# Is the Euro about to collapse?



## lemminkainen (27 Feb 2010)

From reading the online financial news reports, Irish newspapers and indeed Irish TV, it seems that the Euro is approaching collapse.  I am no financial expert, but if this does happen, what little savings I have will be converted to Irish pounds which will then be worth almost nothing.  In addition imports will become more expensive.

Is it possible to transfer savings to Sterling? Dollars? Norwegian Krone, Canadian dollars? or any other currency?

 Yes I sound paranoid, but I couldnt get a mortgage here because of a medical condition so I have a nice lump sum saved.  I need my savings to start a new life elsewhere in 2 years when my contract ends.

FF have sold us into slavery; I cant see any future in here.


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## mercman (27 Feb 2010)

lemminkainen said:


> FF have sold us into slavery; I cant see any future in here.



Without my being rude, do you really think that things are that much better in most Westernised countries ??


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## lemminkainen (27 Feb 2010)

Of course I dont know, that is why I am posting, but one thing is sure, most western countries are not as screwed up as Ireland is


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## mercman (27 Feb 2010)

lemminkainen said:


> most western countries are not as screwed up as Ireland is



Emmm. The UK is more screwed but are working their way through the pile, As are the PIGS countries but our media forgets to report this properly.


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## Capt. Beaky (27 Feb 2010)

We are all in the merde. A host of other countries where FF did not get elected time and time again  are in similar positions. Why would the Irish media report it? Because the Irish people love bad/hysterical news.


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## canicemcavoy (28 Feb 2010)

Capt. Beaky said:


> We are all in the merde. A host of other countries where FF did not get elected time and time again  are in similar positions. Why would the Irish media report it? Because the Irish people love bad/hysterical news.


 
http://www.businessweek.com/ap/financialnews/D9DKNOS82.htm

"Ireland has the second-highest rate of unemployment in the 16-nation euro zone behind Spain."

Yup, it's all just hysteria. All those unemployed people should stop moaning and buy a house. There's never been a better time to buy.


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## Capt. Beaky (28 Feb 2010)

Was in the US last Autumn and don't tell me that this hasn't produced real poverty there. People sleeping in cars because their apt has been reposessed. Families living in mobile homes and trailers because of same - we're not talking Jerry Springer here either. This is cyclical. I worked in London in the 80s when the mortgage rate went through the roof and unemployment was up to 20%. 3,000,000 unemployed. A deep recession in 1981 lasted for a decade. Nigel Lawson (Nigella's father) was chancellor of the exchequer. People lost homes, jobs, marriages fell asunder, dreams were shattered. If you got dole money it was just about enough to keep you alive. But people survived and have mostly forgotten those hard days. Life is not social democracy. So, tell me, is this any different/worse than that?


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## canicemcavoy (28 Feb 2010)

Capt. Beaky said:


> Was in the US last Autumn and don't tell me that this hasn't produced real poverty there. People sleeping in cars because their apt has been reposessed. Families living in mobile homes and trailers because of same - we're not talking Jerry Springer here either. This is cyclical. I worked in London in the 80s when the mortgage rate went through the roof and unemployment was up to 20%. 3,000,000 unemployed. A deep recession in 1981 lasted for a decade. Nigel Lawson (Nigella's father) was chancellor of the exchequer. People lost homes, jobs, marriages fell asunder, dreams were shattered. If you got dole money it was just about enough to keep you alive. But people survived and have mostly forgotten those hard days. Life is not social democracy. So, tell me, is this any different/worse than that?


 
You're now changing your argument. First of all you were saying that _at the moment_, we were no worse of than anyone else. Now you're claiming that _at other times_, other countries have been worse of, so that's grand.

This appears to be the same argument used by Mary Coughan: since people in Haiti are worse off, we have no cause for complaint.


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## Capt. Beaky (28 Feb 2010)

I'm merely stating the cyclical nature of recessions. Sorry if I wasn't clearer. The Irish media panders to it's audience after first whipping it into a frenzy. Why say things that will offend their dwindling readership/listnership (apart from saddos) - that is left to the politicians. I'm no fan of politicians but they will do their best to get us out of trouble. It's also in their interest. Remember, the next election is not a foregone conclusion. And before most booms you get a period of high unemployment. But most people don't want to listen to this at the moment. They've got to vent. And nobody does it better than our own crowd.


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## canicemcavoy (28 Feb 2010)

Capt. Beaky said:


> And before most booms you get a period of high unemployment.


 
So the current high employment - the second highest in the EU - is just a good omen to you?


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## sunrock (28 Feb 2010)

lemminkainen said:


> From reading the online financial news reports, Irish newspapers and indeed Irish TV, it seems that the Euro is approaching collapse. I am no financial expert, but if this does happen, what little savings I have will be converted to Irish pounds which will then be worth almost nothing. In addition imports will become more expensive.
> 
> *Is it possible to transfer savings to Sterling? Dollars? Norwegian Krone, Canadian dollars? or any other currency?*
> 
> ...


 
You can transfer your savings to all of the above currencies,no problem if you are worried about the euro. Or if you want you can take  a flight to  Germany or Luxembourg or other countries with your bag of Irish  euros and open a deposit a/c there ,you can do that do. However this idea of the euro collapsing is senseless.
Many threads on here from people from other currencies trying to transfer their money to a safer euro. The major currencies float relative to each other...up and down...very hard to predict and there is no chance of any of the major currencies collapsing.After all millions of people need euros,dollars etc to go to their shops and pay their bills.
If you are worried about your deposits in the bank,put your euros ahide in your home.


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## Capt. Beaky (28 Feb 2010)

canicemcavoy said:


> So the current high employment - the second highest in the EU - is just a good omen to you?


 I assume you meant "So the current high UNemployment - the highest in the EU - ............ "
Not being in the economic forecasting business, I cannot say. A bull run starts with increased investor confidence. This usually occurs after a bear market has sorted the chaf from the wheat. Rarely are investors confident coming to the end of a bull run.


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## z107 (28 Feb 2010)

> I'm merely stating the cyclical nature of recessions


You believe that this is just another recession?
I'd like to believe that it is. However, I think globally something fundamental has changed.
For Ireland, what are you expecting we are going to recover back to? The country is riddled with debt and we're fast running out of ways to pay it back.


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## JoeB (1 Mar 2010)

sunrock said:


> ... The major currencies float relative to each other...up and down...very hard to predict and there is no chance of any of the major currencies collapsing. ...



I don't think this is true, I reckon the Euro (experiment) could collaspe, and the US$ dollar too... or serious revaluations could happen... any of that happening could seriously devalue deposits in banks.. seemingly impossible things have happened before.

The Bank Guarantee schemes only guarantee your deposit, they don't guarantee that your buying power will be the same after having received your deposit back...


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## rjt (1 Mar 2010)

In relation to the original question- aside from changing euro in a local bureau de change and hiding under mattress, is their a cost effective way to hold other currencies such as those mentioned- eg international banks offering accounts to Irish citizens in different currencies?


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## dubrov (1 Mar 2010)

Why waste your time switching currencies? A collapse of the Euro is extremely unlikely. I'm guessing most people on here have most of their liabilities in Euros so it seeems like pure gambling moving Euros into another currency.

You can be pretty sure if the Euro and Dollar collapse, there won't be anywhere to run to anyway.


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## HP_happy (3 Apr 2010)

Buy chinese yuan - you should deposit for at least 1 or 2 years.
If you cannot buy Chinese yuan, you can try to buy some funds which are denominated in Chinese yuan.


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## ninsaga (3 Apr 2010)

HP_happy said:


> Buy chinese yuan - you should deposit for at least 1 or 2 years.
> If you cannot buy Chinese yuan, you can try to buy some funds which are denominated in Chinese yuan.



.and the basis for that sound investment advise is what exactly.....?


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## gws (3 Apr 2010)

The Euro to the USD is creeping up to 1.35 after a short fall to 1.33, earlier last year it was 1.25.

When the price of crude starts bumping up to higher levels the Euro will rise.  In 2008 when the dollar bottomed out the crude oil price was at its lowest in the same week, and when crude peaked the Euro peaked at 1.69.

In 2009 in the first month or so the Euro bottomed out at 1.25 against the dollar and crude hit its lowest price for several years, yet when the Euro peaked last year at 1.49 the price of crude peaked in the same week.

The price of crude oil is low at the moment although supply is short and prices are going up at the pumps, but we have reached peak oil and now we are facing ten years when oil prices are forecast to rise markedly as oil starts to become harder to find, so you should forecast for a strong rise in the Euro long term.

I reckon by the late summer we will get up to between 1.50 and 1.80 against the dollar.


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## Chris (6 Apr 2010)

JoeBallantin said:


> I don't think this is true, I reckon the Euro (experiment) could collaspe, and the US$ dollar too... or serious revaluations could happen... any of that happening could seriously devalue deposits in banks.. seemingly impossible things have happened before.
> 
> The Bank Guarantee schemes only guarantee your deposit, they don't guarantee that your buying power will be the same after having received your deposit back...



This is a very important point and not adequately reported in the media or understood by the public. Price inflation is a direct result of monetary inflation, and central banks have been 'printing' amounts of money that can only lead to drastic devaluations of currencies.



dubrov said:


> Why waste your time switching currencies? A collapse of the Euro is extremely unlikely. I'm guessing most people on here have most of their liabilities in Euros so it seeems like pure gambling moving Euros into another currency.
> 
> You can be pretty sure if the Euro and Dollar collapse, there won't be anywhere to run to anyway.


Gold or other commodities.



ninsaga said:


> .and the basis for that sound investment advise is what exactly.....?



China is keeping the value of their currency artificially low, which eventually will end.


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## ecstatic (6 Apr 2010)

*similiar thoughts..*

been thinking similiar try www.everbank.com


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