Already hit rock bottem? You must be seriously delusional if you think this is rock bottem. There is a huge drill waiting to dig a hole in that rock, which is your T&C's.
Coincidentally in France the union just stopped all this, by a single days strike that did get loads of media attention regarding a certain company not playing the rules of the game as set out by the nations regulations. A strike that did not cause any cancellations but still led to the company retreating and giving in to very reasonable demands (inflation pay rise)!
Nothing can be done my ****! You just don't want to do anything cause you are afraid, hiding behind your "safe" savings and "old" contract. In a way you are acting exactly as all those youngsters who pay 100k+ for their licenses in the belief that all the bad stuff happens to other people!
What do you think the banks do with your savings??? How do they pay the interest on your savings? Money doesn't replicate itself...
So they take your money and loan it out to other people, who pay interest on that money. The bank them takes a cut of that money and deposits the remaining interest in your account and loan that money out again to other people.
Worst thing they didn't loan your money out once, no they do it multiple times, cause what is the risk that 1 person defaults on their loan.
The bank only needs to pay interest on your money once, but they receive interest on it multiple times. That is their profit...
But what happens if people can't pay their interest or debt anymore? A bankrun? The bank hasn't got enough cash to cover all the savings in the bank, so they default. And the government has to bail out the bank... But with what money???
Ah the bank of England will print some, but that causes inflation. So your money is either gone or becomes of less value. Interest is gone. The UK's debt became larger which will eventually increase your taxes or lead to the UK defaulting on their loans.
Your savings won't save you unless EVERYBODY including governments start living to their means and pay of their debt.
Last edited by 737Jock; 23rd Aug 2012 at 22:11.