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THE DEATH OF THE POUND IS IMMINENT

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THE DEATH OF THE POUND IS IMMINENT

Postby miltiades » Tue Mar 14, 2017 10:47 am

With a day or so to invoking Article 50 the Pound is set to reach new lows currently at at just over 1.21 to the dollar and just under 1.14 to the euro. The markets are beginning to react unfavourably driving the pound down. Just before the Brexit vote the pound stood against the dollar at over 1.45 and against the Euro at over 1.38.

Anyone who this that in economic terms exiting the EU will be beneficial to the UK is day dreaming.

The main reason is that the vast majority of Brits, mostly English, do not like the EU for no other reason than pseudo nationalist pride. Many believed that our laws were made by the EU and that we had lost our sovereignty. Now ....we have our country back !!!

A nations economic strength reflects the strength or weakness of its currency, inflation already on the up will spiral out of control. UK citizens in receipt of STG pensions overseas will be hit hard, so will will British tourists visiting overseas countries.

The question that I ask is what tangible benefits will the UK attain by not being a part of the worlds largest free market, excluding the nonsense of having our country back and enacting our own laws.
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby Tim Drayton » Tue Mar 14, 2017 11:44 am

I heartily agree with all your sentiments, although, as I have posted before, there is a widespread belief in the investment community that Sterling will hit a low after Article 50 is triggered, and it will then be time to pile into GBP assets becuase it will jump back from this low. Of course, those who time both entry and exit right will profit. As to the longer term trend, though, if the UK isolating itself from Europe in leads to its gradual impoverishment, then Sterling will also become an ever weaker currency in the long run.
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby Get Real! » Tue Mar 14, 2017 12:47 pm

Does this mean you’re now bankrupt Milti? :?

I’ll kick-start a donations tin… :cry:

[Tsink] <--- inserted first 1c coin! 8)
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby miltiades » Tue Mar 14, 2017 1:00 pm

Get Real! wrote:Does this mean you’re now bankrupt Milti? :?

I’ll kick-start a donations tin… :cry:

[Tsink] <--- inserted first 1c coin! 8)

Almost bankrupt !! You stingy sod is that all you can contribute !!! :lol:
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby Robin Hood » Tue Mar 14, 2017 1:18 pm

Oh ye of little faith!

Where is your optimism? The Pound will go down because the speculators won't make millions otherwise ...... but fear not, the Euro will soon hit the skids and the GBP will rise ...... because we can tolerate and deal with currency fluctuations, the UK has a sovereign currency .... the Eurozone can't because they are all linked into the Deutsch Mark ..... ooops ..... sorry, I meant to say Euro. :oops:

All for one, and one for all ...... welcome to the Fourth Reich! :roll:
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby miltiades » Tue Mar 14, 2017 1:35 pm

Robin Hood wrote:Oh ye of little faith!

Where is your optimism? The Pound will go down because the speculators won't make millions otherwise ...... but fear not, the Euro will soon hit the skids and the GBP will rise ...... because we can tolerate and deal with currency fluctuations, the UK has a sovereign currency .... the Eurozone can't because they are all linked into the Deutsch Mark ..... ooops ..... sorry, I meant to say Euro. :oops:

All for one, and one for all ...... welcome to the Fourth Reich! :roll:

Rather odd don't you think that speculators have selected to push the pound down, why not up ?
Bastards :lol: Currency trading also relies heavily on supply and demand, investing institutions are ditching sterling because, like me , they feel that the UK is in for a rough time. Still, ....we have our country back and we can now enact our own ....laws :lol: :lol:
My advice to you Robin is to convert your currency to US Dollars immediately "!!
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby Robin Hood » Tue Mar 14, 2017 4:41 pm

Milti:
Rather odd don't you think that speculators have selected to push the pound down, why not up ?


Not really. They trade around £/€/$50 trillion a day and rely upon small moves, fractions of a % on vast sums of currency, to make their profit. Today the £ dropped 0.3% as they are buying € and $, but they still have enough £,s to ‘dump’ sterling in bulk, crash the currency and see the € rise ...... then they will buy back cheap £'s and the £ goes up and the € goes down. The ‘dump’ if it happens I expect to be when TM stands up and says ‘I’ve done it!’ but they still need €’s as a means of transferring value from one currency to another. It’s all a game!

Bastards Currency trading also relies heavily on supply and demand, investing institutions are ditching sterling because, like me , they feel that the UK is in for a rough time. Still, ....we have our country back and we can now enact our own ....laws


Supply and demand for what .... currency? If the £ goes down UK goods and services become cheaper and trade increases. The € goes up and becomes a less attractive currency to do business in. It's swings and roundabouts ....... with a cut for the traders with every movement of currency value.

My advice to you Robin is to convert your currency to US Dollars immediately "!!


I don’t have enough to worry about! What I have in wealth is all held in €’s, it is only my income which fluctuates. You have the reverse situation, your income remains steady but, whatever I have will cost you more but whatever you have will cost me less or no difference if I buy it out of my sterling pension! :wink: :roll:
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby Pyrpolizer » Tue Mar 14, 2017 4:44 pm

miltiades wrote:With a day or so to invoking Article 50 the Pound is set to reach new lows currently at at just over 1.21 to the dollar and just under 1.14 to the euro. The markets are beginning to react unfavourably driving the pound down. Just before the Brexit vote the pound stood against the dollar at over 1.45 and against the Euro at over 1.38.

Anyone who this that in economic terms exiting the EU will be beneficial to the UK is day dreaming.

The main reason is that the vast majority of Brits, mostly English, do not like the EU for no other reason than pseudo nationalist pride. Many believed that our laws were made by the EU and that we had lost our sovereignty. Now ....we have our country back !!!

A nations economic strength reflects the strength or weakness of its currency, inflation already on the up will spiral out of control. UK citizens in receipt of STG pensions overseas will be hit hard, so will will British tourists visiting overseas countries.

The question that I ask is what tangible benefits will the UK attain by not being a part of the worlds largest free market, excluding the nonsense of having our country back and enacting our own laws.


Your only hope is to Brexit as per their own terms. Very doubtful.
Haven't you converted your savings so far??? What were you waiting for?
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby miltiades » Tue Mar 14, 2017 5:09 pm

Pyrpolizer wrote:
miltiades wrote:With a day or so to invoking Article 50 the Pound is set to reach new lows currently at at just over 1.21 to the dollar and just under 1.14 to the euro. The markets are beginning to react unfavourably driving the pound down. Just before the Brexit vote the pound stood against the dollar at over 1.45 and against the Euro at over 1.38.

Anyone who this that in economic terms exiting the EU will be beneficial to the UK is day dreaming.

The main reason is that the vast majority of Brits, mostly English, do not like the EU for no other reason than pseudo nationalist pride. Many believed that our laws were made by the EU and that we had lost our sovereignty. Now ....we have our country back !!!

A nations economic strength reflects the strength or weakness of its currency, inflation already on the up will spiral out of control. UK citizens in receipt of STG pensions overseas will be hit hard, so will will British tourists visiting overseas countries.

The question that I ask is what tangible benefits will the UK attain by not being a part of the worlds largest free market, excluding the nonsense of having our country back and enacting our own laws.


Your only hope is to Brexit as per their own terms. Very doubtful.
Haven't you converted your savings so far??? What were you waiting for?

I converted long ago.
Robin, I must .....agree with you that the fall of stg has ....nothing to do with Brexit!! :lol:
Of course Im joking , Brexit IS the reason that sterling has slipped and will continue to do so.
Frankly I can not be an optimist although by nature Im one. I do not see that abandoning the biggest market in the world will be anything but disastrous for our UK economy.
Besides economic reasons I have always believed that a united Europe is good for the continent and for the people.
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Re: THE DEATH OF THE POUND IS IMMINENT

Postby Sotos » Tue Mar 14, 2017 6:12 pm

I just bought some things from Amazon.co.uk a few days ago. If I knew that the pound was about to drop significantly then I would have waited!
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