Pound has dropped in value

Discussion in 'Bulletin Board ARCHIVE' started by AthersleyRed, Oct 5, 2016.

  1. Redstar

    Redstar Well-Known Member

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    It happened in Iceland.
     
  2. tyr

    tyrone1 Banned Idiot

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    What every bank manager
     
  3. Red

    Red Rain Well-Known Member

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    When a business goes bust, it is taken over by an administrator who becomes a receiver and then a liquidator if the business cannot be saved. The liquidator's first job it collect all the debts and when he has done so he pays the creditors an agreed proportion of their debt. So let us for one moment assume that LLoyds TSB, which I think owns Halifax Building Society calls in the Administrator. In your scenario, he must collect all the debts which means mortgage payers need to find a new mortgage provider or their home is forfeited. But there is a banking crisis and no bank is lending money. Indeed, many of Lloyds TSB creditors are other banks and the other banks do not know if they will get any money from the Lloyds TSB administrator or how long it will take to come. The crisis at one bank rapidly becomes the crisis at all banks and the economic system fall apart.

    Supporting the banking system was the only option available, and indeed the Bank of England has always been the lender of last resort.
     
  4. Redstar

    Redstar Well-Known Member

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    He isn't talking about bank managers. He's talking about senior executives and gamblers
     
  5. BobT

    BobT Well-Known Member

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    That's why I said senior and for ten years.
     
  6. Redstar

    Redstar Well-Known Member

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    So you agree that supporting the banking system was the source of the debt not any governments economic profligacy?

    Like I said, why not transfer the debts and assets to the BoE then?
     
  7. Red

    Red Rain Well-Known Member

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    Does it matter how the debt arose or whose fault it is. Time has moved on and the debt is still there. When I die, and this conversation seems to be bringing that eventuality ever closer, some other poor sod will have to pay the interest on said debt via their taxes, and that seems wrong to me. If you think that it is right, then there is nothing to discuss.
     
  8. Sco

    Scoff Well-Known Member

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    This sums up what we should have done... (If I can get the link to work)

    http://www.irishtimes.com/opinion/martyn-turner-1.2816375
     
  9. tyr

    tyrone1 Banned Idiot

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    So.a manager is a junior position now
     
  10. tobyornottoby

    tobyornottoby Well-Known Member

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    This is your best post.

    Except for the penultimate sentence (the one before BOOM) which I don't understand.

    (Oh btw I don't understand BOOM either)
     
  11. Redstar

    Redstar Well-Known Member

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    I thought you liked debate.
     
  12. Con

    Conan Troutman Well-Known Member

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    Bloody hell, he means people like Fred Goodwin.
     
  13. Red

    Red Rain Well-Known Member

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    I do, but you don't seem to have anything to debate with.
     
  14. Dub

    Dubai Tyke New Member

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    well my thoughts are better get your money out now as it can only get worse nearer the actual brexit
     
  15. BobT

    BobT Well-Known Member

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    Yes, in the grand scheme of things, they do what they are told to do.
     
  16. YTB

    YTBFC Guest

    Right, let me bring this thread to its logical conclusion.








    [​IMG]
     
  17. icer

    icer Well-Known Member

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    and its down again.............
     
  18. Micky Finn

    Micky Finn Well-Known Member

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    Still, we're getting our country back, so everything will be great.
     
  19. Mr C

    Mr C Well-Known Member

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