Archive for the ‘cash’ tag
cash now uk
Which are the safest UK banks with little exposure to the sub-prime malarky?
I’ve worked too hard to have my money disappear overnight by a shock overnight bank collapse.
I always thought The Royal Bank of Scotland was safe, and still do sort of…. but now I’m wondering cause I’m sure they went shopping and bought US banks/lenders a while back.
Are there any banks with loadsa cash, strong asset sheet, few dodgy bad loans on their books ect… where it’s safest for money.
HSBC worries me cause of all that World Bank stuff…. makes me think they are exposed to risks in every country and what would happen in there was a run on deposits in like HSBC accounts in Singapore or France or whatever, as I’m sure that would affect UK depositers standing too.
BTW – I’m going out now with my Mum… will have to check for answers (and thumbs up good ones) when I get back in 2 hours. Thanks.
Don’t worry, you money is not going to disappear.
All banks which have been following the Central Banks’ (i.e. BoE) guidelines are covered.
And a requirement has been for then to take out insurance against such a collapse.
So the man on the street will not lose any money, investing in one of the household name banks.
Numerically, that is.
In real terms, the value of your money i.e. the currency may go down, but everyone suffers equally.
As the Irish Republic used to say, “We may bnot be rich, but at least we’re all equally poor”.
But of course in reality, some are more equal than others.
The point you have to remember is that the money being lent to sub-prime borrowers was not real.
It was based mainly on securities and bonds coming from East Asia i.e. it was just a promise of money.
As long as no one actually spent it i.e. the guys you paid a stupid price for you new house “invested” it wisely in another stupidly priced house, everyone was happy.
But the source of all this virtual money is of course the 3 trillion or dollars that the US Fed has been printing since 1971.
So the problem now is actually with all the foreign companies and banks trying to “invest” in the USA, saying “hey look, we’ve got a fistful of dollars here; what can we buy ?”
The fact is, they can’t buy anything real without making the american economy very unhappy, which is the source of the collapse.
Change to “Social Credit”
Johnny Cash – Tennessee Flat Top Box