Could or should the city be sacrificed for good brexit deal??

[SidewaysSi]

sidicks said:

Mr Whippy said:

All banks are risky, fractional reserve banking sees to that.

All business are risky - not sure of your point?

Mr Whippy said:

Beyond that, ask the governor of the Bank of England. Didn't he add liquidity to the financial system on Brexit result day for a reason? Who accesses the funds he made available? Banks?

I'm not sure what banks were bailed out, how, or why.. I do know that free market economics doesn't apply to them though. That means society's wealth, one way or another, is being used to support them.

Dave

For someone that doesn't appear to understand the first thing about banks, you seem to have strong opinions on what should happen with them...

To be fair to the guy, that's the same as majority of the population. Hence why we are in this mess.

[Mr Whippy]

RYH64E said:

Mr Whippy said:

It's not preconceived notions of evil, it's just a critical standpoint.

They're a business just like any other, they manage all my wealth. I can't accumulate or store wealth without using their system. They have somewhat of a monopoly.
If I tried to use all cash then government think I'm a terrorist or a tax avoider/evader, or something else unsavoury.

It's reasonable to be critical of banks motives rather than just assuming they do everything in my own best interests.

I might be wrong, but it appears to me that what you think of as 'The Banks' isn't the part of financial services that makes money, nor is it the part that's under threat if/when we leave the EU.

Well I've asked numerous times where the money comes from, but I've been told it's not important, only that some of it goes to HMRC.

So where does the money that the City makes from financial services come from?


If I had a clear answer then I could alter my opinion, but so far there is no basis for an altered view. I just feel like I'm reading half arguments from people possibly defending their position on a protectionist gravy train.

Dave

[anonymous-user]

There's this thing, called Google.

There is lots of information available through it.

Many people use that information to shape their opinions.

Some people don't use it, or other sources of information, but they still have opinions.

Everyone is entitled to an opinion. But not all opinions are worth listening to.

[Mr Whippy]

sidicks said:

Mr Whippy said:

All banks are risky, fractional reserve banking sees to that.

All business are risky - not sure of your point?

Mr Whippy said:

Beyond that, ask the governor of the Bank of England. Didn't he add liquidity to the financial system on Brexit result day for a reason? Who accesses the funds he made available? Banks?

I'm not sure what banks were bailed out, how, or why.. I do know that free market economics doesn't apply to them though. That means society's wealth, one way or another, is being used to support them.

Dave

For someone that doesn't appear to understand the first thing about banks, you seem to have strong opinions on what should happen with them...

All businesses are risky yes. And in a healthy capitalist society, good businesses thrive, and bad ones fail.

I don't need to know anything about banks to apply the above mantra to them.

If that is true of our current economy then why was money provided on Brexit result day to the financial system? Surely that was an opportune time to sort the wheat from the chaff and let the bad financial institutions fail?

Dave

[sidicks]

Mr Whippy said:

All businesses are risky yes. And in a healthy capitalist society, good businesses thrive, and bad ones fail.

I don't need to know anything about banks to apply the above mantra to them.

If that is true of our current economy then why was money provided on Brexit result day to the financial system? Surely that was an opportune time to sort the wheat from the chaff and let the bad financial institutions fail?

Dave

The Bank of England provides liquidity to the system - that's how it works. Not sure what point you are making or whether it's simply because you don't understand the first thing about banking. I'm suspecting the latter (which leads me to wonder why you bother stating those views on here)...

[Mr Whippy]

sidicks said:

Mr Whippy said:

All businesses are risky yes. And in a healthy capitalist society, good businesses thrive, and bad ones fail.

I don't need to know anything about banks to apply the above mantra to them.

If that is true of our current economy then why was money provided on Brexit result day to the financial system? Surely that was an opportune time to sort the wheat from the chaff and let the bad financial institutions fail?

Dave

The Bank of England provides liquidity to the system - that's how it works. Not sure what point you are making or whether it's simply because you don't understand the first thing about banking. I'm suspecting the latter (which leads me to wonder why you bother stating those views on here)...

Yes the CofE provides liquidity. So why did they provide liquidity on Brexit result day?

Don't banks and other financial institutions have enough liquidity to compensate for a shock in the system?

Why can't those who need liquidity just do what those property investment funds did and stop anyone taking their money in/out/paying out/trading or whatever exposure or liabilities they have on their books?


I'm genuinely interested in why liquidity was available for one thing, but not another.

[crofty1984]

Sacrificing the city would not count as a good brevity deal.

[Mr Whippy]

crofty1984 said:

Sacrificing the city would not count as a good brevity deal.

From how it reads from the experts, the good money making tax paying portion of the City wouldn't need to be sacrificed if a reasonable deal is made for Brexit.

I'm not sure then what the fuss is about unless the EU plays games... which I can't see it doing because it has just as much to lose as the UK does.

Given how savvy these same deal makers are the rest of the time, I doubt anyone will lose out significantly... infact I see parity... the only things that will change is literally that the power for UK affairs will be rebalanced to the UK. The whole point of Brexit to begin with. Regaining regional control.

[Hol]

SidewaysSi said:

sidicks said:

Mr Whippy said:

All banks are risky, fractional reserve banking sees to that.

All business are risky - not sure of your point?

Mr Whippy said:

Beyond that, ask the governor of the Bank of England. Didn't he add liquidity to the financial system on Brexit result day for a reason? Who accesses the funds he made available? Banks?

I'm not sure what banks were bailed out, how, or why.. I do know that free market economics doesn't apply to them though. That means society's wealth, one way or another, is being used to support them.

Dave

For someone that doesn't appear to understand the first thing about banks, you seem to have strong opinions on what should happen with them...

To be fair to the guy, that's the same as majority of the population. Hence why we are in this mess.

[sidicks]

Mr Whippy said:

Yes the CofE provides liquidity. So why did they provide liquidity on Brexit result day?

The BofE (CofE is quite different!) made a statement (to calm the markets) that additional liquidity would be available, if required. Once again, this is how the system is intended to work.

Mr Whippy said:

Don't banks and other financial institutions have enough liquidity to compensate for a shock in the system?

How big a shock were you expecting?

Do you think that banks should hold sufficient cash to be able to pay out all deposit holders the next day? Do you have the faintest idea about how banks actually work?

Mr Whippy said:

Why can't those who need liquidity just do what those property investment funds did and stop anyone taking their money in/out/paying out/trading or whatever exposure or liabilities they have on their books?

So no-one could access their money, pay bills etc and the whole financial system grinds to a halt? An instant access account with no access?

At least you're confirming my claim that you don't understand the first thing about banking!

Mr Whippy said:

I'm genuinely interested in why liquidity was available for one thing, but not another.

You genuinely don't understand the difference between the liquidity of a current account and an investment in property?

That's scary.

Edited by sidicks on Wednesday 20th July 17:03

[SidewaysSi]

This thread is hilarious. It's why the UK population should not have been asked to vote on something they have no fking clue about.

The whole thing is bloody ridiculous IMO.

[anonymous-user]

Mr Whippy said:

All businesses are risky yes. And in a healthy capitalist society, good businesses thrive, and bad ones fail.

I don't need to know anything about banks to apply the above mantra to them.

Simplistic nonsense. What happens when a 'bad' bank fails and takes down all those 'good' businesses? Take RBS for example, ignoring a few thousand evil bankers who kept their jobs, who really got bailed out? (Clue; When it was rescued RBS had 122bn in UK retail customer deposits, 64bn in UK company deposits)

[amgmcqueen]

SidewaysSi said:

This thread is hilarious. It's why the UK population should not have been asked to vote on something they have no fking clue about.

The whole thing is bloody ridiculous IMO.

If you are unhappy about the result there is only really one person to blame.

I very much doubt the greedy banks were at the top of the priority list for people voting Brexit.

[kurt535]

amgmcqueen said:

SidewaysSi said:

This thread is hilarious. It's why the UK population should not have been asked to vote on something they have no fking clue about.

The whole thing is bloody ridiculous IMO.

If you are unhappy about the result there is only really one person to blame.

I very much doubt the greedy banks were at the top of the priority list for people voting Brexit.

I love that turn of phrase, greedy banks. banks have their rules set by organisations such as the FCA, previously the SFA, who essentially deliver rules and regs deemed appropriate. tony blair loved the banks and ultimately gave them the spare rope to hang us all. since the dump of 2007/8/9, bank liquidity and lending requirements have got tighter and tighter (try simply porting a mortgage to see how bad). worst thing was so much toxic debt generated from people not being truthful on their mortgage applications.

[powerstroke]

SidewaysSi said:

This thread is hilarious. It's why the UK population should not have been asked to vote on something they have no fking clue about.

The whole thing is bloody ridiculous IMO.

Yes 45% voted remain huge number of fools they cant all have been gravy train riders surely?? anyway got the right result in the end ....
I think Brexit rocks best thing that's happened to our country

Edited by powerstroke on Wednesday 20th July 22:22

[kurt535]

powerstroke said:

SidewaysSi said:

This thread is hilarious. It's why the UK population should not have been asked to vote on something they have no fking clue about.

The whole thing is bloody ridiculous IMO.

Yes 45% voted remain huge number of fools they cant all have been gravy train riders surely?? anyway got the right result in the end ....
I think Brexit rocks best thing that's happened to our country

Edited by powerstroke on Wednesday 20th July 22:22

...just got learn about economics and the city now eh?

[powerstroke]

kurt535 said:

powerstroke said:

SidewaysSi said:

This thread is hilarious. It's why the UK population should not have been asked to vote on something they have no fking clue about.

The whole thing is bloody ridiculous IMO.

Yes 45% voted remain huge number of fools they cant all have been gravy train riders surely?? anyway got the right result in the end ....
I think Brexit rocks best thing that's happened to our country

Edited by powerstroke on Wednesday 20th July 22:22

...just got learn about economics and the city now eh?

No we will have a barter system instead thanks

[///ajd]

kurt535 said:

powerstroke said:

SidewaysSi said:

This thread is hilarious. It's why the UK population should not have been asked to vote on something they have no fking clue about.

The whole thing is bloody ridiculous IMO.

Yes 45% voted remain huge number of fools they cant all have been gravy train riders surely?? anyway got the right result in the end ....
I think Brexit rocks best thing that's happened to our country

Edited by powerstroke on Wednesday 20th July 22:22

...just got learn about economics and the city now eh?

no need, just be a fisherman, more lucrative innit

[m3jappa]

I wonder if the remaindem crew will be as negative when a deal is struck with Europe, multiple deals with other nations are struck corporation tax is lowered, economy becomes stronger and more jobs are created.

Because that's what it's looking like to me at the moment, the remaindem massif are literally going round in circles of doom.

[powerstroke]

///ajd said:

no need, just be a fisherman, more lucrative innit

Yes just keep making fun of the economy and people who make and mend things
it is a really sad thing, pathetic how some people think its clever to look down their noses
at the people who keep the wheels of the country turning....