Just pooped myself!
07 October 2011, 10:23 AM
#1
Scooby Regular
Thread Starter
Just pooped myself!
Quote:-
In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone's mind: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system.
We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected.
All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world.
This is really bad for those with money in the Banks
In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone's mind: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system.
We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected.
All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world.
This is really bad for those with money in the Banks
07 October 2011, 10:57 AM
#4
Scooby Regular
Thread Starter
I couldn't see the TV as my head was stuck in some sand!!
This really could be the start of the loss of everyones savings!
If the UK Government will not support certain Banks/Building Societies then the money is GONE!!
That £85k guarantee will be worth absolutely ZERO!
This really could be the start of the loss of everyones savings!
If the UK Government will not support certain Banks/Building Societies then the money is GONE!!
That £85k guarantee will be worth absolutely ZERO!
Trending Topics
07 October 2011, 11:39 AM
#8
Scooby Regular
Join Date: Oct 2003
Location: Runway two seven right.
Posts: 6,652
Likes: 0
Received 0 Likes
on
0 Posts
Pete, forget the banks, they're bankrupt and pretty soon anyone's cash in them will simply vanish.
Here's what to do with your vast riches. Get ready for the new society that will emerge after the coming crash.
Buy yourself a shotgun and ammo and get a licence.
Start hoarding canned and dried foods.
Buy a generator and build somewhere to store the fuel you'll need to generate it.
It's a new world we're entering. Personally I can't wait.
Here's what to do with your vast riches. Get ready for the new society that will emerge after the coming crash.
Buy yourself a shotgun and ammo and get a licence.
Start hoarding canned and dried foods.
Buy a generator and build somewhere to store the fuel you'll need to generate it.
It's a new world we're entering. Personally I can't wait.
07 October 2011, 12:05 PM
#13
Scooby Regular
iTrader: (3)
Join Date: Jan 2009
Location: Bournemouth
Posts: 975
Likes: 0
Received 0 Likes
on
0 Posts
If a collapse that bad happens then there's absolutely sod all point hiding your cash under the matress, it won't be worth the paper it's printed on.
The end is nigh, women and childen first...
The end is nigh, women and childen first...
07 October 2011, 12:05 PM
#15
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
07 October 2011, 12:14 PM
#17
Scooby Regular
Join Date: Mar 2004
Posts: 3,574
Likes: 0
Received 0 Likes
on
0 Posts
Seriously. The only debt I have is my mortgage, but if I owe (example figures) my bank 100k and have 50k in savings, do they take my 50k and say I still owe them 100k.
This is a serious question.
07 October 2011, 12:17 PM
#18
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
Yes, your debts will not be reduced. Deposits over £85k and investments over £50k in any single institution are at risk. Your debts will not be written off. Please don't let anyone try and tell you that they will. They won't.
07 October 2011, 01:04 PM
#19
Scooby Regular
Join Date: Mar 2010
Posts: 10,329
Likes: 0
Received 0 Likes
on
0 Posts
Would the insolvent banks sell off those debts which are profitable?
What if nobody wants to buy?
07 October 2011, 01:21 PM
#21
Scooby Regular
Join Date: Mar 2004
Posts: 3,574
Likes: 0
Received 0 Likes
on
0 Posts
OK so what you are saying is they take my money, but dont reduce the debt. Correct?
So, given my example above, I would still owe them 100k, even though they took 50k off me. Correct? (forget the govt assurance for a sec).
So, given my example above, I would still owe them 100k, even though they took 50k off me. Correct? (forget the govt assurance for a sec).
07 October 2011, 01:24 PM
#22
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
Your £50k will be safe. But £50k is the limit for investment protection. Everything over that you lose. And yes you still owe the £100k mortgage.
07 October 2011, 01:25 PM
#23
Scooby Regular
Join Date: Mar 2010
Posts: 10,329
Likes: 0
Received 0 Likes
on
0 Posts
The 50k is guaranteed under the FSA scheme thingy still.
07 October 2011, 02:20 PM
#24
Scooby Regular
Join Date: Oct 2003
Location: Runway two seven right.
Posts: 6,652
Likes: 0
Received 0 Likes
on
0 Posts
07 October 2011, 02:24 PM
#25
Scooby Regular
Join Date: Mar 2004
Posts: 3,574
Likes: 0
Received 0 Likes
on
0 Posts
So, if you had, for example, 500k in a bank account - and say £1m mortgage then you would still owe 1m but you would only have 50k in the bank... as 450k is "gone"..
oh dear...
oh dear...
07 October 2011, 02:32 PM
#26
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
No, not to a bankrupt bank, obviously. To a bankrupt bank's creditor. Banks and their assets/liabilites don't just "disappear" as it seems a lot of people on here would like them to!!
And yes, Billy, that's the deal. Or if you've got that much money, spread it around £50k max per bank, then you're safe.
07 October 2011, 03:18 PM
#27
Scooby Regular
Join Date: Aug 2002
Posts: 39,877
Likes: 0
Received 0 Likes
on
0 Posts
Les
07 October 2011, 03:26 PM
#28
Scooby Regular
Join Date: Oct 2003
Location: Runway two seven right.
Posts: 6,652
Likes: 0
Received 0 Likes
on
0 Posts
No, not to a bankrupt bank, obviously. To a bankrupt bank's creditor. Banks and their assets/liabilites don't just "disappear" as it seems a lot of people on here would like them to!!
And yes, Billy, that's the deal. Or if you've got that much money, spread it around £50k max per bank, then you're safe.
And yes, Billy, that's the deal. Or if you've got that much money, spread it around £50k max per bank, then you're safe.
Why should I bail out a creditor, who I never knew existed until he told me I owed him money?
For example.
07 October 2011, 03:30 PM
#29
Scooby Regular
Join Date: Aug 2000
Location: God's promised land
Posts: 80,907
Likes: 0
Received 0 Likes
on
0 Posts
Your legal obligation changes from the bank to the creditor.
Of course you can borrow money today and then stick two fingers up at the lender tomorrow. You could do that to the creditor too, but legally you would still be responsible for repaying the loan. Failure to do so would result in court, bankruptcy etc etc.
There is no get-out clause just because the original lender goes bust.
Of course you can borrow money today and then stick two fingers up at the lender tomorrow. You could do that to the creditor too, but legally you would still be responsible for repaying the loan. Failure to do so would result in court, bankruptcy etc etc.
There is no get-out clause just because the original lender goes bust.