WTF Telegraph says we face Financial Disintregation

Discussion in 'Current Affairs, News and Analysis' started by geezer466, Oct 5, 2008.

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  1. Telegraph Article Published 1 hour ago

    You will be well served to ensure you have plenty of banknotes to hand for day to day spending in the next couple of weeks in case the Banks are forced to close... If there is a run its one of the first things the Government would do and they would keep them shut until the danger is passed.

    The Telegraph is a major British Newspaper. It would immoral for it to spread panic with warnings like this unnecessarily.

    Or am I missing something here
     
  2. Unnecessary panic? Whose to say they aren't right though? Even the experts are guessing...

    It looks like this is going to take a long time to play out and be very painful.

    Edited to add: The bosch have apparently saved their bank:

    http://news.bbc.co.uk/1/hi/business/7653868.stm

    Time will tell.
     
  3. Monday is going to be ugly. Very ugly.



    From the FT Blogs:

    It looks like it is going to be another manic Monday for the London market. The FTSE 100 is currently expected to open around 160 points lower (see CityIndex box above) and that follows another weekend of bank bailouts, rescues and generalised financial melt-down.

    The German authorities are still battling to try and save Hypo Real Estate from collapse after a consortium of banks that pledged last week to support the bank with extra liquidity pulled out over the weekend. Remember - HPE is one of Europe’s biggest commercial property lenders and has a €400bn balance sheet.

    In response the government has pledged to guarantee all private German bank accounts — these are currently worth €568bn.

    We want to tell people that their savings are safe,” Angela Merkel, chancellor, said at an unscheduled press conference on Sunday.

    Make no mistake, this is a dramatic move to prevent panic withdrawals but rather makes a mockery of pledges given by the leaders of Germany, France and Italy earlier today to co-ordinate their responses to the credit crisis. One wonders how long it will be before our own chancellor - Alistair Darling - follows suit and makes a similar commitment to insure all financial savings.

    Meanwhile, the Belgian government is in talks with BNP Paribas about it buying the remaining assets of Fortis and Iceland is expected to announce least a partial rescue package for his country’s banking sector before the opening of markets tomorrow.

    This looks like it could involve a number of Nordic states and banks. Whatever the exact details of the plan it is bound to have repercussions in London where the Icelandic banks have control dozens of highly leveraged positions.
    And finally, Unicredit has approved the raising of €6bn in new capital in an effort to shore up its balance sheet.
    Sleep well everyone.


    http://ftalphaville.ft.com/
     
  4. If you aint got no money, who is going to take it off you...
    BUT, I have to pay another 27000 in tax by january, so the govt can pay the banks bosses their Bonus,
    BUT the companies that owe me money cant borrow to finance themselves, as the Banks wont lend.
    SO they cant pay me.
    BUT will Cyclops bail me out, Not a chance
    How come its a free market economy, unless your a Bank,
    Anyone know how to make semtex (only joking) (probably)
     

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  5. Where did that welsh freedom fighter come from???
    He is supposed to be showing "Seagull" that sheep dont like to be shot with a Taser...
    Computers!!!!!!
     
  6. The Telegraph would tell us we were going to be invaded by brain-eating ants if they could push up sales and pin it on the government. Banks may fail, but the system won't implode.
     
  7. It's all b@llocks.

    I've lost count of the number of times I've read phrases like 'Wall Street Crash' churned out by journos. The Dow Jones lost 90% of its value between 1929 and 1931, triggering the great depression. It didn't recover for 30 years. There is absolutely no comparison with what is happening now.

    Journos are like those artists who try to get their name in the papers by producing increasingly bizzare and offensive works. Instead of painting pictures of the Virgin Mary using elephant dung, journos select the 'end of the world' font and start spouting hyperbole in response to any significant event in the financial markets. It all helps to sell papers.

    For this journo to suggest that banks would be closed, stopping people getting access to cash, is ridiculous. Gordy would never authorise that. 'Labours core voters' in northern housing estates wouldn't be able to keep themselves in kebabs and Special Brew if they couldn't withdraw their benefits promptly using the ATM in the off licence.
     
  8. Aside from the last sentence that makes the usual critical mistake of assuming that the type to live on benefits are also the type to vote, and so ruining the whole argument, correct.
     
  9. Quite so but that suggests complete lack of editorial control?

    Some papers have been spanked quite badly in the past for panicking the masses unnecessarily. Look at Peston when he broke Northern Rock last year single handedly he prompted the run and the ques outside the branches.

    If the Government didn't want this sort of stuff published all they have to do is slap a D on it, but then again this is opinion and not fact.

    If the Telegraph removes the page by start of play tomorrow then fair enough but if they don't and or publish it in the paper edition where does that leave us?
    With bloody great ques outside all our banks?

    Media still has a responsibility to report accurately particularly with a story as potentially inflammatory such as this.
     
  10. Perhaps not total financial disintegration, but disintegration of the EMU seems to be drifting a little closer. If expsure to this crisis gets Germany, Ireland and Greece thinking of their own solutions to the banking problem, and devil take the hindmost, what price the Euro if things get really sticky?

    Or, perhaps more likely (but I'll accept there's a probability of no more than 5%) , what price Broon's willingness to be part of a club that stitches him up so neatly?
     
  11. The crash didn't cause the Great Depression A_M but was the result of the preceding loose credit policy which caused asset inflation (sound familiar?). What exarcebated the situation was the feckless policies of FDR - minimum wage, import tariffs etc. Remember the definition of inflation is an increase in the money supply. Rising prices are merely a result of this.
     
  12. Does the Telegraph actually have editorial control any more? Repetitive Iran scaremongering stories, juiced up anti-muslim rantery and now this crap.

    Is there an offence under the Public Order act this individual can be charged with if there is a run on the banks?

    Gordon already guaranteed accounts to 50K , and if the average Briton has more than this stashed, they need to be spending some.

    Or has this tool bought lots of Gold lately?
     
  13. RP578

    RP578 LE Book Reviewer

    HMG cannot just slap a D Notice on a story. The Defence Advisory (DA Notice) system is a voluntary code that acts as a guide to the British press regarding the publication or broadcasting of national security information.

    "The objective is to prevent inadvertent public disclosure of information that would compromise UK military and intelligence operations and methods, or put at risk the safety of those involved in such operations, or lead to attacks that would damage the critical national infrastructure and/or endanger lives.

    The system is overseen by the Defence Press and Broadcasting Advisory Committee, a joint government/media body that approves the standing DA notices and monitors their implementation."

    The economy is not classed as a Defence or Intelligence matter.
     
  14. Wasn't it hoover that wasn't very good at solving the downward spiralling economy?
    i thought FDR saved it?
    or am i being slightly pedantic... or badly misinformed? :)

    if i am wrong then i shall return to the corner of my room and rock back and forth violently :x

    if the enonomy crashes then who will supply the chav mongs with their well earned, well deserved money? :roll:

    cheers :)
     
  15. D Notices are not for the exclusive use of Defence or Intel services, The Government can and will issue them where they see fit.

    As I am sure a certain Royal (and or members of his staff) would vouch too.