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The lunatics have taken over the asylum..
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Author:  wannabeeahack [ Mon Feb 23, 2009 5:36 pm ]
Post subject:  The lunatics have taken over the asylum..
midst of a recession

gordon browns gonna print £150,000,000,000 of new notes


hes no historian is he, then again, hes not much of a PM either, but is he really bothered? hes out at the next election and the pile of pooh left behind will stuff the tories for 10 years




Germany went through its worst inflation in 1923.
In 1922, the highest denomination was 50,000 Mark.
By 1923, the highest denomination was 100,000,000,000,000 Mark.
In December 1923 the exchange rate was 4,200,000,000,000 Marks to 1 US dollar.
In 1923, the rate of inflation hit 3.25 × 106 percent per month (prices double every two days).
Beginning on November 20, 1923, 1,000,000,000,000 old Marks were exchanged for 1 Rentenmark so that 4.2 Rentenmarks were worth 1 US dollar, exactly the same rate the Mark had in 1914.
Author:  bloodnock [ Mon Feb 23, 2009 5:37 pm ]
Post subject:  Re: The lunatics have taken over the asylum..
wannabeeahack wrote:
midst of a recession

gordon browns gonna print £150,000,000,000 of new notes


hes no historian is he, then again, hes not much of a PM either, but is he really bothered? hes out at the next election and the pile of pooh left behind will stuff the tories for 10 years




Germany went through its worst inflation in 1923.
In 1922, the highest denomination was 50,000 Mark.
By 1923, the highest denomination was 100,000,000,000,000 Mark.
In December 1923 the exchange rate was 4,200,000,000,000 Marks to 1 US dollar.
In 1923, the rate of inflation hit 3.25 × 106 percent per month (prices double every two days).
Beginning on November 20, 1923, 1,000,000,000,000 old Marks were exchanged for 1 Rentenmark so that 4.2 Rentenmarks were worth 1 US dollar, exactly the same rate the Mark had in 1914.



opps....wrong button. :roll:
Author:  bloodnock [ Mon Feb 23, 2009 5:39 pm ]
Post subject:  Re: The lunatics have taken over the asylum..
wannabeeahack wrote:
midst of a recession

gordon browns gonna print £150,000,000,000 of new notes


hes no historian is he, then again, hes not much of a PM either, but is he really bothered? hes out at the next election and the pile of pooh left behind will stuff the tories for 10 years




Germany went through its worst inflation in 1923.
In 1922, the highest denomination was 50,000 Mark.
By 1923, the highest denomination was 100,000,000,000,000 Mark.
In December 1923 the exchange rate was 4,200,000,000,000 Marks to 1 US dollar.
In 1923, the rate of inflation hit 3.25 × 106 percent per month (prices double every two days).
Beginning on November 20, 1923, 1,000,000,000,000 old Marks were exchanged for 1 Rentenmark so that 4.2 Rentenmarks were worth 1 US dollar, exactly the same rate the Mark had in 1914.


even if they do print more notes..how do we get our hands on them, are the Employers going to pay us higher wages...are the folk paying our fares gonna get higher wages. it Makes no sense...more notes just make things more expensive and your savings worth even less.
Author:  grandad [ Mon Feb 23, 2009 5:44 pm ]
Post subject: 
The extra money is going to be used to buy securities from the banks so that, in theory, the banks will have more cash to lend to businesses and individuals to keep the flow of money going.



In reality the banks will probably sell all their "toxic loans" to the government and then pay themselves a big bonus for saving the banks from ruin.
Author:  bloodnock [ Mon Feb 23, 2009 5:47 pm ]
Post subject: 
grandad wrote:
The extra money is going to be used to buy securities from the banks so that, in theory, the banks will have more cash to lend to businesses and individuals to keep the flow of money going.



In reality the banks will probably sell all their "toxic loans" to the government and then pay themselves a big bonus for saving the banks from ruin.


Notes dont buy securities..notes are just highstreet vouchers and play little part in financial Circles
Author:  wannabeeahack [ Mon Feb 23, 2009 6:19 pm ]
Post subject: 
any goverment is only worth its total sum of gold reserves

but printing money achieves little but i seem to recall the words "devaulation" was a harold wilson invention.....did him some good didnt it


1967: Wilson defends 'pound in your pocket'
The Prime Minister, Harold Wilson, has defended his decision to devalue the pound saying it will tackle the "root cause" of Britain's economic problems.

The government announced last night it was lowering the exchange rate so the pound is now worth $2.40, down from $2.80, a cut of just over 14%.

The decision came after weeks of increasingly feverish speculation and a day in which the Bank of England spent £200m trying to shore up the pound from its gold and dollar reserves.

In a radio and television broadcast this evening, the Prime Minister said devaluation would enable Britain to " break out from the straitjacket" of boom and bust economics.
Author:  toots [ Mon Feb 23, 2009 7:57 pm ]
Post subject: 
So what have we got in gold reserves?
Author:  bloodnock [ Mon Feb 23, 2009 7:59 pm ]
Post subject: 
toots wrote:
So what have we got in gold reserves?


Two signet rings and one charm bracelet..thats our national Gold reserve..
Author:  MR T [ Mon Feb 23, 2009 8:03 pm ]
Post subject: 
A good thing to buy is old broken jewellery.... :wink:
Author:  toots [ Mon Feb 23, 2009 8:03 pm ]
Post subject: 
bloodnock wrote:
toots wrote:
So what have we got in gold reserves?


Two signet rings and one charm bracelet..thats our national Gold reserve..


It wouldn't surprise me cos I was under the impression that we had sold our gold reserves but I don't know for sure :D
Author:  wannabeeahack [ Mon Feb 23, 2009 8:33 pm ]
Post subject: 
the jolly jock is gonna break this country

http://www.timesonline.co.uk/tol/news/p ... 654931.ece
Author:  wannabeeahack [ Mon Feb 23, 2009 8:34 pm ]
Post subject: 
UK gold reserves fail to meet gold standard
By Mathew

“This is not about purity, this is about physical appearance,” Says a spokesman for the Bank of England. Mervyn King was not risking making the statement himself.

It has been discovered that some of the bars of gold held in the bank of England have been poorly made and have started to show cracks. The gold showing signs of deterioration was originally imported from America in the 1930s and 1940s falls below the proper LGD(London Goods Delivery) standard as specified by the London Bullion Market Association. The Bars are reported to have the proper assay markings added at the time of manufacture to assure the purity, however the paper work is unavailable.

Gold Ingots
Picture from Wikipedia article about Gold

The bank currently holds a reserve of 320 tonne on behalf of the treasury and they say this could temporarily reduce the value, the gold may have to be re-refined. The gold held by the Bank of England is an insurance policy in case of turmoil in the world’s money markets and the reserve is currently worth around £4 billion. However much of the reserves have been halved in recent years according to government policy lead by Gordon Brown to diversify the holdings.**

Revelations about its physical deterioration were secured by the trade journal Metal Bulletin. It’s suggested that pure gold should not crack or exhibit fissures and that therefore the gold may not be 100% pure.

---------------------

** - he flogged it cheap
Author:  MR T [ Mon Feb 23, 2009 8:36 pm ]
Post subject: 
wannabeeahack wrote:
the jolly jock is gonna break this country

http://www.timesonline.co.uk/tol/news/p ... 654931.ece

What d'you mean.... gonna..!!
Author:  bloodnock [ Mon Feb 23, 2009 8:42 pm ]
Post subject: 
MR T wrote:
wannabeeahack wrote:
the jolly jock is gonna break this country

http://www.timesonline.co.uk/tol/news/p ... 654931.ece

What d'you mean.... gonna..!!



I think he uses his bad eye to look at the nations account..
Author:  wannabeeahack [ Mon Feb 23, 2009 8:45 pm ]
Post subject: 
Gold is a finite item, there is only so much world-wide, and not that much is produced each year, this gives it an intrinsic value, goverments dont like individuals owning too much..........
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