Tuesday, Oct 23, 2007
We knew all this already
The Telegraph: German team damn UK economic 'miracle' as a sham
"From 2001 to 2006, a total of £256bn in equity was extracted from UK property values in this way. Dependent as it is on rising house prices, housing equity withdrawl cannot continue to prop up our consumer spending at its current level," said the report.
Posted by sold 2 rent 1 @ 09:19 AM (849 views) Add Comment
12 Comments
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1. tyrellcorporation said...
Check out the bottom of this blog list S2R!
2. su said...
There were loads of good comments (12) on this article yesterday. Click on "News Blog" at the top of this page then click on view past: "yesterday"
3. sold 2 rent 1 said...
Ambrose is the most bearish commentator in the mainstream press.
Yet even he can only reproduce the obvious.
I have devised 5 bearishness/conspiracy levels
1. World economy is headed for a recession. Central banks made some mistakes
2. World economy is headed for a depression as k-wave theory / debt super-cycle that repeat every 80-100 years is near its peak
3. Long wave theory is "unavoidable" as the current banking system of "money as debt" means debt has to be destroyed on a periodic basis. The banking system needs to be replaced with something more sustainable and fair.
4. A banking elite few control the world's central banks, the creation of most money and the world's media. They won't be giving up the current banking system without a revolution.
5. Full blown Divid Icke lizard bloodline "Illuminati-reptilians" aliens.
Ambrose is at level 1
Persoanlly, I am at stage 3 at the moment, and reluctant to go to stage 4 without more supporting evidence.
4. mrmickey said...
The point is the UK economy has been in a recession since 2001, the mountains of debt taken out since then have given the impression were not in recession. The fact remains that when the debt drug is withdrawn which is what is happening now we have 6 years of recession to catch up with plus interest on top of that, nasty.
5. sovietuk said...
Well, well, well. The conclusion to be drawn from this is that either the team of German economists is incompetent and don't know what they are talking about or the team of British economists that advise the UK government are mere puppets who just say what they are told to say for fear of loosing their jobs. Which is the truth ?????
6. Not_even_a_feather said...
The Daily Telegraph has been running "chickens coming home to roost" stories for the last ten years. The reason it does so, is that it has its own political agenda for trying to undermine Gordon Brown's reputation. Most of the stories are based on the mis-quotation of reports from respected organisations, such as the OECD.
This one isn't. It's slightly more subtle. The way the article is worded might lead one to think that this is a report produced by an independant German think tank. In fact, Policy Exchange is a based in London. Its chairman is Charles Moore, who until recently was editor of, yes, you guessed, the Daily Telegraph! You might have thought that the Telegraph's article might mention this salient fact.
If were you I would check your sources for VIs, you know, vested interests.
7. cyril said...
I would take this with a pinch of salt - neither the daily Telegraph nor the Policy Exchange are exactly poltically neutral are they?
(However I agree with the basic idea).
8. dohousescrashinthewoods said...
I thought it was cracking. Like someone jest stood up and flatly said "the emperor has no clothes on".
Mrmickey, I have heard the "long been in recession" theory from other sources too and am inclined to give it credence.
On a parallel note, I seem to remember there were masses of exuberance, opulence and extravagance in the 20s and 30s, just as there has been in the city of late.
9. Bubbles. . . . said...
Isnt it strange that the Brits who have lost the world cup,the Grand Prix Championship, and are not quanlifying for the European finals in football are happy! Wherea's the Germans and the rest of the scandinavian countries who are doing well are miserable! We are doing everything wrong we know except getting more obese drinking more and generally as eveidenced by our unmarried mothers having a great time!
If Keymes came back he would love it and as we said during the war "its being so cheerful that keeps us going". God looks after "fools and drunks", and he is english after all as we all know!
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