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Post by yorkshireman on Mar 26, 2014 13:37:58 GMT
Does that suggest that if we empty our bank/BSoc accounts and invest in P2P or shares instead we could avoid such a raid? To a hungry and desparate Chancellor all wealth can be converted directly, or indirectly, into revenue. And don't think hiding it abroad will protect your savings - tapping foreign investors is a vote winner not a loser. (Cyprus is a recent example.) That leaves hiding it under the mattress, but in a form that the treasury can't flush out with a new banknote issue. We should be talking to Italians and Greeks - they're taught to play this game from birth. Investor warning: concentrating your wealth into an easily storable and convertable form may provide future metal detectorists with an exciting find: like the hoards of Roman coins occasionally found these days. (There is an old story from China concerning Monkey King: a master of magic, who became very arrogant. Buddha made a wager with Monkey King that he could not jump out of Buddha's hand. If Monkey King won he would get the Jade Emporer's job, and if he lost he would be banished to earth to learn some humility. Employing all his powers Monkey King flew to the end of the universe, where he inscribed his name on one of five mighty pillars. On returning to Buddha, and describing his feat, Monkey King discovered he had lost the bet when he was shown the message he'd left on the pillar was actually on one of Buddha's fingers.) Here endeth todays lesson. Or another gem of Oriental wisdom:
Confucius says someone who cooks meat and peas in the same pot is very unhygienic.
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Post by oldnick on Mar 26, 2014 14:07:16 GMT
To a hungry and desparate Chancellor all wealth can be converted directly, or indirectly, into revenue. And don't think hiding it abroad will protect your savings - tapping foreign investors is a vote winner not a loser. (Cyprus is a recent example.) That leaves hiding it under the mattress, but in a form that the treasury can't flush out with a new banknote issue. We should be talking to Italians and Greeks - they're taught to play this game from birth. Investor warning: concentrating your wealth into an easily storable and convertable form may provide future metal detectorists with an exciting find: like the hoards of Roman coins occasionally found these days. (There is an old story from China concerning Monkey King: a master of magic, who became very arrogant. Buddha made a wager with Monkey King that he could not jump out of Buddha's hand. If Monkey King won he would get the Jade Emporer's job, and if he lost he would be banished to earth to learn some humility. Employing all his powers Monkey King flew to the end of the universe, where he inscribed his name on one of five mighty pillars. On returning to Buddha, and describing his feat, Monkey King discovered he had lost the bet when he was shown the message he'd left on the pillar was actually on one of Buddha's fingers.) Here endeth todays lesson. Or another gem of Oriental wisdom:
Confucius says someone who cooks meat and peas in the same pot is very unhygienic.
Too deep for me O Wise One. Please enlighten humble Grasshopper on its meaning.
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Post by yorkshireman on Mar 26, 2014 15:18:20 GMT
Or another gem of Oriental wisdom:
Confucius says someone who cooks meat and peas in the same pot is very unhygienic.
Too deep for me O Wise One. Please enlighten humble Grasshopper on its meaning. Contemplate on the true meaning. 
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Post by oldnick on Mar 26, 2014 15:41:06 GMT
Too deep for me O Wise One. Please enlighten humble Grasshopper on its meaning. Contemplate on the true meaning. S*d that, I'm going down the pub! 
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 26, 2014 16:17:07 GMT
Does that suggest that if we empty our bank/BSoc accounts and invest in P2P or shares instead we could avoid such a raid? To a hungry and desparate Chancellor all wealth can be converted directly, or indirectly, into revenue. And don't think hiding it abroad will protect your savings - tapping foreign investors is a vote winner not a loser. (Cyprus is a recent example.) I thought Cyprus attacked the Cypriot bank accounts of foreigners. Applying that example here would mean non-Brits' money invested in the UK would be attacked. Did Cyprus also attack Cypriots' money in foreign banks? That would be the equivalent of HMG attacking money that Brits have placed abroad. Or are you simply pointing out that safe havens abroad might not be safe havens?
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Post by oldnick on Mar 26, 2014 16:54:00 GMT
To a hungry and desparate Chancellor all wealth can be converted directly, or indirectly, into revenue. And don't think hiding it abroad will protect your savings - tapping uforeign investors is a vote winner not a loser. (Cyprus is a recent example.) I thought Cyprus attacked the Cypriot bank accounts of foreigners. Applying that example here would mean non-Brits' money invested in the UK would be attacked. Did Cyprus also attack Cypriots' money in foreign banks? That would be the equivalent of HMG attacking money that Brits have placed abroad. Or are you simply pointing out that safe havens abroad might not be safe havens? I meant the last of those things - our money, deposited in a foreign bank, may not be secure. In the case of Cyprus we were led to feel that there was a certain poetic justice in rich Russians losing access to their ill-gotten gains in order to support a small country's banking system. Rich foreigners attract ambivalent feelings where ever they go - valued, but at the same time resented, for their wealth.
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Post by jevans4949 on Mar 26, 2014 17:24:59 GMT
Contemplate on the true meaning. S*d that, I'm going down the pub! Consider peas as a verb.
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mikes1531
Member of DD Central
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Post by mikes1531 on Mar 26, 2014 17:27:23 GMT
I thought Cyprus attacked the Cypriot bank accounts of foreigners. Applying that example here would mean non-Brits' money invested in the UK would be attacked. Did Cyprus also attack Cypriots' money in foreign banks? That would be the equivalent of HMG attacking money that Brits have placed abroad. Or are you simply pointing out that safe havens abroad might not be safe havens? I meant the last of those things - our money, deposited in a foreign bank, may not be secure. In the case of Cyprus we were led to feel that there was a certain poetic justice in rich Russians losing access to their ill-gotten gains in order to support a small country's banking system. Rich foreigners attract ambivalent feelings where ever they go - valued, but at the same time resented, for their wealth. OK, but the confiscation of Russians' money in Cypriot banks by the Cypriots is very different from the confiscation of Russians' money in Cypriot banks by the Russians. The moral of the story is that we need to choose our havens carefully. I certainly won't be putting any of my money in Cypriot or Icelandic banks any time soon!
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Post by oldnick on Mar 26, 2014 17:45:55 GMT
I meant the last of those things - our money, deposited in a foreign bank, may not be secure. In the case of Cyprus we were led to feel that there was a certain poetic justice in rich Russians losing access to their ill-gotten gains in order to support a small country's banking system. Rich foreigners attract ambivalent feelings where ever they go - valued, but at the same time resented, for their wealth. OK, but the confiscation of Russians' money in Cypriot banks by the Cypriots is very different from the confiscation of Russians' money in Cypriot banks by the Russians. The moral of the story is that we need to choose our havens carefully. I certainly won't be putting any of my money in Cypriot or Icelandic banks any time soon! I would appreciate a list of those countries you think worthy of consideration.
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Post by oldnick on Mar 26, 2014 17:52:14 GMT
S*d that, I'm going down the pub! Consider peas as a verb. Ohhh, I get it now! I'm cleary not ready to leave the monastery yet. You have to be able to catch two flies in your hand - not your open mouth, right?
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Mar 26, 2014 18:31:42 GMT
Are we all suggesting putting money in houses then?.......till the next property crash comes a knocking! God help us, there is no save haven full stop. We're doomed....doomed I tell ya!
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Post by oldnick on Mar 26, 2014 19:14:17 GMT
Are we all suggesting putting money in houses then?.......till the next property crash comes a knocking! God help us, there is no save haven full stop. We're doomed....doomed I tell ya! Er, yeah, that's right, if I give you my address you can send your money to my house straight away.
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jimbo
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Post by jimbo on Mar 27, 2014 10:59:53 GMT
There is no 100% safe haven. Everything comes with risks attached. I personally think the best thing to do is try to emulate what the Rothschilds have done over the centuries and practice the art of international diversification: monevator.com/preservation-of-wealth/Whatever anybody decides to do, it all comes down to how much you trust our elected politicians and government to respect ownership rights of their citizens if things start getting rocky in the funding department.... Also, regarding what happened in Cyprus last year, it wasn't just Russians (many of whom allegedly got their money out in time) who were impacted: www.smh.com.au/national/i-went-to-sleep-friday-as-a-rich-man-i-woke-up-a-poor-man-20130328-2gxab.html |
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Post by oldnick on Mar 29, 2014 11:57:29 GMT
There is no 100% safe haven. Everything comes with risks attached. I personally think the best thing to do is try to emulate what the Rothschilds have done over the centuries and practice the art of international diversification: monevator.com/preservation-of-wealth/Whatever anybody decides to do, it all comes down to how much you trust our elected politicians and government to respect ownership rights of their citizens if things start getting rocky in the funding department.... Also, regarding what happened in Cyprus last year, it wasn't just Russians (many of whom allegedly got their money out in time) who were impacted: www.smh.com.au/national/i-went-to-sleep-friday-as-a-rich-man-i-woke-up-a-poor-man-20130328-2gxab.htmlI read the story about the retired Australian-Cypriot who lost his retirement pot - was his money converted to bank shares? In theory he or his heirs might extract some value in the future, as long as the bank doesn't go bust?
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jimbo
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Post by jimbo on Mar 30, 2014 0:55:25 GMT
At the time it was in a deposit account. From memory, I vaguely remember the terms of the bailin being along the lines of a mandatory conversion to bank shares of any proportion of a savings deposit that exceeded €100,000.
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