Now WE pay for BSF!!

[torledo]

I agree with you..... with the nagging thought that cash is only safe in the Banks if UK Plc doesn't go bust...

 

I think that it is important to spread the risk; don't put all of your cash into the hands of one organisation or one type of asset, especially if you are lucky enough to have more than the Govt safety net allows.

 

yep, my thinking is that if it get's to the stage where we can't get at our bank and building society deposits then getting the hands on that money will probably be the least of our worries, as if that ever happens the 'paper' is probably worthless. Or worse.

 

i don't envisage a doomsday scenario such as that. While there appears to be a bit of a race to the bottom when it comes to world currencies, that's mainly a case of countries trying to remain competitive and lower the cost off borrwing.. compare the value of savings with how the housing market has fallen off a cliff and how badly the stock market is doing and it begs the question.... why would anyone partake in wealth destruction by buying into a depreciating assets ?

 

this was a feature of the great depression. and we seem to be reaching that stage where those looking to snapple up bargains are realising that actually things are getting progressively worse and there is no sharp bounceback.

 

And at the moment the cash rich and those with itchy feet want a 'home' for their cash, maybe they are worrying about a devalued pound but i personally am more concerned with the problems besetting equities and housing. cash is my safe haven, but i agree with you that i don't have anything in savings beyond the govt. guarantee in the same insititution and it's good to have broad portfolio of investments. one of the problems of the last 8 years has been the group think which stated that housing was the only investment needed....that housing was the profit and the pension. IT was ludicrous for so many to have viewed housing as the only investment and pension game in town.

 

one of the things the govt. seem to be doing is learning from the NR debacle as to how to takeover stricken banks and how to guarantee deposits. So i'm not worried about deposits. yet.

Edited February 26, 2009 by torledo

[AyatollahPies]

I'm seriously considering pulling out of the LGPS.

 

There is already bitter resentment towards public sector workers and the mystical "Gold plated" pension. Don't have the figures to hand but I believe the public sector pension liability is nigh on £1trillion. When all in the private sector are getting shafted, do not expect them to react kindly to funding public sector pensions. After all, the private sector is where wealth is created. The public sector just spends (and often wastes) it.

 

As someone else said, it's a giant Ponzi scheme. We are not funding our retirement. We are funding our parents retirement. For us to benefit, the generations below us need to also contribute to the scheme. Most folk under 30 that I know in the public sector cannot afford to pay into their pension, so it's already looking shaky.

 

 

Disclaimer: I'm no financial adviser however so please do not take this as financial advise.

[gshaw]

Interesting thought there, another reason I'm staying out then

[farmerste]

i want to comment......., but this government, well.........