Cyprus-Forum.com

[Robin Hood]

Stg continues its downward journey against both the Euro at just about 1.15 and against the dollar at just over 1.28. Worst is still to come !

Why do you never post the good news .... and there seems to be plenty of it?

For instance, at the moment the pound is continuing its current upward trend and is above 1.16 and better news to come!

Robin, nothing would please me more than for Stg to make a recovery and very soon. Im a born optimist but not a dreamer and following the disastrous referendum results I just can not see Stg recovering any time soon if at all. I do sincerely hope that it does since most of my transactions are in Euros.

Oh ye of little faith!

Hang in there it will recover because the Euro is on the edge of a fall from grace. Many of the Eurozone banks are struggling, including the mighty Deutsch Bank. The reality of having a sovereign currency that is created by a single central bank for 19 different countries with vastly different economies is beginning to come home to roost. The IMF/ECB solution has been to lend more and more to these countries and they just get deeper and deeper into a debt they don't have a hells chance of ever repaying. The dollar is also in a similar situation which is why 1 in 7 Americans are on food stamps.

Be optimistic ..... don't listen to the doom merchants!

[Paul ZKTV]

Hang in there it will recover because the Euro is on the edge of a fall from grace. Many of the Eurozone banks are struggling, including the mighty Deutsch Bank. The reality of having a sovereign currency that is created by a single central bank for 19 different countries with vastly different economies is beginning to come home to roost. The IMF/ECB solution has been to lend more and more to these countries and they just get deeper and deeper into a debt they don't have a hells chance of ever repaying.

Again as you look at everything from a ísland´ mind ,and i look at things from a EUROPA mind ...
why do you think that money based on a small island that dont make anything,that has a victorian rail and roads and where education is poor
is going to do better then an area where the money is used by Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain and fixed to it in Bosnia and Herzegovina,Bulgaria,Denmark,Morocco and is used by 600,000,000 people ???
the ECB bank ALONE has twice the gold reserves of the UK ...

as for ´my´bank

Revenue €33.53 billion
Operating income
€-6.097 billion
Profit €-6.772 billion
Total assets €1.629 trillion
Total equity €62.7 billion
Number of employees
101,104

[Robin Hood]

Hang in there it will recover because the Euro is on the edge of a fall from grace. Many of the Eurozone banks are struggling, including the mighty Deutsch Bank. The reality of having a sovereign currency that is created by a single central bank for 19 different countries with vastly different economies is beginning to come home to roost. The IMF/ECB solution has been to lend more and more to these countries and they just get deeper and deeper into a debt they don't have a hells chance of ever repaying.

Again as you look at everything from a ísland´ mind ,and i look at things from a EUROPA mind ...
why do you think that money based on a small island that dont make anything,that has a victorian rail and roads and where education is poor
is going to do better then an area where the money is used by Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain and fixed to it in Bosnia and Herzegovina,Bulgaria,Denmark,Morocco and is used by 600,000,000 people ???
the ECB bank ALONE has twice the gold reserves of the UK ...

as for ´my´bank

Revenue €33.53 billion
Operating income
€-6.097 billion
Profit €-6.772 billion
Total assets €1.629 trillion
Total equity €62.7 billion
Number of employees
101,104

You don't have a clue! First learn about money creation ...... then comment!

Every state in Europe is an 'Island' or if you like a sovereign state! The Pound is a sovereign currency and as such the UK can never go bankrupt ..... all the countries you list, that use the Euro, can go bankrupt, as some States in the US have and for exactly that reason ..... they can only get money from the Central Bank, although they are self governing states.

BTW: Those assets (above) are debt .... but then I suppose you wouldn't know that! If all the countries you list have similar assets on their books ...........what happens when the debts need to be repaid ....... with interest and they don't have the money? The ECB/IMF move in and seize their assets as they have done in Greece.

FYI: In a previous post you claim that News Worldwide Ltd was not owned by the BBC. It is in fact a wholly owned subsidiary of the British Broadcasting Corporation.

[Paul ZKTV]

Hang in there it will recover because the Euro is on the edge of a fall from grace. Many of the Eurozone banks are struggling, including the mighty Deutsch Bank. The reality of having a sovereign currency that is created by a single central bank for 19 different countries with vastly different economies is beginning to come home to roost. The IMF/ECB solution has been to lend more and more to these countries and they just get deeper and deeper into a debt they don't have a hells chance of ever repaying.

Again as you look at everything from a ísland´ mind ,and i look at things from a EUROPA mind ...
why do you think that money based on a small island that dont make anything,that has a victorian rail and roads and where education is poor
is going to do better then an area where the money is used by Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain and fixed to it in Bosnia and Herzegovina,Bulgaria,Denmark,Morocco and is used by 600,000,000 people ???
the ECB bank ALONE has twice the gold reserves of the UK ...

as for ´my´bank

Revenue €33.53 billion
Operating income
€-6.097 billion
Profit €-6.772 billion
Total assets €1.629 trillion
Total equity €62.7 billion
Number of employees
101,104

You don't have a clue! First learn about money creation ...... then comment!

Every state in Europe is an 'Island' or if you like a sovereign state! The Pound is a sovereign currency and as such the UK can never go bankrupt ..... all the countries you list, that use the Euro, can go bankrupt, as some States in the US have and for exactly that reason ..... they can only get money from the Central Bank, although they are self governing states.

BTW: Those assets (above) are debt .... but then I suppose you wouldn't know that! If all the countries you list have similar assets on their books ...........what happens when the debts need to be repaid ....... with interest and they don't have the money? The ECB/IMF move in and seize their assets as they have done in Greece.

FYI: In a previous post you claim that News Worldwide Ltd was not owned by the BBC. It is in fact a wholly owned subsidiary of the British Broadcasting Corporation.

you have a very funny way looking at the basic way people do bizness ...
BANKS lend money ,most of which is n houses or fixed loans ,people who deposit it normally cant demand it back overnight
so why do you thing 200,000,000 are going to knock at DB doors in the morning ??


its is complete and utter crap ,that germany can go bankrupt - no country can ... BANCO DE ESPANA still print money and issue Bonds to raise capital ???
i spent 40 years sell TV etc ,and i know more facts then your total rubbish - GREECE is in a mess because it was in a mess ...its 2% of the EUROZONE GDP ,who cares ..
The capital of the ECB comes from the national central banks (NCBs) of all EU Member States and amounts to €10,825,007,069.61
BRD 1,948,208,997 (18%)
RF 1,534,899,402 (14%)
CYPRUS 16,378,235 (0.5%)

btw its the federal bank in the UNITED STATES as its a FEDERAL STATE

BBC WORLD NEWS is owned by BBC Global News Ltd , a private company ,and you still cant watch it in the UK

[Robin Hood]

PaulZKTV:

you have a very funny way looking at the basic way people do bizness ...
BANKS lend money ,most of which is n houses or fixed loans ,people who deposit it normally cant demand it back overnight
so why do you thing 200,000,000 are going to knock at DB doors in the morning ??

Pointless answering that as you have insufficient knowledge of the subject to understand even the basics!

its is complete and utter crap ,that germany can go bankrupt - no country can ... BANCO DE ESPANA still print money and issue Bonds to raise capital ???

Banco de Espana does not print money, it would be illegal as only the ECB can print Euro notes. They BUY bonds not issue them, when they grant loans to a company or the government. These are IOU’s with a specific repayment date and variable interest rate. A country that does not have its own currency does not produce notes or coin, this is done by the Federal States Central Bank (ECB).

Germany CAN go bankrupt as it has no control over the currency it uses. A country that has the capacity to produce its own currency can never go bankrupt ..... because it can just ‘print’ (create) more of the same, but of course unrestricted creation causes hyperinflation..

i spent 40 years sell TV etc ,and i know more facts then your total rubbish - GREECE is in a mess because it was in a mess ...its 2% of the EUROZONE GDP ,who cares ..

I would suggest you stick to flogging TV’s because your knowledge of the financial system is sadly (completely?) lacking.

The capital of the ECB comes from the national central banks (NCBs) of all EU Member States and amounts to €10,825,007,069.61
BRD 1,948,208,997 (18%)
RF 1,534,899,402 (14%)
CYPRUS 16,378,235 (0.5%)

They are the reserves of the CB’s of the Eurozone countries, which the ECB hold, not their own capital. Effectively they are a liability on the ECB as they are 'on loan' as they have to be refunded on demand.

btw its the federal bank in the UNITED STATES as its a FEDERAL STATE

The central bank of the USA is the Federal Reserve Bank, which is a privately owned company. It has share holders who are paid a guaranteed return (Banks/Bankers) and the US government is not one of its share holders.

BBC WORLD NEWS is owned by BBC Global News Ltd , a private company ,and you still cant watch it in the UK

I didn’t question where you could or not receive BBC World News. I pointed out that there was no way in Cyprus that you could use a service provided by any of the regular licensed TV suppliers, (such as Cytanet) to watch on demand, previously transmitted programmes seen on BBC World. The only option is to purchase the sort of boxes ZKTV, or a host of other such providers can supply.

[miltiades]

Stg continues its downward journey against both the Euro at just about 1.15 and against the dollar at just over 1.28. Worst is still to come !

Why do you never post the good news .... and there seems to be plenty of it?

For instance, at the moment the pound is continuing its current upward trend and is above 1.16 and better news to come!

Robin, nothing would please me more than for Stg to make a recovery and very soon. Im a born optimist but not a dreamer and following the disastrous referendum results I just can not see Stg recovering any time soon if at all. I do sincerely hope that it does since most of my transactions are in Euros.

Oh ye of little faith!

Hang in there it will recover because the Euro is on the edge of a fall from grace. Many of the Eurozone banks are struggling, including the mighty Deutsch Bank. The reality of having a sovereign currency that is created by a single central bank for 19 different countries with vastly different economies is beginning to come home to roost. The IMF/ECB solution has been to lend more and more to these countries and they just get deeper and deeper into a debt they don't have a hells chance of ever repaying. The dollar is also in a similar situation which is why 1 in 7 Americans are on food stamps.

Be optimistic ..... don't listen to the doom merchants!

As I said earlier Im a born optimist, also a realist. It is of no interest to me as a small businessman whether speculators have or have not caused the devaluation of Stg. All that Im concerned with is the FACT that since referendum results the pound has lost more than 10% of its value against all currencies. US dollars and Euros are the two currencies that I follow, as a result of the drop in the value of pound I have or will lose a substantial sum of money. Prior to the referendum the realized value of my UK property converted to euros has tumbled by more than 70,000 Euros. Whether, as you say, this has been caused by speculators, and you are wrong here, or not, my retirement fund has lost a substantial sum of money.

[Tim Drayton]

Believe me ..... it is not as negative an outlook as you seem to think. If you can watch BBC World News with Steve Keen on Hardtalk yesterday (not possible in Cyprus unless you use a UK catch up system) being interviewed by Stephen Zackur, he can point out where your thinking is all wrong.

I have just listened to the whole interview here - yes, now possible in Cyprus without using a UK catch up system:

https://goldsilver.com/blog/steve-keen- ... gust-2016/

I do not really think he said anything that proved Miltiades' thinking to be 'all wrong'. For one thing, he initially said that he did not vote leave on economic but on political grounds, talking about being in a club and asking if he wanted to be in it. He claims that the whole European project is about to collapse so you might as well leave now as later. He does not deny that the result is causing pain - surely what Miltiades is talking about - but asserts that this pain was inevitable and would have come sooner or later.
When asked about London being able to retain its status as a financial centre, he said that these markets will not move to Frankfurt because they need to operate in the English language and under English law. Both of these arguments are specious. I have lived in Frankfurt and have had contacts through work with people in the financial markets there. Almost all Germans educated to graduate level are highly fluent in English, and I can vouch that this is especially true of top people in the financial sector who need to use English in their work on a daily basis. The German company Siemens has now adopted English as its internal official language. There is absolutely no reason why international financial markets could not operate in English from Frankfurt. Many of the people who work there will initially be brought over from London, anyway, if it happens. The second assertion reveals total ignorance as to how private law operates. Governing law clauses are in universal use in business contracts nowadays and, thanks to the doctrine of freedom to contract, it is accepted that a contract may be governed by any legal system the parties so wish. There is absolutely no obstacle to an international market operating under English law in Frankfurt, even if Keen's belief that English law is superior to German law were true. Personally, I find civil law jurisdictions to be much more rational and comprehensible than those based on common law. I don't think Keen has any clue with these two points and he might do better to stick to economics, a subject about which he may have some knowledge.

[Robin Hood]

Milti:

As I said earlier Im a born optimist, also a realist. It is of no interest to me as a small businessman whether speculators have or have not caused the devaluation of Stg. All that Im concerned with is the FACT that since referendum results the pound has lost more than 10% of its value against all currencies. US dollars and Euros are the two currencies that I follow, as a result of the drop in the value of pound I have or will lose a substantial sum of money. Prior to the referendum the realized value of my UK property converted to euros has tumbled by more than 70,000 Euros. Whether, as you say, this has been caused by speculators, and you are wrong here, or not, my retirement fund has lost a substantial sum of money.

I like to know why things happen as they do and how they do it!

I can empathise with you as I have exactly the same problem as you, My pension comes from the UK, is converted in the UK by the Dept Pensions as they get a better rate (not much better) and that is what I get put into my BoC account every month. I too have seen a drop in income but as I try to live within my means the impact is not drastic. I can live with it ..... just about but, if it goes down to par with the Euro things will become tight.

You don’t think the drop in the pound is due to speculators but you have only to look at the currency graph and that proves that it is true. From about 2100 hrs last night it has remained steady at around 1.155 and it will remain like that for about 48 hours. The chart does this every week, at the same time as regular as clockwork. As the chart deals with only the £ vs € that says the ‘currency market’ is a European market (primarily).

When the hooray Henrys in the Square Mile are having their first glass of champagne Friday evening, that we have paid for ...... trading stops. When the early trains start arriving at Cannon Street/London Bridge on Monday morning the ‘market’ wakes up and the see saw begins all over again.

If it were related to the economy of the UK vs Europe it would be on a much longer time base. Therefore it can only be speculators that have caused the loss of income for both of us! Take away this ability to manipulate currency values for personal gain (Tobin Tax) and it would then steady and a trend over time would develop.

That is why I would not blame the Brexit vote for the reduction in value of the pound ...... it can ONLY be the speculators getting rich at our expense!

[Robin Hood]

TD:

I have just listened to the whole interview here - yes, now possible in Cyprus without using a UK catch up system:

https://goldsilver.com/blog/steve-keen- ... gust-2016/

Thanks .... you are obviously better at finding these things than me. You have to admit his arguments are pretty well thought out and based on his knowledge of economics. He did not vote Brexit just because of ‘immigration’ and ‘£350m a day saved that could be paid to support the NHS’. He looks beyond that very simple and obviously false horizon.

I do not really think he said anything that proved Miltiades' thinking to be 'all wrong'. For one thing, he initially said that he did not vote leave on economic but on political grounds, talking about being in a club and asking if he wanted to be in it. He claims that the whole European project is about to collapse so you might as well leave now as later. He does not deny that the result is causing pain - surely what Miltiades is talking about - but asserts that this pain was inevitable and would have come sooner or later.

He gives a different perspective and provides reason rather than just make claims without some sort of substantiation. A drop in value was inevitable ...... because it is food for speculators! You will remember when the £ left the ERM and plunged? I was lucky as I was being paid in Dm at the time so it was a pay rise for me but, it all came down in the end to speculators like Soros. They caused the drop but it was the exit from the ERM they used as a trigger. Same thing this time, they look for a 'down' and use it to their financial advantage.

When asked about London being able to retain its status as a financial centre, he said that these markets will not move to Frankfurt because they need to operate in the English language and under English law. Both of these arguments are specious. I have lived in Frankfurt and have had contacts through work with people in the financial markets there. Almost all Germans educated to graduate level are highly fluent in English, and I can vouch that this is especially true of top people in the financial sector who need to use English in their work on a daily basis. The German company Siemens has now adopted English as its internal official language. There is absolutely no reason why international financial markets could not operate in English from Frankfurt. Many of the people who work there will initially be brought over from London, anyway, if it happens. The second assertion reveals total ignorance as to how private law operates. Governing law clauses are in universal use in business contracts nowadays and, thanks to the doctrine of freedom to contract, it is accepted that a contract may be governed by any legal system the parties so wish.

I think you are missing the point (or I am?). The Law adopted for the financial system was English Law, the fact that this is written in English is obvious and, as you point out, most countries in Europe have a very large percentage of educated nationals that speak English as their second language. So I don’t see the language as the problem.

English law has been chosen for the Banking system and it is transposing English Law into EU Law that will be difficult and a very long process. It is the same problem with the UK leaving the EU! Many of these laws now need to be de-coupled form the EU to apply to an independent UK. The UK is financially independent from the EU. That is why it will take so long to implement. Let’s face it, if it were not for all these legal requirements, the UK could just send a team to each National Government of the EU and work out a mutually advantageous trade deal and then comply with article 50 ..... it could all be over and done with in a few months!. No big problem ..... but as always once you get the lawyers, legislators, bureaucrats and civil servants involved ..... NOTHING is easy.

There is absolutely no obstacle to an international market operating under English law in Frankfurt, even if Keen's belief that English law is superior to German law were true. Personally, I find civil law jurisdictions to be much more rational and comprehensible than those based on common law. I don't think Keen has any clue with these two points and he might do better to stick to economics, a subject about which he may have some knowledge.

I don't think that is true. The problem is that it would need to be changed into European Law not German law (whatever that entails). I don’t profess to know that much about the Law! Too big a subject but I have also worked and lived in Germany and spent a long time transposing Japanese Standards to DIN (European) Standards. A very similar exercise I would assume.

You may be right about Keen and Law ...... but to refer to his expertise in economics as ‘.....a subject about which he may have some knowledge.’ Is not only a rather arrogant statement from you but would be like me questioning your knowledge of Turkish or PaulZKTV’s ability to sell televisions and peripherals! Keen teaches economics, he has a Doctorate and is a Professor and Head of Department at a UK University. Would your qualifications match his in your own chosen profession?

[Paul ZKTV]

The central bank of the USA is the Federal Reserve Bank, which is a privately owned company. It has share holders who are paid a guaranteed return ) and the US government is not one of its share holders.

WHAT ???? this would be an answer written by an out of work burger maker ??? - you must be way ill to write such nutty things ??

Banco de Espana does not print money,. A country that does not have its own currency does not produce notes or coin, this is done by the Federal States Central Bank ECB

More weird posts ??? of course NCBs print banknotes and coins , who do you think put CYPRUS on the coins in your pocket ??'

https://www.ecb.europa.eu/stats/money/e ... ex.en.html
https://en.wikipedia.org/wiki/Euro_bank ... ting_works

Germany CAN go bankrupt

More madness - the sun is green ,the moon is made of cheese ..

They are the reserves of the NCB’s of the Eurozone countries, which the ECB hold, not their own capital. Effectively they are a liability on the ECB as they are 'on loan' as they have to be refunded on demand.

what are you talking about ??? the ECB is OWNED by the NCBs ??? ,you would have to have two hats ,a NCB hat and a ECB hat and run atound a table talking to yourself saying í want my money back ´ ....barmy ..

I didn’t question where you could or not receive BBC World News. I pointed out that there was no way in Cyprus that you could use a service provided by any of the regular licensed TV suppliers, (such as Cytanet) to watch on demand, previously transmitted programmes seen on BBC World. The only option is to purchase the sort of boxes ZKTV, or a host of other such providers can supply.

Just to higlight your lack of basic thinking ...this took me 1 min google to find out this info

idiot.jpg

you really know bugger all about EUROPA .maybe 30 years ago when you had a quill and ink you knew something ,but not for a very long time ...