If the Euro collapses, how will it effect us in the UK......
Discussion
Like many on here I have been taking an interest in the economic woes of the Eurozone. Most of the news items I have seen or read use words like "catastrophic" and "disastrous" etc in describing the effects of a collapse of the Euro, but up to now I have not heard or read about the specific effects on the population of the UK.
So, what will they be? More unemployment due to no market for our goods perhaps is an obvious one, but what about other effects. For example, will savings in UK banks or building societies disappear or become worthless or will they be largely unaffected? What other effects on us as individuals may happen? Can we just watch and think Thank God that’s not us or should we buying shotguns and boarding up our windows for a break down in Law and Order? Will the members of the public who are powerfully built have an advantage, or will there be no mass disorder and just an uncomfortable period from which the UK will emerge with society intact? What you think?
So, what will they be? More unemployment due to no market for our goods perhaps is an obvious one, but what about other effects. For example, will savings in UK banks or building societies disappear or become worthless or will they be largely unaffected? What other effects on us as individuals may happen? Can we just watch and think Thank God that’s not us or should we buying shotguns and boarding up our windows for a break down in Law and Order? Will the members of the public who are powerfully built have an advantage, or will there be no mass disorder and just an uncomfortable period from which the UK will emerge with society intact? What you think?
I was holding out that it wouldn't be that bad, but even the Economist is anxious about the debt crisis now, so i'd say were screwed. Exports, our way out of recession according to old Osborne, will tumble if Europe tumbles, so we'll probably end up in a minor recession. However we'll still be able to pay off the deficit, as thankfully our bond yields are at an all time low.
We'll be in for some tough times, but not as tough as everyone else's. The bad thing is that no-one really knows how long it will take for everything to recover. If the euro breaks up then it will be 2 years of market chaos, money flying everywhere, prices rising and falling all over the place. We'll be fairly okay in that situation because we're not in the euro, but our economy could tank if Europe doesn't recover quickly. Though there's maybe light at the end of the tunnel, in that if we start to emphasize trade with developing countries more then it might help cushion the blow slightly. Though even then i'm sure it would be like holding a pillow to your face when an anvil is being thrown at you, but hey its better than nothing.
Or more government bailouts, but Germany will likely be doing that more. If the UK banks fall apart then we're in for some horrible times, perhaps worse than the Great Depression, no one has any money, bank runs are common place, continuing austerity angers everyone...
We'll be in for some tough times, but not as tough as everyone else's. The bad thing is that no-one really knows how long it will take for everything to recover. If the euro breaks up then it will be 2 years of market chaos, money flying everywhere, prices rising and falling all over the place. We'll be fairly okay in that situation because we're not in the euro, but our economy could tank if Europe doesn't recover quickly. Though there's maybe light at the end of the tunnel, in that if we start to emphasize trade with developing countries more then it might help cushion the blow slightly. Though even then i'm sure it would be like holding a pillow to your face when an anvil is being thrown at you, but hey its better than nothing.
Or more government bailouts, but Germany will likely be doing that more. If the UK banks fall apart then we're in for some horrible times, perhaps worse than the Great Depression, no one has any money, bank runs are common place, continuing austerity angers everyone...
Edited by F93 on Sunday 27th November 20:45
steveatesh said:
Like many on here I have been taking an interest in the economic woes of the Eurozone. Most of the news items I have seen or read use words like "catastrophic" and "disastrous" etc in describing the effects of a collapse of the Euro, but up to now I have not heard or read about the specific effects on the population of the UK.
So, what will they be? More unemployment due to no market for our goods perhaps is an obvious one, but what about other effects. For example, will savings in UK banks or building societies disappear or become worthless or will they be largely unaffected? What other effects on us as individuals may happen? Can we just watch and think Thank God that’s not us or should we buying shotguns and boarding up our windows for a break down in Law and Order? Will the members of the public who are powerfully built have an advantage, or will there be no mass disorder and just an uncomfortable period from which the UK will emerge with society intact? What you think?
Why should any of that happen? I seem to remember things weren't that bad before the fSo, what will they be? More unemployment due to no market for our goods perhaps is an obvious one, but what about other effects. For example, will savings in UK banks or building societies disappear or become worthless or will they be largely unaffected? What other effects on us as individuals may happen? Can we just watch and think Thank God that’s not us or should we buying shotguns and boarding up our windows for a break down in Law and Order? Will the members of the public who are powerfully built have an advantage, or will there be no mass disorder and just an uncomfortable period from which the UK will emerge with society intact? What you think?
kwits decided to invent the Euro.sjn2004 said:
Cupramax said:
sjn2004 said:
Massive influx of economic refugee's all getting benefits.
There you go, sorted that for you 
If (when) the Euro goes the press seem to think that all the countries of europe will cease to exist, they won't.
There will still be the same number of people living there who need to buy food and goods to live so those who are smart will be able to make money, things will be tough but the world isn't going to end.
Remember, it was only 70 years ago that Germany had a bit of financial trouble and look what happend then, thats why the whole europe project was started, so it didn't happen again.
Personaly I think when the whole western world is in such a weak state we need to look out for the strongest kid on the block, and that involves casting our eyes way, way to the east.
There will still be the same number of people living there who need to buy food and goods to live so those who are smart will be able to make money, things will be tough but the world isn't going to end.
Remember, it was only 70 years ago that Germany had a bit of financial trouble and look what happend then, thats why the whole europe project was started, so it didn't happen again.
Personaly I think when the whole western world is in such a weak state we need to look out for the strongest kid on the block, and that involves casting our eyes way, way to the east.
Ozzie Osmond said:
And what exactly is Sir going to show them?
I'll show them my computer screen with PH open - they'll run for miles.But seriously, it s
ts me up thinking what could happen, seeing as our (as in my household) main source of income comes from a company that operates in, and trades into and out of, almost every major (and a few minor) European countries.Even if something does happen, there's really nack all we can do about it.
stek said:
If (when) the Euro goes the press seem to think that all the countries of europe will cease to exist, they won't. There will still be the same number of people living there who need to buy food and goods to live so those who are smart will be able to make money, things will be tough but the world isn't going to end.
Remember, it was only 70 years ago that Germany had a bit of financial trouble and look what happend then, thats why the whole europe project was started, so it didn't happen again.
Personaly I think when the whole western world is in such a weak state we need to look out for the strongest kid on the block, and that involves casting our eyes way, way to the east.
Such wisdom from a relatively new participant on PH...Remember, it was only 70 years ago that Germany had a bit of financial trouble and look what happend then, thats why the whole europe project was started, so it didn't happen again.
Personaly I think when the whole western world is in such a weak state we need to look out for the strongest kid on the block, and that involves casting our eyes way, way to the east.
I sell a fair bit into Europe, about 30% of turnover this year. If the euro collapses, and I don't think that it will, something will take it's place and trade will continue, there's too much at stake for it all to grind to a halt. If my customers have orders to place I'll find some way to supply them, and they'll pay in some mutually acceptable form (USD ideally, many countries with weak currencies use USD).
Things always seem to muddle on somehow.
Things always seem to muddle on somehow.
My worry is more that the UK population has been fed for too long on benefits and the safety net that the state provides which simply put might not be there if the Euro crashes.
I've no idea what the repocussions will be but i would expect house prices to collapse as they are IMO massively and artificially overpriced already due to the low interest rates. I'm thinking 30%+ falls.
I think we are already seeing car prices tumble again just down to the concern of the Euro failing so if it does ,get ready for round two of cars going for peanuts, but this time with no future of values picking up.
Oh well
I've no idea what the repocussions will be but i would expect house prices to collapse as they are IMO massively and artificially overpriced already due to the low interest rates. I'm thinking 30%+ falls.
I think we are already seeing car prices tumble again just down to the concern of the Euro failing so if it does ,get ready for round two of cars going for peanuts, but this time with no future of values picking up.
Oh well
Chipper said:
My worry is more that the UK population has been fed for too long on benefits and the safety net that the state provides which simply put might not be there if the Euro crashes.
I've no idea what the repocussions will be but i would expect house prices to collapse as they are IMO massively and artificially overpriced already due to the low interest rates. I'm thinking 30%+ falls.
I think we are already seeing car prices tumble again just down to the concern of the Euro failing so if it does get ready for round two of cars going for peanuts, but this time with no future of values picking up.
Oh well
On the plus side it will mean some decent cars for next to nothing. A BMW M3 for £1000? Yes please I've no idea what the repocussions will be but i would expect house prices to collapse as they are IMO massively and artificially overpriced already due to the low interest rates. I'm thinking 30%+ falls.
I think we are already seeing car prices tumble again just down to the concern of the Euro failing so if it does get ready for round two of cars going for peanuts, but this time with no future of values picking up.
Oh well
LukeSi said:
Chipper said:
My worry is more that the UK population has been fed for too long on benefits and the safety net that the state provides which simply put might not be there if the Euro crashes.
I've no idea what the repocussions will be but i would expect house prices to collapse as they are IMO massively and artificially overpriced already due to the low interest rates. I'm thinking 30%+ falls.
I think we are already seeing car prices tumble again just down to the concern of the Euro failing so if it does get ready for round two of cars going for peanuts, but this time with no future of values picking up.
Oh well
On the plus side it will mean some decent cars for next to nothing. A BMW M3 for £1000? Yes please I've no idea what the repocussions will be but i would expect house prices to collapse as they are IMO massively and artificially overpriced already due to the low interest rates. I'm thinking 30%+ falls.
I think we are already seeing car prices tumble again just down to the concern of the Euro failing so if it does get ready for round two of cars going for peanuts, but this time with no future of values picking up.
Oh well
t hits the fan I propose finding a distressed Espada vendor and PXing for a tin of beans and some shotgun shells. 
stek said:
If (when) the Euro goes the press seem to think that all the countries of europe will cease to exist, they won't.
There will still be the same number of people living there who need to buy food and goods to live so those who are smart will be able to make money, things will be tough but the world isn't going to end.
Remember, it was only 70 years ago that Germany had a bit of financial trouble and look what happend then, thats why the whole europe project was started, so it didn't happen again.
Personaly I think when the whole western world is in such a weak state we need to look out for the strongest kid on the block, and that involves casting our eyes way, way to the east.
You clearly haven't been getting your information from the Daily Mail. You won't fit in around here.There will still be the same number of people living there who need to buy food and goods to live so those who are smart will be able to make money, things will be tough but the world isn't going to end.
Remember, it was only 70 years ago that Germany had a bit of financial trouble and look what happend then, thats why the whole europe project was started, so it didn't happen again.
Personaly I think when the whole western world is in such a weak state we need to look out for the strongest kid on the block, and that involves casting our eyes way, way to the east.
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