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Gazzleberry. Once again could be the third time lucky, whom do you think would be an excellent PM, don't be shy. PS Look up the Frankfurt School of thought of the 1930s let me know what you think of the people who were behind it and tell me if you agree with them. They set the course that we sail now in the West, for self-flagellation. Do some research .
gazzleberry Why so uppity, I just pointed out that Soros would sell his soul and his fellow Jews for his own purpose. What your Jewish father has to do with my post I do not understand. But for someone whose father found this country to be a safe haven, you seem to loath it, why?.
Agreed. I guess if the Saudis had the stomach to price oil in BTC (or whatever) it wouldn't be a happy ending. As Plato points out, the peak oil point is moot. There's lots of black stuff still left underground. The dollar is always a safe haven/risk-off play.
output "the problem is the UK is a net importer".... With an eye watering national debt.. Stagecoach.. We just have to see what happens with exchange rates.. Any benefit from a fall in the oil price could be negated by Sterlings weakness. Trouble is, it isn't even that the US economy is firing on all cyclinders. Its just seen as not as weak as ours..
They need to hike rates like the Fed. Both the Treasury and BoE can play with reserves but they prove a blunt tool. Selling the pound isn't needed if the Fed is aggressive on rates and the BoE (ditto ECB) is comparatively dovish. GBP would devalue. Good for exports though imports inflation - the problem is the UK is a net importer.
Funny how many alt-right losers don't realize that if we were in WW2 again, they'd be the bad guys. Good thing we don't have a Nationalist Socialist party here right now otherwise they'd be queueing up to join. Turncoats.
I meant BoE needs to buy Euros, the short the Pound, then buy Dollars with the Euros.
Eventually can buy the pound back and short the Euro after is has rapidly strengthened. When things normalise the Euro will return to normal levels and their will be profits on that trade as well as from the short on the pound.
It's kind of bizarre that after decades of wars over oil we are still living in a world highly attentive to crude oil supply/prices.
Of course those 400 billion barrels are hard to extract.
BP drilled to 36,500 feet in 2010 when they had the Deepwater Horizon blowout. So another mile deeper than that is needed - wonder what the pressure is like - how do you design a well that you are expecting to easily flow over 250,000 barrels of crude oil per day!
Still best plan for BoE is to short the pound and exchange for Euros and then into Dollars. Eventually at the right time buy the pound back and short the Euro. I'm sure it would work a treat - large profits against both American and European banks - they are trapped by rational economics and we can use it to pay off some of our national debt.
They control the international petroleum market and so Dollar is the only/natural winner.
They keep 400 billion barrels undrilled 42,000 feet subsea in the GoM as their "crude oil reserves" for when Texas runs dry towards the end of this decade. They are keeping 400 billion barrels as a reserve when the entire original oil reserves of Saudi Arabia in 1907 have been estimated at 130 billion barrels (now about 40 billion barrels remaining).
Too much dollar strength. The Yanks are winners here. Euro looks like heading for parity with the dollar. GBP which tends to be used as a temp hedge on EUR/USD isn't fairing much better. The only way this is going to change is by both the BoE & ECB taking an extremely hawkish stance on inflation. I suspect both are weakening their respective currencies to reap a comparative advantage in international trade v the dollar. It sucks that without more hawkish stance inflation is going to scr*w us all over.
We could could buy the pound off the Europeans - then demand the Yanks return the petroleum to us they have been shipping regularly from the North Sea into their strategic petroleum reserve - which would further strengthen the pound above the value that the Yanks are currently selling the pound at.
I think my plan is a good one.
We just need someone with courage at the BoE. Someone who is prepared to say we control our currency and we have the right to default on it - or to go the other way and to see it massively strengthen when interest rates go up to 12%.
You are playing Roulette by not trying to break the Euro which surely was the underlying aim of Grexit and Brexit? Except now it's the case that tails the UK wins and heads you lose - that is if we had someone with courage at the BoE.
I meant the Yanks may then have sold the pound to the Europeans before trying to break the UK.
No one would want to be holding the pound at that time in economic history.
So the Europeans expecting further falls and panicking would sell it is as cheap as cheap - expecting a default on the UK's debt (we have not constrained ourselves by having a responsible central bank like the ECB) - and we could could buy the pound off the Europeans the demand the Yanks return the petroleum to us form their strategic petroleum reserve - which would further strengthen the pound above the value that the Yanks are currently selling the pound at.
Yep, I think the Yanks are selling the pound and taking oil from the North Sea for their strategic petroleum reserve.
The least we can do is make sure when the pound falls we make some serious money which can then use to by the pound back cheaper maybe from the Europeans which the Americans may have sold to - having promised the Europeans they would break our economy.
Then we can expect to get a massive whipsaw move as we short the Euro after it is massively strengthened. Then when the European's realise the Yanks have double-crossed them and have no intention of breaking the UK we can reap the rewards from the Euro returning back to its previous level against the pound.
Let's do both sides up like a kipper for them both trying to break us.
We really need a massive exchange-rate fluctuation to pay for our energy costs.
I would say interest rates are irrelevant. The houses are built and the banks have goodness knows how much bad debts anyone - up to the next galaxy so putting more mortgages on hold/interest only (paid for by the tax payers) isn't going to be anything novel.
It's a better approach than trying to con the markets by printing money to pay for energy - which is the markets see right through in a jiffy and just short the pound.
No sorry - the yanks are already selling the pound so we'd be joining them in breaking our own economy - hmmm a novel approach - it could work in that they wouldn't be able to make a profit from breaking us as we would have in effect beaten them to the trigger of the gun they are planning to shoot us with.
I mean if we started buying Trillions of Euros whilst selling the pound down the toilet that would hedge is against both the USA and Europe and they may break each other leaving us the financial victors.
I don't know why. I just think perhaps we should try and break the Euro .... maybe the USA, India, China, Brazil, and Russia will all join us? Probably not though - the Europeans are too friendly and cooperative.