Friday, Jul 18, 2008
Crisis, what crisis?
Times: Darling under pressure as debt hits record high
''...UK public sector borrowing has soared to the highest level since the end of the Second World War, increasing pressure on the UK Government to change its self-imposed rules to borrow its way out of the current economic problems. Public borrowing in the first three months of the fiscal year rose to £24.4 billion, the highest level since 1946, and during June, it reached a nine-year high of £15.5 billion.
...''
Posted by hpwatcher @ 10:18 AM (1073 views) Add Comment
25 Comments
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1. renting2 said...
The UK economy is just like someone proudly looking at their new house, car and pricey chattels whilst conveniently ignoring the maxed out credit card balance and numerous loans without the income to service them.
2. alan said...
I agree, Renting2.
What do we do? Write to out MPs? ....and then what?
Anyone ready to give a lead here?
3. hpwatcher said...
Start a national campaign to get rid of Labour, who have shown themselves not only contributing to the current mess - due to their nutty marxist agenda - but are not also perpetuating it.
Until they go, absolutely nothing positive is going to happen to sort out the mess.
4. Muddlingthrough said...
hpwatcher
"Nutty marxist agenda"? Is one serious? Yes, Labour may have cocked things up big time, but they've moved about as far away from Marxism in the past ten years as they have ever been. It's good old fashioned incompetence that's the problem, and lack of basic arithmetic. Just like the chaps at the FSA, Bank of England and the whole financial industry in general. Oh, and in the last instance, large dollops of criminality contributed as well.
5. sovietuk said...
The worrying thing is how the deficit is going to play out as the economy implodes with even more people on the doll/benefits and tax receipts continuing to collapse. This could all turn very nasty indeed.
6. dbnazz1 said...
Nutty Marxist Agenda?????
I am increasingly wondering if GB has deliberately loosened the reigns on the city over the years in the knowledge that without restraints ii would act purely in the interests of its bonuses by following short term thinking that would inevitabley lead to long term destruction of the financial system. And in this respect this has been achieved. Destructionof the financial system would leed to a new system, which would be more left/socialist, and that i am wondering is possibly GB's long term goal. this would be a system more in line with the thinking within the EU, which is socialist, and GB definitely wants the UK fully integrated into Europe.
7. larry pickleman said...
As much as the torys on this site would like it to be, this is not just "Labours" fault...Most of this country has been living well above their means for far too long...
8. nooneo said...
"nutty marxist agenda" - Seriously hpwatcher - If you really believe that you must be watching some parallel world!
New labour are now doing what every single labour government has done in the past - Tax & spend. Only now they have added BORROWING again to the british economy.
The games up really. We have an unelected Prime Minister, failing on almost every level. The have turned a budget surplus (1997) to an increasing budget deficit. The property market is scuppered, come back in 5 or more years for a new bubble I suppose. They have spent all the money, sold all the gold, failed to provide even a proper energy policy. And Britain is probably sicker than it has been for many, many years.
And what alternative are we left with - Another tory government, filled with a loads of old boys from eton, who are probably as far removed from the lives the rest of us live than ever before.
Remember the old headline at the time of the 1992 election (guessing it here) "Would the last person leaving britain please turn off the light!"
- Well unfortunately it's more relevent now than ever before
9. mrmickey said...
They may not want a Marxist state but once the government has bailed out all the banks and effectively nationalized the housing stock that's what were going to end up with.
10. Whostolemyendowment said...
There is no left or right wing in politics anymore - they are all centralists.....toeing the line of least resistance. Just like in Animal Farm the pigs become the masters....What is the solution?......I'm f@cked if I know, but I know it ain't going to be easy on us peons, with massive debts, worthless houses, raided pension funds and underperforming with-life policies.
I've heard tulips are a good investment www.thesimpledollar.com/2007/02/22/what-a-dutchman-buying-tulips-in-1637-has-to-do-with-your-finances-today
11. Cashinmattress said...
It's a scary time for everybody in Britain. The return of high interest rates and taxes is inevitable and we will all be worse off for it, well, at least those who work for a living. This cheap credit swindle which has turned a good portion of the middle class into the new low class should culminate with the responsible bankers and politicians alike being put in blocks in town centres across the country to be punished by the populus.
12. Cyril said...
@7 Larry Pickleman makes a good point.
What puzzles me is that the opposition MPs and others must have known all along that things are going seriously wrong.
Politicians and others don't have the courage of their convictions - they wait until they are absolutely certain, then stick the boot in. So the Torys have been just as bad as Labour because they haven't highlighted the dangers whichj were completely obvious to all on this site.
13. hpwatcher said...
Is one serious? Yes, Labour may have cocked things up big time, but they've moved about as far away from Marxism in the past ten years as they have ever been. It's good old fashioned incompetence that's the problem, and lack of basic arithmetic. Just like the chaps at the FSA, Bank of England and the whole financial industry in general. Oh, and in the last instance, large dollops of criminality contributed as well.
Yes indeed. Seems like a contradiction doesn't it?
There are definite traces of Marxism behind the things that the government does. Nanny state anyone? Well, at the very least it looks like they are going to be guilty of wiping out everybodys savings so we are all equally poor.
14. hpwatcher said...
As much as the torys on this site would like it to be, this is not just "Labours" fault...Most of this country has been living well above their means for far too long...
So how exactly has that come about?
15. shipbuilder said...
6. dbnazz1 said...
"Nutty Marxist Agenda?????
I am increasingly wondering if GB has deliberately loosened the reigns on the city over the years in the knowledge that without restraints ii would act purely in the interests of its bonuses by following short term thinking that would inevitabley lead to long term destruction of the financial system. And in this respect this has been achieved. Destructionof the financial system would leed to a new system, which would be more left/socialist, and that i am wondering is possibly GB's long term goal. this would be a system more in line with the thinking within the EU, which is socialist, and GB definitely wants the UK fully integrated into Europe."
Erm...in other words, in your scenario, Gordon knew that unregulated capitalism would self-destruct? So the logical conclusion, if one were to believe this, is that capitalism is pretty useless?
Then following from this, to use the logic of your scenario, the system to replace it (because one would naturally seek to replace it with a better system) would be more left/socialist?
That seems like a fairly logical argument for moving to a more socialist economic model - leaving out the EU bit, I would agree...
16. shipbuilder said...
9. mrmickey said...
They may not want a Marxist state but once the government has bailed out all the banks and effectively nationalized the housing stock that's what were going to end up with.
Yet the most right-wing government in the western world (the US) is doing exactly the same. The nuttiest 'Marxist' agenda i've ever seen, for sure....
17. Albion said...
Marxist agenda?
Well Marx did correctly, in my view, foresee a terminal systemic crisis of capitalism once economic globalisation was achieved.
I am sure Gordon knows this but to think that he has helped to bring this crisis about as a cunning plan in order to become the Supreme Leader of a new system is perhaps a bit far-fetched ........
I think he is more like Thatcher actually - a puritanical workaholic political obsessive with a very poor understanding of human nature ......
18. Orcusmaximus said...
@larry pickleman - "As much as the torys on this site would like it to be, this is not just "Labours" fault...Most of this country has been living well above their means for far too long..."
Very true. However, if an individual spends beyond his means, then (in general) he has to suffer the consequences, not me. If a government spends beyond it's means, then it's us the taxpayers who suffer.
19. hpwatcher said...
I think he is more like Thatcher actually - a puritanical workaholic political obsessive with a very poor understanding of human nature
Not sure about that. The atmosphere when she was PM was very different....where as with GB, there is a pervading sense of a nanny state, where the government are control everything and we are all ''nice'' to everyone.
20. str 2007 said...
Cyril, Nooneo
Vincle Cable had the courage to stand up and say things were well over cooked back in 2005.
21. malct said...
All science is merely a means to an end. The means is knowledge. The end is control. Beyond this remains only one issue: Who will be the beneficiary?
In 1954 this was the issue of primary concern. Although the so-called "moral issues" were raised, in view of the law of natural selection it was agreed that a nation or world of people who will not use their intelligence are no better than animals who do not have intelligence. Such people are beasts of burden and steaks on the table by choice and consent.
Consequently, in the interest of future world order, peace, and tranquillity, it was decided to privately wage a quiet war against the American public with an ultimate objective of permanently shifting the natural and social energy (wealth) of the undisciplined and irresponsible many into the hands of the self-disciplined, responsible, and worthy few.
In order to implement this objective, it was necessary to create, secure, and apply new weapons which, as it turned out, were a class of weapons so subtle and sophisticated in their principle of operation and public appearance as to earn for themselves the name %£@)&$$%£
interesting theory from the fiction shelves.
22. nooneo said...
str 2007.
I agree - Vince Cable for Prime Minister - we could do lot worse but the Lib Dems chose a cameron clone { Dodo - Politics - British - Dead }
23. holding out said...
I'm disappointed I'm browsing CNN and there is a vote - What type of car do see yourself driving in 10 years - Electric, Hydrogen, Solar or Gas
No mention of water - bloody NWO in action again.
24. nooneo said...
holding out @ 23.
I'm still laffing at that one HO, very good.
25. it_is_going_with_a_bang said...
Amazing to see figures of public debt like that - yet we are apparantly still not officially in a recession! What on earth will those figures look like then. Might make those figures look good.