedging on past behaviours and the Govt will put in some sort of deposit guarantee when things look very bad. But having no cash is riskier than potential bank failure effects on me, in my current estimation.
Julie. The problem with the big 4 Australian banks is that can not raise enough capital in Australia to finance all the credit that the people need.. They borrow short from overseas sources and lend long so they continually need overseas borrowings. Two of them received billions of $ from the USA Federal Reserve Bank just over 2 years ago. I am just about to withdraw most of my cash from the bank as I don't think it will be too long now until GFC 2 hits and this time Australia will not be so lucky. Its all over RED ROVER. It's better to be too early than too late. Regards Errol 43
NAB and Westpac's Secret Bailout Revealed by Kris Sayce on 3 December 2010 The fact that National Australia Bank [ASX: NAB] had to borrow USD$4.5 billion from the US Federal Reserve during 2008 and 2009. And Westpac Banking Corp [ASX: WBC] needed USD$1.09 billion in January of 2008 and 2009. What's that, you don't know anything about it? And you don't remember reading about it? There's a simple reason for that. It's been top secret information until yesterday morning. That's right, if it wasn't for the passing of controversial legislation in the United States you'd never have found out about NAB and Westpac's Federal Reserve bail outs. And based on the lack of interest from the mainstream press including Australia's so-called premium business newspaper, if it wasn't for Money Morning you'd still be none the wiser. more at article http://www.moneymorning.com.au/20101203/nab-and-westpacs-secret-bailout-revealed.html
NAB, Westpac tapped Fed December 3, 2010 NATIONAL Australia Bank and Westpac were among global banks to borrow billions of dollars in emergency funds from the US Federal Reserve at the height of financial crisis. The Reserve Bank also tapped the US central bank for than $US53 billion over six months after the financial crisis caused a global shortage of keenly traded US dollars. Documents released yesterday by the US Federal Reserve offer some insight into more than 21,000 emergency loans that the Fed provided to investment banks, foreign central banks and other institutions. Most of the funds were released at the peak of the crisis as banks scrambled to secure crucial day-to-day funding. Only two Australian banks took advantage of the funding window opened by the Fed as the US bank tried stabilise financial markets, the documents show. European banks and several Japanese banks also took advantage of the facility. NAB was the biggest user of the emergency facility among local banks, borrowing $US4.5 billion from the US central bank. NAB, which operates a small US bank, turned to the Fed three times as the crisis intensified. A New York-based entity owned by Westpac borrowed $US1 billion from the Fed, at the time pledging more than $US3.3 billion in collateral to back the loan. The Westpac borrowings are unusual, as it barely has a North American presence, operating only a US representative office. Read more: http://www.theage.com.au/business/nab-westpac-tapped-fed-20101202-18i58.html#ixzz1gA0caBu0 NAB, Westpac borrowed from Fed December 03, 2010 http://www.finnewsnetwork.com.au/archives/finance_news_network16448.html National Australia Bank Ltd (ASX:NAB) and Westpac Banking Corporation Ltd (ASX:WBC) were among the global banks that borrowed billions of dollars in emergency funds from the US Federal Reserve during the financial crisis. Documents released yesterday by the US Federal Reserve reveal a little more about the 21,000 emergency loans that the Fed provided to foreign banks, investment banks and various other institutions. The Reserve Bank of Australia also borrowed a little over $53 billion from the US central bank over six months after the financial crisis, as there as a global shortage of keenly traded US dollars. NAB tapped the Fed for more than $4.5 billion and a New York-based entity owned by Westpac borrowed around $1 billion from the Fed. For the year ended 30 September 2010, NAB reported a net profit of $4.2 billion.
Thanks. The conspirist in me thinks that they will be the first two (2) of our banks, to have problems when the time comes.
