 Poster: A snowHead
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So how does total Government borrowing now, compare with 1997 when (so called) Labour came in? I don't know, I'm just asking.
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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| pam w wrote: |
I'm not an economist (and I say that with no false modesty). It always beats me that whilst our economy is supposed to be strong, and the eurozone generally hopelessly mismanaged, overblown public sectors, etc etc etc, the euro has, in the long term, grown steadily against the pound since it was launched at about 1.62 (which was the rate I paid when I bought my euros ahead to pay for our apartment  ). Good idea on Nationwide - I shall get in and put some money on my nationwide card tomorrow. |
I think there are two distinct policy areas here: monetary policy and fiscal policy. In theory at least, the government can make independent choices in these areas. For the last few years, the government has run a loose-ish monetary policy (by setting a target using an inflation measure that doesn't reflect actual household expenditure very well) and a statist fiscal policy (high taxes and even higher spending). The former inevitably leads to currency depreciation and the latter to stagnation. Germany, OTOH has a tight monetary regime (via the Euro) and a fiscal policy which has moved in the opposite direction to ours, to the extent that they are now less taxed than the British.
I'm not an economist either. 
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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Nationwide account is really good. The same applies to credit card too, ie. no euro handling fees and at wholesale rates.
Only thing is allow plenty of time for interbank online transfers, even in this day and age it can still take upto a week for these to go through.
joe
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You need to Login to know who's really who.
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Interesting thread and I'm now seriously considering opening up a Nationwide account for my forthcoming end-Jan trip to Big Mountain and Fernie.
Just to clarify - is withdrawing money from an overseas ATM with a Nationwide debit card cheaper than exchanging £ to $ online in the UK with Travelex?
The link that Helen Beaumont posted states that US banks add an extra charge for withdrawing from their ATMs. Taking this into account, is it still cheaper to use a Nationwide debit card in the US than Travelex?
| Money Saving Expert wrote: |
Cash Withdrawal Charges (Debit and Credit Cards)
Withdraw money from an overseas cash machine and the card provider will add a fee, usually around 2.5% of the amount withdrawn with a minimum of £2.50. Many people are aware of this charge for credit cards, but it's important to note it applies to most debit cards too.
Many overseas banks, especially in the USA, also charge an additional fee for withdrawing cash. Little can be done about this, except trying a few different banks to find the cheapest. Thus taking larger amounts out to cover a longer period is cheaper than lots of small withdrawals, though do ensure your cash is stored securely. |
Does this apply to Canadian banks as well as those in the US?
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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In Banff the only bank I was able to use was the CIBC which is right down the bottom on the left hand side ?
In January last year I withdrew 200 CAD at a rate of 2.35 to the £ and this cost £85.95. There was no charge for using my card BUT Visa wasnt accepted everywhere !!!!!
This year I am off to the USA so hoping I have made the right choice 
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You'll need to Register first of course.
You'll need to Register first of course.
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I seem to remember having difiiculty withdrawing cash from certain banks in Canada, but didn't have my Nationwide account then, I believe Barclays have a 'partner' in Canada, do other banks have them too?
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I checked with Nationwide. Withdrawals from a current account (mine is a flexaccount), through an ATM, are free of charges. However if you withdraw cash using a Nationwide credit card, you will incur the cash withdrawal fee. I asked if it still applied if the account was in credit (ie load up the account before). The v helpful phone centre operator told me it was very inadvisable to do that. First, the cash withdrawal fee would still apply but second, and more seriously, if you did that and lost the card, or had it stolen, the bank would not be responsible for any credit balances.
I never knew that - never thought about it - one doesn't usually have a positive balance on a credit card! But it's worth knowing.
I haven't used my flexaccount for ages, and don't have a current card. Leaving for France tomorrow, so too late now, but will get a card and put some money in the account for the second half of the season, when the cash in my French account will be exhausted. But the Nationwide credit card is the way to pay in supermarkets etc.
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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| pam w wrote: |
| I checked with Nationwide. Withdrawals from a current account (mine is a flexaccount), through an ATM, are free of charges. |
Even in the US? (see my previous post)
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hd, well, I asked about "abroad" and she didn't ask me to say where. Worth checking though; I haven't banked in the US for many a long year, but when I did, the system was positively medieval.
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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hd, Have used my nationwide card in South and North America, canada, europe etc etc never ever been charged anything ...................... and always got a fab rate never feel like I have been fleeced !
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And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
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Helen LS, so does that make it cheaper than exchanging money online through Travelex before travelling?
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hd, Yes!!!!
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You know it makes sense.
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hd, Definitely !!!!!!!!!!!!!!!!!!!!!!!!!!!!
Travelex are a rip off !
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Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
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OK...have already sorted myself out with a Post Office credit card...time to apply for a Nationwide current account as well I guess...
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Poster: A snowHead
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Nationwide Flexaccount application submitted. Cheers for the advice on this thread everyone. 
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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The rate of exchange is a measure of international confidence in the financial performance of a government. Apart from several wars, PFI initiative, mis-spending in the MOD and health services, effective removal of banking controls leading to £30b Northern Rock down tube, selling of gold at a third of it's potential price, and ......... well you get the picture, what else is there?
Wonder if Gordon B skis?
I have often thought that if you could get the Al Quaida chappies on a pair of skis at the top of a mountain, by the time they have reached the bottom, they might have a different view on life.
I wonder if that might apply to Gordon too.
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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| Quote: |
Wonder if Gordon B skis?
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Dave Mac, I doubt it, that would constitute "Fun" and Mr Tax doesn't do "Fun"!
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You need to Login to know who's really who.
You need to Login to know who's really who.
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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Helen LS wrote:,
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In January last year I withdrew 200 CAD at a rate of 2.35 to the £ and this cost £85.95.
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I was hoping for something similar this year, but sadly the mid-market rate now sits at only 1.94CAD to the pound, so 200CAD would now cost £103.09. I think Canada isn't gonna seem such good value this year. Should have headed a few hundred miles further south!
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You'll need to Register first of course.
You'll need to Register first of course.
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luigi, Yeah but Canada is still way cheaper than over here so it wont be too bad I am off to the US need to go and check out what the exchange rate is there !!
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| Dave Mac wrote: |
| I have often thought that if you could get the Al Quaida chappies on a pair of skis at the top of a mountain, by the time they have reached the bottom, they might have a different view on life. |
Er, quite the opposite it would seem:
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| The next key fact in the biography is the two years bin Laden spent at an exclusive boarding school outside Beirut from 1973 to 1975. There, he lived the life of a decadent Western playboy. His activities included bar-hopping, picking up strippers and prostitutes, drinking and getting into fights in bars. He drove a silver Mercedes-Benz 350 SE, wore suits with flared pants, and sported a fashionable moustache. During the winter of 1973-74, he spent time in ski resorts with his Christian girlfriend, Rita. |
According to the psychological profile from which the above is taken, Osama's revulsion at his previous playboy lifestyle is a contributory factor to his hatred of America: to kill the enemy without is to kill the enemy within.
[Sorry - nothing much to do with currency fluctuations!]
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Osama's revulsion at his previous playboy lifestyle is a contributory factor to his hatred of America:
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LOL! Yes, well the fact that he has been lucky enough to try it is kind of lost on him methinks! "I've been to the West. I've sampled the decadence, the all night parties, the wild drug fuelled orgies, the endless nights of naked ladies, super-yachts and fine dining. Believe me brothers when I tell you you would have HATED it..."
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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and now he lives in a cave...
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awksquawk,
ha ha ha
"so off you go, on your suicide missions... sorry I can't come with you, I have important work to do...but you will get your reward of 72 virgins" etc etc
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snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
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| laundryman wrote: |
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| The next key fact in the biography is the two years bin Laden spent at an exclusive boarding school outside Beirut from 1973 to 1975. |
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So, he's a boarder. That explains it all!
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And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
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| laundryman wrote: |
| Quote: |
| The next key fact in the biography is the two years bin Laden spent at an exclusive boarding school outside Beirut from 1973 to 1975. There, he lived the life of a decadent Western playboy. |
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Yes not exactly a typical western upbringing (c) 1973 is it? Maybe if he'd been down pit week in week out he'd have a different view of the west... ok 1973 was the miner's strike so he would have been warming his cockles on a brazier outside pit head.
Sounds more like the lifestyle of a decadent Arab playboy methinks, cheeky s*d!
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You know it makes sense.
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seriously though; you can hedge against this ( currency valuation variation); you can set up an account with a finacial broker who does currency futures as a product ( not spot forex) & take a position out to 'short' the pound against the euro ( or a similar currency pair that have a similar relationship). If the value of the pound continues to fall you will be quids in ( dependant on the size of the position you take of course) so this will offset against the lower converstion rate or if the pound rises in value, the loss will be offset by the gain u will make having the extra money on the actual spot exchange rate.
thats what I,m going to do anyway.
Bye 4 now
Mitch
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Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
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| JT wrote: |
awksquawk,
ha ha ha
"so off you go, on your suicide missions... |
Some new model for this season? 
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Poster: A snowHead
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IMT, 
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Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
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Just had to send money to be French bank account today. Rate varied massively over the day from 1.38-1.29. Had to bite the bullet st 1.32 in the end.
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Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
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To the financial experts out there: If, as predicted, the Bank of England lower the interest rate today and in the next few months, what effect is this likely to have on the € and/or Swiss Franc exchange rate ?
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You need to Login to know who's really who.
You need to Login to know who's really who.
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| masmith wrote: |
| To the financial experts out there: If, as predicted, the Bank of England lower the interest rate today and in the next few months, what effect is this likely to have on the € and/or Swiss Franc exchange rate ? |
Thats an excellent question and worthy of its own topic..
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Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
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I have just e mailed a well known snowhead banker (no, honest, a banker) for advice on if to purchase before or after the BoE announcement today.
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You'll need to Register first of course.
You'll need to Register first of course.
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masmith, professorpool, or perhaps more interestingly will we join the Euro if the pound continues to slide? If £1.00 equalled €1.00 would the transition be acceptable to the electorate, after all Cyprus (and malta) are now Eurozone so we are becoming more isolated and Gordon signed the new E U constitution.......
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| masmith wrote: |
| To the financial experts out there: If, as predicted, the Bank of England lower the interest rate today and in the next few months, what effect is this likely to have on the € and/or Swiss Franc exchange rate ? |
The pound will tank, inflation - the real thing not the fake meaure the BoE uses (see posts above) - will rise as we import most of the stuff we use including oil, the UK economy will suffer from stagflation - inflation during a recession. They could drop interest rates to zero but it won't work this time around. Think Japan circa 1990.
Last edited by Then you can post your own questions or snow reports... on Thu 10-01-08 11:54; edited 1 time in total
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davidof, so then we will join the Euro as they way out 
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You'll get to see more forums and be part of the best ski club on the net.
You'll get to see more forums and be part of the best ski club on the net.
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| Frosty the Snowman wrote: |
| I have just e mailed a well known snowhead banker (no, honest, a banker) for advice on if to purchase before or after the BoE announcement today. |
If we knew the answer we could all make a killing. Who knows whether the rate relects the anticpated drop, the northern rock crisis etc. The pound has fallen as interest rates have risen when if these events were in isolation the pound should have risen
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FAQ
Although Bottler has always been against the idea, hasn't he? I notice he has been berating banks for not passing on the last interest rate cut, what makes him think cutting rates further will have an effect? The system has run out of easy money to lend.
