observer Posted March 5, 2009 Report Share Posted March 5, 2009 Could someone explain this latest smoke and mirrors operation ? Apparently, the Bank of England buys up "bad debt", then re-issues new money to cover the difference? So what happens to the folk that have been living irresponsibly beyond their means for the last 10 years and run up huge debts (average UK debt over ?19,000!); are they being written off - sort of, lost at a game of monopoly, oh tip the board over and start again? And if they start start "printing" more bank notes - won't that devalue the currency even more - have we got some of Mugabe's bankers here on loan?! As for reducing interest rates, yet again; what a reward for all those fiscally responsible folk who have worked and SAVED all their lives, only to discover their savings are being devalued to save the feckless. Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted March 5, 2009 Report Share Posted March 5, 2009 I can see those being prosecuted for currency forgery, will plead not guilty, on the grounds that they were in fact "quantitive easing". You couldn't make up what's going on Observer. Quote Link to comment Share on other sites More sharing options...
Peter T Posted March 5, 2009 Report Share Posted March 5, 2009 Perhaps they are dropping the value of the pound to the level of the euro ready for us to join europe? Quote Link to comment Share on other sites More sharing options...
asperity Posted March 6, 2009 Report Share Posted March 6, 2009 Have a look at this: http://www.youtube.com/watch?v=qw1hkEor6sM&eurl Mugabeconomics here we come! Quote Link to comment Share on other sites More sharing options...
Davy51 Posted March 7, 2009 Report Share Posted March 7, 2009 Didn't Harold Wilson's gang do this in the early 70's & call it devaluation? Quote Link to comment Share on other sites More sharing options...
Lt Kije Posted March 8, 2009 Report Share Posted March 8, 2009 Don't worry the pound will only be devalued as far as the Euro And then we can just slide in to the Euro zone Quote Link to comment Share on other sites More sharing options...
asperity Posted March 8, 2009 Report Share Posted March 8, 2009 Just as everyone else is sliding out of it?? Quote Link to comment Share on other sites More sharing options...
observer Posted March 8, 2009 Author Report Share Posted March 8, 2009 Funny Kyje; our Euro cousins are gagging to return to their old currencies! Quote Link to comment Share on other sites More sharing options...
Bazj Posted March 8, 2009 Report Share Posted March 8, 2009 I seem to recall last time I was in Germany a few years back; that they still put the price in Marks on price tags in shops..... My German mate still longs for the return of his currency unlike our Euro Collaborator friends who would sell us all down the river for a bit of self recognition Quote Link to comment Share on other sites More sharing options...
observer Posted March 8, 2009 Author Report Share Posted March 8, 2009 Most Spaniards, Greeks and Italians, I've spoken too, hate the Euro, and blame it for price rises. Quote Link to comment Share on other sites More sharing options...
asperity Posted March 9, 2009 Report Share Posted March 9, 2009 If you're ever on the continent have a look at your receipts. Very often you find the price in the old currency of the country as well as the ? price. Hedging their bets?? Quote Link to comment Share on other sites More sharing options...
observer Posted March 9, 2009 Author Report Share Posted March 9, 2009 Notice that the East European entrants into the EU, having shed communism and entered the EU with their begging bowls; are now suffering from the recession, to the point where some may be declared bankrupt - so more of our money required to bail them out no doubt. Quote Link to comment Share on other sites More sharing options...
Paul Kennedy Posted March 9, 2009 Report Share Posted March 9, 2009 As I recall in some French supermarkets they also show prices in Francs. Quote Link to comment Share on other sites More sharing options...
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