UK Sinking Ship

[Andy]

Recently I moved most of my savings out of the UK to buy property abroad since I think it is a waste of time to hold money in traditional savings accounts in the UK. And very risky! This may sound strange but it is based on what I have learned from a German economist that says that the UK banking industry is bust and there may come a time where you will have difficulty withdrawing your money from banks. I would expect that you would never have a problem withdrawing say £100 from an ATM machine everyday, but if you want to withdraw your life savings and move them abroad to say Spain to buy a retirement villa, you may get blocked IMO.

I still have some savings in the UK for when I visit, business use and stock trading, but I don't like the way the interest rates were slashed for savers.

The latest news in the UK is very bad in regard to finance and state control. Yesterday I read about someones mother being forcibly taken into care by authorities using a battering ram on the door because the daughter took her mother out of a care home that she was concerned about. There were police enforcers present to make sure that the operation succeeded.

And the government keep wasting money and pretending that everything is improving when the latest stats say that the last quarter was worse than Q4 2008 and like post WW2.

What is happening in your country?

[Manu]

Here seems to be fine. Indian banks pay 8-12% on savings and fixed deposits. Tight regulatory control for decades have ensured there are not any severe problems. About 95% of the major banks are nationalized for years.

If you want a safe place to keep your money. You may invest in Indian debt or govt. of India bonds. That pay upto 12-14% guaranteed per year returns depending on the time of investment.

[Andy]

If you want a safe place to keep your money. You may invest in Indian debt or govt. of India bonds. That pay upto 12-14% guaranteed per year returns depending on the time of investment.

That's a great rate!

[john2k]

How are things going in the UK now?

I'm in the U.S. and despite Ben Bernanke stating that the recession is over most people seem to believe that we are far from it.  IMO, things will not be looking positive until we start getting good job numbers again.  I believe we need 125,000 new jobs monthly (or something like that) just to keep up with population increase.  So 125k+ jobs monthly would be a signal that things are truly improving.

[Andy]

No idea about the UK, left a few years ago.

You know things are bad when the price of gold is over $1000 an ounce.


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[Manu]

price of gold - you see an equity crash coming Andy?

[Andy]

price of gold - you see an equity crash coming Andy?

Some of the forecasters that I follow expect an orchestrated crash at some stage.

A good source of info is here: http://theinternationalforecaster.com/

[Manu]

Can you tell what sources or people you follow?

[Andy]

Peter Schiff

Don Harrold

Dr. J  Berninger

Penn and Teller

You can find them on YouTube