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BANKING & ECONOMY

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skipman
Member
#2011 | Posted: 8 Nov 2017 15:50
Reply 
What was that about crypto currency being safer then real money?

http://www.theregister.co.uk/2017/11/07/parity_wallet_destroys_280m_ethereum/
skipman
Member
#2012 | Posted: 13 Nov 2017 22:00
Reply 
skipman
Member
#2013 | Posted: 15 Nov 2017 14:06
Reply 
Reading this article you might think this is to get you to buy gold as it is written by a gold web site.

That is up to you, what prompted this article is the proposal from the ECB, to no longer give protection to your deposit, up to 85,000.

When the bank goes bust, they will decide, in roughly 5 days, how much money you will need to pay bills and to buy food. You will not be allowed access to your money.

http://www.goldcore.com/us/gold-blog/protect-savings-gold-ecb-propose-end-deposit-pro tection/

The chart shows the unsafe baking areas, Europe,the U.S. and Japan.
nordsee220
Member
#2014 | Posted: 4 Dec 2017 10:21
Reply 
A friend has decided to take early retirement and will receive a very nice lump sum so we were looking at savings interest rates which are not that interesting after all.

My sister, a retired postmistress recommended Premium bonds. She says she has some and has won quite a few of the smaller prizes over the past few years.

So, we looked at the website of that well known TV financial adviser who poiints out that for every 1 bond you hold you have a 1 in 24000 chance of winning the lowest prize of 25. For higher prizes your chances are 1 in over a million and for the very big prizes it's one in umpteen billions.. Of course, you have to buy at least 100 worth so your chances increase according to the number of bonds you hold.

But I got to thinking, isn't this just a bit like the stories of the gold dealers who'd issue certificates or promisory notes? They soon leanred that whilst they may have say 1000 in gold, the chances of everyone coming along together, wanting all of their gold back, were very, very slim.

So I got to wondering, does the money held by NS&I actually exists? Say they've issued 100 Billion of bonds. What are the odds that everyone will want their investment back, all at once?

It's stated that the interest accrued on these bonds (currently about 1.4%) is paid out as prizes but are the prizes actually paid out of the base funds?

A head scratcher, methinks!
nordsee220
Member
#2015 | Posted: 4 Dec 2017 10:31
Reply 
skipman:
Reading this article you might think this is to get you to buy gold as it is written by a gold web site.

When the bank goes bust, they will decide, in roughly 5 days, how much money you will need to pay bills and to buy food. You will not be allowed access to your money.

Invest in baked beans, tinned soup and corned beef.

I've said the same before but here's a reminder: When your front door either falls or is kicked off and you need to mend it, a lump of gold will be as much use as a chocolate fireguard. On the other hand, if you have a tin of soup to offer, people will fight to help you out (or maybe just kill you for it).

Of course, chocolate fireguards could also be a good food source.
skipman
Member
#2016 | Posted: 22 Dec 2017 14:24
Reply 
skipman
Member
#2017 | Posted: 22 Dec 2017 15:28
Reply 
The bit coin scene is getting more like the south sea bubble every day.

https://wolfstreet.com/2017/12/11/peak-bitcoin-media-mania-yet/
skipman
Member
#2018 | Posted: 28 Dec 2017 16:38
Reply 
Another thing that is adding to the downward trend to bit coin are the transactions fees.

https://azizonomics.com/2017/12/25/bitcoin-is-failing-as-money-but-bitcoin-cash-isnt/
skipman
Member
#2019 | Posted: 19 Jan 2018 22:25
Reply 
The truth will out.

After years of denying that they conspired to bust firms that they were supposed to be helping get back on their feet, a memo reveals what they really got up to.

http://www.dailymail.co.uk/news/article-5284609/RBS-banker-told-staff-let-customers-h ang-themselves.html

This piece of excrement went on to run Santander after ruining those businesses.

http://www.dailymail.co.uk/money/markets/article-5285521/Santander-chief-ran-toxic-RB S-arm-sunk-small-firms.html
skipman
Member
#2020 | Posted: 23 Jan 2018 14:56
Reply 
Carillion were flipping the hospitals and schools that they had won the right to build by putting in a very low bid then selling the future earnings to the highest bidder. Will the government really expect the tax payer to keep paying the profits( usually into a tax haven account) to foreign vultures? Probably.

https://wolfstreet.com/2018/01/15/collapse-of-carillion-sparks-fear-and-mayhem/
skipman
Member
#2021 | Posted: 5 Feb 2018 21:01
Reply 
Not much mention in the news about the dow losing a lot of points. 666 drop on Friday and still falling today. Looks like it is following Bitcoin, that has fallen from $20,000 to below $8,000 ouch.

https://www.google.com/search?q=dow+jones&oq=DOW+JO&aqs=chrome.1.69i59l2j0l2j69i60j69 i57.3410j0j7&sourceid=chrome&ie=UTF-8
skipman
Member
#2022 | Posted: 8 Feb 2018 10:05
Reply 
Another day, another RBS banking scandal. Considering how much the British tax payer has had to pay out, not only to keep this bank afloat but in the ongoing fines that it keeps accruing. Would it not have been cheaper to just let it collapse?

Of course the bank denies the claims as it has done all the previous claims that subsequently turned out to be valid.

https://wolfstreet.com/2018/02/06/bailed-out-rbs-systemically-forged-customer-signatu res-whistle-blowers/
skipman
Member
#2023 | Posted: 8 Feb 2018 20:01
Reply 
I posted a while back about a number of banks who were found guilty of laundering Billions of dollars for the drug cartels.

The bank that got the largest fine(but no one individual was charged or sentenced to any jail time, thanks to Eric holder) was HSBC. Just shy of a billion dollar fine with a deferred prosecution threat if the transgressed again.

Since then they have been found guilty of market manipulation, precious metals manipulation, interest rate manipulation and now this one.

http://www.businessinsider.com/r-ex-hsbc-executive-found-guilty-of-fraud-in-35-billio n-currency-trade-2017-10?IR=T

It is strange, when the banks were given deferred prosecution, they were told that if they they committed another crime, the deferred prosecution would mean they would loose their banking license. That was not just HSBC but all the other banks. All have them have since gone on to further malfeasance, all of them are still banking.
nordsee220
Member
#2024 | Posted: 24 Feb 2018 14:58
Reply 
The old 10 note is no longer legal tender from 1st March.

Banks may (probably will) accept them but have apparently been directed by the Bank of England only to accept them as transactions or deposits. It should be understood that high st banks do NOT have to accept them as they are effectively worthless pieces of paper. Banks are businesses built around making a profit and cannot make a profit from simply swapping old currency for new unlike the old lamps for new in Aladdin and the 40 thieves.

If you have what's described as an "appreciable amount" of money in 10 notes you'll have to take them to the Bank of England along with identification and an explanation as to why you have them. If "satisfied" then the BoE will exchange them for other suitable notes. They don't quantify what an appreciable amount is.

The 20 note is programmed for replacement in the next couple of years.

Also, should the Queen pass away, the whole lot will be changed again.
skipman
Member
#2025 | Posted: 26 Feb 2018 21:01
Reply 
Guess which country has the most debt as a % of its GDP?

https://goldswitzerland.com/own-gold-before-pandora-reopens-the-box/
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