renth

You're probably right, we'd all have to bail them out with our taxes, but in the meantime they could well freeze everyone's accounts.

mark wool

It has done well but do you think the money has been spent in the right areas. In the uk all the banks were bailed out. Were they bailed out here? If not do you think it would have been wise to do so. I know people say its wrong and i would agree. Reckless lending has got them into trouble but they are the backbone of economy and greed drives capatalism.

renth

I don't know. Does the UK still have the bank deposit guarantee? and are CBA in London a UK subsidiary? if yes and yes then you'd be covered by the UK guarantee. I'd be checking to make sure though.

Lord_Farquar

Up to £50,000 I think.

freebo

Just like the USA, UK and now Europe, and all of the money printing will lead to high (hyper?) inflation.

renth

The only people left standing at the end of it all will be those who were already poor and those with gold/silver or possibly USD until the latter stages, before they too are wiped out.

freebo

We're on the same page, and in the same metals by the sounds of things.

renth

A couple of nutters.

IndieG

Yes, they won't let any bank fail but in the process the A$ (which is reported to be overvalued by as much as 35% against the US$) will tank.

bcworld

What you all seem to be forgetting is that 'it's different here'!

iamthecreaturefromuranus

Last time I saw shops appearing, offering to buy scrap gold off people, was back in the late 1970's when gold hit $800 an ounce. I seem to remember it tanked not long after that.

IndieG

My oh got a lecture just the other day along the lines of "you better buy your house now as prices will never go down and in fact prices double every 7 years...prices here are simply zooming"

freebo

And it could do so again, the reason it dropped that time (having run up from $35 per oz in 8 years), is the govt raised interest rates to about 15% to combat inflation and restore a balanced budget. if that happens again I'll be selling my gold and investing the money in a flying pig farm.

renth

We'll see. We all have to do what we think is right at the time. If gold prices tank it means the global economic situation is all good again - so that's a big bonus, everything back to normal. Can't see this happening for many years.

Also if gold prices tank listen out for the "beep beep beep!" - what's that? Its the sound of me backing up da truck to load up.

iamthecreaturefromuranus

...and you could both be right. I don't have a crystal ball and I sure as Hell don't watch metals prices as much as you guys... but from the outside looking in, you both sound as Bullish about this as people who say house prices can only go one way.