Originally posted by d000hg
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Reply to: Germany gives 100% deposit protection
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Previously on "Germany gives 100% deposit protection"
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Britain could trump Germany by guaranteeing 110% of deposits. Boomed.
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Can someone explain HOW a country can guarantee 100%? Where can they get the money from? Would it not entail printing a lot of new money and leading to inflationary problems?
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Originally posted by Ruprect View PostAnd taking all steps needed...such as re-employing Mandelson
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Originally posted by Ruprect View PostDon't forget that there is no longer a boom and bust economy either
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this is de facto nationalisation
this is really scary. there is a bank run going on and they are very afraid of the system collapsing
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Originally posted by NoddY View Posthttp://news.bbc.co.uk/1/hi/business/7653317.stm
Helmut follows Paddy in which the State effectively underwrites the whole banking system.
If the banking system is 'so important' then why wasn't it nationalised to start with?
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Originally posted by bored View PostYou don't understand - banks compete between each other. If bank B offers a higher interest rate than bank A, then people would put their deposits into bank B rather than bank A. If people know their money is 100% safe, they will no longer care about how dodgy the bank is.
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Originally posted by oracleslave View PostWould be interesting to watch from the sidelines if this did happen. Can't see it occurring though
The reason is simply - people who can sue are sitting on more toxic stuff than they lost so far, they don't want to show how much they have so they try to stay put as lawsuit will only expose them and they'd go bankrupt before court case starts.
In the UK those criminals are likely to get away with it yet again, but in the USA plenty will be jailed soon.
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Originally posted by AtW View PostNo it doesn't encourage it more than current deposit scheme that insures 100% of deposits up to a certain number - if bank collapses it does not matter anyway as the bank itself won't get copensated from the scheme.
What encouraged banks to gamble was lax legislation allowing high leverage derivatives and unchecked investments into property as the result of reckless lending which was result of Greenspan's low rate policy. I've always been pretty dubious about people who lauded Greenspan, it seems to me now clearly that he is one of the key people who are responsible for reckless behavior of banks.
3% of UK depositors who are not fully covered by £50k limit are likely to represent huge amount of money - possibly 50% of all deposits, so if they take money out to Germany (better than Ireland) then UK banks will be shafted big time.
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Originally posted by AtW View PostThis will happen in the USA first - maybe last too as criminals in the City got used to getting away. The good thing is that a lot of them will implicated in what they did on behalf of US banks, so good thing there is extradiction treaty between UK and USA.
I predict Sarbanes-Oxley act will be used first to jail those scumbags - the fact that junk sub-prime morgages were packaged as AAA debt and then resold is going to be a solid reason for jailing all key people who were involved.
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