jeffontherock Posted December 11, 2011 Share Posted December 11, 2011 Recent events in Europe including the "bailing out" and Nationalisation of major banks, Banking downgrades, Credit rating downgrades and warnings on Sovereign debt, 2 speed Europe(possibly resulting in the UK leaving the EU?) are extremely worrying. The world economy is in a period of extreme volatility which is spreading through financial contagion. The bond markets in Europe are stressed and only being propped up by digitally created credit provided by the European Central Bank. The individual economies of the whole world are now inextricably financially dependent on each other, many forecasters are postulating we may be entering a depression the likes of which has not been seen since the 1930s. This UNMISSABLE short video is the most honest and easy to understand analysis of current indicators that we are on the verge of a major event. http://seekingalpha....earish-momentum My questions to anyone who can offer advice are: How safe is it to have funds deposited in Manx Banks if the whole thing goes belly up! How much of deposits are guaranteed by the Manx Government? Do the Manx Government have enough money to bail out a local bank(IOM Bank for example which I believe is owned by RBS which is under attack by the rating agencies) How much food does the Isle of Man Government have stockpiled in case supplies are disrupted due to a major financial crisis that results in the collapse of banks, companies(inc wholesalers), what about medical supplies, transport and heating fuel ? Does the Manx Government have any plans for what is becoming increasingly likely........... Total Economic and Social Collapse (for example please see GREECE) firstly European then Global resulting in TEOTWAWKI the end of the world as we know it................. are there any plans in existence preparing for the possibility of an event such as this? Link to comment Share on other sites More sharing options...
Lxxx Posted December 11, 2011 Share Posted December 11, 2011 Recent events in Europe including the "bailing out" and Nationalisation of major banks, Banking downgrades, Credit rating downgrades and warnings on Sovereign debt, 2 speed Europe(possibly resulting in the UK leaving the EU?) are extremely worrying. The world economy is in a period of extreme volatility which is spreading through financial contagion. The bond markets in Europe are stressed and only being propped up by digitally created credit provided by the European Central Bank. The individual economies of the whole world are now inextricably financially dependent on each other, many forecasters are postulating we may be entering a depression the likes of which has not been seen since the 1930s. This UNMISSABLE short video is the most honest and easy to understand analysis of current indicators that we are on the verge of a major event. http://seekingalpha....earish-momentum My questions to anyone who can offer advice are: How safe is it to have funds deposited in Manx Banks if the whole thing goes belly up! How much of deposits are guaranteed by the Manx Government? Do the Manx Government have enough money to bail out a local bank(IOM Bank for example which I believe is owned by RBS which is under attack by the rating agencies) How much food does the Isle of Man Government have stockpiled in case supplies are disrupted due to a major financial crisis that results in the collapse of banks, companies(inc wholesalers), what about medical supplies, transport and heating fuel ? Does the Manx Government have any plans for what is becoming increasingly likely........... Total Economic and Social Collapse (for example please see GREECE) firstly European then Global resulting in TEOTWAWKI the end of the world as we know it................. are there any plans in existence preparing for the possibility of an event such as this? Excellent topic. Although expect the usual suspects to use the old 'tin hat' line which is the standard quote of those on here. There's nothing wrong with asking very pertinent questions on a potential scenario which is moving nearer by the week. Link to comment Share on other sites More sharing options...
wheels Posted December 11, 2011 Share Posted December 11, 2011 How safe is it to have funds deposited in Manx Banks if the whole thing goes belly up! I'd invite you to consider the KSF farce How much food does the Isle of Man Government have stockpiled in case supplies are disrupted due to a major financial crisis that results in the collapse of banks, companies(inc wholesalers), what about medical supplies, transport and heating fuel ? Again consider recent wind and faulty boat issues Do the Manx Government have enough money to bail out a local bank(IOM Bank for example which I believe is owned by RBS which is under attack by the rating agencies) KSF again Does the Manx Government have any plans for what is becoming increasingly likely...........Total Economic and Social Collapse (for example please see GREECE) firstly European then Global resulting in TEOTWAWKI the end of the world as we know it................. are there any plans in existence preparing for the possibility of an event such as this? IMPO the IOM government couldn't plan its way out of a paper bag Ever seen Mad Max 2? Link to comment Share on other sites More sharing options...
jeffontherock Posted December 11, 2011 Author Share Posted December 11, 2011 Another informative article on the probability of the Financial system in Europe collapsing appeared in the Telegraph on Friday before the Grand Friday Eurpean Summit FAILED! http://www.telegraph.co.uk/finance/financialcrisis/8947470/Eurozone-banking-system-on-the-edge-of-collapse.html and heres another Analyst who believes it may very well go belly up before Father Xmas arrives!!(hope he has plenty of carrots stockpiled for Rudolf !! http://seekingalpha.com/article/307208-prepare-for-europe-collapse-before-new-year Happy Xmas Ho Ho Ho! Link to comment Share on other sites More sharing options...
Lxxx Posted December 11, 2011 Share Posted December 11, 2011 I think the answer to all of the above lies in two words; personal responsibility. If you assume the worst, that any digital 'wealth' that you have, any paper assets, will take a hit at some stage, which is likely. The only question is to what extent, will it be a large percentage or will you have to take a Greece style 'haircut' on whatever digits you had on someone elses computer screen when the global liquidity markets seize up (which they did last Wednesday hence the desperate measures taken by all the central banks to prop it up at the 11th hour). Have you protected whatever assets you have to avoid this? Assume that the manx government (which in the global scheme of things is a non-entity and is so far down the priority list it doesn't warrant a thought) cannot guarantee anything, what would you do? Have you made any contingency plans should Tesco's shelves be empty, which the last weeks events (with just a little wind) have shown is very likely. Do you have enough cash in your possession to buy whatever food is at the farmers markets, or are your cupboards stocked up should there be a bank holiday for a day/a weekend/a week while they re-calibrate the system? If you take sensible precautions you should be fine, if you carry on your merry life thinking it'll all blow over soon and be back to normal in no time (like the majority of the population) you're in for a rude awakening. Link to comment Share on other sites More sharing options...
manxy Posted December 11, 2011 Share Posted December 11, 2011 Not my area and have no real input to share Had a look at the bull and bear market video and unfortunately, I didn't really understand it but it doesn't look good. How much deposits are guaranteed by the Manx Government? - For fair play, I'd ask the same question to other Governments first, so that a comparison can be made, otherwise IMO, it's singling out one particular group which makes it vulnerable to those who like to twist things and who can take a snippet of information and point out weaknesses without knowing the full details or in which context it was meant in the first place. Link to comment Share on other sites More sharing options...
wheels Posted December 11, 2011 Share Posted December 11, 2011 http://www.gov.im/fsc/investor/dep_comp.xml Manx depositors compensation scheme Link to comment Share on other sites More sharing options...
hagar the horrible Posted December 11, 2011 Share Posted December 11, 2011 I getting to the point where I am thinking that it would be a sensible move to withdraw all funds deposited in the banks (little interest anyway) and either stuff cash in the mattress or invest in some other way, any suggestions? Link to comment Share on other sites More sharing options...
Lxxx Posted December 11, 2011 Share Posted December 11, 2011 http://www.gov.im/fs...or/dep_comp.xml Manx depositors compensation scheme This is assuming that the Manx government CAN follow up on its promises. They're just words, if the IOM government hasn't got the money to pay you who are you going to run to? For anyone who follows world events see the MF Global fiasco in the US which has just occurred. The US government and the regulators did not/were not able to guarantee the deposits in the accounts of it's customers, totalling over $1.5bn and the money just disappeared. No recompense, nothing. People need to get out of the mindset that the government will always be there as a last resort. Link to comment Share on other sites More sharing options...
Lxxx Posted December 11, 2011 Share Posted December 11, 2011 I getting to the point where I am thinking that it would be a sensible move to withdraw all funds deposited in the banks (little interest anyway) and either stuff cash in the mattress or invest in some other way, any suggestions? If you can't touch it you don't own it, is a sensible way of looking at things at the moment. Link to comment Share on other sites More sharing options...
wheels Posted December 11, 2011 Share Posted December 11, 2011 Quite right and a very valid point. They're good at talking the talk before things go wrong but not so good afterwards. I getting to the point where I am thinking that it would be a sensible move to withdraw all funds deposited in the banks (little interest anyway) and either stuff cash in the mattress or invest in some other way, any suggestions? Obviously I don't know where exactly your funds are but to keep all on the IOM and subject to the manx dcs is IMPO very unwise I'm saying this with the KSF mess in mind Link to comment Share on other sites More sharing options...
jeffontherock Posted December 11, 2011 Author Share Posted December 11, 2011 Not my area and have no real input to share Had a look at the bull and bear market video and unfortunately, I didn't really understand it but it doesn't look good. How much deposits are guaranteed by the Manx Government? - For fair play, I'd ask the same question to other Governments first, so that a comparison can be made, otherwise IMO, it's singling out one particular group which makes it vulnerable to those who like to twist things and who can take a snippet of information and point out weaknesses without knowing the full details or in which context it was meant in the first place. what i really want to know specifically concerns the IOM! what if a couple or 3 banks over here went belly up? Belgium's biggest bank Dexia just died a couple of weeks ago a few weeks after getting the all clear from the "official stress tests" do they have any "KSF" type of subsiduaries on the Island? what about the big banks in France who were downgraded? do they have any connections over here?(remember what happened with Iceland) Link to comment Share on other sites More sharing options...
Evil Goblin Posted December 11, 2011 Share Posted December 11, 2011 Obviously I don't know where exactly your funds are but to keep all on the IOM and subject to the manx dcs is IMPO very unwise I'm saying this with the KSF mess in mind If the European/UK banking system goes belly-up then so do the Banks on the Island. Most of their money is upstreamed to their UK parents anyway and if the UK parents really go deep underwater not even the UK and France, Germany, etc. can bail the system out. Looked at systemically, it is pointless to worry about the banks on the Island and not about the banks in the mainstream economies. Link to comment Share on other sites More sharing options...
Lxxx Posted December 11, 2011 Share Posted December 11, 2011 Not my area and have no real input to share Had a look at the bull and bear market video and unfortunately, I didn't really understand it but it doesn't look good. How much deposits are guaranteed by the Manx Government? - For fair play, I'd ask the same question to other Governments first, so that a comparison can be made, otherwise IMO, it's singling out one particular group which makes it vulnerable to those who like to twist things and who can take a snippet of information and point out weaknesses without knowing the full details or in which context it was meant in the first place. what i really want to know specifically concerns the IOM! what if a couple or 3 banks over here went belly up? Belgium's biggest bank Dexia just died a couple of weeks ago a few weeks after getting the all clear from the "official stress tests" do they have any "KSF" type of subsiduaries on the Island? what about the big banks in France who were downgraded? do they have any connections over here?(remember what happened with Iceland) Fair points but you're taking the wrong mindset. You're looking at the government to safeguard your assets for you. Take responsibility yourself. If it's in a bank account it's not yours, it's there's. You don't own it. I always get shot down on here on this topic so the only thing I will say on the matter of safeguarding your wealth is; Why are there signs everywhere offering to buy your gold off you 'while prices are high'? A 'We Buy Gold and Silver' shop has opened in Douglas..... hotels function rooms are being hired out by individuals to offer a route to take your precious metals off you 'while you can get a good price for it.' Think about it. People need to do their own research on the matter and come to their own conclusions as to what they should do, but they need to do it fast as things are deteriorating by the day. Link to comment Share on other sites More sharing options...
jeffontherock Posted December 11, 2011 Author Share Posted December 11, 2011 Obviously I don't know where exactly your funds are but to keep all on the IOM and subject to the manx dcs is IMPO very unwise I'm saying this with the KSF mess in mind If the European/UK banking system goes belly-up then so do the Banks on the Island. Most of their money is upstreamed to their UK parents anyway and if the UK parents really go deep underwater not even the UK and France, Germany, etc. can bail the system out. Looked at systemically, it is pointless to worry about the banks on the Island and not about the banks in the mainstream economies. but cant the UK print money and Nationalize the banks? can the IOM do that?? arent the banks over here somehow inulated from the UK?? Link to comment Share on other sites More sharing options...
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