POMO! What POMO.
17 December 2010FAO: Civic Finance Directors.… Sirs, 6am Monday 27th December, that’s the time of the alert that should be in all your phones this Christmas, and if the Hang Seng is one point off above 700 in the red on that morning then prepare your selves for a dizzy ride into the new year.It will be the ping pong game of your lives and the winners will ride this recession out in moderate ease, those that are asleep at the switch will consign this Borough into financial oblivion.So have the chain of decision in place and alternative bank accounts available and make sure your brokers are also where you can find them and that would be behind their screens ready to take your instructions, on the 27th, this is no time to be boarding flights or telling us if it all goes Iceland again that you thought it was the other chaps responsibility.POMO, is not working and the ‘Bond Vigilantes’ have stated that it is the investor that will take the loss this time not the tax payer, that would be you, and that is us. Even Gordon has tried to warn us.Remember! America had its turkey in November, Thanksgiving Day to them is Christmas ‘just’ a 2 day event now; plus the 25th thro to the 27th December, although I would not think for one moment that any global financial decisions would be taken that crossed the gentlemen’s agreement line, but we live in strange times and the Procter and Gamble, gamble has not been forgotten, so now is no time for snoozing.This is where you earn your money, working the situation not watching it, and please do not think the Westpac is any sort of safe haven, Hawaii just defaulted on it’s national debt nothing to normally concern anyone it is such a small amount, but in time’s such as these it is everything to worry about, sitting out there in the middle of the Pacific staked out like some form of tempting lamb!Look out for the diversionary news story, which should give you a good indication that it’s game on or not.Rather you than me .Good luck, our future is in your hands now.KK.Is there room for the Euro and the Yuan now?Source -By Jenna Voigt and Ainsley Thomson, Dow Jones Newswires; 44 20 7842 9318; ainsley.thomson@dowjones.com[ The National Audit Office report said the maximum the taxpayer could now pay out, were the supported banks to fail, to GBP512 billion from GBP955 billion at the peak of the financial crisis in 2008. The report said the most likely scenario is that there will be no loss to taxpayers on the main guarantees--the Asset Protection, Special Liquidity or Credit Guarantee schemes. "Optimism on this score should be tempered, however, with the realization that the risk of further shocks to the financial markets and of significant loss to the taxpayer has not gone away," Amyas Morse, head of the NAO, said. The NAO, which scrutinizes public spending on behalf of parliament, said U.K. banks were stable despite facing further external shocks this year.]
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