Is the end nigh for the Euro? [vol. 2]
Discussion
mondeoman said:
And whats stopping them now?
" Hello, Barlcays Droitwich branch, how can I help you"?
"Hi this is Stravos, I have mucho muney and wanna to open an accounta wit you"
"I'm pleased to hear that Mr Stavros - kindly fill in the application form on-line and we'll do the rest and your card will be inteh post shortly"
"Okey dokey"
1 week later Mr Stavros gets his Barclays Debit card, goes to local ATM and withdraws his dosh. Sets himself with online bonking on his iphone, does all his DDs and standing orders, job jobbed.
Why do we need more "regulations" for this?
Really? Have you tried to open a new bank account lately from scratch?" Hello, Barlcays Droitwich branch, how can I help you"?
"Hi this is Stravos, I have mucho muney and wanna to open an accounta wit you"
"I'm pleased to hear that Mr Stavros - kindly fill in the application form on-line and we'll do the rest and your card will be inteh post shortly"
"Okey dokey"
1 week later Mr Stavros gets his Barclays Debit card, goes to local ATM and withdraws his dosh. Sets himself with online bonking on his iphone, does all his DDs and standing orders, job jobbed.
Why do we need more "regulations" for this?
G
Gary11 said:
mondeoman said:
And whats stopping them now?
" Hello, Barlcays Droitwich branch, how can I help you"?
"Hi this is Stravos, I have mucho muney and wanna to open an accounta wit you"
"I'm pleased to hear that Mr Stavros - kindly fill in the application form on-line and we'll do the rest and your card will be inteh post shortly"
"Okey dokey"
1 week later Mr Stavros gets his Barclays Debit card, goes to local ATM and withdraws his dosh. Sets himself with online bonking on his iphone, does all his DDs and standing orders, job jobbed.
Why do we need more "regulations" for this?
Really? Have you tried to open a new bank account lately from scratch?" Hello, Barlcays Droitwich branch, how can I help you"?
"Hi this is Stravos, I have mucho muney and wanna to open an accounta wit you"
"I'm pleased to hear that Mr Stavros - kindly fill in the application form on-line and we'll do the rest and your card will be inteh post shortly"
"Okey dokey"
1 week later Mr Stavros gets his Barclays Debit card, goes to local ATM and withdraws his dosh. Sets himself with online bonking on his iphone, does all his DDs and standing orders, job jobbed.
Why do we need more "regulations" for this?
G
Online form filled in, account number and sort code available within 30 mins, card received within 5 days, card reader within a week of ordering, all set-up for everything on-line within 10 days. No need to go into a branch, all done online or over the phone.
mondeoman said:
Yep, about 6 weeks ago: Natwest fyi.
Online form filled in, account number and sort code available within 30 mins, card received within 5 days, card reader within a week of ordering, all set-up for everything on-line within 10 days. No need to go into a branch, all done online or over the phone.
Oh cool,a friend with limited credit history tried and had no luck,had to try 2 or 3 banks.Online form filled in, account number and sort code available within 30 mins, card received within 5 days, card reader within a week of ordering, all set-up for everything on-line within 10 days. No need to go into a branch, all done online or over the phone.
G
Smartphone tax
http://www.guardian.co.uk/world/2013/may/13/franco...
What next?
Edited by Mermaid on Tuesday 14th May 09:02
Zerohedge sticking the baguette into France
http://www.zerohedge.com/news/2013-05-06/charles-g...
Ouch!
Mermaid said:
Smartphone tax
http://www.guardian.co.uk/world/2013/may/13/franco...
What next?
What on earth is inside that mans head? He will be putting road humps on the mullsane nexthttp://www.guardian.co.uk/world/2013/may/13/franco...
What next?
Edited by Mermaid on Tuesday 14th May 09:02
vodkalolly said:
Mermaid said:
Smartphone tax
http://www.guardian.co.uk/world/2013/may/13/franco...
What next?
What on earth is inside that mans head? He will be putting road humps on the mullsane nexthttp://www.guardian.co.uk/world/2013/may/13/franco...
What next?
Edited by Mermaid on Tuesday 14th May 09:02
You know things are dire whne everyone you talk to on this issue has the same opinion. My info comes from:
- MNCs operating in France
- British ex-pats running SMEs in France
- French people running SMEs in France
- French people working in UK for French MNCs
zerohedge said:
Even Francois Hollande is beginning to wake up to just how destructive and anti-business the French agenda is. On Monday, Hollande announced measures designed to encourage the French entrepreneurial spirit - essentially by watering down programs he himself imposed after winning the presidential election last year.
The new agenda includes cuts in capital gains taxes. The effective capital gains tax will now decline by 2 percentage points, to 32.5%. This is better than last year’s outlandish move to effectively bump up the capital gains tax to as high as 62% in some cases. But the president’s reversal is the desperate move of a cornered politician, not a sign that we will see a steady hand on the tiller of reform in coming years.
This a a recognition of too few of the issues and it comes far, far too late to save France from a very sharp decline.The new agenda includes cuts in capital gains taxes. The effective capital gains tax will now decline by 2 percentage points, to 32.5%. This is better than last year’s outlandish move to effectively bump up the capital gains tax to as high as 62% in some cases. But the president’s reversal is the desperate move of a cornered politician, not a sign that we will see a steady hand on the tiller of reform in coming years.
Digga said:
This a a recognition of too few of the issues and it comes far, far too late to save France from a very sharp decline.
This bit is the killer IMO:"In any case, in a bond market, one should look at two things: the return ON capital and the return OF capital. The return ON capital is pitiful and the return OF capital is far from certain. Sell the financials in Europe - and in France especially. Really, the euro is on its last legs. France is in play."
Andy Zarse said:
This bit is the killer IMO:
"In any case, in a bond market, one should look at two things: the return ON capital and the return OF capital. The return ON capital is pitiful and the return OF capital is far from certain. Sell the financials in Europe - and in France especially. Really, the euro is on its last legs. France is in play."
Hmm - and I thought it was the astonishing admission that 57% of GDP is Government spending. Have they not heard of crowding out ? "In any case, in a bond market, one should look at two things: the return ON capital and the return OF capital. The return ON capital is pitiful and the return OF capital is far from certain. Sell the financials in Europe - and in France especially. Really, the euro is on its last legs. France is in play."
Gargamel said:
Hmm - and I thought it was the astonishing admission that 57% of GDP is Government spending. Have they not heard of crowding out ?
No one wedded to the ideals of the EUSSR - this includes most UK politicians - has the slightest clue or interest in the concept, anymore than they consider the implications of reaching or exceeding 50% tax/GDP.Andy Zarse said:
Digga said:
This a a recognition of too few of the issues and it comes far, far too late to save France from a very sharp decline.
This bit is the killer IMO:"In any case, in a bond market, one should look at two things: the return ON capital and the return OF capital. The return ON capital is pitiful and the return OF capital is far from certain. Sell the financials in Europe - and in France especially. Really, the euro is on its last legs. France is in play."
This EU solution cannot work because, it is economic suicide for all concerned. There must be a major withdrawl from the EU by the insolvent states which frankly must strike at the very heart of the EU because it will call into question the whole economic confidence and future of the EU. I do not want this to happen but is is simple economic fact.
To use a medical analogy, applying a sticking plaster will not solve gangrene in a limb. The EU has no economic antibiotics and is sticking plaster after plaster onto already hopelessly infected tissue. Which is making the crunch when it comes worse and worse for all concerned. The failing states cannot recover, trapped within an unaffordable currency and the remaining states in the EU cannot afford to carry all these passengers around. There are well over 100 million people living in Italy, Greece, Spain Portugal and inevitably France who cannot afford to remain within the Euro dominated by Germany. The longer this goes on the worse the consequences MUST become.
By some pure luck we are not in this mess in currency terms. But the fallout will be horrendous and the UK will inevitably suffer as will the rest of Europe and indeed the rest of the world. But lending more and more to obviously insolvent sovereign states will help no one in the end. By recklessly printing money the EU can and are buying time. But in the end this will only ramp up the losses incurred.
Mermaid said:
Absolutely correct IMO. I just cannot see France facing economic reality. I suspect an even more daft left wing leader in France will find electoral success and try to make this worse and very probably succeed. There is no reality economics in France, currently, which is why Hollande got in in the first place.Steffan said:
I agree with both Digga and Andy Zarse on this. I have been away in Italy and not posting in consequence. Back in the UK now and everything I saw in Italy once again confirms my conviction that this EU nonsense of trying to sustain insolvent sovereign states within an unaffordable currency is simply madness and stupidity personified.
Italy you say? You didn't happen to see a customised DeLorean driving around did you? Their figures were out today as well, and it's another case of 'Back to the Future'..."Italy and her lost decade... another way of looking at such numbers is to compare output now with it in the past. If we do so we see that on a volume basis (2005) Italy’s GDP was 349.45 billion Euros back in the first quarter of 2003 and was 342.3 billion Euros in the first quarter of 2013 making a fall of 2% over this period. As we review this we see something that we both feared and expected all along which is a lost decade for her in economic output terms. The last time that seasonally adjusted quarterly output was lower than at the beginning of 2013 was in the second quarter of 2000. To this we need to add that the situation is not yet improving. So I both fear and expect that soon I will be reporting on economic output levels in Italy which have returned to that of the end of the last century. As that will coincide with the period in which she has been a member of the Euro it will provide plenty of food for thought on the benefits or otherwise of exchanging the Lira for it."
http://www.mindfulmoney.co.uk/wp/shaun-richards/it...
Andy Zarse said:
Steffan said:
I agree with both Digga and Andy Zarse on this. I have been away in Italy and not posting in consequence. Back in the UK now and everything I saw in Italy once again confirms my conviction that this EU nonsense of trying to sustain insolvent sovereign states within an unaffordable currency is simply madness and stupidity personified.
Italy you say? You didn't happen to see a customised DeLorean driving around did you? Their figures were out today as well, and it's another case of 'Back to the Future'..."Italy and her lost decade... another way of looking at such numbers is to compare output now with it in the past. If we do so we see that on a volume basis (2005) Italy’s GDP was 349.45 billion Euros back in the first quarter of 2003 and was 342.3 billion Euros in the first quarter of 2013 making a fall of 2% over this period. As we review this we see something that we both feared and expected all along which is a lost decade for her in economic output terms. The last time that seasonally adjusted quarterly output was lower than at the beginning of 2013 was in the second quarter of 2000. To this we need to add that the situation is not yet improving. So I both fear and expect that soon I will be reporting on economic output levels in Italy which have returned to that of the end of the last century. As that will coincide with the period in which she has been a member of the Euro it will provide plenty of food for thought on the benefits or otherwise of exchanging the Lira for it."
http://www.mindfulmoney.co.uk/wp/shaun-richards/it...
Your link is absolutely on the button except that I would say the lost period is more like three decades and not one!! Italy is living in dreamland on borrowed time and generally could not give a stuff. Italians are a simple people: they only want everything now, nothing more, nothing less. Inevitably this is going to fail. Just a matter of time. There will be no recovery in any of the defaulting states or their primary lenders like the French banks! Only going one way, sadly.
Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff