To be worried about all this Euro crisis stuff

[hiddenhome]

Seriously, what's the worst that might happen to the UK?

What if loaves of bread end up being £100 or the banks refuse to give us our money?

Are we safe in our beds?

But what will actually happen though? What are the workings and technicalities of a total financial meltdown?

I want to know as well?

What goes in the oh fuck (financial) rucksack????

Fuck all will happen to you personally, unless you have investments.

In the rucksack? Mmm, stuff you can barter perhaps? Shaving foam, cheese, alcohol, ciggies, carrots

We could sell our labour in return for food or cut and blow dries.

I really wanna know what's gonna happen in terms of this meltdown.

Should we go out and stock up on Aldi baked beans or something?

I thought our investments were going to be guaranteed by the govt?

Must admit am tempted to empty savings account and place under said mattress.

Good idea orienteerer, but what if there was a fire and it all got burnt. Would have to buy a fireproof safe I guess.

What if the bank didn't let you take it all out. Can you just walk into the bank and ask them for £20,000 (if you're lucky enough to have that amount)?

YABU. But it's also kind of car-crash fascinating too.

Hugo Rifkind wrote a good article a couple of weeks ago. The gist of it was that he was all worked up to be scared but that he couldn't find anyone to tell him what to be scared of. Everyone trots out 'It will be disasterous if X happens...' but can't really say what shape the disaster will take.

Can you just walk into the bank and ask them for £20,000 (if you're lucky enough to have that amount)?

yes its your money - although you might have to give notice.

Mind you if everyone walked in and asked for money then the economy would collapse.

So lets not have all the knee jerking.

Fuck all will happen to you personally, unless you have investments.

Really? Hmmm 1930s America or Even 1970s Britain. People starved

Exactly, LemonDifficult no-one can say what our fate is. Is it just scaremongering or a pseudo disaster where everything will be okay in the end and it's just a bit uncomfy for a little while.

I heard a report last week that said first time round the banks were 24 hrs away from shutting down their ATMs if it's true it's very worrying/scary!

But why did they starve troisgarcons? Was inflation really bad? Will none of us get paid our wages?

I suppose the very worst thing would mean that the Government would be unable to borrow and would therefore have to stop spending. It would make the cuts so far look a complete doddle.

Oh, and those investments that'll be hit? That means every single private pension. How badly this hits individuals will depend on when the person retires. Annuity rates would fall through the floor for some time.

planetpotty

hidden rucksack full of cigs it is!

No one is going to starve. Thats scaremongering. I've been hearing it all for 2 years in Ireland and you know, money still comes out of the ATM and water out of the taps. Lots of people are kinda fucked but we're all still alive and doing fine.

Who does the govt borrow money from?

Are the taxes raised inadequate for running the country?

Hiddenhome: actually, not getting paid (public sector salaries, state pensions and benefits), or not getting paid in full/on time are possible scenarios.

@ cigs

I gave up though too expensive I have a bottle of sherry in the cupboard

I know that's exactly what I thought but don't have the shock face on my I phone!

It was on the BBC I think, was one of those times at the end of an interview/debate where someone has a closing swipe at the other person and this is what she said!

I have visions of us ending up back in the iron age or something

That is truly scary planetpotty.

The government borrows from 'the markets'. That just means they sell IOUs to people looking to put their money somewhere e.g. big funds or other governments. A country like China can't store all it's money under mattresses or it would suffer from growth/inflation (and it's a very large egg in one basket) so they buy up bonds from other countries and they agree an interest figure when they buy.

med bloody hell! Could that potentially happen? Is it very unlikely though? Has it happened before?