Estonia joins the EURO

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Estonia joined the euro zone as its newest member yesterday Saturday 1st January 2011. 

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Estonia with a population of 1.3 million people became the 17th euro zone country at midnight, yesterday beginning a switch from the kroon, and was the first former Soviet state to adopt the euro. Let us hope that other previous Soviet states adopt the euro despite the critics and who knows maybe Moscow one day.

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Latvia and Lithuania hope to adopt the euro in 2014 and have also had their currencies pegged to the euro for years. 

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There are advantages in joining the Euro for both business and the tourist industry as the Estonians will find out during 2011. How much of the Euro´s trouble been caused by currency speculators shorting the euro and the media giving overdue attention to this which causes fear?

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Lets us hope that the currency speculators get their fingers burnt and the media learn to be publish more responsible news this year. Currency Speculation is not new George Soros bringing the pound sterling to it´s knees in the early 1900´s making a lot of money for himself and causing the British people a lot of misery at the time.

   

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All the best,
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President of INO.com
Co-founder of MarketClub

The British Government is responsible for the UK Pension Poverty

British pensioners in Spain are having to return to the UK placing a strain on the system there as they cannot live on the devalued pound which has fallen by a third against the euro. They could at least pay the heating allowance to pensioner living in Europe for in the Granada area of Spain the temperature does fall below zero as it does in other areas of Europe.

1. The British Government was responsible for the management of the country and were negligent in the supervision of the banking industry via the FSA.

2. They should have entered the euro and the excuse of a devalued pound helps exports does not hold water. There are no buyers even with a lower pound in a world wide recession. They are living in a dream world

3. Many pensioners probably placed part or if not all of their saving in British Bank shares. On BBC´s Panorama one investor had put 52,000 pounds into RBS shares. What are they worth now? Ex employees of RBS bought shares in their bank to supplement their pension, but it is worthless now whilst Sir Fred Goodwin is allowed to draw a near 700,000 a year pension from an entitiy which was technically bankrupt. He should only be allowed to draw 27,000. But the most unpopular man in England/Scotland just laughs at us. He has been named as the "World´s Worst Banker"

Mr Brown and Mr Darling why is there not a class action against Goodwin as there is in America. He put his name to the 12,000,000 pound rights issue misleading investors. Prime Mister appease those wronged mislead investors and appoint a UK legal firm to form a Class Action for the shareholders. Of course it may not be in the Government´s interest as the Bank is already 70 owned by the Government?

SORRY IS NOT GOOD ENOUGH FROM THE BANKERS AND THE FSA.

The UK pays the worst basic pension at just 17% of the national averge wage. Pensioners in Greece. Spain and Italy receive over five times the UK´s basic pension with Portugal and France four times, Sweden and Poland three times.

Sign a petition at http://petitions.number10.gov.uk/pensionpoverty/

In an earlier article on this blog we said that there should be a common EU pension and if the British Government wishes to stay outside the Euro then they should make sure that they hedge sterling so that pension hold their value in line with other EU members.

U.S. hedge fund reaps big RBS profit whilst British pensioners in Europe are below the poverty line

It is said that 350,000 British pensioners live in Spain. One has seen his state pension drop from 410 euros (for 4 weeks) over the last twenty months to 290 euros ($406). It should be noted that he is not on the full state pension for having been invalided out of the army after service in Korea he was told that he did not have to make contributions, something that the Department for Work and Pensions changed their mind on after several years which resulted in a short fall in his contributions. A similarly aged pension (a former RAF intelligence officer) who wrote to this department about his difficulty received an insulting letter from a Civil servant stating "there is no legal requirement to help pensioners. The Governments priority is to help pensioners living in this country (England) and it will continue to help them so they are able to have a decent income." (reported in The Olive Press). It is estimated that at least 5% of pensioners will have to return to England putting a burden on that country, but I personally believe that it will be much higher.

Perhaps there should be a common European Union pension where all pensioners receive the same basic pension. English pensioners that were not claiming the heating allowance before they retired do not get it whilst pensioners that moved to Spain or another European country do not. What happened to equality?

Who is to blame? The people that speculate in currencies and secondly the English Government/Bank of England for the possible mismanagement of the sterling weakness. Should the Governer of England King not have reduced interest rates at the same time as the Fed in the USA?

George Soros is still speculating in sterling saying today that he had stopped betting on sterling at $1.40 and can be blamed for sterlings weakness. Jim Rogers makes alarmist remarks about the UK (possibly to line his own pockets) and U.S. hedge fund Paulson & Co's profit (short selling), which could have topped 270 million pounds if it sold all its RBS (RBS.L) position, Other short sellers of UK bank stocks could have been in part to blame for the collapse in their share prices and the resulting talk of nationalisation which further weakened sterling. Of course Sir Frank Goodwin (or will it be Frank Goodwin) comes into the equation for his running of RBS allowing Paulson & Co's to short the banks shares!

We did write to Bloomberg suggesting that the word Nationalisation should not be used by them for at least a month and I have only heard it mentioned once (not forcefully) and it does not appear to have been on the ticker tape. The share price of UK banks appeared to have recovered by over 100%

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