1.93's A$ to the Pound!!!

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Mar 24th 2010, 10:34 am

#1516

freebo

BE Forum Addict

Joined: Feb 2008

Location: Hope Island, Gold Coast

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Re: 1.93's A$ to the Pound!!!

Quote:

Originally Posted by wilf70

Freebo;thanks for pointer to article;very prescient--the question is;when will the manure hit the fan,rather than if it will.All the optimists[re this housing boom is different and we are in Australia away from your problems]should be forced to read this an then try to write an essay in refutation.Frankly I find our collective economic futures one of stark terror--which may[and I hope I'm wrong]be worse than the thirties and we have to go back much longer to get some 'feel' for the depths of the economic woes we are about to suffer[Germany under the Weimer??]Thanks

Glad you liked it, I found it very enlighening too. I also can't argue with any of that, although the "when" is always the 64(trillion?) dollar question. I've been reading kind of this stuff for years and have been moving some of my savings into Gold as a result (wish it had been more but I'm still accumulating).

As I've sold my house in the UK I won't be in a rush to buy one in Australia in the current conditions, but thats another story (and being fully discussed on another thread).

Mar 24th 2010, 12:00 pm

#1517

rinkerdink

OnlyLivingBoyInNewCross

Joined: Nov 2008

Location: Brisbane

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Re: 1.93's A$ to the Pound!!!

Nice article,

If all the content is true and I am assuming it is... hold onto your hat!

Mar 24th 2010, 12:34 pm

#1518

wilf70

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Joined: Feb 2010

Posts: 181

Re: 1.93's A$ to the Pound!!!

Hang onto any article of clothing if it is half true,because we shall all be standing in line at the charity shops/garage sales if it predictions come to fruition

Mar 24th 2010, 8:22 pm

#1519

iamthecreaturefromuranus

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Re: 1.93's A$ to the Pound!!!

You seem to be assuming that the Chinese economy will behave exactly like a Western economy which gets thrown to the 'market' wolves.

China is NOT a free market. It's not allowed to behave like a Western economy. It's basically a dictatorship that can have restrictions placed on it by the State that no Western economy would face.

How would it behave in a global downturn.... well we have just had the worst economic downturn in 70 years. China seemed to do OK out of it

Mar 25th 2010, 9:49 am

#1520

freebo

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Joined: Feb 2008

Location: Hope Island, Gold Coast

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Re: 1.93's A$ to the Pound!!!

Quote:

Originally Posted by iamthecreaturefromuranus

How would it behave in a global downturn.... well we have just had the worst economic downturn in 70 years. China seemed to do OK out of it

All true, but it did dramatically scale back its purchases of commodies, personally I'm not sure we've just had the worst downturn in 70 years, I think we may still in it, and have just postponed its effects!

Mar 25th 2010, 1:56 pm

#1521

wilf70

Forum Regular

Joined: Feb 2010

Posts: 181

Re: 1.93's A$ to the Pound!!!

The fact it is a state run dictatorship is a major part of its problem as the article highlights at some length---economic decisions are made for reasons of party convenience not economic utility

Mar 25th 2010, 2:51 pm

#1522

lambethdubai

Joined: Feb 2010

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Re: 1.93's A$ to the Pound!!!

1.93 wow, aren't australian notes made from plastic?

Mar 25th 2010, 9:33 pm

#1523

Hino

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Joined: Sep 2009

Posts: 708

Re: 1.93's A$ to the Pound!!!

Quote:

Originally Posted by lambethdubai

1.93 wow, aren't australian notes made from plastic?

They certainly are. And I see that the exchange rate has now dropped to 1.63.

I guess there must be a shortage of plastic

Mar 26th 2010, 1:00 am

#1524

DownUnderPaddy

Melbourne - NE suburbs

Joined: Jun 2008

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Re: 1.93's A$ to the Pound!!!

Quote:

Originally Posted by lambethdubai

1.93 wow, aren't australian notes made from plastic?

They sure are. Yet another clever and innovative Australian invention.

Today, Australia is the leading country to issue banknotes printed on polymer substrates. Also the world's leading authority and prints for more than 20 other countries in the world.