Be Careful What You Wish For

[Acrylic-bob]

Hot news among the commentariat is that, having officially denied it just a few weeks ago, HM Treasury, HM Foreign Office and The Bank of England are speeding up plans for the disorderly collapse of the Euro. No timscale is forecast by HMG for the collapse, but commentators are speculating that it will come at some point within the next month to two months. How it will happen appears to be anyone's guess, but a sudden banking failure, triggering a domino-like collapse of banks across Europe seems to be the anticipated scenario de jour.

Just a few short weeks ago The Bank of England dismissed the probability of a Euro collapse as one chance in a hundred. Yesterday, the Bank was no longer dismissing it and put that probability at 50/50.

Extraordinary situation. A genuinely historic moment. What woes such a collapse will bring in it's wake we can only guess at. Does anyone remember 1973?

[mobertol]

Originally Posted by Acrylic-bob

Hot news among the commentariat is that, having officially denied it just a few weeks ago, HM Treasury, HM Foreign Office and The Bank of England are speeding up plans for the disorderly collapse of the Euro. No timscale is forecast by HMG for the collapse, but commentators are speculating that it will come at some point within the next month to two months. How it will happen appears to be anyone's guess, but a sudden banking failure, triggering a domino-like collapse of banks across Europe seems to be the anticipated scenario de jour.

Just a few short weeks ago The Bank of England dismissed the probability of a Euro collapse as one chance in a hundred. Yesterday, the Bank was no longer dismissing it and put that probability at 50/50.

Extraordinary situation. A genuinely historic moment. What woes such a collapse will bring in it's wake we can only guess at. Does anyone remember 1973?

Was just 10 in 1973 - of such matters i have no recollection -except that at junior school we'd had to learn first the old pounds, shillings and pence and then the decimal currency...

Is the scenario so devastating for the Eurozone?

Do you suggest a transfer a funds from Euro to Sterling for those of us living in the Eurozone? It is something i had already thought about recently...

[Acrylic-bob]

Oh, of course, you are in Italy!!!

Best advice is to make sure you know where the Embassy or Consulate is and possibly let them know where you are. They have been instructed to put together contingency plans for Bank failures and civil unrest. They will be best placed to advise.

Italy is not a poor country and operates a very healthy black economy so there is probably quite a lot of undeclared paper money sloshing around under matresses etc. So a few ATM failures will not cause too much trouble.

What will happen when all the paper money becomes worthless - I don't know. Perhaps stocking up on tradeable goods might be a good idea.

[Gordon Booth]

Originally Posted by mobertol

Do you suggest a transfer a funds from Euro to Sterling for those of us living in the Eurozone? It is something i had already thought about recently...

Might be worth transfering some, mobertol, but if the euro goes down the plughole I think the pound may follow it, our economy will be wrecked along with that of the spendthrifts who caused all of this.
At least they had fun while it lasted, we didn't get the chance.

[DaveinGermany]

I think that if the Euro collapses initially there'll be turmoil & upheaval that's inevitable, but prior to the introduction of the European currency everyone managed well enough & each Country knew where it stood as it could organise & balance it's taxes, debts & credits without the constraints imposed within the Euro zone.

Rulings from other Countries which benefit the stronger economies & leave weaker ones struggling to keep up due to an uneven playing field being the main reason why the Euro is struggling. Wages aren't comparative within the different states so therefore it follows taxation levels can't be placed upon the same level so aggravating the situation.

[mobertol]

Will start packing the notes under the mattress in my trolley case and will be over on Monday's Ryanair flight from Bergamo to L'pool then I can open an account in the UK -should never have closed it...

I might tell - my son to remain in India and transfer all his money from here into Rupees, could be a better bet in the long run -he could live there quite comfortably for years with the cost of living there..

I hope this is just a bit of scare-mongering....

By the way, A-B you haven't ellucidated on 1973.....I am all ears!

[Acrylic-bob]

The transfer of Assets from the eurozone to Switzerland, the US and the UK has been going on for some months. Indeed, this is the main reason that London house prices are so bouyant.

But the situation is such a tangled mess, everything appears dependent upon everything else, that it is difficult to see that transferred assets would be any safer here than anywhere else.

One thing is for sure, Britain will not escape lightly.

1973. Followed on from the previous year's Winter of Discontent. The oil dispute was ongoing which forced up the price of coal, inflation was rampant and pay rises were capped. The miners went on strike (yet again) and the government were forced to ration electricity. Companies were allowed to use it on only three days per week. Households endured frequent blackouts. Get the picture?

[Acrylic-bob]

Originally Posted by mobertol

I hope this is just a bit of scare-mongering....

I wish it was, but I don't think it is.

Still, to look on the bright side, if it means we can get out of the cursed EU then, to my mind, any amount of pain is worth it in the end.

[mobertol]

Originally Posted by Acrylic-bob

1973. Followed on from the previous year's Winter of Discontent. The oil dispute was ongoing which forced up the price of coal, inflation was rampant and pay rises were capped. The miners went on strike (yet again) and the government were forced to ration electricity. Companies were allowed to use it on only three days per week. Households endured frequent blackouts. Get the picture?

Got it! Thought it was later than 73 -I remember the blackouts -having to stay in playing cards in candle-light with our coats on to keep warm...

So it'll mean going back to the good old days...

[Acrylic-bob]

Got it! I was young enough to be able to regard it as something of an adventure. I was 16 at the time and knew nothing about anything. But I do recall that for my parents and my older workmates it was hard going.

Backs to the wall. The very situation where Britain is usually at it's best.

[Margaret Pilkington]

Originally Posted by Acrylic-bob

1973. Followed on from the previous year's Winter of Discontent. The oil dispute was ongoing which forced up the price of coal, inflation was rampant and pay rises were capped. The miners went on strike (yet again) and the government were forced to ration electricity. Companies were allowed to use it on only three days per week. Households endured frequent blackouts. Get the picture?

Yes, that is the one and only time I have ever drawn dole money.
We had to sign on to get our card stamped....the money was a pittance.

[Acrylic-bob]

I can only imagine what that must have cost you, Margaret. But we got through it, as we will whatever is coming down the tracks at us now.

I wonder how much longer this government have left?

[MargaretR]

In post #93 in this thread in 2009
http://www.accringtonweb.com/forum/f...tml#post756537

I said "Massive debt is not just a local (UK) problem.
I have been watching Gerald Celente's forecasts for several months now."
"The dollar is about to collapse completely.
The first sign will be a prolonged 'bank holiday' when cash movements will be frozen."

In post #75 in this thread this month
http://www.accringtonweb.com/forum/f...tml#post947236

I said "The collapse of ALL banks is imminent.
If you have savings, spend most of it on what you long for most.
If this doesn't leave enough left for the undertaker, so what ! - nobody gets left on top."

It is good to see that at last someone-else is heeding warnings

http://www.trendsresearch.com/gerald.php

[Margaret Pilkington]

It was indeed, a very tough time, but we got through the best way we could...we helped one another. There isn't really any other option, is there?

It is like when someone has gone through a great tragedy, and people remark on how brave they are......there is no bravery about it....you just live minute to minute and do what has to be done.

[MargaretR]

I remember '73. A collapse of the banking system will be worse than that.
It is the sort of catastrophe that sparks revolutions.
...and some are already underway for other reasons.