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The Pound takes a hammering ..... again!

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Re: The Pound takes a hammering ..... again!

Postby Tim Drayton » Fri Nov 04, 2016 2:08 pm

Pro-Brexit Tory MP, Stephen Phillips, has resigned in the past few minutes in protest at the way the government is sidelining parliament over exiting the EU.
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Re: The Pound takes a hammering ..... again!

Postby Tim Drayton » Fri Nov 04, 2016 2:45 pm

Stephen Phillips quite recently made the following comments to the Guardian:

Tory MP accuses government of 'tyranny' over Brexit strategy

https://www.theguardian.com/politics/20 ... ard-brexit
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Re: The Pound takes a hammering ..... again!

Postby Robin Hood » Fri Nov 04, 2016 3:49 pm

Tim Drayton wrote:Another salient point is that no country anywhere took the kind of hammering that Cyprus did in its bailout deal. Yet, here we are three years down the road and Cyprus has exited the programme ahead of time and without drawing on the full amount allotted to it. It is early days, and the tourism bonanza caused by cheaper rival destinations being made unsafe by the risk of terorrism is obviously giving a huge boost to the economy but cannot be relied on to continue indefinately, but signs of economic growth are returning. There is a huge uphill road ahead, of course. I agree that many ordinary people in Greece are suffering, but I don't think you can lay all of the blame at the EU's door. I don't know much about Greece, but there appears to be something fundamentally disfunctional about that place. Yet, the paradox is that Greeks flourish when they emigrate.


Greece also flourished before they decided, or were made, to adopt the Euro as their currency! The same with Cyprus. The poison chalice appears to be adopting the Euro unless you are a high income industrial economy i.e. Germany. :roll:
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Re: The Pound takes a hammering ..... again!

Postby Lordo » Fri Nov 04, 2016 4:08 pm

Robin Hood wrote:
Tim Drayton wrote:Another salient point is that no country anywhere took the kind of hammering that Cyprus did in its bailout deal. Yet, here we are three years down the road and Cyprus has exited the programme ahead of time and without drawing on the full amount allotted to it. It is early days, and the tourism bonanza caused by cheaper rival destinations being made unsafe by the risk of terorrism is obviously giving a huge boost to the economy but cannot be relied on to continue indefinately, but signs of economic growth are returning. There is a huge uphill road ahead, of course. I agree that many ordinary people in Greece are suffering, but I don't think you can lay all of the blame at the EU's door. I don't know much about Greece, but there appears to be something fundamentally disfunctional about that place. Yet, the paradox is that Greeks flourish when they emigrate.


Greece also flourished before they decided, or were made, to adopt the Euro as their currency! The same with Cyprus. The poison chalice appears to be adopting the Euro unless you are a high income industrial economy i.e. Germany. :roll:

you obviously have no idea regarding the problems greece has.
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Re: The Pound takes a hammering ..... again!

Postby Robin Hood » Fri Nov 04, 2016 4:47 pm

Lordo wrote:
Robin Hood wrote:
Tim Drayton wrote:Another salient point is that no country anywhere took the kind of hammering that Cyprus did in its bailout deal. Yet, here we are three years down the road and Cyprus has exited the programme ahead of time and without drawing on the full amount allotted to it. It is early days, and the tourism bonanza caused by cheaper rival destinations being made unsafe by the risk of terorrism is obviously giving a huge boost to the economy but cannot be relied on to continue indefinately, but signs of economic growth are returning. There is a huge uphill road ahead, of course. I agree that many ordinary people in Greece are suffering, but I don't think you can lay all of the blame at the EU's door. I don't know much about Greece, but there appears to be something fundamentally disfunctional about that place. Yet, the paradox is that Greeks flourish when they emigrate.


Greece also flourished before they decided, or were made, to adopt the Euro as their currency! The same with Cyprus. The poison chalice appears to be adopting the Euro unless you are a high income industrial economy i.e. Germany. :roll:

you obviously have no idea regarding the problems greece has.


But these 'problems' have been endemic in the Greek and Cypriot culture/society for decades, it's a way of life. They don't like rules, they don't like taxes, little brown envelopes are a way of life and both countries are controlled by a small number of Elites ........ but in spite of that they were both thriving, healthy economies until they adopted the Euro as a currency. That is a simple fact of life. :roll:
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Re: The Pound takes a hammering ..... again!

Postby miltiades » Fri Nov 04, 2016 5:32 pm

The court case result has undoubtedly helped Stg recover slightly against US Dollar, now at 1.253
and against Euro at 1.127.

The reality here is that Stg does not like Brexit. FACT.
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Re: The Pound takes a hammering ..... again!

Postby Tim Drayton » Fri Nov 04, 2016 6:03 pm

The point about the euro that people seem to ignore is that strict convergence criteria were imposed when the euro was first introduced. The Cassandras love repeating the mantra that the euro is doomed to failure because the economies in the zone are too different. In fact, the architects of the euro foresaw that in order to have a common currency, the economies of the countries using it would have to move in close step. The problem came when, after the 2008 crisis, governments no longer found themselves able or were not willing to comply by the strict criteria and this is what has lead to the current crisis. As to Greece, it is now substantiated that the country submitted false figures to make it appear that it met the criteria when it didn't. In other words, it should not have joined the euro when it did, and used deceit to join the club. So, perhaps it is not surprising that it lead to disaster. When it all ended in tears, instead of blaming the people who got the country into the euro by false means, they are blaming the EU and Germany! It seems to me they need to stop looking for scapegoats, take a good, long, hard look at themselves and start sorting out whatever is wrong.
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Re: The Pound takes a hammering ..... again!

Postby Robin Hood » Fri Nov 04, 2016 6:11 pm

miltiades wrote:The court case result has undoubtedly helped Stg recover slightly against US Dollar, now at 1.253
and against Euro at 1.127.

The reality here is that Stg does not like Brexit. FACT.


No it says the speculators like/don't like Brexit ! Maybe I'm missing something but how can throwing, or attempting to throw, a spanner in the works benefit anybody ...... except the speculators? Any news good or bad and they profit! :roll:
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Re: The Pound takes a hammering ..... again!

Postby miltiades » Fri Nov 04, 2016 8:40 pm

Robin Hood wrote:
miltiades wrote:The court case result has undoubtedly helped Stg recover slightly against US Dollar, now at 1.253
and against Euro at 1.127.

The reality here is that Stg does not like Brexit. FACT.


No it says the speculators like/don't like Brexit ! Maybe I'm missing something but how can throwing, or attempting to throw, a spanner in the works benefit anybody ...... except the speculators? Any news good or bad and they profit! :roll:

Interpret as you wish, however the fact is that the fall of Stg has been as a direct result of the brexit vote. Markets are driven ALWAYS by either good news or bad, and the brexit vote was BAD.

It looks as though May will have a difficult time ahead although she displays the arrogance that she does. We have a parliament and the parliament has a role to play, and it will.
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Re: The Pound takes a hammering ..... again!

Postby Londonrake » Fri Nov 04, 2016 11:18 pm

miltiades wrote:It looks as though May will have a difficult time ahead although she displays the arrogance that she does. We have a parliament and the parliament has a role to play, and it will.


I don't see her as arrogant. She's playing the cards she's been dealt.

Yes, we have a parliament. But the House did something extremely rare in U.K. Politics. They voted 6 to 1 (544) to throw a matter open to the entire national electorate. Should Britain remain a member of the EU: Yes or No? In doing so they effectively relinquished their right to subsequently decide upon the outcome and certainly shouldn't have any truck with attempts to play silly games because some, who feel that they know best, didn't get the "right" answer. Now, that's arrogance for you.

Yes, Parliament had their role, they asked us what we wanted. We voted for leaving the EU. They are there to implement the will of the people (aka democracy). So just bloody well get on with delivering it. If they don't (and personally I'm of the certain belief that they know this) there will be Hell to pay.
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