So you think the Cyprus 'haircut' was a 'one off'?

[ellal]

Sadly like most you can't 'see the wood for the trees'...

Quote whatever you think makes you content in your ignorance, but as always the devil is in the detail...

That 'bit' (if you have enough nonce to understand) overrides all the 'safeguards'....

But given your conviction that we have 'nothing to fear', maybe you can tell us this then...

Why, if it is illegal under 'Eurozone rules' to impose currency restrictions and impose bail-in clauses, yet that is what is happening in Cyprus?

And what safeguards do you know of that will apply to depositors of any signatory country on that list...?

Since you are fond of long quotes, I'm sure you can up with something...lol

 

[JohnD]

you've found (I don't know where) a document that's more than three years old.

You post an allegation, in American spelling, that you don't justify.

You eventually find half a sentence, in a 43-page document which emphasises the protection of depositors, which you claim supports your allegation.

The document does not, as you wrongly claim, "propose that creditors of financial organizations, the depositors, carry responsibility to "bail in" bankrupt organizations"

I think you're just spreading a hoax which happens to appeal to your prejudices. You should be more careful with your copy-and-paste.

 

[joinerjohn]

Ellal, pray tell, where you keep your savings. We're eager to know .

 

[Norcon]

I'd like to know where Jd keeps his cos it must be a pretty big stash.

When merkel swipes 30% of it he won't be so keen on the eu after that.

 

[empip]

Just a thought, some info no longer shown on the relevant web site.

Using 'web.archive.org' the 'Wayback machine' is quite useful.

July 8th 2007
...The FSA's proposals for reviewing the funding of the FSCS will increase the financial capacity of FSCS. But it is still possible to conceive of a default (or a combination of defaults) so big as to be beyond FSCS's ability to pay compensation up to our limits. The FSA's proposals significantly reduce the probability of this happening, but they cannot completely eliminate it.
More information about our funding...

Cannot imagine funding to have increased significantly, apparently it was pretty poor in 2007 !

Some idea of the funding using Financial services publication
'Outlook : News from the Financial Services Compensation Scheme'

April 2007
http://web.archive.org/web/20070627...g.uk/files/documents/pdfs/nfanbpguwuifeuh.pdf
Nov 2012
http://www.fscs.org.uk/uploaded_files/outlook_nov_2012.pdf

If they don't take our cash they will devalue it inflation or haircut tax ?? Could be sooner or later we'll get both even a 'Brazillian'.

-0-

 

[JohnD]

I think it is quite widely known in financial and political circles that governments throughout the world intend to use inflation to shrink their (vast) debts. It wil take more than ten years, possibly twenty, possibly fifty.

It is likely to be especially noticable in the US

Japan has been in deflation for 20 years or more, but is hoping to revive its economy by seting a 2% p.a. inflation target, and is committed to printing as much money as it takes to get there.

Europe is different, because of the strong influence of the major (?only?) successful economy in Germany, which for historic reasons has a cultural fear of inflation in the same way that Britain has a fear of unemployment and the US has a fear of Depression. Britain tries to isolate itself from Europe so can be expected to have higher inflation.

 

[ellal]

you've found (I don't know where) a document that's more than three years old.

You post an allegation, in American spelling, that you don't justify.

You eventually find half a sentence, in a 43-page document which emphasises the protection of depositors, which you claim supports your allegation.

The document does not, as you wrongly claim, "propose that creditors of financial organizations, the depositors, carry responsibility to "bail in" bankrupt organizations"

I think you're just spreading a hoax which happens to appeal to your prejudices. You should be more careful with your copy-and-paste.

Well you just carry on in your ignorance, because your 'prejudice' appears simply to be that 'it couldn't possibly happen again'...

No doubt of course when it does happen again, you will claim 'no-one could see it coming'...

 

[ellal]

Ellal, pray tell, where you keep your savings. We're eager to know .

Lets just say the phrase which includes 'eggs' and 'basket' has never been more applicable...

 

[JohnD]

No doubt of course when it does happen again, you will claim 'no-one could see it coming'...

Your original post turned out to be unsupported by the document you thought it came from.

If one day you post something that has good support, I will look at it.

 

[ellal]

No doubt of course when it does happen again, you will claim 'no-one could see it coming'...

Your original post turned out to be unsupported by the document you thought it came from.

If one day you post something that has good support, I will look at it.

Hey, I can't help it if the document wasn't in Braille...

 

[JohnD]

is that why you hadn't read it properly?

sorry, I didn't know.

 

[joinerjohn]

Lets just say the phrase which includes 'eggs' and 'basket' has never been more applicable...

Ahh, you've bought all of the remaining Easter Eggs from Tesco's on Bank holiday Monday.. Shrewd,,,,, shrewd.

 

[libby lou lou]

Who buys eggs today?, we buy clothes for the g children nowadays.

 

[chapeau]

Sadly like most you can't 'see the wood for the trees'...

It's remarkably simple, no need to quote complex documents that you don't understand.

Your deposits in a bank savings/current account are unsecured. If the bank goes t!t5 up then it is like any other business - creditors have to line up in a certain order to get paid with any assets that can be found.

Creditors with money in savings/current accounts are at the back of the queue.

However, there are "government" backed schemes which guarantee the first £85000 of cash if you are a personal/small business.

So
1) If your bank goes bust, you are at the end of the queue
2) The government will compensate you up to a limit if you are eligible.

Quote all these complex documents all you like and show you are a buffoon, the truth is far more simple.

But the more important question... Where should you put your money? In a Bank which has a solid balance sheet in a currency that is a legitimate AAA. None of the EU countries are close to being legitimate AAA currencies, including Germany. Or the USA. In my opinion. Probably should be B/C.

Your best bet in these parts is Norwegian Kroner.

 

[ellal]

But the more important question... Where should you put your money? In a Bank which has a solid balance sheet in a currency that is a legitimate AAA. None of the EU countries are close to being legitimate AAA currencies, including Germany. Or the USA. In my opinion. Probably should be B/C.

Your best bet in these parts is Norwegian Kroner..

Funnily enough, that's the only bit where you make any sense - despite you being like other ignorant ones here, who can't understand the difference between a guarantee and what is written in the small print!

So have you got any of that currency?