I have to say I do agree with LennyMac on this one. This recession has hit savers hard but on the flip side, people with mortgages are laughing, so long as they have remained employed. Just depends what side of the fence one is sitting on.
I hope this recession brings to light two things amongst people,
1) Banks are never to be trusted, they are simply sharks out to put you in debt to them.
2) Pensions are a load of nonsense. Much better to invest in other assets like property or a stock isa in a ftse 100 company and just compound over time by reinvesting dividends.
What's happened in Cyprus wont happen here. When we think on a macro level, out of over 200 countries only fifteen or so have a gdp of over a trillion. Cyprus is 25billion, peanuts. It's just the possible contagion effect and the hit on confidence that's dragging the markets down. The big boys couldn't care less if Cyprus exits the Euro. If this country remotely tries to tax our savers to lead to a potential run on our banks, they know what it could spell. Simply won't happen with the size of our economy.
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