I agree with CiaranT, in this uncertainty you need to spread your savings wisely.
Hi all
What would your advice be re the following:
I've taken all our life savings and have them ready to lodge to Anglo for 1 year as it has the best rate and "guaranteed" if deposited by September 29th....
I cannot afford to lose any of this money.
Am I mad? We will be wiped out totally if any of this disappears.
Any advice appreciated please. The rates are so poor everywhere that I'm trying to get a rate that at least beats our mortgage rate.
Thanks
S
Are Rabo or Northern Rok safe ?
I do not believe the EU will let Ireland default. We have done everything they have asked us to do. If they let us fail it would send the wrong message to other countries in financial difficulties, i.e. it is not advantageous to sell out your citizens to save the bondholders.
But saying all that... I am in the process of opening a bank account in Belgium.
That's the danger of letting anyone interfere with the economy. No matter how intelligent or how much common sense, the end effect is the same. The economy, which is a collection of billions of human actions cannot be steered by some super human being at the top.That's the danger of letting intelligent people without much common sense run a government.
No, what drove up prices was the availability of too much cheap credit to investors, builders and private individuals. And that was the sole fault of governments and their central banks.The investing of profits in property drove prices up astronimically, and together with the easy availability of low interest credit, is I believe what led to private home owners borrowing far more than they could sustain in an even moderate interest level - say 4-5% - with only one job.
Yes, there is always a mean, which is the market clearing price based on supply and demand. Any form of government interference results in that balance being offset one way or another, always resulting in a mess.There was a mean to be found somewhere, and it was mere hubris to ignore warnings like the value or property here exceeding the property values in places like New York, Paris and Hong Kong, major urban and financial centres.
First of all the new capital ratios will not come into affect until 2019. What caused the crisis was too much easy credit, here and all over the world, resulting in asset prices increasing into bubbles. The reason there was so much credit available is because fractional reserve ratios were lowered along with interest rates, and the money supply was increased. This was the cause of the credit bubble. Any steps taken to lower the ability to create as much credit as had been is a very positive move. The only negative about the BIS announcement is that it doesn't go far enough.Now we face more "financial prudence" from the Masters of the World in the Bank for International Settlements in Basle, Switzerland.
They, arguably the architects of the current disaster, now appear to be planning to repeat their "mistake" and raise bank capital lending ratio requirements again.
Actually, letting countries default would send the right message. It would send the message that if you mess up your finances you have to pay the price. A default would be very positive for the €.I do not believe the EU will let Ireland default. We have done everything they have asked us to do. If they let us fail it would send the wrong message to other countries in financial difficulties, i.e. it is not advantageous to sell out your citizens to save the bondholders.
No, what drove up prices was the availability of too much cheap credit to investors, builders and private individuals. And that was the sole fault of governments and their central banks
"how losses would be shared between depositors, creditors and lenders to the Government itself
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