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The Northern Lira and why everyone should avoid saving in GBP


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Most European countries seem to have devaluing their own currency as a policy aim; any that doesn't is going to be strong.

Yes holding GBP is not a clever thing to do long term but I would say exactly the same about the Euro.  If you want your savings to lose purchasing power then go right ahead and buy and hold.

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  • 2 weeks later...
On 02/11/2020 at 10:45, Frank Hovis said:

Most European countries seem to have devaluing their own currency as a policy aim; any that doesn't is going to be strong.

Yes holding GBP is not a clever thing to do long term but I would say exactly the same about the Euro.  If you want your savings to lose purchasing power then go right ahead and buy and hold.

The fact is that most currencies are little better than the Italian Lira of old, or the Argentinian peso. Useless - nearly every government around the world betrays it's people and robs them of their savings.

Why? Because they can, and it's human nature for politicians to be treacherous cunts if they can be. But when the people have the power of referendum on tap and a constitution that is designed to defend the people, this all changes - betray the people and out you go and the laws you made will be repealed with you. 

 

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On 30/10/2020 at 15:34, swiss_democracy_for_all said:

Here is the graph of the GBP against the Swiss franc, from January 1971 to the present day.

I don't think I even need to say anything else.

image.png.82f406ee964ab777d4e0058ba521ac74.png

I’ve probably asked this before; but what have the swiss done differently to the uk over the last 40 years (with the most notable shift being in the last 10 years) to achieve this?

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It makes sense for the politicians. The debt taken on is normally long term and fixed, so currency devaluation makes your previous debt cheaper. Who cares if it screws over savers? They wont notice until long after you have left office.

I had a quick google for UK hospital costs 30 years ago and found this:

https://api.parliament.uk/historic-hansard/lords/1990/may/02/westminster-and-chelsea-hospital-costs

"Lord Ennals rose to ask Her Majesty's Government why the proposed Westminster and Chelsea Hospital, costed by the Secretary of State at £135 million in December 1988, is now estimated to cost £226 million"

That £226m would be about £520m according to the BOE inflation calculator

As an aside, I think that shows how false inflation figures are since hospitals now cost billions. The Barts hospital apparently cost £6.2bn but that is muddied by PFI costs. Even if 50% of that is interest then it still gives a rough idea.

 

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14 hours ago, JoeDavola said:

I’ve probably asked this before; but what have the swiss done differently to the uk over the last 40 years (with the most notable shift being in the last 10 years) to achieve this?

This should display in English for you. 

https://www.cardis.ch/en/conseils/le-franc-fort-histoire-d-une-valeur-refuge

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