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A SHORT LIVED RECOVERY ?

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Re: A SHORT LIVED RECOVERY ?

Postby erolz66 » Fri Mar 20, 2020 2:32 pm

erolz66 wrote:
erolz66 wrote:I did 'buy the dip' , with modest amounts of cash, to add to my existing bitcoin holdings, when it dropped to the 5K USD range. So far this seems to be a not totally stupid move. Nor was it an easy decision. I was close to panic selling when the initial big drop (in lock with stock markets and other assets classes) was in full swing but managed to resist the temptation. Just. Time will tell how good or bad a call that was.


So I bought 'the dip' on 16th March at £3992. Just sold at £5855. Approx 46% gain in four days, good enough for me.


down to £5626 now
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Re: A SHORT LIVED RECOVERY ?

Postby erolz66 » Sat Mar 21, 2020 12:08 am

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Re: A SHORT LIVED RECOVERY ?

Postby Robin Hood » Sat Mar 21, 2020 8:29 am

Milti:
Well I’ll be damned .......! Yesterday Johnson introduced the Labour Manifesto ....... he is dropping ‘helicopter money’ on all those that have lost their jobs because The State has closed the businesses that provided employment. He is going to pay up to 80% of their normal salaries. Now, they are planning to do the same with the self employed and GIG economy workers! But the Government are going to pay it direct to the people as a payment and not through the Banks as a loan! :D

Where are all the pre-election cries of “Where is all the money coming from ..... it doesn’t grow on trees you know!” I got news for them ..... Johnson has a bloody forest of money trees he has inherited from Labour. Corbyn knew the forest was there, so did the Bankers and they were very aware of this threat. So they used anti-Semitism to destroy him and Labour.

You are watching a massive change to the way the Banks and the Markets operate ..... just like I have said would happen for years !

Before long the Euro will collapse and all counties in the EU and around the World, will return to Sovereign currencies at agreed fixed exchange rates. Countries will trade in National currencies and not just a single country’s currency dominating all others economies. Those speculators you seem to think are not to blame for the demise of Sterling and the Hooray Henry’s in the Financial Markets, are about to see the whole UNSUSTAINABLE system collapse around them ..... then they will have to get proper jobs and contribute to the real economy.

Thanks to being OUT OF THE EU we can do this. Had we still been a member we would have been prohibited from doing so because of Art. 22 and 23 ............ so who are the dumb assed idiots now? Didn’t you sensible ‘Remainers’ see this collapse coming? All it took was a bug less than 0.1 Microns in size and it has bought the whole system to its knees. It is also the beginning of a Universal Basic Income (UBI) for everyone ...... because they have no other option than to provide for the masses or a total World economic collapse will be followed by a Global uprising against the 1%.

The World is changing Milti ..... hang onto your hat (and your fishing rod) ..... you ain’t seen nothing yet and it will certainly get worse before it gets better! :wink:
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Re: A SHORT LIVED RECOVERY ?

Postby erolz66 » Sat Mar 21, 2020 9:24 am

Robin Hood wrote:Thanks to being OUT OF THE EU we can do this. Had we still been a member we would have been prohibited from doing so because of Art. 22 and 23 ............ so who are the dumb assed idiots now? Didn’t you sensible ‘Remainers’ see this collapse coming?


You , as it seems to me, are just using arbitrary 'scales' to suit your argument ? London does not have a 'sovereign currency'. Wales does not have a 'sovereign' currency'. The North East of England does not have a 'sovereign currency'. You need to explain to me why, to give a hypothetical example, two countries like say France and Belgium choosing to use a common currency is any different from wales (or UK region) choosing to share a common currency ? Why can one example 'do things' and the other not do things ? Why is it not true that anything that can be done with the GBP could also be done with the Euro ?

most of the rest of what you wrote I pretty much concur with.
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Re: A SHORT LIVED RECOVERY ?

Postby miltiades » Sat Mar 21, 2020 9:48 am

The EU will survive and go from strength to strength and so will the Euro
I can't say the same for the UK economy and Sterling. The time is fast approaching
when the pound will be below one euro.
The Brits will also wake up and realize what a a blunder exiting the EU has been. One fatality allready is 10 Downing street housing a fucking Clown. Time will surely come.
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Re: A SHORT LIVED RECOVERY ?

Postby erolz66 » Sat Mar 21, 2020 10:53 am

miltiades wrote: The time is fast approaching when the pound will be below one euro.


The talk in financial circles is today about GBP parity with the DOLLAR not the Euro, they know that ones is already gone (see article linked above).
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Re: A SHORT LIVED RECOVERY ?

Postby Robin Hood » Sat Mar 21, 2020 12:04 pm

Erolz66:
You , as it seems to me, are just using arbitrary 'scales' to suit your argument ? London does not have a 'sovereign currency'. Wales does not have a 'sovereign' currency'. The North East of England does not have a 'sovereign currency'.

They do and it’s called Sterling! Those you mention are semi-autonomous regions and can make certain decisions about political matters that concern them, a bit like the US States where they all collect local sales tax but the income tax goes to Washington who make the BIG decisions. But when it comes to creating ‘helicopter money’ I don’t think they have that power, so the ‘ruling’ government in Westminster where all have representatives, makes that decision through its Central Bank.
You need to explain to me why, to give a hypothetical example, two countries like say France and Belgium choosing to use a common currency is any different from Wales (or UK region) choosing to share a common currency ? Why can one example 'do things' and the other not do things ? Why is it not true that anything that can be done with the GBP could also be done with the Euro ?

Read Lisbon Treaty Article 22 and 23 ........ no Country in the EU can use their ability to create sovereign currency to support any of their institutions or the economy. Any currency they need has to be borrowed from a Private Bank. The exception being for helping the Banks! They can then create money through their central bank (..... which is the ECB as national Central Banks are subservient to the ECB and their rules apply) to give to the Banks when they need bailing out. We no longer have to comply and have a completely independent Central Bank .... The Bank of England.

If they are a member of the Eurozone then they don’t have their own a sovereign currency anyway. Think of Greece and Cyprus, had they still had the Drachma and the Cyprus Pound they could ‘print’ money to keep the economy going and adjust its value as both did in the run-up to joining the Eurozone. If they now try ‘helicopter money’ they run into an ever increasing debt cycle which benefits ONLY the Banks.
......... most of the rest of what you wrote I pretty much concur with.

Thank you ...... coz you know it makes sense. :D :wink:
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Re: A SHORT LIVED RECOVERY ?

Postby erolz66 » Sat Mar 21, 2020 12:12 pm

Robin Hood wrote:Read Lisbon Treaty Article 22 and 23 ........ no Country in the EU can use their ability to create sovereign currency to support any of their institutions or the economy. Any currency they need has to be borrowed from a Private Bank. The exception being for helping the Banks! They can then create money through their central bank (..... which is the ECB as national Central Banks are subservient to the ECB and their rules apply) to give to the Banks when they need bailing out. We no longer have to comply and have a completely independent Central Bank .... The Bank of England.


But that does not preclude the ECB doing what the BoE is doing does it ? I understand that Euro zone members can not do these things unilaterally, just as UK national members and regions can not. I am just struggling to find the logic that says the ECB can not do what the BoE is doing. Anyway enough forum posting for me for a while. Gonna go and self isolate in my hot tub for a bit. Keep safe RH.
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Re: A SHORT LIVED RECOVERY ?

Postby Paphitis » Sat Mar 21, 2020 12:20 pm

erolz66 wrote:
Robin Hood wrote:Read Lisbon Treaty Article 22 and 23 ........ no Country in the EU can use their ability to create sovereign currency to support any of their institutions or the economy. Any currency they need has to be borrowed from a Private Bank. The exception being for helping the Banks! They can then create money through their central bank (..... which is the ECB as national Central Banks are subservient to the ECB and their rules apply) to give to the Banks when they need bailing out. We no longer have to comply and have a completely independent Central Bank .... The Bank of England.


But that does not preclude the ECB doing what the BoE is doing does it ? I understand that Euro zone members can not do these things unilaterally, just as UK national members and regions can not. I am just struggling to find the logic that says the ECB can not do what the BoE is doing. Anyway enough forum posting for me for a while. Gonna go and self isolate in my hot tub for a bit. Keep safe RH.


It beggars belief why a sovereign country would abandon such important rights in the first place.

Our printers are running 24/7 right now.
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Re: A SHORT LIVED RECOVERY ?

Postby Robin Hood » Sun Mar 22, 2020 7:58 am

Paphitis:
It beggars belief why a sovereign country would abandon such important rights in the first place.

Our printers are running 24/7 right now.


If you are creating this money, even in Australian Dollars, as has been the financial practice since the mid 1800's, then it is all currency borrowed from Private Banks who are creating it against Government Bonds ..... i.e. IOU's ....... it matters not whether it is a sovereign currency or a currency like the USD or the Euro, in the end it is simply debt creation and the Banks get the interest ...... which you also have to borrow .... from the same Private Banks. :roll:

Now dump the Private Banks out of the process and let the Aussie Central Bank create all the Aussie Dollars you need directly and you then have no debt and thus zero interest to pay, as the source is both borrower and lender! :roll: :wink:
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