# Right now with all thats going on, should I be doing something?



## spreadsheet (14 Nov 2010)

With all this talk of sovereignty, EU/IMF bailouts and lots of people worried about their deposits, I feel like I should be doing something.

It's rare we can actually say for certain that something is about to happen but it seems almost certain there's a bailout coming. We're talking the next 10 weeks maybe even as early as next week.

So what should the man on the street do?

Personally, i've some money on deposit and while I don't think it's at risk, I'm getting a bit caught up with this growing fear to move some abroad or at least hoard cash. Self fulfilling I know, but this feels so similar to the lead up to the currency devaluation here in the 90's and I can't help thinking about Russia's default too! Somethings about to happen and when it does it will be too late.

So whats the feeling from the forum? 

Move money?
Buy foreign currency?
Buy bank shares?
Stock up on beans?

Or just carry on regardless?


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## cml387 (14 Nov 2010)

Now that the Portugese are contemplating being forced to leave the Euro, the cat is out of the bag.

I would be considering moving my deposit into a foreign bank (Swiss Francs anyone?) if it were possible.


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## spreadsheet (14 Nov 2010)

So i'm to gather from the 2 points above that the problem is way bigger than Ireland. The real danger is the Euro collapsing or PIIGS leaving and setting up their own currencies? 

I can't get that nagging feeling from the back of my mind that there's something I need to do. 

Maybe I should buy dollars. The way the exchange rate has been going in the last 7 days it must be what a lot of people are doing.


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## cml387 (14 Nov 2010)

Would foreign banks with presence here (I'm thinking specifically of National Irish) be immune?
I guess they are registered in Ireland and therefore are Irish banks.
Or would they allow an account to be transferred to a Danish domiciled account?


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## Happy Girl (14 Nov 2010)

Anarchy said:


> .......I don't know what would happen in the case of the first scenario but my understanding is that the "bailout fund" route would be the same type of thing that happened in Greece.
> 
> I don't think depositors in Greece had their money expropriated. Does anyone know what happened there?


 http://www.askaboutmoney.com/showthread.php?t=146677


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## cml387 (14 Nov 2010)

I should have said that I'm thinking in terms of a withdrawal of Ireland from the Euro.

A new Irish currrency would fall against the Euro and wipe out savings.
To protect savings you'd need to move your account into Euros.

I do feel that we are in the same position as back in Spetember 2008.
The buzz from the boards is reminiscent of this time.


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## eimearnid (14 Nov 2010)

But is there a more scarier prospect following any country leaving the Euro in that the Euro itself fails? Can this happen ??


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## Expat64 (14 Nov 2010)

There is the Belgian Keytrade Bank which is part of the French Crédit Agricole Group,

askaboutmoney.com/showthread.php?t=145645&page=2


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## Marietta (14 Nov 2010)

The government has admitted there are in talks with European officials about market conditions as Germany pushes it to accept a bailout. 


http://www.bloomberg.com/news/2010-...o-take-aid-by-officials-amid-debt-crisis.html


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## Chris (14 Nov 2010)

Anarchy said:


> Here in Ireland we tend to forget that we are a tiny economy in the European scheme of things. If Ireland funds itself from the ECB fund it will make very little difference to funding from the bond markets. The European Union and the Euro is far too important to the Germans to let Ireland damage it over sums that are really tiny to them.


I thinkyou might be underestimating Irish debt. Yes, Ireland is a small economy, but Ireland has over €1trillion in debt, even when excluding the IFSC. That is a big worry.



Anarchy said:


> It is a good point that Greek banks were solid. There is all this talk about the Irish Govt being funded till mid 2011 but what about the banks (that the govt effectively owns)
> They need funding too and they depend on the guarantee to get it.



Actually they are now dependent on the ECB for the unlimited short-term funds available. Irish banks have not been able to borrow from the markets.


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## Marietta (15 Nov 2010)

Anarchy said:


> What I am saying is that the EU can afford to keep us on life support in the asylum on the edge of Europe in the interest of preserving faith in the Euro.
> 
> They can't do it if the contagen spreads to Spain and Italy.


 


Or portugal, they are now at high risk of a bail out

SkyNewsBreak: 
The Portuguese finance minister says the country is at high risk of needing a bailout, according to reports. _[via Twitter]_


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## The_Banker (15 Nov 2010)

Marietta said:


> Or portugal, they are now at high risk of a bail out
> 
> SkyNewsBreak:
> *The Portuguese finance minister says the country is at high risk of needing a bailout, according to reports.* _[via Twitter]_


 

Portugal and Ireland can be bailed out I would think. But if Spain looks for one then it could be end game for the Euro.


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## plendoza (15 Nov 2010)

Get your money the hell out of here as fast as you can. Nobody will lend our banks any money. What do you think is going to happen as a result? They will go broke-broke, I say it that way cos they are broke a long time ago


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## BICIP (16 Nov 2010)

Would people moving deposits en masse not bring about this collapse rather than a eu bailout? If so is it not self fulfilling?

Also if I put money in rabo nationwideuk etc are they not prone to being frozen as they are Irish versions of their home banks?


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## plendoza (17 Nov 2010)

> Arrgh "Broke I say" feel it in me timbers so I do!
> 
> At least in 1929 they didn't have clowns trying to start a run!



Exactly what is needed, lets hurry up and get this over with, we might be getting to the end of the beginning. I heard a couple of ministers today saying all our deposits are 100% safe - tells you exactly what is happening and this is why the bailout is coming to a head so quickly


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## spreadsheet (23 Nov 2010)

uh-ohh...

http://www.bloomberg.com/news/2010-...failing-on-mandates-pimco-s-clarida-says.html


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## PaddyBloggit (23 Nov 2010)

spreadsheet said:


> uh-ohh...
> 
> http://www.bloomberg.com/news/2010-...failing-on-mandates-pimco-s-clarida-says.html




Already mentioned in a new thread by onq:

http://www.askaboutmoney.com/showthread.php?t=147275


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## onq (24 Nov 2010)

The reason no-one trust our banks is because they lied to us.
Then when they were bailed out they failed to start lending again.
So they are neither functioning or trustworthy and therein lies the problem.

What is supposed to be going on with Anglo for example - not de-encrypting files?

Commented on here:

http://bocktherobber.com/2010/11/anglo-executives-refuse-to-hand-over-computer-passwords

Referred to earleir in the year here:

http://bocktherobber.com/2010/04/what-is-the-anglo-secret

--------<>--------​ 
_Apr 1st, 2010 |  | Category:    , banking

_ _THE final paragraph of Professor Brian Lucey’s [broken link removed]in today’s Irish Times contained an ominous statement._
_He said: There is no economic rationale for keeping Anglo afloat,  which must  imply a political desire to see it not go into liquidation  and its  secrets revealed.

_--------<>--------
​ What exactly is Alan Dukes supposed to be doing as Chairman if he's letting this nonsense continue - is he getting paid to ruin us by the Trilateral Commission or someone?
As chaiman he needs to exert his authority and get this sorted - he was put in there for a reason.
Check out the comments from Chris in the Times Article linked to in the quotation above.
Are we going to find that Anglo financed the invastion of Iraq or something - what?

We are overdosing on FUD - Fear, Uncertainty, Doubt.

Same formula was used in the 60's when America was preparing to ramp up the Vietnam War and wanted to keep people's minds on other things.
And today, jsut as the Euro looks like it could buckel any day soon, we hear North Korea fired on a South Korean Island.
The very day the North Korean Ambassador was welcomed in the Dáil, if the twitter reports are to be believed.
So with no jobs and crippling debt at home signing up for a spell in the army will look like a good option.

Throughout Europe.
Curiouser and curiouser.

We cannot catch our breath in this country.
Every week there is some new disaster popping up.
How did we get from 4 BIllion for Anglo to today's figures?
Someone mentioned a total of nearly a quarter of a Trillion Euro.
Somone else posted that Ireland's total indebtedness is 1 Trillion Euro.

Where did those figures come from, because I do not know what is going on any more.
Figures are falling out of the air like confetti and each one seems an order of magnitude bigger than the last.
Its like living through a nightmare - the bogeyman around every corner, no logical progression, the collapse of all we have built up.

I'm going to bed now, although I probably won't sleep.
I hope to wake up to this sorted, but iI know that's just wishful thinking.
Going on the past records of Cowan, Lenihan and O'Keefe its too much to hope for.

ONQ.


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## Marantze (24 Nov 2010)

How do the Post Office stand in this situation,are they all tied in with the banks or what.


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## bgt59 (24 Nov 2010)

as far as i can see no one has an answer to anything and it's pointless causing a panic if anyone has inside info that would be a help like what's your bank manager doing with his savings? if you have any wealthy friends ask them what they are doing with their cash? if your cousin is a friend of some politician ask them for info.... and rem we are in europe we won't starve.... i'd say personally buy australian dollars or move your money to another country ... putting it under the mattress won't help ...  buying gold is good if you know how!! i really don't know what the ordinary man on the street should be doing ...have enough cash to pay for a one way ticket out of here!!


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## John Hansen (25 Nov 2010)

*What can we do?*

With the things that has been doing in our society especially in our economy, I am afraid that things will get too late. This is a little step to make a change in the kind of economy that we are facing. Thanks a lot for the informative insights. Keep it up.

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## bugler (26 Nov 2010)

> as far as i can see no one has an answer to anything and it's pointless  causing a panic if anyone has inside info that would be a help like  what's your bank manager doing with his savings? if you have any wealthy  friends ask them what they are doing with their cash? if your cousin is  a friend of some politician ask them for info..



I agree. Call a meeting with Donie Cassidy & your local AIB/BOI branch manager. Such great minds won't see you go wrong.


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