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It's coming..

Community Veteran
Posts: 13,920
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Registered: 01-08-2007

It's coming..

DM is reporting that RBS are advising to sell everything - fearing some sort of crash.
They're also reckoning that oil is going completely south too.
If any of you have savings, you might find you can start buying super cheap stuff soon... (assuming of course that you can still withdraw them).
I need a new signature... i'm bored of the old one!
8 REPLIES
Community Veteran
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Registered: 21-03-2011

Re: It's coming..

Ahh RBS! The Bank who's financial expertise led to its own rescue by the taxpayer.
Now Zen, but a +Net residue.
Community Veteran
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Re: It's coming..

Quote from: 7up
DM is reporting

I do wish they'd stop, the DM crying wolf all the time does not make for news...
Community Veteran
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Registered: 24-09-2008

Re: It's coming..

If RBS had a proven track record of capital retention.............................. Cheesy
Community Veteran
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Registered: 12-08-2007

Re: It's coming..

Quote from: twocvbloke

I do wish they'd stop, the DM crying wolf all the time does not make for news...


They were not crying wolf at all. The story was carried by a number of newspapers including the Times. It was also mentioned in some financial bulletins on the radio.
Community Veteran
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Registered: 02-08-2007

Re: It's coming..

We have heard this kind of thing before, the stock market takes a long term view of things and has dropped a lot over the past few weeks, if it continues at that rate for any length of time then there maybe cause for concern but it's a bit early to make predictions.
As to getting savings out of the bank, not a problem as I have no savings and I suspect there are others like me
Of course pensions and benefits are paid into bank accounts as are most peoples wages but we are all in the same boat there and I can see no realistic way you could get your money some other way.
The first step might be for banks to restrict what you can draw out in a day (think Greece)
Community Veteran
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Registered: 24-10-2013

Re: It's coming..

people need to quickly realise that banks don't actually have all your money.
there is no bank that could physically let all their customers withdraw all their money - they simply don't physically have it.
the days of a bank having a big safe with your money sitting in it disappeared sometime early in that last century.
Community Veteran
Posts: 18,544
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Registered: 12-08-2007

Re: It's coming..

The UK has one of the strongest economies in the world. There is no need to worry about us becoming another 'Greece'. Such statements are simply scare mongering or based on ignorance.
Community Veteran
Posts: 7,910
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Registered: 02-08-2007

Re: It's coming..

We may have a stronger economy but our national debt is continuing to increase so if you balance the value of our economy against our projected debt it may not be all that strong.
There have been great depressions before and that affected the strongest economies at the time, ie the great depression in America.