We’re looking at our UK based savings following the revelations about Eurozone banks being due to take a Cyprus style ‘Savings Haircut’ on depositor accounts which don’t seem to be idle gossip. HSBC have clamped down on big bank transfers for fear of a ‘run’ on their accounts. Royal Bank of Scotland is 8 billion in the hole. That’s sterling, not dollars by the way. Several Russian banks are in the Ca-ca and preventing depositor withdrawals. Fortunately we use none of these, but there’s a suspicion that despite bail outs, most of the banking sector is in deep, deep trouble. Guess who’s going to end up paying? You’ll need a mirror to find out.. Take your time.
The current UK ‘recovery’ is running on the back of yet another housing led bubble-boom. Which brings me to ask; does nobody learn from History, even recent History, any more? There was the housing boom and bust of the early 1990’s, 2007, and now this time. It truly fits the definition of insanity, making the same old mistakes in the same old ways and expecting different results. Pass the straitjacket matron.
All this bank piracy makes me want to buy a boat and stock up on dry goods before taking an extended trip around the world. Although we’d avoid the Philippines, Suez and East and West Africa all the way south to the Seychelles. Apparently the Pirates down there are using ‘Mother Ships’ to run small groups of raiding craft. None of ’em look like Johnny Depp either. Or the recent revelations that the Mexican Government is seizing tourist vessels over seventy buck permits.
From piracy on your hard earned savings to piracy on the high seas and even in tourist marinas, it doesn’t leave you with many options, does it?