Currency
Mar 28th 2013, 1:14 am
#241
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Re: Currency
I don't think you're going to get any better....
Egan-Jones Downgrades UK From AA- To A+
"
DOWNGRADING United Kingdom FROM AA- to A+ (S&P: AAA)
THIS IS A NON-NRSRO RATING.
Synopsis: Re. the balance of payments, imports have exceeded exports by an average of 500B pounds annually over the past several years. The major problems for the UK is that Europe's banking crisis does not appear to be abating as evidenced by the problems of the Cypriot banks. On the fiscal side, the deficit to GDP has declined over the past three years from 11.5% to 8.3%, which is a respectable decline, but is still substantial; the bulk of the deficit reduction was the result of increased taxes. The over-riding concern is whether the country will be able to continue to cut its deficit in the face of weaker economic conditions and a possible deterioration in the country's financial sector. Unfortunately, we expect that the UK's debt/GDP will rise and the country will remain pressed (we are waiting for addl 2012 data). We are downgrading."
Genesis, mate! Are you paying attention???
Egan-Jones Downgrades UK From AA- To A+
"
DOWNGRADING United Kingdom FROM AA- to A+ (S&P: AAA)
THIS IS A NON-NRSRO RATING.
Synopsis: Re. the balance of payments, imports have exceeded exports by an average of 500B pounds annually over the past several years. The major problems for the UK is that Europe's banking crisis does not appear to be abating as evidenced by the problems of the Cypriot banks. On the fiscal side, the deficit to GDP has declined over the past three years from 11.5% to 8.3%, which is a respectable decline, but is still substantial; the bulk of the deficit reduction was the result of increased taxes. The over-riding concern is whether the country will be able to continue to cut its deficit in the face of weaker economic conditions and a possible deterioration in the country's financial sector. Unfortunately, we expect that the UK's debt/GDP will rise and the country will remain pressed (we are waiting for addl 2012 data). We are downgrading."
Genesis, mate! Are you paying attention???
Mar 28th 2013, 1:26 am
#242
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Re: Currency
Usual disclaimers apply. I also just said pretty much the same thing on the "UK Banks & building societies" thread, but more forcefully.
Mar 28th 2013, 1:42 am
#243
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Re: Currency
I'm saying that I doubt you will get a better rate. Not now. Not ever. Britain is too closely linked to Europe, and will rise or fall with Europe. Just answer yourself one question - is the Euro zone rising or falling?
Usual disclaimers apply. I also just said pretty much the same thing on the "UK Banks & building societies" thread, but more forcefully.
Usual disclaimers apply. I also just said pretty much the same thing on the "UK Banks & building societies" thread, but more forcefully.
Whilst I would like my Uk cash over here I don't need it as I am fortunate enough to have sufficient funds in NZ. I realise I am getting only half what I get in the UK in interest over what I could get in NZ and you know I just think to myself 'simply leave it there'. My kids can have it when they move to the UK or do their OE's, or we can use it when we visit the UK. I don't want to panic and take the shittiest rate in the history of the world.
If I took 1.80 at current rates 2%UK v 4% in NZ it would take me 10 years to make up the 30 cents it has dropped in the last 6 or so months.
My gamble is to leave it in the Nationwide and only ever use it in the northern hemisphere. Write it off never to come to NZ.
Would be nice here but it is not needed in NZ and is never likely to be needed. Why take such a 'haircut' on rates. Even if it gets worse which it probably will I think I drew a line in the sand not to do any more forex at sub 2 for 1. If the Nationwide goes tits us then we are stuffed. However what if the kiwi bank falls over that I deposit it in?
This way I have funds split betwixt two very different scenarios. Sounds okay to me.
Mar 28th 2013, 2:49 am
#244
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Mar 28th 2013, 3:07 am
#245
.
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Re: Currency
Down under Pom, love the last line of your signature disclaimer !
Mar 28th 2013, 4:23 am
#246
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Re: Currency
I don't expect the pound to rise. Quite the opposite. Am reasonably content to leave it in a mutual society (The Nationwide) which is apparently the biggest in the world (mind you that does not mean much these days..bigger they are the harder they fall!!) and use it in the future in the UK. If the kiwi falls in value which is more likely than the pound gaining value and it gets up past 2 for 1 I will reconsider my options.
Mar 28th 2013, 5:11 am
#247
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Apr 2nd 2013, 9:44 pm
#248
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Joined: Mar 2013
Posts: 184
Re: Currency
There are hardly any aftershocks now - its true, but still the odd one or two -I was there in Jan and felt a really strong one in akaroa that made me jump but this is rare now. And there was a thing in the paper and on our breakfast tv that 66 thousand cantabs are now on anti-depressant pills as it is common for people who have been through disasters to experience this - that is all I was saying but I did not word it in a postive way - sorry for that - but I am not trolling. Cheers.
Apr 2nd 2013, 9:49 pm
#249
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Location: Christchurch, NZ
Posts: 141
Re: Currency
My money has made it to NZ, the rate was not what it was in yesteryear but it's as good as I could get and it's done. Feels a bit weird to be on the other side of the world to it. Onwards!
Apr 2nd 2013, 11:33 pm
#250
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Re: Currency
Well done mate! I may do the unthinkable and cash up some pounds at 1.80 or LESS!!!! Gotta do what you gotta do eh??
Apr 3rd 2013, 12:34 am
#251
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Re: Currency
http://webofdebt.wordpress.com/2013/...uk-depositors/
This woman knows her onions, and sees the writing on the wall. I've advised UK family to extract while they can. If it all comes to naught, they can always put it back in the bank, no harm, no foul....
Ounce of prevention, etc.
Apr 3rd 2013, 1:28 am
#252
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Re: Currency
I think that is an EXCELLENT idea.....
http://webofdebt.wordpress.com/2013/...uk-depositors/
This woman knows her onions, and sees the writing on the wall. I've advised UK family to extract while they can. If it all comes to naught, they can always put it back in the bank, no harm, no foul....
Ounce of prevention, etc.
http://webofdebt.wordpress.com/2013/...uk-depositors/
This woman knows her onions, and sees the writing on the wall. I've advised UK family to extract while they can. If it all comes to naught, they can always put it back in the bank, no harm, no foul....
Ounce of prevention, etc.
NZ has seen a an issue with punters no longer prepared to put their cash in finance cos. This was traditionally the way new business ventures, new housing, car loans et al were funded. That money is no longer available and 5 billion went up in smoke and what was left and what people now have to save will not go to a finance co unless you are very mad.
That is one avenue of financing that no longer exists as it did. That is not good for the economy. Where will all this end?
Apr 3rd 2013, 1:34 am
#253
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Re: Currency
I think that is an EXCELLENT idea.....
http://webofdebt.wordpress.com/2013/...uk-depositors/
This woman knows her onions, and sees the writing on the wall. I've advised UK family to extract while they can. If it all comes to naught, they can always put it back in the bank, no harm, no foul....
Ounce of prevention, etc.
http://webofdebt.wordpress.com/2013/...uk-depositors/
This woman knows her onions, and sees the writing on the wall. I've advised UK family to extract while they can. If it all comes to naught, they can always put it back in the bank, no harm, no foul....
Ounce of prevention, etc.
Apr 3rd 2013, 1:37 am
#254
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Re: Currency
You mention onions. You seem to know yours. I have no idea if you have cash in the UK but if you did would you really pull it all out NOW and take a hit at 1.79 for a pound to invest it say in a kiwi home over leaving it in a UK bank? Do you think a melt down in EC2 is that imminent?
Apr 3rd 2013, 2:07 am
#255
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Re: Currency
http://www.bbc.co.uk/news/business-13366011
This graph shows the condition of each member of the Eurozone, and the UK for comparison. They're all in deficit, except maybe Estonia. Including the UK.
The mainstream media, however, is owned and controlled by the people who own the central banks, A.K.A. "The People Who Broke The World", so can be manipulated. I tend to get my information from the 'alternate' media, taking care to avoid the obvious paranoids, and the 'tinfoil hat' brigade.
To (sort of) answer your earlier question about what I would do if I had money in the UK, my level of risk taking is higher than yours. As I said in an earlier post, I've been rich and I've been poor, so the idea of being poor doesn't scare me. For example, back in my 20's, I was put in a position of having to leave Rhodesia, due to the civil war which was going on, and various people wanting me to pick up a gun and go shoot people, which I objected to, mainly because those buggers shot back!! I left Rhodesia, and arrived in the UK with a haversack on my back and twenty quid in my pocket. Obviously, I survived, thrived, and went on to bigger 'n' better things.
My philosophical outlook is "Half a loaf is better than none." I'll let you draw your own conclusions as to what I would do with any UK money. (Hint: "Mrs DUP! Do you fancy a splurge at Marks 'n' Sparks Online Store? I'll use my Santander debit card to pay for it and use up this UK dosh!")
No prizes for guessing what Mrs Dup's response was! Man! That was a BIG parcel!!
