If all the banks end up nationalised or collapsed?
If all the banks end up nationalised or collapsed?
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Discussion

chris_w666

Original Poster:

22,655 posts

229 months

Monday 6th October 2008
quotequote all
As the title. If that happened what would be the consequences?

Would money be worthless?

How would we buy goods and services?

Would society break down?

Am I just being stupid?

mark69sheer

3,906 posts

232 months

Monday 6th October 2008
quotequote all
buy a gun!

Republik

4,525 posts

220 months

Monday 6th October 2008
quotequote all
Riots?!

Fittster

20,120 posts

243 months

Monday 6th October 2008
quotequote all
The banks in Japan who went through this a decade are in good shape and I assume could simply step in.

off_again

13,917 posts

264 months

Monday 6th October 2008
quotequote all
Wouldn't worry - its not going to happen. If it does, we will have bigger problems like no food in the supermarkets, no fuel in the petrol stations and no money in the banks. So its all pretty academic then - we are all censored.

I have no idea, but my guess would be that we would still have something, but it would be wrapped in rampant inflation and some form of communist state - since this would be the only way that the government could actually do anything - nationalise EVERYTHING....

So we are screwed either way.

GBRM

954 posts

258 months

Monday 6th October 2008
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We'd be in Zimbabwe.

Yertis

19,721 posts

296 months

Monday 6th October 2008
quotequote all
off_again said:
I have no idea, but my guess would be that we would still have something, but it would be wrapped in rampant inflation and some form of communist state - since this would be the only way that the government could actually do anything - nationalise EVERYTHING....
And people ask "How could the Government let this happen?"


They engineered it. Or would, if they had the intelligence.

Skipppy

1,136 posts

240 months

Monday 6th October 2008
quotequote all
Crossbows, lots of crossbows.

mark69sheer

3,906 posts

232 months

Monday 6th October 2008
quotequote all
Its disgusting that this has happened but not surprising. The current Govt haven't a clue how to run anything let alone a country. All the governing bodies have been toothless since Nu Labour took over. Ofcom , competition commision , FSA etc etc all the mehanics were there to prevent the current scenario but they simply weren't used.

This govt has been the destroyer of all the old wives tales, built on genertions of experience.

Spare the rod and spoli the child
Don't borrow more than you can afford to pay back
neither a lender or borrower be
Cut your cloth accordingly

etc etc etc

Now of course all the old wives tales have come back to bite us all with a vengeance.

As for if the banks collapse. It could happen.
HBOS saved by Lloyds but the irony is Lloyds balance of assets was actually worse than HBOS.
So from two shakey banks a supersized shakey bank is formed.

What has actually happened is the banks bought in to worthless property and your money and mine has been thrown away literally.
There will be nothing left as all the money you paid for being overdrawn all the excess charges that were taken all the profits the banks made have all gone into the same leaky pot.

So basically we are screwed.

This is where a global economy is a farce and not the ultimate it was claimed to be.

In a non global economy pockets of growth still survive in a global economy its possible for a complete meltdown of the world economy.

I can't see a solution. I was put out of business by Chinese imports. I was going to set up a Chinese factory but glad I didn't now. My money went into property and was lost and unemployment is the new phantom.

Dreadful times ahead.

paul26982

3,850 posts

248 months

Monday 6th October 2008
quotequote all
quite an intresting topic, dont know much about it myself, enjoing the read smile

Simpo Two

92,907 posts

295 months

Monday 6th October 2008
quotequote all
mark69sheer said:
In a non global economy pockets of growth still survive in a global economy its possible for a complete meltdown of the world economy.
According to Working Lunch, China and India are still doing 7-9%, with US on -1 and UK at zero.

Fittster

20,120 posts

243 months

Monday 6th October 2008
quotequote all
mark69sheer said:
Its disgusting that this has happened but not surprising. The current Govt haven't a clue how to run anything let alone a country. All the governing bodies have been toothless since Nu Labour took over. Ofcom , competition commision , FSA etc etc all the mehanics were there to prevent the current scenario but they simply weren't used.
Why should the government know how to run a private enterprise like a bank?

Simpo Two

92,907 posts

295 months

Monday 6th October 2008
quotequote all
Just wondering if we actually need banks. There's a Bank of England after all - we could all use that for savings and mortgages.

Or is that a silly idea?

tinman0

18,231 posts

270 months

Monday 6th October 2008
quotequote all
chris_w666 said:
As the title. If that happened what would be the consequences?

Would money be worthless?

How would we buy goods and services?
1. If the banks failed, other entrepreneurs would create new banks from the wreckage. Those banks would be free of debt, and would attract all the savings in the market.

2. No. Bank of England has a promisary on each note. Its not the BoE thats broke. Yet. And if it did, you simply peg the value of the £ to the value of land like they did in Germany after WW2.

3. Same way you would now. You'd just have a new bank.

mark69sheer

3,906 posts

232 months

Monday 6th October 2008
quotequote all
Fittster said:
mark69sheer said:
Its disgusting that this has happened but not surprising. The current Govt haven't a clue how to run anything let alone a country. All the governing bodies have been toothless since Nu Labour took over. Ofcom , competition commision , FSA etc etc all the mehanics were there to prevent the current scenario but they simply weren't used.
Why should the government know how to run a private enterprise like a bank?
They don't have to know how to run Banks just how to police them and they failed.

Ironically they do have to know how to run a bank now and it won't be long before they start breaking the law to be competative in the same way that local coucils tear up the rule books when their own land can make a profit.

audidoody

8,598 posts

286 months

Monday 6th October 2008
quotequote all
Is there ANY good news in ANY of this? Seriously.

I mean apart from being an insolvency practitioner?



Edited by audidoody on Monday 6th October 22:08

Simpo Two

92,907 posts

295 months

Monday 6th October 2008
quotequote all
According to the BBC news, Iceland is about to go bankrupt...

But hey, it's all paper smile

chris_w666

Original Poster:

22,655 posts

229 months

Monday 6th October 2008
quotequote all
It does seem to be all paper, or numbers on screens. The only way to be safe looks to be own lots of stuff people want and a gun.

Though if anyone wants to invest in a gun shop I'll go 50-50 with you.

Edited by chris_w666 on Monday 6th October 22:49

Bigdrift

1,566 posts

226 months

Monday 6th October 2008
quotequote all
wow this is a nice cheery thread !

chris_w666

Original Poster:

22,655 posts

229 months

Monday 6th October 2008
quotequote all
Bigdrift said:
wow this is a nice cheery thread !
Just a what if, musings from a dull afternoon at work really.