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 :cry: |
Why hasn't the financial system been 'de-interconnecting' since 2008 then?
/I made that word up BTW. :) |
You obviously haven't been paying attention for several months now. This has always been on that cards. Maybe you should change the TV channel to something other than the BBC ...
Dave |
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! :eek: If the UK Government will not support certain Banks/Building Societies then the money is GONE!! That £85k guarantee will be worth absolutely ZERO! |
Wish they would just get it over with, cant be arsed with this long drawn out death rattle of Western civilisation, bring it on !
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Is that yours from all those Billet turbos? :lol1:
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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. :D |
Pete, where does it say that the UK govt will not honour the FSA based protection for savings in banks??
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Sauce?
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Daddies :thumb:
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So if all the banks take our cash what happens to our debts?
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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 very last thing we want is idiots like Lewis spreading this kind of **** rumour with no foundation
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Originally Posted by billythekid
(Post 10271522)
So if all the banks take our cash what happens to our debts?
You will still have debts. That's all you need to know. |
hey but i dont have debts, baring my mortgage which im bloody overpaying!!!
so i loose my cash and get to keep my motgage debt. yay :p |
Originally Posted by TelBoy
(Post 10271525)
This question gets asked a disconcertingly frequent number of times.
You will still have debts. That's all you need to know. 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. |
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.
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Originally Posted by TelBoy
(Post 10271540)
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.
Would the insolvent banks sell off those debts which are profitable? What if nobody wants to buy? |
Creditors.
Yes. Not relevant. |
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). |
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.
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Originally Posted by billythekid
(Post 10271609)
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). |
Originally Posted by TelBoy
(Post 10271616)
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.
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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... |
Originally Posted by FlightMan
(Post 10271698)
Owe it to who? A bankrupt bank? :wonder:
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. |
Originally Posted by pslewis
(Post 10271419)
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! :eek: If the UK Government will not support certain Banks/Building Societies then the money is GONE!! That £85k guarantee will be worth absolutely ZERO! Les |
Originally Posted by TelBoy
(Post 10271712)
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. Why should I bail out a creditor, who I never knew existed until he told me I owed him money? For example. |
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. |
Well there should be. It's not right.
I might not like the creditor. :D |
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