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Originally Posted by Paul Markham
Well the rest of Europe is now about to bail out banks, so not just the UK.  |
Countries are being bailed out. But even if they weren't it's not the end of the world. Look at Argentina. It said fuck you to it's creditors and after a while it's back on it's feet. Nobody will lend to them mind.
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Originally Posted by Paul Markham
You don't know what the Chinese will do to get them to move over. Still how long before China builds it's financial institutions to rival and over take the City of London?
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After the handover in 1997 the UK worked hard to get the Chinese to agree not to interfere with the HK economy. They said they wouldn't for 50 years under the "one country, two systems" scheme.
Despite this HSBC's headquarters is a building designed so that it can be dismantled and moved. Nobody trusts the Chinese government. They play a much bigger role in the economy and are tighter on regulation. Banks will not be able to operate freely in a post democratic Hong Kong.
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Originally Posted by Paul Markham
The UK banks might stop lending money to the UK or EU. Now that would be even worse.
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They have. That's why the government is underwriting mortgages for first time buyers.
Quote:
Originally Posted by Paul Markham
Unlike everyone else, I don't blame the banks. They just lent money to people often on a spending craze who didn't have a snowballs chance in hell of repaying the loans. Like Greece, Ital................. You know the list.
If the banks hadn't of lent like they did, the amount of money being spent by the citizens of most of the EU would of been far lower. We were all running around enjoying the money flooding into our coffers. Many maxed out their personal CC, now they have maxed out their countries CC.
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There's a contradiction in there. See if you can spot it.