[212Export]

Dear friends

Forgive me if I'm bothering you all with all those economic problems, but as we all are in this or that way dependent on it today this:

The 365 BB (ex Boxer's car) can be bought for 70' Pound, today that translates roughly into 73'000 Euro's....!:yikes:

It's a ugly bear indeed.:thumbsdown:

 

[Boxer]

Dear friends

Forgive me if I'm bothering you all with all those economic problems, but as we all are in this or that way dependent on it today this:

The 365 BB (ex Boxer's car) can be bought for 70' Pound, today that translates roughly into 73'000 Euro's....!:yikes:

It's a ugly bear indeed.:thumbsdown:

The collapse of the British Peso has been truly extraordinary.

 

[archiegibbs]

This is hurting me far more than seeing the value of my investments, property and stocks plummet, because they aren't really losses unless I need to liquidate them.
The weak pound has really hurt me because I have to buy a substantial amount of euros every quarter to pay for liabilities I have in Europe. For the last 3 years I have been buying euros at 1.40 to 1.49 to the pound, since Jan this year the value has been falling from 1.4 to the current low of 1.046 today.
If I were a European with cash to spare I would be over here like a shot buying up as many exotic cars as I could afford, they are real bargains now in Euro terms. If anyone is interested, Nick Cartwright has a 1300 KM Enzo for sale at £850K GBP or roughly 850K euros

 

[Italian Lover]

Where's Ms. Thatcher ? Maybe she can save the Queen ? Seriously, seems like similar situations are applicable to other currencies elswhere as well, just relative. Sorry for my ignorance, but never understood why England did not join the Euro system. Jimmy

 

[archiegibbs]

Where's Ms. Thatcher ? Maybe she can save the Queen ? Seriously, seems like similar situations are applicable to other currencies elswhere as well, just relative. Sorry for my ignorance, but never understood why England did not join the Euro system. Jimmy

Jimmy, Mrs T wouldn't have let the Uk get in the mess the current socialist Gov't have allowed us to get into, sadly she is in her 80's now and suffering from dimentia (some might say she was whilst she was in power).
Being detached from mainland Europe and generally more conservative than the Union of Socialist European states, Britain has always fought hard to keep its independence from Europe and from the European bureaucrats meddling with our law, taxation and defence policy. I feel that our current incompetant socialist gov't will give into the Euro sooner rather than later and at the same point give up the right for the UK to make it's own laws.

In theory a weak pound should be good for UK manufacturers who export goods, but the only problem is that we don't have any manufacturing industries left, they have all been sold off to the Chinese or Indians.

Britain is fast becoming a third world state, I would leave if I could, only the pounds in my bank account aren't worth a great deal of anyone elses currency.

I must go before I depress myself too much

 

[Gcalo]

Declining asset values every where are affecting all phases of life.

England is not alone.

Houses here in Northern California having sold 3-4 years ago for $700,000-$800,000 are now selling in the high 2's and low 3's!

Nothing is immune.

 

[212Export]

Jimmy, Mrs T wouldn't have let the Uk get in the mess the current socialist Gov't have allowed us to get into, sadly she is in her 80's now and suffering from dimentia (some might say she was whilst she was in power).
Being detached from mainland Europe and generally more conservative than the Union of Socialist European states, Britain has always fought hard to keep its independence from Europe and from the European bureaucrats meddling with our law, taxation and defence policy. I feel that our current incompetant socialist gov't will give into the Euro sooner rather than later and at the same point give up the right for the UK to make it's own laws.

In theory a weak pound should be good for UK manufacturers who export goods, but the only problem is that we don't have any manufacturing industries left, they have all been sold off to the Chinese or Indians.

Britain is fast becoming a third world state, I would leave if I could, only the pounds in my bank account aren't worth a great deal of anyone elses currency.

I must go before I depress myself too much

Archie, do not give up your homecountry just like that. I agree with what you say and I deeply understand your frustration. On the other hand (like the American's) you always came up from dust strong again mostly when everybody else was not short with dumping the anglo/american society.
I'm sure its great that you still have your own currency, you be able to reinflate the system as you want, without begging the european central bank to do so. (as a example look at Spain, they would gladly have their Peseta to be able to lower it against the Euro to escape from what already are depression like macroecenomic figures). You survivrd Edward Heath, and you will survive further. This crisis may strengthen your society as a whole.
I formyself I'm very keen on keeping the Swiss Franc against as a important tool, independent from a "centralistic" Brussel. Better times will arise..maybe not around the corner...but 3 to 4 blocks down the road.

 

[downunderdogboy]

Well here in Australia things are getting tough too...however I just bought a 1981 308 GTSi from Neath (wales) for $11,326 UKP (approx $27 k aust) so I'm happy...our dollar was doing well against the USD (almost parity) but has sunk to about 70. now.
wish we were near parity with the pound !!
308's in Aust are still a minimum of $60,000 !!
House prices are pretty steady perhaps we can thank our regulatory enviroment for that though prices are tipped to drop 10% next year...
tough times indeed

 

[vectra17]

I know what you are saying Archiegibbs. The period 1950-1990 the kingdom was such a good place to live.

 

[burriana500]

Daft as it may seem, there is only one hope out of the current bunch for the UK ... and that is William Haigh.

Thoughts Archie? I cannot see any one else with the conviction to do what's needed.

 

[archiegibbs]

Daft as it may seem, there is only one hope out of the current bunch for the UK ... and that is William Haigh.

Thoughts Archie? I cannot see any one else with the conviction to do what's needed.

William Hague is an interesting choice, personally I have always liked him and love his gritty Yorkshireman attitude. I don't think people should judge him on his failed leadership of the Tories, he was very young then and was pushed in to the limelight too soon. As Shadow Foreign Secretary under DC he has impressed me, and is definitely a contender for the future. I think that DC should be given the chance to show us what he is really made of and changing Tory leader now could ruin any chances of ann election victory. David Davies or a botoxed and rejuvenated Ken Clarke would also be good choices if DC fails to win the next election.

 

[Italian Lover]

Wait till the US dollar collapse, that'll be a new wave of "tsunami" to affect everyone. Unless the Obama administration does something fundamentally drastic to the US economy, this scenario is a possibility in the near future. Jimmy

 

[archiegibbs]

Every day Britain is moving ever closer to quantitative easing. The pound will sink when that happens. It will be great news for anyone with foreign currency looking for bargains in the UK, but disasterous for the British economy.
I don't think the USD will sink the way some people fear as the USD is still the currency of choice for most business deals, and the Fx traders I have spoken to do not like the Euro.

 

[Italian Lover]

Certainly, the US $$$'s still the major currency accepted. But never say never, considering the crippling US debt, overprinting of the money, much of their T-bills purchased by foreign countries (especially China and Japan), on and on...which are all pointing to one direction, that is once people lose their Faith in the green bucks, it would implode. All these events may truly shake the foundation of the US doctrinated global free tade system. So much for those brilliant scholars and economists who did not see the current events unfold, except for the few that were warning but neglected. I certainly hope things would take the course for the better. Jimmy

 

[archiegibbs]

Jimmy, the Yen is currently very strong, could be an advantage to you if you want to add to your garage and snap up some British, European or American bargains?

Will there be a day when the Yuan or Ruppee is the major currency?

 

[burriana500]

Jimmy, the Yen is currently very strong,

You're not kidding! My hotel bills have jumped 20% in the last 3 months


Regarding WH. I saw him when he was just 14 or 16 when he gave his inaugural Tory Party conference speech at Harrogate and thought he would go far.

He freely admits that one of the reasons he did not do so well as leader was "I have a bald head and funny voice".

 

[Italian Lover]

Jimmy, the Yen is currently very strong, could be an advantage to you if you want to add to your garage and snap up some British, European or American bargains?

Will there be a day when the Yuan or Ruppee is the major currency?

I am well aware that J Yen is increasing in value relative to other currencies, but remember there are many facets to anything. Japan is heavily dependent on manufacturing, making things and exporting. That is how they've been making a living. The current rise in Yen value is choking the Japanese economy. Record losses, layoffs, shrinking spendings, not exactly good for this country. I am not very versed w/ European situations, but probably it is no better, since I have noticed that the Euro is steadily declining against Yen lately. Maybe I should be taking a trip to Europe in the near future to see w/ my own eyes. I just don't see the US $$$ to retain sole dominance in the future as it has done since WWII. It'll probably be shared by several currencies sharing the responsibilites. What scares me is to think that these non-US countries suddenly losing trust is the US. Jimmy

 

[Boxer]

Certainly, the US $$$'s still the major currency accepted. But never say never, considering the crippling US debt, overprinting of the money, much of their T-bills purchased by foreign countries (especially China and Japan), on and on...which are all pointing to one direction, that is once people lose their Faith in the green bucks, it would implode. All these events may truly shake the foundation of the US doctrinated global free tade system. So much for those brilliant scholars and economists who did not see the current events unfold, except for the few that were warning but neglected. I certainly hope things would take the course for the better. Jimmy

I agree, I can not understand why the US $ is still as strong as it is.

Looking back now, the UK should have moved to the Euro when it was Euro 1.50 to GBP 1.

 

[farstar]

Looking back now, the UK should have moved to the Euro when it was Euro 1.50 to GBP 1.

It tends to be good for a country giving up its currency to peg with a lower currency, rather than with a strong one. For example, during the German reunification the DEM was changed 1 to 1 with the Communist currency, and it was a massive disaster in the East.

I read an article (but I do not remember where) that justified growth differentials in the euro area based on cheapness/dearness of local currencies vs the Euro. I only remember the Spanish peseta was cheap and the DEM was expensive. This is congruent with the fact that Spain had a further boost after the Euro introduction, and Germany having a further slowing down.

In fact, entering into a new currency board with the currency devalued is nothing more than a devaluation of the currency, but without its disadvantages (it is supposed the new, bigger currency will help to stabilize inflation).

 

[archiegibbs]

Looking back now, the UK should have moved to the Euro when it was Euro 1.50 to GBP 1.

Hindsight is a wonderful thing. Houseprices in the UK now at 2004 levels, perhaps they can also roll the exchange rate back to 2004 levels