Sunday tribune- top economist wont use PIGS notes

YesSireeeBob

Well-known member
Joined
Sep 21, 2007
Messages
719
not on site yet but Gabriel Stein, director of Lombard Street Research said he won't use certain countries banknotes.

each country's notes can be identified .

only one guy of course but it will feed into public perception.

 


Insole

Well-known member
Joined
Nov 3, 2010
Messages
516
I'm in Greece and just checked all my notes. They are Italian, German and Dutch.
In any other country in Europe or indeed the world where millions of people have Billions of €uro currency in their wallets and under their floorboards the same mix would apply. Surely devaluing PIIGS notes would draw suspicion on all €uro currency notes. How does he propose the devalueing of only some notes.
Have you a link?
 

Interista

Well-known member
Joined
Jun 23, 2009
Messages
4,123
I'm in Greece and just checked all my notes. They are Italian, German and Dutch.
In any other country in Europe or indeed the world where millions of people have Billions of €uro currency in their wallets and under their floorboards the same mix would apply. Surely devaluing PIIGS notes would draw suspicion on all €uro currency notes. How does he propose the devalueing of only some notes.
Have you a link?
I also think this story is a bit dodgy. For now at least, a Euro is a Euro is a Euro. And how does this affect money in banks (even dodgy Irish banks) where it doesn't consist of physical notes?
 

Breadan O'Connor

Well-known member
Joined
Jun 3, 2007
Messages
1,242
not on site yet but Gabriel Stein, director of Lombard Street Research said he won't use certain countries banknotes.

each country's notes can be identified .

only one guy of course but it will feed into public perception.


Surely the wise thing to do is to spend them immediately if he has no faith in them?:)
 

HP

Active member
Joined
Jul 12, 2006
Messages
250
not on site yet but Gabriel Stein, director of Lombard Street Research said he won't use certain countries banknotes.

each country's notes can be identified .

only one guy of course but it will feed into public perception.

Not on site yet... but good job we have you as an ultra trustworthy source of info eh???

I first came across this little scarey tale about last April I think... in connection with stories along the lines of "Lidl and Aldi in Germany have ordered all their shelf stackers to reprice everything in DM in time for monday morning... " and "trucks full of dm coins have been seen leaving the mint in...[wherever it is they mint coins...]"

In the absence of any credible evidence I have to ask...

Are you a small time currency speculator??
 

YesSireeeBob

Well-known member
Joined
Sep 21, 2007
Messages
719
The sunday Tribune will be online at 6pm.

The bit about the economist is just the first 2 or 3 paragraphs of a report on the euro.

I am not a small time currency speculator !!!!!!!!!!!!!!!!
 

Tea Party Patriot

Well-known member
Joined
Oct 31, 2010
Messages
11,468
I wonder if this story runs will shops, banks etc. see people recjecting notes based on their origin?
 

Ulster-Lad

Well-known member
Joined
Oct 26, 2006
Messages
9,989
I fail to see what difference it makes. What is the difference between a €50 note from Ireland and one from France? Surely they could both be spent or lodged in a Bundesbank.
 

Insole

Well-known member
Joined
Nov 3, 2010
Messages
516
The sunday Tribune will be online at 6pm.

The bit about the economist is just the first 2 or 3 paragraphs of a report on the euro.

I am not a small time currency speculator !!!!!!!!!!!!!!!!
I don't believe it's in any way possible, but I congratulate you on the thread because it's a topic I've heard discussed in Ireland a few times.
Let's see :)
I'll be more selective in my cash savings from now on hihi.
 
G

Gimpanzee

well if he is not using them, he can send them to me and I'll even give him half their face value for his troubles
 

slx

Well-known member
Joined
Oct 13, 2008
Messages
883
That's quite simply a load of ****

If any country were to withdraw from the Eurozone, it would not mean that the notes and coins it previously issued were now invalid.

A % of the total money in circulation the Eurozone would possibly be removed, reflecting that country's % of the ECB etc but it would be physically impossible to pick out the individual notes and coins.

The notes with that country's ID code would ultimately disappear as they wear out and were not replaced as they were not reprinted, but they would retain the same face value until then.

The coins might remain in circulation for a very long time as they do not wear out.

This kinds of rumours are just ridiculous nonsense.

The risk a person would have is if they held funds in the exiting country's bank accounts as these would most definitely be re-denominated in the new / re-launched old currency. However, if you owed money in that country and were being paid in Euro, your debts would suddenly shrink if they were denominated in the new currency.

The % of cash in circulation vs the entire money supply (the vast majority of which is electronic) is rather small anyway. So, cash in Euro would remain cash in Euro.

The codes and check sums are mainly there to prevent fraud and forgery, not really to identify the country of printing. The ECB controls the money supply centrally, it's not issued by national central banks in reality.

If Gabriel Stein's plan were carried out by the ECB it would cause EU-wide chaos and panic.

I think you can safely ignore!
 

Magror14

Well-known member
Joined
Jun 13, 2008
Messages
1,870
This complete rubbish and one I see that guy smart alec Hugh Hendry peddling when he gets a platform. The fact is that physical money (notes and coins) are only a fraction of the total amount of money in circulation. Most money resides as bits of data on computer screens. The physical money is a sideshow.
 

asknoquestions

Well-known member
Joined
Oct 25, 2006
Messages
2,951
if Ireland did drop out of the currency zone the coins with the harp would become collectors' items and would increase in value...
 

stripey cat

Well-known member
Joined
Jan 14, 2009
Messages
2,799
How do get to be a "top economist"?

Could you be one without knowing?


Could I be a "top economist" ?
 

HP

Active member
Joined
Jul 12, 2006
Messages
250
How do get to be a "top economist"?

Could you be one without knowing?


Could I be a "top economist" ?
There is a very rigorous testing process to be gone through... exams...publications.... a thesis in actuarial science....the lot!

Takes years .... but worth it in the end.

I say go for it!
 

YesSireeeBob

Well-known member
Joined
Sep 21, 2007
Messages
719
here's the link

Top economist wary of holding euro notes as fears grow for future of single currency


Top economist wary of holding euro notes as fears grow for future of single currency
Top European economist warns of rising alarm in Europe that Ireland and Portugal may default on their sovereign debt


Recriminations about today's announcement on the costs of Ireland's €85bn EU-IMF bailout are already starting as an eminent European economist said he was wary of accepting some high-value euro bank notes for fear that the crisis leads to a default of sovereign debt and the break-up of the euro.

Gabriel Stein, chief European economist at London's Lombard Street Research, told the Sunday Tribune he refuses to hold euro bank notes issued by some national euro issuers, such as Greece, which can be identified from the serial numbers, because of rising fears that, if the Irish and Portuguese crises intensify, some countries could be forced out of the eurozone.
 

Vote_No_on_Everything

Well-known member
Joined
Feb 16, 2009
Messages
1,139
There is a very rigorous testing process to be gone through... exams...publications.... a thesis in actuarial science....the lot!

Takes years .... but worth it in the end.

I say go for it!
But you might still end up just about as knowledgable as someone like George Lee talking about a soft landing.
 

stripey cat

Well-known member
Joined
Jan 14, 2009
Messages
2,799
he refuses to hold euro bank notes issued by some national euro issuers, such as Greece, which can be identified from the serial numbers
He is completely nuts then.

Does anyone think that the ECB would disown banknotes just because of where they were printed?
 


New Threads

Popular Threads

Most Replies

Top