Shitttt guys. Anon Britbong here, know nothing of economics. Should I convert all my euros into pounds now or wait?
EUR to GBP
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get rid of your pounds now before the majority of the population realises the crash
converting to usd might be the most stable decision
Either dollar or swiss franc.
but who the fuck would buy british pounds?
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?
I don't think pounds price will rise any time soon
Atm they aren't as cheap as they will get. But stabilization will take a long time.
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.
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.
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
It would probably be more profitable to put your money elsewhere. Forex is hard to make money on.
People panicking over panic dip
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.
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.
yeah it takes atleast 2 years so I can see it being a very long time
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.
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.
D E A D C A T
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
oh ok, thanks for the clarification. Where can I find the terms of their membership?
no clue where exactly. You can find it on twitter or /pol/ they will point you in the right direction
found it anon its article 50 of the lisbon treaty
sweet, thanks a lot
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.
and I doubt they will allow the UK to leave
might as well milk them dry before it happens
wait for the price to hopefully rise again then sell them after that?
it will never rise again. UK fucked themselves bad.
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.
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
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?