Reply to: GBP collapse

[Platypus]

I wouldn't invest is US$ right now - I've been waiting for the pound to collapse for months, and it hasn't happened. A change of 1 or 2 cents is nothing.

The pound is annoyingly resilient

[Moscow Mule]

exchange your wedge for twice the official rate on the street (easy, believe me),

Just don't get caught, it's quite expensive bribing coppers when you only have a rudimentary grasp of the local language.

[TimberWolf]

A lesson I learned in the 1980s when the pound suddenly slumped by about a third against the DM. 9-10% interest was luvverly until that happened.

It was very tempting to shift more into sterling just a couple of years ago, but by staying firm I managed to miss the fall and the Icelandic worries too.

I don't see high interest rates being on the cards, too many people have too high mortgages - about a million are struggling with current ultra low interest rates and if house prices were to drop, the banks might fold again? Seems like currency collapse or hyperinflation is the only realistic option.

[pzz76077]

1.00 USD = 4,446.40 ZMK

Yep, turn your worthless Pounds into an even more worthless currency.

Alternatively, take £10k from the bank, go to Bucharest, Istanbul or similar, exchange your wedge for twice the official rate on the street (easy, believe me), go to the nearest bank and Western Union it back to yourself and take a 90-100% profit for a few hours work.

PZZ

[Sysman]

You cant go wrong with Zambian Kwachas.

1.00 USD = 4,446.40 ZMK

[Sysman]

I have about 10% of company holdings in EUR.

It earns cock all interest but that's not really an issue these days when comparing to UK business accounts.

A lesson I learned in the 1980s when the pound suddenly slumped by about a third against the DM. 9-10% interest was luvverly until that happened.

It was very tempting to shift more into sterling just a couple of years ago, but by staying firm I managed to miss the fall and the Icelandic worries too.

[pzz76077]

Do you think it is a good idea to open a USD denominated bank account (eg Cater Allen currency account) and stick a large sum of pounds into dollars?

Would this be a sensible thing to do as there word on the street is that the USD is going to make a comeback and the pound is going to sink?

You cant go wrong with Zambian Kwachas.

PZZ

[SantaClaus]

When the $ starts getting stronger and gbp & euro weaker, start selling your equities. Guess that means now
Obama caused a sharp selloff in equities this week by his remarks about bank regulation.

Not that it matters which way the gbp is going for me. I've been scalping the market all week.

[suityou01]

Do you think it is a good idea to open a USD denominated bank account (eg Cater Allen currency account) and stick a large sum of pounds into dollars?

Would this be a sensible thing to do as there word on the street is that the USD is going to make a comeback and the pound is going to sink?

Bad DimPrawn.

Tell the nice boys and girls the truth now.

[thunderlizard]

At your choice of nightclub HAB, I'm sure it will.

[HairyArsedBloke]

Would this be a sensible thing to do as there word on the street is that the USD is going to make a comeback and the pound is going to sink?

I hear that the Macarena is going to make a comeback too.

[TimberWolf]

The Pound has taken a bit of a pounding today.

[AtW]

Get a balanced busket of currencies to hedge your risks and stop being a dirty currency spekulant - in Soviet Union they were giving 10-15 years for that

[TimberWolf]

Do you think it is a good idea to open a USD denominated bank account (eg Cater Allen currency account) and stick a large sum of pounds into dollars?

Would this be a sensible thing to do as there word on the street is that the USD is going to make a comeback and the pound is going to sink?

What's their interest rate and are there any restrictions/conditions to opening a USD account?

What about Euro's?

And what about buying safer shares like Tesco or BP too?

It will be interesting to see what will be most doomed: GBP, Euro, Dollar, shares, gold, property, etc. Converting to and fro between them isn't a cheap option either.

[Moscow Mule]

I have about 10% of company holdings in EUR.

It earns cock all interest but that's not really an issue these days when comapring to UK business accounts.