Thread: Thailand's Baht, Peso --- Decline

Mr.Squirrel are there conditions to this 10% savings account that you know of? Is it only for account holders and shareholders?

^The maximum deposit was a very small amount.

Originally Posted by Spin

^ Oil fell back rapidly to 133.50 though.

Then nearly touched $140 (despite the Saudi's announcing a 6% output increase starting next month) to close at $134.61...

Originally Posted by Begbie

^The maximum deposit was a very small amount.

But you can have as many accounts as you want - as far as I know.

^They need the money, two months ago they borrowed $1.5BN at 9.5% from the market. Yet they offer mortgages at 7%. Should be the other way round to make a profit. Perhaps thats where they are going wrong...

Originally Posted by bkkandrew

Originally Posted by Spin

^ Oil fell back rapidly to 133.50 though.

Then nearly touched $140 (despite the Saudi's announcing a 6% output increase starting next month) to close at $134.61...

...And open back up to $138.05...

$150 by July 1st?

Originally Posted by thehighlander959

Mr.Squirrel are there conditions to this 10% savings account that you know of? Is it only for account holders and shareholders?

Unsure on the multiple accounts idea, but it is a regular saver account, max. monthly amount £500...

Mervyn King explains away the sharp rise in UK inflation:

http://www.bankofengland.co.uk/monetarypolicy/pdf/cpiletter080616.pdf

Subtext of letter; its buggered up, bugger all we are going to do about it, apart from hope it gets better in two years...

Unsurprisingly, Sterling dropped like a stone on this pathetic news. If he isn't prepared to act to fulfil the BoE's remit, he should cease drawing his salary!

Thew Daily Mash report Mervyn's letter in their usual style:

INFLATION TARGETS? I SHIT 'EM

By Mervyn King, Governor of the Bank of England


Dear Chancellor of the cocking Exchequer,

As if I did not already have enough on my plate clearing up all your other shit, you now expect me to bend over so you can stick it right up me in public, like some tit-knobbing arse jockey, just because a loaf of bread now costs a clitting fiver. Well try publishing this, fuck-button.


The CPI inflation rate for May, as calculated by the Office of National Knob Counters, is 3.3%. Twatting fuck. This is more than one piss-flap point above your prick-spittle target of 2%. So? What the pissing cock do you want me to do about it, badger balls?

Let’s face it. The inflation target is fucked, you’re fucked and I am so fucking fucked I’ll be lucky if I even get an interview for the governor’s job at the Bank of Beef Curtains. Happy? You tossing drop of snatch butter.

Why has inflation moved away from its target? Are you pulling my wank handle, you felching dog-knobber? Try asking that cock-minging jock maniac friend of yours next door, if you can get him to stop punching you in the shitting face for five minutes.

Let’s keep it simple. The slitty eyes have got cars and the brown people have got cars. They’ve got air-con. They’ve even got fucking telly. And all their kids have stopped dying, so there are fucking tons of them, the minge-winking muff pokers. Thank fuck the Africans are still totally in the shitpen, or else we’d be totally arse-fingered.

It might also have something to do with an unhinged jocko nut fiddler who has spent the last ten years blowing hot air up the arsehole of every homeowner in Britain. No more boom and bust? Fuck titter.


Is it going to get better soon? Is it cock. I’m no expert, but look: the pounds going down the shitter, the rag-heads are sitting tight and the Ruskies have got our balls in a vice. We don’t actually make a cocking shit in this country anymore which means the chinks can name their pricking price for anything they want to flog us. This time next year you’ll have to sell your daughter to a greasy Romanian just to buy a fucking falafel.


Any road up, better get myself spruced. Going to watch the Euros down Wetherspoons with Bernie from the Fed. Piss-felcher.

Up yours etc.


http://www.thedailymash.co.uk/opinion/columnists/inflation?-i-shit-it-200806171028/

Originally Posted by bkkandrew

Yes, as predicted, HBOS have crashed down below the crucial Ex-Rights price to a new low of 270.00

Sounds like Thailand today.

http://www2.warwick.ac.uk/fac/soc/cs...999/wp3999.pdf

The contraction of the economy that followed the baht devaluation was spectacular. Bangkok Bank (1999) figures show economic contractions of 1.3 percent in 1997 and over nine percent in 1998. Whole business empires collapsed, bankruptcies doubled as thousands of companies closed in 1998, and hundreds more followed in 1999. Investment fell significantly, especially in the property, construction and manufacturing sectors, and the resulting unemployment exceeded two million, the highest ever recorded. This had a significant impact in rural areas due to the strong links between rural incomes and urban employment. Rural remittances from urban workers have been substantially reduced or have ceased. The poor saw incomes reduced by up to 25 percent while the cost of living rose by as much as 40 percent. In education, the crisis saw dropout rates increase. More than 45,000 students dropped out in 1997, a record, with 69 percent at the primary level.

Are my savings at risk in HBOS?

You're insured up to 20,000 pounds I think.

I any case I suspect that BKKAndrew has a short position on HBOS and is trying to start a panic (by posting on Teak Door).

The bank may or may not be worthless, but the government won't allow it to fold. A takeover/merger candidate in the worst case.

That's what I thought - Think it's 30k now.

^100% of £30K, excluding interest in the current financial year IIRC.

^^Nice idea, but no.

Remember that if HBOS goes belly up the 30K scheme would not really be the issue. Yes, it would joing Northern Crock as a nationionalised bank, but the damage to the UK banking sector as a whole (and Sterling) would be immense. Which is why they covertly bailed out B & B a few weeks ago...

Individuals may be inconvenienced by inability to withdraw funds for a while, however, as happened at NR...

33.58 I heard this morning

More HBOS background...

As the most exposed UK bank to the 'falling-off-a-cliff' property sector, they are repossessing and auctioning like mad. Below is the link to an action that occurred yesterday. You can see HBOS as the vendor time and time again. Cross referencing the HM Land Registry site, you can see massive losses occurring on sales made and on highest bid of sales not made. Properties are selling for up to 75% less than HBOS customers bought them for (on 100% mortgages!)

In short HBOS are sitting on an unprecedented level of bad debt that has not even been written down yet, let alone put in the annual accounts.

They are insolvent. It will be a mess.

http://www.eigroup.co.uk/onlineauctions/login.asp?AuctionID=10599&c=brn

Also, second thoughts on those with savings in HBOS. Do you really trust McBrown and Co to refund your money? Do you feel lucky today punk?

For those that can't be arsed to click through the above and do the sums, I picked one totally at random:

Lot 71 ( Guide Price: 130000 ) From: Barnard Marcus Auction 10:00AM, Tuesday 24 June 2008

Vendor: Mortgagee

Address: 47 Peppermint Road, Hitchin, Hertfordshire, SG5

The description from the Barnard Marcus website is: Leasehold Purpose Built Self-Contained Flat Three Room(s) Communal Gardens Vacant. © Barnard Marcus Auctions

Map: Click Here

Last Sold Price: £236,995 on 31 August 2006

Auction Result: Unsold ( Highest Bid was: £135,000 )

Today's auction price would result in a Loss of £101,995 ( 43.0% ) since purchase on 31 August 2006.
( Not taking into account Stamp Duty, Legal Fees and any Estate Agency fees )

Bad Debt: The mortgagee's shortfall that would result from today's auction price is £66,446 ( Based on an 85% advance of the original purchase price of £236,995 )
( Excludes any arrears of interest, Costs of Repossession, Debt Management etc )

Originally Posted by bkkandrew

Not one to be smug, but I did forecast this two months ago...

Who do you think you are - Andrew Tobias?

Well the Baht keeps slipping and the BOT keeps propping it up, so I don't know if there is much to get exctied about

1 USD = 33.42 THB is the current exchange rate

1 USD = 40 THB would make me happy

We need a currency converter here - or is there one I just have not found?

Rather than muck about with currency converters I prefer to bookmark this ->

Siam Commercial Bank