GBP vs THB

[sargeant]

quote
"the property value of the offices alone is 1.5 billion!"

Do i presume that is 1.5 billion on a sub prime mortgage with Lehman Bros

[margaretcarnes]

Guess, you mentioned the weakening pound and strengthening euro. What I can't understand is why we just don't change from pound to euro and have done with it? It's becoming a pain in the proverbial!
Even more worrying is the prospect of a huge LibDem gain. Not that I've anything in particular against them - being an unknown quantity in power at central government level anyway - but it seems that their treasurer, one Vince Cable, thinks that prescriptions are a mere 4 quid and a can of beans 90 pence! (Thats NEW pence by the way.) This does not bode well

[Guess]

................. why we just don't change from pound to euro and have done with it?..........

I don't really follow the British economy specifically but when I did the reason was more or less the reason why Denmark and Sweden opted out as well.

The Germans and the French demanded an entry on a level that was not acceptable. The founding Benelux countries went with flow leaving only the three mentioned above and the poorer nations. The poorer nations had everything to gain and they did. The Brits and the other two were wealthy economies and felt they were funding the poorer nations by having their currencies devalued. I reckon history has proven them right. I hear nothing but moans from Belgium and Holland about joining the Euro. Even the worlds richest nation is not over the moon but STEVE G would have a better handle on that one.

I can't really see any new joiners at the moment and there are a few that would like to get out.

Another small factor is that British banks make a small fortune on foreign exchange. Most of it is with the two largest trading partners. I.e. Euroland and the US.

Forex is much more than travelers spending money. The London Stock Exchange is the second (maybe third now) largest exchange in the world. A large percentage of transactions are foreign. The settlement company CRESTCo is capable of handling one trillion pounds per day easily.

One hundredth of one percent (a basis point) makes a nice little earner.

Seargant, I will stick with my statement that financial guys/gals are smarter now. In the two decades following WW2 the only qualifications for a senior banking position were that you went to the right school, wore clothes made by the right tailor and always wore a bowler hat.

Nowadays people are selected on relevant education (i.e not Greek Mythology) and track record and they are trained regularly by their employees. Fat salaries are earned by performance.

Of course a few pratts slip in through the back door but they are not usually allowed a position of power. (Nick Leeson was an exception).

[STEVE G]

Even the worlds richest nation is not over the moon but STEVE G would have a better handle on that one.

Actually Guess, the common currency makes a lot of sense here due to the fact that so many people cross borders every day.

Apparently about 100,000 people working in Luxembourg live in either France, Germany or Belgium, even including young Luxembourgers who have been forced over the borders by the high property prices.
People living here go to Germany for their shopping and to Belgium to buy furniture, and everybody else comes to Luxembourg to buy petrol and cigarettes.

To be honest I think this country has benefited more than others by the Euro and as for the economy here, they make so much money from taxing the multinationals based here that the actual currency is irrelevant.

This small palace is the Luxembourg headquarters of Arcelor-Mittal, the world’s biggest steel company;

[ozuncle]

Nowadays people are selected on relevant education (i.e not Greek Mythology) and track record and they are trained regularly by their employees. Fat salaries are earned by performance.

Of course a few pratts slip in through the back door but they are not usually allowed a position of power. (Nick Leeson was an exception).

Another couple of recent pratts!

CEO (AIG) annual last year annual bonus $8m.
Lehman Bros CEO annual bonus in March this year $22m.

[richard]

Wish I was a pratt

[sargeant]

The problem with your defence of these people guess is they were professors of economics BEFORE the shit hit the fan
If they were so educated at it they would have seen it was not a good idea to take a fan into the craphouse

as for pratts you could start a thread called add a pratt and it would overtake add a word

[BaaBaa.]

Its sneaking back up, 61.9596 today.

[Guess]

Another couple of recent pratts!

CEO (AIG) annual last year annual bonus $8m.
Lehman Bros CEO annual bonus in March this year $22m.

They were both paid on the earnings of last year. That is how CEO salaries work.

You cannot single out the CEOs of failing banks and blame them for global economic depressions. The best they can do is see it coming and install some weatherproofing.

The problem with your defence of these people guess is they were professors of economics BEFORE the shit hit the fan

Try reading what I wrote again. There is no defense of anyone just a statement to say that IMO the skills levels had improved. Far from perfect but then what industry is.

Are you also, suggesting that these guys, which for some reason you have promoted to professors, should have predicted the future and stopped it happening.

This is planet Earth, these are real people, not sorcerers.

Its sneaking back up, 61.9596 today.

Yes. It looks like the pound fell a little too far and has now stabilized. The Baht is still stable. Probably not too much to get exited about. The freefall theorists must be having a re-think now.

[dtaai-maai]

Wish I was a pratt

Hush mah mouth

[sargeant]

Guess i havent promoted anybody quote myself"Just been listening to a quote "professor of Economics" on the BBC "

quote guess "Are you also, suggesting that these guys, which for some reason you have promoted to professors, should have predicted the future and stopped it happening."

Answer YES thats why they are paid and called the almighty wise professors of economics

Guess what i dont need a professor of economics to tell me its gone down the toilet after a TV announcer told me about the sub prime/credit crunch/ lehmans bank down the Khazi/ AIG bailout/ merrill lynch/ HBOS

I think i got the message from a TV announcer unfortunately there were no professors advising people NOT to invest before it all went pear shaped whether they are better now or not they are still as much use as tits on a frog

[margaretcarnes]

Agreed about the relevant skills levels Guess - something that's been a deliberate government policy in the UK for almost 30 years now. Although at CEO levels the emphasis is more on the transferable management skills, ie if you can manage a frozen food factory you can manage B&Q. The result of course in many industries has been the lack of incentive for people to work their way up from the 'shop floor to board of directors, as used to happen. Hopefully the financial institutions also require some financial knowledge?!
I do remember the 'opting out' now you mention it - thanks. Denmark and Sweden though seem to fare a bit better than us, albeit with higher costs of living and - as already mentioned - the 'border hopping shopping' which I know prevails.
I do think there's now a growing feeling that we've left the change to Euro a bit too long.
BTW the CEO of the Halifax is also getting some flack about keeping his (alleged) 2 mill salary following the takeover. If indeed it's based on the previous year, fair enough, but I wonder where salary based on performance outcomes figures?

[Guess]

Guess i havent promoted anybody quote myself"Just been listening to a quote "professor of Economics" on the BBC "

I am sure that was in your mind when you posted but what you actually wrote was:

........The problem with your defence of these people guess is they were professors of economics ....................

When I was referring to bank employees not scholars.

quote guess "Are you also, suggesting that these guys, which for some reason you have promoted to professors, should have predicted the future and stopped it happening."

Answer YES thats why they are paid and called the almighty wise professors of economics

Again. It's just I figment of your imagination. You are referring to "almighty wise professors of economics" not I.

Guess what i dont need a professor of economics to tell me its gone down the toilet after a TV announcer told me about the sub prime/credit crunch/ lehmans bank down the Khazi/ AIG bailout/ merrill lynch/ HBOS

Who do you expect the TV companies to use as an authoritative figure, a cabbie, tube train driver or a hairdresser AND where do you think the TV company got it's information. Personally, if I was using the TV as a source of information I would expect to have someone who knows what he is talking about on the subject. I have the greatest respect for TV journalists. They require a multitude of skills but they cannot be specialist in one field.

I think i got the message from a TV announcer unfortunately there were no professors advising people NOT to invest before it all went pear shaped whether they are better now or not they are still as much use as tits on a frog

Why do you have this strange misconception that someone who is educated to a high level can see into the future.

You have taken a statement that I made regarding the improvement of relevant skills in the banking and banking infrastructure sectors and turned it into a weapon for your one man anti education crusade.

Perhaps you should start a poll "Is education good or bad?" and see the results. I think you could find that you are the only one who is against it unless Pol Pot is on the forum.

Do you have substantial well researched argument against the western education system or is it just a personal gut feeling?

OH, I suppose the TV announcer failed his O levels and walked straight into his TV journalism post.

[margaretcarnes]

Anybody got an avatar handy of a frog with tits please?

[Guess]

Anybody got an avatar handy of a frog with tits please?

Sorry you will have to explain that one. Do you want a female frog?

Your most recent post wasn't there when I started mine, but I agree and some good points.

I don't know much about the Scandinavian economies except that Denmark is more dependent on the EU (Germany probably) than Sweden. Also Sweden was a member of EFTA which gave access to Norwegian, Swiss and other markets in addition to its own and the Eurozone.

I think that both economies were slightly better than the UK before the Euro was adopted. Earnings per capita differ depending on the source but both countries have similar earnings to the UK. I don't know the situation now but 10 years ago the house prices were significantly less in both countries than the UK but everything else was more expensive.