Is the £ "Finished"

[rick.e]

A leading US investor today advised people against investing in the UK as "Sterling is finished". When challenged, his argument was that the two staples of the UK economy are both stuffed (North Sea Oil in decline and the financial institutions bankrup) and we have nothing left to export.

Is he right, if not, what will keep UK PLC afloat in the future?

[NoelWatson]

rick.e said:

A leading US investor today advised people against investing in the UK as "Sterling is finished". When challenged, his argument was that the two staples of the UK economy are both stuffed (North Sea Oil in decline and the financial institutions bankrup) and we have nothing left to export.

Is he right, if not, what will keep UK PLC afloat in the future?

Who said this?

[Simpo Two]

rick.e said:

Is he right, if not, what will keep UK PLC afloat in the future?

How about - the Govt compulsorily purchases land and sells it to the Russians and Arabs?

After that I suppose we'll be sold as slaves and that will be it.

[ALawson]

NoelWatson said:

rick.e said:

A leading US investor today advised people against investing in the UK as "Sterling is finished". When challenged, his argument was that the two staples of the UK economy are both stuffed (North Sea Oil in decline and the financial institutions bankrup) and we have nothing left to export.

Is he right, if not, what will keep UK PLC afloat in the future?

Who said this?

Chap was also on R4 at about 6.20 ish, his argument was that the bailing out of banks was completely unacceptable using UK taxpayers money to keep bankers driving Maseratis', his actual words. He went to say that what they are doing know; bailing the banks out, didn't work in Japan in the 90's as well as other countries. He went on to say they they should have been left to go bust as this would have led to a proper readjustment in competiveness in the banking sector. He cited Russia and a few other countries that had bitten the bullet so to speak relatively recently.


Edit Jim Rogers http://news.scotsman.com/politics/Sterling-is---.4...

Edited by ALawson on Wednesday 21st January 19:22

[FourWheelDrift]

NoelWatson said:

rick.e said:

A leading US investor today advised people against investing in the UK as "Sterling is finished". When challenged, his argument was that the two staples of the UK economy are both stuffed (North Sea Oil in decline and the financial institutions bankrup) and we have nothing left to export.

Is he right, if not, what will keep UK PLC afloat in the future?

Who said this?

Jim Rogers. - http://business.timesonline.co.uk/tol/business/eco...

[MonkeyBusiness]

ALawson said:

they should have been left to go bust as this would have led to a proper readjustment in competiveness in the banking sector. He cited Russia and a few other countries that had bitten the bullet so to speak relatively recently.

The UK is bankrupt isn't it?

[FourWheelDrift]

MonkeyBusiness said:

ALawson said:

they should have been left to go bust as this would have led to a proper readjustment in competiveness in the banking sector. He cited Russia and a few other countries that had bitten the bullet so to speak relatively recently.

The UK is bankrupt isn't it?

Yes, Brown has either sold or ruined everything the only thing left of any value is the population, so I'm afraid you're all going to be sold for medical research.

Everyone write your name down and put it in this big hat, if your name is one of the first 1,000,000 names drawn please go over to the room on your right where the men with big knives have a few questions to ask you.

[flemke]

NoelWatson said:

rick.e said:

A leading US investor today advised people against investing in the UK as "Sterling is finished". When challenged, his argument was that the two staples of the UK economy are both stuffed (North Sea Oil in decline and the financial institutions bankrup) and we have nothing left to export.

Is he right, if not, what will keep UK PLC afloat in the future?

Who said this?

http://en.wikipedia.org/wiki/Jim_Rogers

He's a smart boy, although nobody is always right.

[ALawson]

Glad to see that Northern Rock are paying 10% bonuses.

[andy-xr]

ALawson said:

Glad to see that Northern Rock are paying 10% bonuses.

I'm not sure it's entirely fair to criticise NR on that one - the agreement as I understood it was that if they got ahead of themselves in stabilising their books, then a reward would be put in place. So, basically an incentive to get themselves sorted out.

They did that in the best way how - got rid of what looked like the most dodgy loans or what wouldnt make them much money. The problem was, that was a lot of mortgages

Badly drawn up target IMO, nothing wrong with honouring the agreement

[Chilli]

Be careful when listening to "experts". After all, Buffet kissed goodbye to $5bn after he thought this crunch was all over in December.

[Myobb]

Of course not! When I married (unfortunately) in 1985 one pound was = to US$1. Subsequently its hads its ups and down & will eventually recover!

[paul.deitch]

Very good point. And don't forget if we let the banks go bankrupt, they take our personal money/investments/business accounts down with them (i know some of it is protected, but not all).
I have no sympathy for banks, but a lot for my money!

[NoelWatson]

ALawson said:

NoelWatson said:

rick.e said:

A leading US investor today advised people against investing in the UK as "Sterling is finished". When challenged, his argument was that the two staples of the UK economy are both stuffed (North Sea Oil in decline and the financial institutions bankrup) and we have nothing left to export.

Is he right, if not, what will keep UK PLC afloat in the future?

Who said this?

Chap was also on R4 at about 6.20 ish, his argument was that the bailing out of banks was completely unacceptable using UK taxpayers money to keep bankers driving Maseratis', his actual words. He went to say that what they are doing know; bailing the banks out, didn't work in Japan in the 90's as well as other countries. He went on to say they they should have been left to go bust as this would have led to a proper readjustment in competiveness in the banking sector. He cited Russia and a few other countries that had bitten the bullet so to speak relatively recently.


Edit Jim Rogers http://news.scotsman.com/politics/Sterling-is---.4...

Edited by ALawson on Wednesday 21st January 19:22

I was a bit confused as he said the same thing yesterday, so wasn't sure if it was the same person

http://ftalphaville.ft.com/blog/2009/01/20/51379/r...

Is he on a world tour, and why is he so keen to tell us this?

[flemke]

NoelWatson said:

Is he on a world tour, and why is he so keen to tell us this?

If he were, it wouldn't be the first time that somebody took a position and then got loud about it.

[Chilli]

flemke said:

NoelWatson said:

Is he on a world tour, and why is he so keen to tell us this?

If he were, it wouldn't be the first time that somebody took a position and then got loud about it.

Quite. An article in the standard accueses a few big players of shorting sterling then announcing to the world it's time to get rid of it.

[DSM2]

Nice to have US support after fighting their fking brainless war for them for 5 years.

[flemke]

DSM2 said:

Nice to have US support after fighting their fking brainless war for them for 5 years.

Where is that coming from?

[s,one]

Be careful of the experts I trust not one of them in the financial sector, good old Jim Rogers probably has an interest in the £ being on it's arse. I listened to another expert on radio 4 yesterday and his comments I did see some sense in .
1) First was that this recession is completely unnecessary it has been hyped to the general public in turn we have panicked.
2) The chance of the UK economy going bust is none existent due to the amount of asset that belong to it, however if GBroon sells it all then we are in the Brown stuff with him.

[fadeaway]

NoelWatson said:

rick.e said:

A leading US investor today advised people against investing in the UK as "Sterling is finished". When challenged, his argument was that the two staples of the UK economy are both stuffed (North Sea Oil in decline and the financial institutions bankrup) and we have nothing left to export.

Is he right, if not, what will keep UK PLC afloat in the future?

Who said this?

Someone who invests in the currency markets and stands to make lots of nice money if the pound drops further