Sshh, whisper this, a UK bank run is underway

[Mrs Steve R]

The pound's value dropped 2% versus gold today, and you're sulking again. You're predictable, I'll give you that.

Any sensible person, anywhere in the world, at any time in history would stick a portion of their wealth (say 10%) into gold or silver and hope its price does badly. An insurance policy, if you prefer. Why you have a problem with perfectly sensible reasoning I don't know, other than you are unable to summon the energy to bother thinking about it or are being deliberately obtuse.

If you want a current, albeit extreme example, of why monetary insurance is so important, discover what's happening in Venezuela right now.

You know things are bad when people are breaking in to the zoo to eat the animals rather than look at them, they are letting the rest of them starve to death, if they are not stolen first that is, what a mess.

[Splott Dave]

You know things are bad when people are breaking in to the zoo to eat the animals rather than look at them, they are letting the rest of them starve to death, if they are not stolen first that is, what a mess.

Have things got that bad in Barry?

[Mrs Steve R]

Have things got that bad in Barry?

Venezuela, I could bring up last nights topic again but I don't think my head could take it.

[Organ Morgan.]

You know things are bad when people are breaking in to the zoo to eat the animals rather than look at them, they are letting the rest of them starve to death, if they are not stolen first that is, what a mess.

Yeah, faith in the bolivar is dropping at warp speed. All fiat currencies are a confidence game as they are backed by nothing but promises (and enforced by legal tender laws and jackboots of the state). BoE announcements today portends negative interest rates in the near future. These extraordinary monetary measures here and in Europe, Japan and USA have been going on since 2008. The can kicking has succeeded in averting a system crash, but for how much longer?