NickB wrote:.
you Vikings. I am hoping for a berth on your Ark of Prosperity when the rising sea level begins to lap round my furniture.
- N
My dear Nick MacB
You appear to be having a a bit of a time in finding people who agree with your views at the moment and, please, don't take it that I am trying to add to your woes but I must,
most gently, politely and without laying any "crudely baited traps" (bit pointless those as if they are crudely baited who on earth would fall for them?) disagree with you here.
Firstly I would not make any plans to retreat to Lec's much vaunted Arc of Prosperity. Its fallen apart ! Iceland has gone bust ! Ireland became the first European country to go into recession and its financial system is now in such a state that one of three things are about to happen:
1. The banks will be nationalised (unlikely as their liabilities are five times the GDP of Ireland).
2. All Irish banks will be merged by Act of Parliament into one bank.
3. The first will go bust, the Irish government will not be able to fulfill its foolish 100% guarantee of deposits so the IMF will be called in leading to an Iceland repeat.
And Norway ? Its Soverign Fund has halved in value YTD due to it being invested in equities (a lage percentage Russian) and its income is crashing with the unprecedented fall in oil prices.
Second you refer to the rising sea lapping round your furniture !!! Just how much has sea level risen around Scotland's coast in the last twenty years ???? Has anyone noticed a rise in sea level here in living memory ???
I hope you are not upset by this post and take it in the correct spirit; one of pointing a couple of flaws in your proposed survival strategy.
Hoping your back is better now.
Love
Long View (only 15% in equities since before Lehmans)