The Euro...

Ali Babba

looks as if it's going down the pan, should we be stocking up on Sterling and Canadian dollars or buying gold and canned food...........

bhur

hell no, i aint payin no comission charges

meditraitor

WILL SOMEBODY PLEASE THINK OF THE CHILDREN........

Celly Smunt

you have picked two horrible currencies

ArtyM

Bullets, tinned food, and type O blood.
Stockpile these, they are the currency of our future.

Logical Fallacy

Ali Babba wrote: »

looks as if it's going down the pan, should we be stocking up on Sterling and Canadian dollars or buying gold and canned food...........

Gold is going down the pan as well, Glencore already ****ed you on that one.

TeddyTedson

The euro will be here for ever I'd say

phasers

Cigarettes are the only solid currency

Celly Smunt

can we not just sell to china and tell the E.U to gtfo

liah

Anyone know what the strongest currency in the world is?

TeddyTedson

liah wrote: »

Anyone know what the strongest currency in the world is?

I think it's Sterling....but I'd be wrong
It's The Kuwaiti dinar

BraziliaNZ

no not now PLEASE, I've to change all my euros in sterling soon when I move to the UK ffs

Agricola

We're set for a barter economy here.

bonerm

liah wrote: »

Anyone know what the strongest currency in the world is?

The Balboa. Strong as fook.

https://www.youtube.com/watch?v=W8xHjC27YvM

Logical Fallacy

liah wrote: »

Anyone know what the strongest currency in the world is?

As far as i am aware when it comes to "strength" of currency it's most stability that is taken into account.

TeddyTedson wrote: »

I think it's Sterling....but I'd be wrong
It's The Kuwaiti dinar

Think you are right about the Dinar.

Ali Babba

Agricola wrote: »

We're set for a barter economy here.

Well the black economy has certainly taken off at an unprecedented rate and I can't say i'd blame anyone for using it or supplying a service. In case the government hasn't noticed people are in dire straights and are just trying to survive now after being hit with more taxes and cuts in wages. How we're supposed to just put up and shut up about it is beyond me considering it's almost impossible for most people to borrow money now too. The idea of burden sharing is a crock. There was no mention of profit sharing when things were good!

squod

One of the richest countries in europe at one stage. Turns out all we had for reserves were overpriced properties. BTW thanks everyone who voted FF/FG. You did the bankers a great big favour.

Celly Smunt

squod wrote: »

One of the richest countries in europe at one stage. Turns out all we had for reserves were overpriced properties. BTW thanks everyone who voted FF/FG. You did the bankers a great big favour.

tbh i think we'd be eating each other by now if we voted left wing

Ali Babba

pmcmahon wrote: »

tbh i think we'd be eating each other by now if we voted left wing

We will be soon enough.......those that are staying on here anyway.

squod

pmcmahon wrote: »

tbh i think we'd be eating each other by now if we voted left wing

Never suggested voting ''left wing'' to anyone. People were told time and time again by very right wing commentators and economists. The oligarchy that runs this country is intent on ruining it. That's what has happened.

Let me quote Mr Rehn's admirably frank reminder: "We need to recall that sovereign debt has not been at the origin of the crisis. Rather, private debt has become public debt. The financial sector has misallocated resources in the economy and then stopped working."

Jet Black

Ali Babba wrote: »

looks as if it's going down the pan, should we be stocking up on Sterling and Canadian dollars or buying gold and canned food...........

Where did you hear that? Its the opposite. The euro has gotten a lot stronger esp over the last couple of months.

RachaelVO

pmcmahon wrote: »

tbh i think we'd be eating each other by now if we voted left wing

Left wing??? Does such a thing truly exist anymore?

Johnny Bitte

Is there a link to anything backing this up or are we just having a AH purple monkey dishwasher?

Ali Babba

Jet Black wrote: »

Where did you hear that? Its the opposite. The euro has gotten a lot stronger esp over the last couple of months.

Greece are threatening to revert back to their own currency and the EU are saying it's all a stupid rumor, it's in todays papers. The only thing that worries me is that there are so many rumors now and so many people are actually changing currencies quietly I just don't fancy being left behind again. I'm just asking the question, what's the best currency to change to really.

RachaelVO

Ali Babba wrote: »

Greece are threatening to revert back to their own currency and the EU are saying it's all a stupid rumor, it's in todays papers. The only thing that worries me is that there are so many rumors now and so many people are actually changing currencies quietly I just don't fancy being left behind again. I'm just asking the question, what's the best currency to change to really.

That was the rumour alright, but they came out and categorically denied it!

IvySlayer

liah wrote: »

Anyone know what the strongest currency in the world is?

Mongolian one I believe.

bhur

RachaelVO wrote: »

That was the rumour alright, but they came out and categorically denied it!

Same way we denied we were looking for a bailout?

InTheTrees

Ali Babba wrote: »

Greece are threatening to revert back to their own currency and the EU are saying it's all a stupid rumor, it's in todays papers.

Greece? Pfft. A bunch of Big Talkers.

Stlll dinning out on having some astute political thinkers 3000 years ago...

alex73

Time to open a swiss bank account. (seriously)

ejmaztec

Ali Babba wrote: »

Greece are threatening to revert back to their own currency and the EU are saying it's all a stupid rumor, it's in todays papers. The only thing that worries me is that there are so many rumors now and so many people are actually changing currencies quietly I just don't fancy being left behind again. I'm just asking the question, what's the best currency to change to really.

The only European currency to avoid is the Piggy-Point, so quit with your whining scare-mongering.:P

Yahew

bhur wrote: »

Same way we denied we were looking for a bailout?

we weren't

bhur

I dont know what year you landed in when you hit the delorean at 88MPH, december of last year ring a bell?

Brian cowen denying a bailout was on the table?

Whilst secret meetings with IMF and co happening??

Yahew

Ireland was not looking for a bailout when Brian Lenihan said we weren't. We didnt need one as we were funded until mid 2011, or with the pension reserves, until next year. The "bailout" was announced by the ECB behind the backs of the Irish government.

bhur

O rly?

douglashyde

Yahew wrote: »

Ireland was not looking for a bailout when Brian Lenihan said we weren't. We didnt need one as we were funded until mid 2011, or with the pension reserves, until next year. The "bailout" was announced by the ECB behind the backs of the Irish government.

You mean they didn't tell us we were getting a loan.

Lenny and the gang are now saying they were forced to take it...But regarding Ireland defaulting on our debt.... it's really a matter of status quo, people with some money saved in a secure job for the most part don't want to default.

Those with nothing to lose; for the most part do.

Everything in life is about status quo.

ejmaztec

douglashyde wrote: »

You mean they didn't tell us we were getting a loan.

Lenny and the gang are now saying they were forced to take it...But regarding Ireland defaulting on our debt.... it's really a matter of status quo, people with some money saved in a secure job for the most part don't want to default.

Those with nothing to lose; for the most part do.

Everything in life is about status quo.

https://www.youtube.com/watch?v=FQkD-L9EMuk

Yahew

douglashyde wrote: »

You mean they didn't tell us we were getting a loan.

Lenny and the gang are now saying they were forced to take it...But regarding Ireland defaulting on our debt.... it's really a matter of status quo, people with some money saved in a secure job for the most part don't want to default.

Those with nothing to lose; for the most part do.

Everything in life is about status quo.

well, yes. Didn't tell us we were getting a loan is the same as not asking for it. Here is what Morgan Kelly says in today's IT

On November 16th, European finance ministers urged Lenihan to accept a bailout to stop the panic spreading to Spain and Portugal, but he refused, arguing that the Irish government was funded until the following summer. Although attacked by the Irish media for this seemingly delusional behaviour, Lenihan, for once, was doing precisely the right thing. Behind Lenihan’s refusal lay the thinly veiled threat that, unless given suitably generous terms, Ireland could hold happily its breath for long enough that Spain and Portugal, who needed to borrow every month, would drown.

At this stage, with Lenihan looking set to exploit his strong negotiating position to seek a bailout of the banks only, Honohan intervened. As well as being Ireland’s chief economic adviser, he also plays for the opposing team as a member of the council of the European Central Bank, whose decisions he is bound to carry out. In Frankfurt for the monthly meeting of the ECB on November 18th, Honohan announced on RTÉ Radio 1’s Morning Ireland that Ireland would need a bailout of “tens of billions”.

Rarely has a finance minister been so deftly sliced off at the ankles by his central bank governor. And so the Honohan Doctrine that bank losses could and should be repaid by Irish taxpayers ran its predictable course with the financial collapse and international bailout of the Irish State.

El Guapo!

liah wrote: »

Anyone know what the strongest currency in the world is?

Sex.

dermo88

Currency strength is a difficult quantum to measure. If you buy at the top, you risk losing on the drop. There are currencies such as the Australian Dollar which are reaching historic highs. There are currencies such as the US Dollar which are being bad mouthed because of their weakness. The question is when to buy. If you bought Sterling in 2001 with Irish Pounds (Euro), you would lose 30% over 10 years.

The Kuwaiti Dinar measurement of strength is a fallacy. It merely means it has had an relatively low inflation rate since the 1970's. It was pegged to Sterling until 1967 at $2.80, and that peg has been retained somewhat since, when they switched to a Dollar based peg in the 1970's.

In terms of stability and appreciation since World War 2, the ones I trust are few and far between. They are Swiss Franc and Singapore Dollar. Beyond that, Fiat (paper) currencies have a very poor record after the 1971 Nixon shock, with the Dollar recording a 90% loss in value, and Sterling recording a 92% loss in value over the intervening 40 years, which is historically unprecedented.

Recent conventional wisdom teaches that an excessively "hard" currency strangles investment and productivity. The recent belief has been in "bailouts", "guarantees", and a sickening degree of corporate welfare. The numbers are mounting up, higher and higher. Numbers which an ordinary man cannot understand, or comprehend. The layman understands a 10 Euro bill, even a 100 Euro bill. How - therefore, is anyone expected to understand figures regularly trotted out on Bloomberg about China's 2 Trillion Dollar surplus? which really equates to $1,500 per person there. Or, the absolutely colossal amounts in the Irish bailout of the Banking system? Is it as bad as we think or will it get better? Is Lenihan a traitor, or was he faced with the lesser of evils? We can only speculate, for markets are driven by human nature as much as anything else, are built on trust, nothing more, and by consequence are irrational.

The Euro is a descendant of the Deutchmark/Austrian Schilling/Dutch Guilder in all but name. However, Greece should never have been allowed in, political motivations merely drove their inclusion. Roughly every 10 years or so, Europe experiences an economic imbalance caused by excessive deficits/surpluses. It was the case in the previous currency crisis in 1992-1993. The devaluation route is no longer possible, merely a prolonged period of restructuring. While it is painful, it is unavoidable. History has proven that those countries which save, and invest for the future, are the most successful long term. For example - in 2000, it was Germany and France who looked moribund and weak. Now.....the tables have turned.

Ireland, Spain and the UK suffered from what is described economically as "Dutch disease". It was a case where property investment crowded out other, more beneficial economic activities. There are a multitude of factors to blame, from Alan Greenspan, to the Federal Reserve, to Osama Bin Laden, the Dot Com crash on the external side.....to low taxes and lax regulation, cronyism, incompetence, irrational exhuberance on the Irish internal side.

A trifecta made in hell came together, collided and made it worse than anyone could have imagined. AND.....it is not over yet. The aftershocks could be as severe.

These have occurred before around the world and have been well documented since the 1700's with the likes of the South Sea Bubble, the Dutch Tulip craze, the Roaring Twenties followed by the Great Depression.

In each case, where paper currencies circulated, a massive depreciation relative to precious metal bases took place, be it Gold or Silver.

This crisis frankly has me flummoxed. If in doubt, cash is king. Buying Gold at the top in a panicking market is dangerous. Buying Aussie Dollars while reading their good news is equally bad, for I suspect they are in the same bubble as the UK in 2007.

The reality is, recovery will happen. The circumstances behind it however, I do not know.

Saila

liah wrote: »

Anyone know what the strongest currency in the world is?

literally, Sterling
but in real life the US dollar as its tied to oil buying, if you want to buy oil you pays in $

Saila

Saila wrote: »

literally, Sterling
but in real life the US dollar as its tied to oil buying, if you want to buy oil you pays in $

.....

Saila

Deleted User wrote: »

.....

you cant buy oil without US dollars, this makes the dollar the 'strongest' currency although if you look at exchange rates you will see sterling is actually 'stronger'...you're still confused arent you, I can hear it from here

Saila

Saila wrote: »

you cant buy oil without US dollars, this makes the dollar the 'strongest' currency although if you look at exchange rates you will see sterling is actually 'stronger'...you're still confused arent you, I can hear it from here

So what is your definition of "strongest"? Mine would be that the currency will hold it's value..

I don't think the fact that oil is bought in dollars really matters in the grand scale of how fuked the dollar is.

For the past two years I've been saving bottle caps. I'm going to be a rich, rich man.

Krusader

Get your savings outta the banks ASAP

Ali Babba

Everyone I know that has any money left has done that ages ago and anyone who still has money in the banks doesn't deserve to have money.

aligator_am

Buy Silver, Gold prices have gone through the roof and keep increasing as the Dollar implodes.

Or you could possibly switch your cash to Chinese Yuan, the IMF recently announced that the Chinese economy will surpass America in 2016, will see what happens.

Saila

Ali Babba wrote: »

Everyone I know that has any money left has done that ages ago and anyone who still has money in the banks doesn't deserve to have money.

I have mine in my place... the banks vault,

I part own it afterall

squod

aligator_am wrote: »

Buy Silver, Gold prices have gone through the roof and keep increasing as the Dollar implodes.

Or you could possibly switch your cash to Chinese Yuan, the IMF recently announced that the Chinese economy will surpass America in 2016, will see what happens.

People are short selling gold all over the gaff. it's worth nothing until it's in your possession. Buy silver and demand delivery.

aligator_am

squod wrote: »

People are short selling gold all over the gaff. it's worth nothing until it's in your possession. Buy silver and demand delivery.

Yep, I should have said that. I think Gold is too expensive currently for the average person to afford (€1024 per ounce) but Silver is about €24 per ounce.

As you say, demand delivery, haha, I wonder will Max Keiser's plan to crash JP Morgan work?

squod

Lets hope so.