Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Avoided is legal and evaded is not proven. You have a very strange and cavalier attitude towards justice. Guilty until proven innocent is what you seem to go by Reg - if you are wealthy at least.
Once again you show how you consider how much more important the aims and needs of governments are over and above individual people. Utterly abhorrent, akin to approving of a totalitarian rule.
Keith there is an alternative.
Decoupling, devaluing and a managed limited default alongside significant cuts to their public spending to get control over their budget.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
Yea indeedy, you pays your money and you make your choices, but it needn't be all bad...
" SIR - The Bank of England cut interest rates to 0.5 per cent four years ago. If you had decided to invest your 100,000 euros in Cyprus back then at 11 per cent interest that would now be worth 151,800 euros. A 30 per cent haircut on your investment would leave you with 106,260 euros.
Alternatively, if you had left your money in Britain you might have had an interest rate of 2 per cent (that would be 1.6 per cent after tax) so your 100,000 euros would now be worth 106,555 euros.
So "dodgy" Cyprus bank or "safe" British bank - not much to choose between them for my money.
Tim Bochenski
Bramhall, Cheshire "
http://www.telegraph.co.uk/comment/letters/9955689/Cyprus-crisis-will-hasten-economic-decline-in-other-eurozone-countries.htmlIgnorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
You ignore exchange rate risk Tom also the fact that retail rates in the UK are higher than the bank base rate if you keep an eye on your accounts and shift money around when needed. Four years ago you would have got close to 5% retail and even now retail rates are 2.5% plus on some accounts, not 0.5%. In addition you need to allow for tax in the interest in the different tax regimes.
The point is though, deposits are meant to be relatively low risk for cash needed in the short term or for cashflow purposes.
Also the money on deposit will have lost a lot of value over those 4 years as a result of inflation.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
There is nothing being ignored, and nothing to say that what Mr. Bochenski has written is an example of the best or worst that could happen.
The point is that safe easy access deposits should be seen as as risky as the interest level paid upon them.
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Government theft is clearly a risk in the Eurozone. Money should quit the currency area to places that will welcome capital. It is what the Eurozone deserves.
Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
barry,you mean thats what you would like to see.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
#25
The small print should read that the underwriting of such deposits by the public purse will end also.
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Actually I agree there Tom. Thinking about it there should be room for the government to allow banks to go bust. It is not healthy for any business, including banks, to think they will get a bail-out if things go wrong.
Incidentally - the investor compensation scheme, up to the £85000 level for deposits and £50,000 for most other types of investment is covered by the financial industry. What I have to pay as a Financial Services Compensation Scheme levy would make your eyes water!!!! It went up 70% last year and is going up again this year.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
BW said.......
````.Actually I agree there Tom. Thinking about it there should be room for the government to allow banks to go bust. It is not
healthy for any business,....... including banks, to think they will get a bail-out if things go wrong......```
You cannot be serious..........
Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
I agree with Barry Reg, you can take any risk you like if you're operating with a safety net.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Totally serious Reg.
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
That's why I opened my account with a State-owned bank (86% Public-owned), because if it went bust, the State Treasury will cover all deposits.
The Treasury and the Public would need to go bust for me to lose my savings, and the tax-payer too, as well as the money-printing Bank of England.
So all in all I'm quite insured, trouble is, I ain't got much savings!
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
That said, much of the above-mentioned have gone bust.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
interesting to see barry change tack on tax evasion, prior to today it has always been illegal - now it is just not proven.
Brian Dixon- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
i suppose the next time it will be ok.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
Brian Dixon- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
you allways transfer your savings to an argentine bank,should be safe down there.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Howard - read what I actually said. No change of tack at all. It takes a court to prove a crime, I was responding to that absurd comment of Reg suggesting that the confiscation of savings can be justified by legal tax avoidance and illegal tax evasion, suggesting that a person is guilty of evasion just because they have a lot of money in a bank and with no evidence of a crime.
Guest 714- Registered: 14 Apr 2011
- Posts: 2,594
Today starts the end of Cyprus as we know it, all available money will be withdrawn ASAP, business and property investment will collapse.
This is actually the start of a bigger picture that will start small and escalate to larger economies in a similar state to Cyprus.
I'm one of the fortunate people with very little to lose, all the elite greedy pigs will be sliding down the pole towards me.
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Barryw doesn't worry about morale grounds,
And it appears fine whilst, like the interview yesterday where the chapee said he just doesnt know where his next meal is to come from something has to go without, he only had essentials
whilst others get big big payoffs yep there legal,
but in the,,,,,,,,,,,, we are all in it together climate is it right?
ALL POSTS ARE MY OWN PERSONAL VIEWS