Hello all
I don't normally post on this Meltdown thread but I read about the current Banking Boom and wondered if this is the Final 'nail in the Coffin' of
Money ???
It relates to information released today from the Bank of England and the Bank for International Settlements, commonly reffered to as the'Bankers
Bank'.
According to the results of their latest triennial survey, global foreign exchange turnover rose 20% to $4trn per day on average (yes, that's each
single day) in April 2010 compared with April 2007.
Or to put it another way, a sum equivalent to the entire output of the global economy is traded around once a fortnight on currency markets.
This might sound good and the full article (wriiten by Robert Peston, BBC Biz Ed), illustrates that London as a centre for these 'money
transactions' is doing a ROARING trade.....
www.bbc.co.uk...
BUT...........
the first thing to point out is that a tiny fraction of this business is carried out on behalf of "non-financial" businesses - or what some would
describe as "real" companies (you know the sort of thing I mean - businesses that make cars, or create music, or sell advertising, rather than
trading in dematerialised, electronic money on a screen).
These non-financial companies were responsible for just 13% of forex transactions, their lowest proportion for 12 years.
What this is really saying is that the Banks are at it again, gambling with money and NOT supporting or Creating REAL SOLID PROPER
companies.........
A few money dealers, hedge fund managers et al are all out for themselves.........Sound Familar ?????
Is this the final market the money men can 'drain' and MY question is if all the Traders etc are making HUGE profits and Returns then WHO IS LOSING
OUT HERE?
There must be a loser for every winner ?????
Regards
PurpleDOG UK