EUR to GBP

StonedTime
StonedTime

Shitttt guys. user Britbong here, know nothing of economics. Should I convert all my euros into pounds now or wait?

All urls found in this thread:
http://www.lisbon-treaty.org/wcm/the-lisbon-treaty/treaty-on-European-union-and-comments/title-6-final-provisions/137-article-50.html
Garbage Can Lid
Garbage Can Lid

get rid of your pounds now before the majority of the population realises the crash
converting to usd might be the most stable decision

Lord_Tryzalot
Lord_Tryzalot

@StonedTime
Either dollar or swiss franc.

Boy_vs_Girl
Boy_vs_Girl

@Lord_Tryzalot
@Garbage Can Lid

but who the fuck would buy british pounds?

girlDog
girlDog

I'm new to economics but wouldn't it make sense to buy pounds when they are real cheap and then wait for the price to hopefully rise again then sell them after that?

viagrandad
viagrandad

@girlDog
I don't think pounds price will rise any time soon

happy_sad
happy_sad

@girlDog
Atm they aren't as cheap as they will get. But stabilization will take a long time.

SomethingNew
SomethingNew

@happy_sad
how long is a long time?
I would only be putting a tiny bit of money in since I'm a poor college student
like $50 if thats even worth it and sit on it for a while.

Inmate
Inmate

@SomethingNew
Why even bother at that point. And just look at Canada's currency to see how long it can take for a currency to recover.

idontknow
idontknow

@Inmate
yeah you are probably right. Guess I will just read up on finance for now and be ready for the next happening when I have money

kizzmybutt
kizzmybutt

@SomethingNew
It would probably be more profitable to put your money elsewhere. Forex is hard to make money on.

Playboyize
Playboyize

People panicking over panic dip

Gigastrength
Gigastrength

@SomethingNew
I would schedule drawing out of EU would take about 3 years. That's of course if the EU doesn't make the cut swiftly which would hurt UK quite a lot.

Sharpcharm
Sharpcharm

@kizzmybutt
ill just chill and read up about finance. I know very little and just know the basic ideas of investing in stocks when they are low and thought the same thing could happen with money.

@Gigastrength
yeah it takes atleast 2 years so I can see it being a very long time

eGremlin
eGremlin

@StonedTime

Buy FTSE 100 indexes while they're on sale, plus it's your local currency, so you're not having to deal with bad forex exchange.

BunnyJinx
BunnyJinx

@Sharpcharm
why is it going to take so long? I'd imagine that the sudden devaluation of the british pound would prompt an increase in exports. That, along with reduced barriers to foreign trade should make for a faster recovery. I'd guess about a year, potentially less if things work out really well.

Fuzzy_Logic
Fuzzy_Logic

D E A D C A T

whereismyname
whereismyname

@BunnyJinx
well I mean they literally can't leave the EU for 2 years. That is how long the process takes as stated in their agreement with the UK

Dreamworx
Dreamworx

@whereismyname
oh ok, thanks for the clarification. Where can I find the terms of their membership?

Stark_Naked
Stark_Naked

@Dreamworx
no clue where exactly. You can find it on twitter or /pol/ they will point you in the right direction

TurtleCat
TurtleCat

@Dreamworx
found it user its article 50 of the lisbon treaty

RumChicken
RumChicken

@TurtleCat
sweet, thanks a lot

Spazyfool
Spazyfool

@TurtleCat
regarding the exit of an eu member:

It shall be concluded on behalf of the Union by the Council, acting by a qualified majority, after obtaining the consent of the European Parliament.

The Treaties shall cease to apply to the State in question from the date of entry into force of the withdrawal agreement or, failing that, two years after the notification

If I'm understanding this correctly, the european council will vote on the UK's status as a member of the EU. If they can't reach a majority vote to allow the UK to leave then they'll have to wait two years.

http://www.lisbon-treaty.org/wcm/the-lisbon-treaty/treaty-on-European-union-and-comments/title-6-final-provisions/137-article-50.html

Need_TLC
Need_TLC

@Spazyfool
and I doubt they will allow the UK to leave
might as well milk them dry before it happens

GoogleCat
GoogleCat

@girlDog
wait for the price to hopefully rise again then sell them after that?

it will never rise again. UK fucked themselves bad.

Lord_Tryzalot
Lord_Tryzalot

You're already too late.

You should have converted all your money to dollars then back to pounds after the pounds possible crash. (now)
The US markets are asleep so wouldn't be as dented by the shitstorm that is now.

Then you could have converted back and got profit.

You already missed that quick-buck boat.

Sharpcharm
Sharpcharm

@Need_TLC
Actually Juncker is already calling for a swift separation. I think they are going to try to fuck them over as much as they can if they know there wont be any backlashes against EU economy, but from what I've been reading nobody knows shit

CodeBuns
CodeBuns

@GoogleCat

never

lol

Illusionz
Illusionz

@Sharpcharm
I feel that Junker might have over played his hand in regards to his handling of the referendum vote, what are the chances he resigns or is forced out?

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