Even the weak Euro is strong.

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08 Sep 2014 10:27 by Woodbug Star rating. 371 posts Send private message

Last week the ECB commenced its ‘easing’ plans to try to steady the parlous financial state of Europe. 

All major currencies went strong paired with the Euro – except GBP which fell in value and is likely shiver until the 18th September. Why are all other majors increasing and the GBP decreasing?  Investors in the UK money market have turned their backs because of the ‘Scottish Referendum’ and the fall-out it will create. The UK economy is rated as 8th strongest in the world and has been brought to a halt by one man with a huge ego and a weak British government. Today the £ dropped from €1.267 to €1.245 as a result.

Well done Mr. Salmond and Mr. Cameron  you should be very proud of yourselves.





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08 Sep 2014 11:20 by mariedav Star rating in Ciudad Quesada. 1091 posts Send private message

Why bring Cameron into it? He's said this is a matter for the Scots to decide and has, rightly, stayed out of it. The only time he was goaded into saying something the Scots cried "English bullies" and "Westminster dictating to us" and the Yes vote increased by 3 points. 

The markets hate uncertainty hence the drop. If a referendum on EU withdrawal is ever declared, just watch the pound go into freefall.

 


This message was last edited by mariedav on 08/09/2014.



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08 Sep 2014 12:44 by Woodbug Star rating. 371 posts Send private message

 

Why bring Cameron into it? He and his ‘ministers’ are at the heart of the cause of the weak GBP - that's why. What can you expect with comments like these:

“You will see in the next few days a plan of action to give more powers to Scotland; more tax powers, more spending powers, more powers over the welfare state. "That will be put into effect the moment there is a 'No' vote in the referendum."

Treasury civil servants said “that a shared sterling zone between the UK and an independent Scotland would not only be unworkable and unstable but damaging to both countries”.

So, Salmond responds by threatening to renege on payment in respect of Scotland’s share of  the not inconsiderable UK debts if the government try to affect the outcome of the referendum. This stupid but predictable political in-fighting is the cause of the depressed exchange rate. Anyway, does anyone particularly care if Scotland decides to stay or go?





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08 Sep 2014 18:25 by Conchi Star rating. 49 posts Send private message

A low pound can be good for the economy, there is no way the economy has been brought to a halt. I don't rate Cameron but there is no way he can be blamed for the Scottish wanting independence. It was Salmond and his cronies idea. 





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09 Sep 2014 08:02 by acer Star rating. 1392 posts Send private message

I reckon you're wrong on this one Woodbug.  With all that's going on (mainly wrong) in the world currently the modest, possibly temporary, dip in the GBP exchange rate seems of modest concern.  Being a cynic I wondered if the story was jumped on by the "No" campaigners to try and prove a point.

Cameron may not be to everyone's taste, but who's better?  Certainly if I were a Scot I could nae stomach Salmond for too long, the guy's on oaf and clearly just desperate for more power, whatever the consequences.



_______________________
Don't argue with an idiot, he will drag you down to his level and beat you with experience.



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09 Sep 2014 09:31 by xetog Star rating in Wiltshire/holiday ap.... 514 posts Send private message

I think you are pretty much right acer, except that I don't think Cameron is the best we have.  The number of issues involved is so huge that nobody knows whet the eventual outocme will be for either party.  I would liken it to having a thousand or more ping pong balls each representing a substantive issue to be decided.  Throw them all up in the air at once and have two men (Cameron and Salmond) trying to catch as many as they can and see who ends up with what.  That is why the markets are so jumpy.  Scotland could end up with all the oil, no national debt and the crown jewels, who knows?  Whatever happens nobody gets all they want.  I am just afraid that Cameron is too weak to grab the Lions share, mainly because he will have one arm tied behind his back by the Liberals.

 

M.





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