Aude & Ariege Flyer

Welcome

Flyer Signup

Signup for the Flyer
Email type
Please wait
ennlfrdeitptrues

Aude & Ariege Flyer Archive

 

Pleae click on the Title of the Archive Flyer you wish to read.

Archived Flyers

 

header15513 

 

Bonjour

Long term readers will know I recommend a visit to Promaude in Lezignan, it's coming up this weekend and I again make a strong recommendation that you should go and have a look. Hopefully the rain will have stopped and it will have started to warm up again. Click here and have a look at what's on and consider it to be like a county show in its early years. 

 

 

Also don't forget the Fete Des Roses -  so many things to do when the weather warms up

 

And so the responses to what I thought were innocuous comments about Margaret Thatcher continue to roll on, in fact in this Flyer it is the comments from people who have commented about the previous ones telling me off.  They are telling me I can say what I like.

So on the subject of Ken Barlow alias William Roache’s behaviour in the 60s I say, what possible use can a trial of an 81 year old man do to help a 60 year old lady? Yes I know if there was such a crime it’s a terrible thing, but can the reason only be closure for her? It seems every week there is a new person arrested or questioned. Quite a few are in their 80s, Jimmy Tarbuck only 73, had managed to stay out of trouble since he spent 2 years on probation for stealing from Terry –Thomas.

 

Ken Dodd is a bit weird, but clearly his misdemeanours have only been financial, I can't believe at 85 he is doing 55 shows this year.

 

 

You may find this map on house prices interesting - click here for a link to the Daily Mail article. 

 

 

 

Steve

 

 promaudefaces

 

 

 

 Thousands of regular readers make the Flyer the place to be seen

AAF AD 13-05-13 58network

pricesmall

jgr test

audebuilders

lenetwork

Forward this Flyer to friends and anyone else you know who may find it useful

carolyn b card extra text pink

treesurgeon

 Can you afford to advertise in the Flyer? Can you afford not to?

 61specto

 

 

I had quite a few mails following my article last month about ‘The Great Cypriot Bank Robbery’. Mostly in agreement with the general view, but quite a few asking me to explain a financial ‘haircut’, and some asking just how this can be done legally in this day and age. So let’s have a quick look at these two points, as they are connected.
Firstly, a ‘haircut’ is a percentage reduction of the amount that will be repaid to creditors. This can appear in various guises. In my ‘other life’ as an international banker (before it became a hanging offence) I used to run a department that lent huge amounts of money to American investment banks Salomons, Merril Lynch and Lehman Brothers. Strange the way none of them exist now… I would lend say $1bn for a week with a 3% haircut. This meant that the borrowing bank would have to lodge securities with me worth $1.03bn, and we would reverse the deal at the end of the week, with my bank earning a tiny margin. In the case of Cyprus, the bank deposit is the security, and it exceeds the amount being repaid by the amount of the haircut. In some cases this will be a huge 60%. That means that if you put €100,000 into your bank account, you get €40,000 back. Not nice.


‘How can this be legal?’ is the next question. A bit tricky this one. Let’s start with some economics. To anyone who didn’t do economics at school (me included), some things can be a bit of a mystery. Prices in shops for example. The price on the ticket isn’t really the cost of the goods. It is a contract where the gods are offered at a certain price. Nowhere does it say you have to pay that price. You are perfectly free to place a ‘bid’ on those goods. The sale will only take place when both parties agree. Weird.


Now for the kicker. Financial economics. The money that you place in your bank account isn’t yours. It instantly becomes the property of the bank, and you become an unsecured creditor. If that bank the decides, or has it’s arm twisted by some German heavyweight wrestler, to apply a ‘haircut’, you’re stuffed (in modern parlance).
Ah yes, or maybe, I hear you say. But what about the government guarantees that secure the first €100,000 in your bank account? The fact is that the work guarantee doesn’t mean guarantee as we think of it. It really means ‘I guarantee to try’, but if I run out of money, you’re out of luck. The problem with a government guarantee on bank accounts is that it’s fine if just one small bank gets into trouble, but what if the system itself gets into trouble? The answer is that the government simply doesn’t have enough money to bail them all out, or fulfil its guarantee to you and me. We’re stuffed again.


If you ever see the word ‘guarantee’ attached to a financial product, beware. Be very aware. And if you have any sizeable amounts of money in the banking system, be even more aware. Banks are simply not the safe haven that we’d like to think they are.


If you have any questions on this, or any other subject, please don’t hesitate to contact me, Rob Hesketh:

 

By phone on 0468 247758 or mobile 0631 787647


Or by mail at rob.hesketh@spectrum-ifa.com You can find out more about Spectrum on www.spectrum-ifa.com and www.france-financial.com

 

  

spectnewfoot

 

 

 

   Want to advertise but cant do the artwork?

Just email and i will try to sort it out, at no extra cost.

bandas mont13

 

 

 

 

 

 

 

 

Does the 5:2 intermittent fasting diet work?

fit15513

IF THIS ARTICLE DOESN’T DISPLAY CORRECTLY, PLEASE SEE IT ON THE FLYER WEBSITE WHICH DISPLAYS THE ORIGINAL SUBMISSION

 

Given the interest that seems to surround this relatively new diet, I though it might be

interesting to see what the ‘medical world’ thought

thinks about it! Below is an extract from the NHS website – please note that these

are not necessarily MY views!!

 

 ‘The 5:2 diet is an increasingly popular diet plan with a flurry of newspaper articles and books being published on it in the run up to Christmas 2012 and in January 2013.

The 5:2 diet is based on a principle known as intermittent fasting (IF) –  you eat normally five days a week, and fast on the other two days (500 calories for women, 600 for men)

Champions of the 5:2 diet claim that other than helping people lose weight, 5:2 diet can bring other significant health benefits, including:

* increased life-span

* improved cognitive function and protection against conditions such as dementia and Alzheimer’s disease

* protection from disease

 

What we don’t know about intermittent fasting

Despite its increasing popularity, there is a great deal of uncertainty about IF with significant gaps in the evidence.

For example, it is unclear:

  • what pattern of IF is the most effective in improving health outcomes – 5:2, alternative day fasting, or something else entirely different
  • what is the optimal calorie consumption during the fasting days – the 5:2 diet recommends 500 calories for women and 600 for men, but these recommendations seem arbitrary without clear evidence to support them
  • how IF compares to conventional calorie-controlled diets in terms of leading to weight-loss and improving health
  • how sustainable is IF in the long-term – would most people be willing to stick with the plan for the rest of their lives?

Are there any side-effects from intermittent fasting?

Little is known about possible side-effects as no systematic attempt has been made to study this issue.

Anecdotal reports of effects include:

  • difficulties sleeping
  • bad breath (a known problem with low carbohydrate diets)
  • irritability
  • anxiety
  • dehydration
  • daytime sleepiness

However, more research would be needed to confirm these side-effects and their severity.

 

 Is there any evidence that intermittent fasting aids weight-loss?

 

One of the most recent pieces of research on intermittent fasting is a 2012 study  which recruited 30 obese women known to have pre-existing risk factors for heart disease.

After an initial two week period they were then given a combination diet of low calorie liquid meals for six days of a week (similar to Slim Fast diet products) and then asked to fast for one day a week (consuming no more than 120 calories).

 

After eight weeks, on average, the women lost around 4kg (8.8lb) in weight and around 6cm (2.3 inches) off their waist circumference.

 

However, there are a number of limitations to consider when looking at this as evidence that it might be a generally beneficial thing to do for most ordinary people, including that:

 

  •     These women may have had increased motivation to stick with the diet because they knew their weight would be monitored (this is a psychological effect that slimming clubs make use of).
  •     The women had been told that they were at risk of heart disease. It is uncertain how well most of us would cope with such as extreme diet.
  •     The follow-up period was short – just two months. It is not clear whether this diet would be sustainable in the long-term or whether it could cause any side effects.
  •     30 people is quite a small sample size. A much larger sample – including men – is required to see if intermittent fasting would be effective in most overweight or obese people.

A 2007 clinical review  looking at the effects of IF in humans in terms of ‘real-world’ health outcomes concluded that IF (specifically, alternative day fasting) may have a protective effect against heart disease, type 2 diabetes and cancer. However, it concluded ‘more research is required to establish definitively the consequences of ADF (alternative day fasting)’.

Conclusion

Due to the very real uncertainties about the 5:2, especially as little is known about whether it could be harmful to health in the long-term, most health professionals would recommend you stick to the tried and trusted methods for weight loss and disease prevention:

The full article can be found at: http://www.nhs.uk/news/2013/01january/pages/does-the-5-2-intermittent-fasting-diet-work.aspx

Pat Penny - Health and Fitness Specialist,  Massage Therapist
European Register of Exercise Professionals

‘Over The Hill’ Walking Clubs

info@potential-energy.co.uk

brucelong

 

 

 Aude Generic Summer 378

rose13 

 AF Ad update May 2013

dugrain 

audead

 

cailhaujune13

garybarton

cinecarc15513 

facebook_banner

 

 

 cinecast15513

 

meteo ciel3

 quillcine15513

 

 wildwordssecond

 

 Le Flyer est disponible dans d'autres langues via le site web, audeflyer.com

 

 

 nealpool

 aaaaude

 

 jardin

 

 We have had a very wet winter compared to most recent years, the water table is back to it's correct level and there is plenty of water in the soil, the weather has warmed up and everything in the garden is growing.  Of course, the weeds are growing twice as fast as the plants - do try and keep on top of the weeding, particularly of perennials such as couch grass and bindweed which can establish incredibly quickly.  Howver, we can expect our usual dry summer and now is a good time to think about mulching your flower beds; mulch helps to conserve water and suppress weeds and organic mulches help to add organic materail to the soil.  I have a pdf of a very useful leaflet published by the Mediterranean Garden Society (http://www.mediterraneangardensociety.org/index.html) about mulches and composts and will happily forward this to anyone who would like a copy.  There is still time to plant new plants but make sure that you keep an eye on their watering requirements over the summer.  If you do your own propagation then you can start to collect seeds of spring flowering plants such as Cerinthe, store them in a cool place until you are ready to sow them.


A lovely tree that is flowering now is Paulownia imperialis, it is a deciduous tree that can reach 10m or more in height, the large leaves which develop as the flowers fade make this a great shade tree for a larger garden. 

For any garden queries do get in touch with Gill Pound ( 04 68 78 43 81 or Gill@lapetitepepiniere.com ). La Petite Pépinière de Caunes 21, av de la Montagne Noire (route de Citou) 11160 Caunes-Minervois. Open on Fridays & Saturdays from 10 to 18h and Sunday mornings from 10 to 12h from the beginning of March until the end of November and at any time of the year by appointment.  Our  open weekend is on the 1st and 2nd June, the programme can be seen at  http://www.lapetitepepiniere.com/default.asp?itemID=204&itemTitle=Weekend%20Portes%20Ouvertes, we shall hope to see many of you there.

 

 

 

 

 

The Property Page

 

 

   

 

Cepie, 11300             210,000€

Attractive traditional  villa in the pretty village of Cepie conveniently placed between Carcassonne and Limoux, approximately 20 minutes from Salvaza airport.  With ample parking for several cars and set in a large garden both quiet and private with fruit trees, the property comprises: Entrance Hall with fitted cupboard, wc with wash-hand basin.  Fully fitted Kitchen with electric oven, gas/electric hob and plumbing for dish-washer.  Utility Room plumbed for auto washer and with fitted cupboards and shelves.  Lounge/Dining Area with large fireplace and inset glass-fronted, wood burning fire, two sets of french doors leading to Conservatory.

 

 Two double bedrooms with fitted cupboards.  Bathroom with shower over bath and fitted vanity unit and linen cupboard..  Further Bedroom 3 or Sitting Room giving access to garden.  Electric heaters throughout.  Covered terrace to front with pleasant south-facing views.  Open terrace to rear with built-in BBQ.  Separate workshop with electricity.  Energy rating D.

 

Price: 210,000 euros.

 

Contact: Mavis Bentley

 

Tel: 04 68 20 52 34

 

mavisbentley@hotmail.co.uk.

 

 

 

 dpe bentley

DSC00423

Detached modern house for sale in Montréal

 

 

Seeking French Property owners for potential

joint-project of mutual benefit!

Experienced, qualified Art teacher and accomplished artist

seeks ‘partner’ to develop Artcentre offering residential

Art workshops and courses from their base. I will supply

clients, while you supply accommodation/catering and

studio facilities. For further information email:

brianrusher@btinternet.com

neilfront

Villa for sale 11390 Brousses-et-Villaret Aude 295,000 €

currencysqbann

20120902-IMG 1663

CARCASSONNE: villa for quick sale - €160,000-

bennettsplead

Holiday Apartment AiguaBlava,

Costa Brava

www.aiguablava.co.uk

002

Naturist Property 115.000 euro

YOUR PROPERTY ADVERT HERE

50€
for 13 editions (6months)
plus
link to your own web page

Bordebasse du Lac - Cottage available for long term rental

front

Semi detached house with stunning mountain views 150,000€

 

  readers write

 

 

 

 

Dear Steve,

 

I feel that I must write to say that I didn't find your comments about Margaret Thatcher in the least bit problematic. You didn't insult her, you didn't write anything distasteful. Speaking as someone who really, really didn't like her or the terrible effects of her policies on British Society I thought you were very restrained. You mentioned Churchill, a man who when it was needed brough the country together, worthy of a state funeral. Margaret Thatcher seems to have done the opposite, even in death, even in the pages of the Aude Flyer.

 

best regards,

 

Chat Robinson

 

Steve, I missed your comments about the Witch, but was very amused by Sir Disgusted Bt.  The fawning and anal licking that went on about her was/is an affront to male testosterone nationally.  no wonder the level is going down rapidly.  It wasn't just the unemployed miners who hated her, there were thousands of middle class bods like me who found her attitudes and behaviour appalling.  I was horrified to see a heading in a newspaper "Thatcher's funeral-live " Gave me quite a turn !!

 

Attaboy !

 

Tony Hawley

 

 

Hi Steve,

 

From May 2013 Quillan cinema will show films in VO (version original) every Tuesday and Thursday at 18.15 ... keep an eye on the notices for upcoming films... But, beware - all films at this time/days will be in VO but they could be Spanish, Moroccan, etc the cinema will not just be showing English and American films!!

 

Thanks Steve... keep up the good work and I'm with you on 'our Maggie' - she always thought she should be treated like royalty and got her way in the end!!

 

Regards

 

Fran

 

 

As an editor it is surely your duty to remain impartial -however your comments regarding the death and funeral of Baroness Thatcher were absolutely out of order. As the first female Prime Minister and the longest serving PM in the 20th century she should at least have been treated respectfully. You seem to forget that she was VOTED into power on three occasions by the the British public!

 

And just as an aside, it would be hard to find a stronger enthusiast for Lady Thatcher than myself, and I wasn't in the least upset - well, to be honest, I don't even remember what you said!  I do however remember being very upset by the BBC who seemed to devote half their coverage of her funeral to a few dozen protesters.Best regards
David

 

Dear Steve,

 

I am writing to take issue with the statement made by Sir David Sykes, Bt that "as editor it is surely your duty to remain impartial".  As editor and founder of the Aude & Ariege Flyer, you have no duty whatsoever to be impartial.  I am incensed that he feels he can impose his view of duty on you.

 

It is your duty to be accurate, honest and courteous.  In any event, who and what is impartial?  One man's impartiality is another man's opinion. 

 

I didn't read your comments on Mrs Thatcher.  She was a very divisive person.  Many admired her as a woman, others admired her achievements, yet others admired both her and her achievements, while very, many others disliked or hated everything about her.  Her legacy is controversial to say the least.  Many objected to her state funeral. 

 

Let's face it, Mrs Thatcher never pretended to be impartial.  She wore her convictions like a warrior.  She didn't care if people agreed with her.  She did what she thought was best, irrespective of anyone else, which is why she polarised opinion so greatly.  

 

You have every right to say and write whatever you like about it, preferably with respect.

 

Bon continuation!

 

S.E.  Alexander

 

 

 

 

Very many thanks Steve. By the by I read your comments about the Iron Lady! We sporadically get The Connexion.The reason best known to them than to us. My husband replied to an article which appeared in it in March I think. It makes your comments look positively mellow. We should all be allowed to say and think what we feel. We are not asking everyone to agree with us are we!
 Best regards,
 Anthea

 

Hi, Many thanks for your fortnightly information sheet.  We find it very useful.

 

 I wonder if sometime you could give information on a big problem we have.  That is the cold calling on the phone.  It really is getting beyond a joke.  Sometimes we think the same outfit calls us four or five times a day.  We did start to refuse the answer the phone when ;unavailable' was displayed in the window on the phone.  Before we started to ignore these calls I gave one caller short shift and rang off only to discover that it was a doctor trying to speak to me.  So because of that we have to answer them all.  Somewhere in the past I seem to remember opting for no cold callers, but can't be certain of the details now.  I feel I am being harassed by these people and wish it to stop it.  Does anyone have this same problem and if so how do they cope?  We have a package of telephone/internet etc. from aliceadsl.fr but my name appears in the telephone book for 09.

 

We would be very grateful for any suggestions - we know what we would like to say to these callers, but it is rude!

 

Many thanks.

 

Cathy

 

 

What I really want to say is -

 

Have to admit, once again, I wonder which planet some of your readers live on.  I'm a great admirer of Margaret Thatcher.  I found nothing at all offensive in your remarks about coverage of her death and would agree with you about the extent of that coverage.  All I can say is "honi soit qui mal y pense"  (which may send some people scurrying for the French dictionary - if they have one.)

 

As for editors being duty-bound to remain impartial . . .  Has your correspondent ever read a newspaper editorial which wasn't partial?  Is he perhaps getting editors confused with news readers and BBC presenters?  I believe Sir David has wool in his blood.  Has it perhaps seeped into his thinking?

 

Ah well!  Wouldn't do for us all to be perfect (as a Yorkshire friend used to say.)  The world would be full of people like you and me.

 

Salut!

 

 

 

Some vide greniers and foires!

Please check before setting off http://vide-greniers.org

They also have a sister site where you can giveaway stuff or find stuff others are giving http://donnons.org

Its all recycling - you know it makes sense!

If there are two in the same town on the same day, it could be a duplicate on the site or a second event

Black = Aude - Brown = Ariege

vide

Vendredi 17 Mai 2013
Narbonne (vide grenier dimanches et jours feries)
Samedi 18 Mai 2013
Coursan (Coursan)
Narbonne (vide grenier dimanches et jours feries)
Lavelanet (vide grenier football club lavelanet)
Saverdun (vide-grenier)
Seix (vide-Grenier Seix)
Dimanche 19 Mai 2013
Bram (vide Greniers des écoles de Bram)
Canet (vide greniers)
Carcassonne (vide grenier du carcassonne petanque sport)
Carcassonne (vide grenier brocante)
Coursan (Vide grenier)
Fitou (vide greniers brocante)
Ginestas (mega vide grenier)
Homps (broc' des Z'Ôtres)
Issel (fête médiévale)
La Digne-d'Amont (vide grenier)
Lagrasse (brocante Vide Grenier)
Luc-sur-Orbieu (vide Grenier de L' Ecole de Luc sur Orbieu)
Narbonne (vide grenier dimanches et jours feries)
Narbonne (vide-Grenier de Pentecote de L'ACMN.)
Narbonne-Plage (vide grenier)
Ornaisons (vide grenier organisé par Ornaisons-Nature)
Pennautier (marche des artisans et produits du terroir)
Pouzols-Minervois (vide grenier de l'école Pouzols/Mailhac)
Saint-Pierre-la-Mer (vide grenier de l'association des chats errants)
Salles-d'Aude (vide Grenier)
Salvezines (1ère foire artisanale)
Souilhanels (vide greniers)
Campagne-sur-Arize (vide greniers)
Engomer (friperie)
La Bastide-sur-l'Hers (vide-grenier et vide-jardin)
Mirepoix (bourse Toutes Collections)
Pamiers (Marché et puces et à la brocantes)
Saint-Girons (Les puces du champ de mars)
Saint-Pierre-de-Rivière (vide grenier association des parents d eleves du RPI) 

Lundi 20 Mai 2013 
Narbonne (vide grenier dimanches et jours feries) 
Thézan-des-Corbières (vide grenier brocante) 
Trèbes (vide grenier du Trèbes Football Club)
Mirepoix (bourse Toutes Collections) 
Sabarat (vide-greniers)

Samedi 25 Mai 2013 
Coursan (Coursan) 
Lézignan-Corbières (bourse aux vètements) 
Narbonne (vide grenier dimanches et jours feries) 
Narbonne (vide grenier LOU GRANGEOT 29 rue prof Fleming (Razimbaud)) 
Saint-Pierre-la-Mer (foire à l'Outil Ancien)
Saverdun (vide-grenier) 
Dimanche 26 Mai 2013 
Argeliers (vide grenier du bsm xv) 
Capendu (vide grenier association de parents d'élèves "arc-en-ciel") 
Carcassonne (méga Vide Grenier et sa 2ème fête du pain) 
Carcassonne (vide grenier brocante) 
Carcassonne (vide Grenier du Carcassonne Pétanque Sport) 
Castelnaudary (vide grenier des anciens sapeurs pompiers de l'Aude) 
Coursan (Vide grenier) 
Cruscades (vide Grenier) 
Espéraza (vide grenier des ripoux) 
Gruissan (ASLC Gruissan) 
La Redorte (vide greniers) 
Narbonne (vide grenier au profit des animaux abandonnés. Arpan) 
Narbonne (vide grenier dimanches et jours feries) 
Pennautier (7ème Grand Vide Greniers) 
Pieusse (vide grenier) 
Saint-Couat-d'Aude (1er vide grenier de la MJC) 
Saint-Martin-Lalande (vide greniers) 
Sainte-Eulalie (13°vide grenier) 
Thézan-des-Corbières (les floralies)
Pamiers (Marché et puces et à la brocantes) 
Saint-Jean-du-Falga (vide grenier)

 What's On

 

 

 

 

TOTO 15 June Zenith Toulouse

CARCASSONNE FESTIVAL 19 June to 15 Aug

DAVID GUETTA 21 June Carcassonne Festival

LES GIPSY KINGS 28 June Zenith Toulouse

Manu Dibango 2 July Montauban 

Liz Mc Comb 4 July Montauban

Mélody Gardot 9 July Montauban

Madness 10 July Montauban

ARCTIC MONKEYS 15 July Carcassonne Festival

SMASHING PUMPKINS 17 July Carcassonne Festival

LIZA MINNELLI 18 July Carcassonne Festival

NAIVE NEW BEATERS & TWO DOOR CINEMA CLUB 20 July  Carcassonne Festival

GEORGE CLINTON & THE BLUES BROTHERS 21 July Carcassonne Festival

 

 

 

 

 

Benjamin Biolay + Patti Smith + Lou Reed 22 July Carcassonne Festival

MARK KNOPFLER 24 July Carcassonne Festival

ONE NIGHT OF QUEEN 8 Oct CASINO THEATRE BARRIERE

STEEL PULSE 9 Oct Bikini Toulouse

LIL WAYNE 12 Oct Zenith Toulouse

FOALS 3 Nov Bikini Toulouse

SUEDE 4 Nov Bikini Toulouse

CAT EMPIRE 10 Nov Bikini Toulouse

ROMEO ET JULIETTE 15 Nov Zenith Toulouse

MAMMA MIA! 22 and 23 Nov Zenith Toulouse

OUI OUI ET LE GRAND CARNAVAL (NODDY) 15 Dec Zenith Toulouse

WITHIN TEMPTATION 20 Jan Bikini Toulouse 

THE AUSTRALIAN PINK FLOYD SHOW 11 Feb Zenith Toulouse

   
benicassim 13 artparcours
Picture12  Hilton2013aff

 

 
 
 carcoff13

leshoriaire

 

 On a Lighter Note

 

 947223 10151431614471840 1219780678 n

 faragecraggy

 

ADVERTISING RATES 
The following prices are for one insertion in the Flyer email news letter unless otherwise stated

Give away items

FREE

1 image and 25 words, plus contact details

All items for sale inc Motor vehicles, boats, caravans & trailers

25 €

1 image and 25 words, plus contact details in 3 editions

Property for sale - land, houses, businesses

50 €

up to 8 images and 500 words, plus contact details - your own property web page linked to the "Property Page" section of the Flyer for 13 editions

Large Display Advert - Corporate

100€

Finished artwork to be 756 pixels by 200 pixels landscape or 378 pixels by 400 pixels portrait

Standard Display Advert - Corporate

50€

Finished artwork to be 378 pixels by 200 pixels landscape

Large Display Advert - Small Companies and Sole Traders (at my discretion)

50€

Finished artwork to be 756 pixels by 200 pixels landscape or 378 pixels by 400 pixels portrait

Standard Display Advert - Small Companies and Sole Traders (at my discretion)

25 €

Finished artwork to be 378 pixels by 200 pixels landscape

What's on feature advert

35 €

Finished artwork to be 378 pixels by 515 pixels portrait

Advertising
information about advertising rates and specifications.
informations sur les tarifs publicitaires et specifications.
Send details to of your advert to Steve Hedges.
Please note all text (unless in a finished advert) should be Plain Text,

Finished adverts should be submitted in jpeg format 378 pixels wide

Email your text, pictures and contact information to mail@audeflyer.com

 

 

 

 

I had quite a few mails following my article last month about ‘The Great Cypriot Bank Robbery’.  Mostly in agreement with the general view, but quite a few asking me to explain a financial ‘haircut’, and some asking just how this can be done legally in this day and age.  So let’s have a quick look at these two points, as they are connected.
Firstly, a ‘haircut’  is a percentage reduction of the amount that will be repaid to creditors. This can appear in various guises.  In my ‘other life’ as an international banker (before it became a hanging offence) I used to run a department that lent huge amounts of money to American investment banks Salomons, Merril Lynch and Lehman Brothers.  Strange the way none of them exist now…  I would lend say $1bn for a week with a 3% haircut.  This meant that  the borrowing bank would have to lodge securities with me worth $1.03bn, and we would reverse the deal at the end of the week, with my bank earning a tiny margin. In the case of Cyprus, the bank deposit is the security, and it exceeds the amount being repaid by the amount of the haircut.  In some cases this will be a huge 60%.  That means that if you put €100,000 into your bank account, you get €40,000 back.  Not nice.
‘How can this be legal?’ is the next question.  A bit tricky this one.  Let’s start with some economics.  To anyone who didn’t do economics at school (me included), some things can be a bit of a mystery.  Prices in shops for example.  The price on the ticket isn’t really the cost of the goods.  It is a contract where the gods are offered at a certain price.  Nowhere does it say you have to pay that price.  You are perfectly free to place a ‘bid’ on those goods.  The sale will only take place when both parties agree.  Weird.
Now for the kicker.  Financial economics.  The money that you place in your bank account isn’t yours.  It instantly becomes the property of the bank, and you become an unsecured creditor.  If that bank the decides, or has it’s arm twisted by some German heavyweight wrestler, to apply a ‘haircut’, you’re stuffed (in modern parlance).
Ah yes, or maybe, I hear you say.  But what about the government guarantees that secure the first €100,000 in your bank account?  The fact is that the work guarantee doesn’t mean guarantee as we think of it.  It really means ‘I guarantee to try’, but if I run out of money, you’re out of luck.  The problem with a government guarantee on bank accounts is that it’s fine if just one small bank gets into trouble, but what if the system itself gets into trouble?  The answer is that the government simply doesn’t have enough money to bail them all out, or fulfil its guarantee to you and me.  We’re stuffed again.
If you ever see the word ‘guarantee’ attached to a financial product, beware.  Be very aware.   And if you have any sizeable amounts of money in the banking system, be even more aware.  Banks are simply not the safe haven that we’d like to think they are.
If you have any questions on this, or any other subject, please don’t hesitate to contact me, Rob Hesketh:
 
By phone on 0468 247758 or mobile 0631 787647
Or by mail at rob.hesketh@spectrum-ifa.com   You can find out more about Spectrum on www.spectrum-ifa.com  and www.france-financial.com