Thursday, Jan 22, 2009
Bailouts rise from: £2 billion in September 2007 to today's £1 trillion
Market Oracle: British Pound Panic Selling, Counting Down to Bankrupt Britain
The British Pound continued to plunge to new lows in response to the latest step taken by Gordon Brown in effectively bankrupting Britain to win the next election, which is to under-write the toxic bad debts with an another tax payer down payment of £200 billion. As you can see we have come a long way from £2 billion in September 2007 (Northern Rock) to today's £1 trillion, a truly huge number that amounts to £34,000 per UK tax payer, how much will it cost Britain to service such a liability? This is still but the early stages of Britain's road to bankruptcy and currency collapse as my earlier analysis pointed out in November 2008
Posted by sold 2 rent 1 @ 11:59 AM (1180 views) Add Comment
19 Comments
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1. Crunchy said...
I will say it again... WHO PUSHED THE PANIC BUTTON IN 2009.
2. sold 2 rent 1 said...
Expect major drama from 23-30 January as this resonates with the Suez crisis in 1956 (according to Calleman's model).
3. Crunchy said...
In this climate some are making trillions.
They made it on the UP
and again on the DOWN........... Does the term "Double Bubble" ring a bell?
Easy money!
4. Crunchy said...
Monthly MAC/D crossovers shown in article. LOL!
Shake your money maker.http://uk.youtube.com/watch?v=Zaxeg0Gf6WM
Aint making no money. Honest guv!
5. troy said...
here's a more simple prediction than Calleman's and is impossible to argue about (?)
The coming first world debt crisis
Ann Pettifor
1 - 9 - 2003
The reckless financial policies of leading western powers in the last two decades make it likely that the next seismic debt crisis will be in America, not Argentina. It can be avoided, says Ann Pettifor of the Real World Economic Outlook, only by serious efforts to bring regulation and balance to the international economy.
When this credit bubble bursts in the United States and Britain, it will be middle-class consumers that will first bear the brunt of the financial crash.
http://www.jubileeresearch.org/worldnews/europe/opendemocracy010903.htm
6. sold 2 rent 1 said...
troy,
"It can be avoided, says Ann Pettifor"
She obviously doesn't understand that this crisis has been designed by the power elite, and the last thing they want is "to avoid it"
7. troy said...
ok ok ok s2r1 is this the five minute, ten minute or full half hour arguement?
Isn't this the purpose of pressure groups, to point out what is possible so that the electorate can see when politicians are acting out of order? I'm sure Ann Pettifor and others who campaign for money reform are painfully aware of the ill intent. Read the article, even Winston Churchill made the same point that you have (which I agree with) at 3.
Winston Churchill’s storm warning
The team producing Real World Economic Outlook warns that the coming “first world” debt crisis will resemble the debt crisis of the 1920s – when bankers and politicians embarked on a similar experiment of “globalising” and deregulating capital. Then, as now, their liberalisation of capital markets and reckless inflation of credit encouraged massive borrowing. Then as now, the burden of resulting debts fell most heavily on the middle classes and poor.
Winston Churchill, in his book about that period, The Gathering Storm, described it well: cont . . .
8. plato said...
I'm a bit apprehensive about being seen on the same continent as you two after last night's experience.
Anyway be interesting to see what happens on those dates. That's a brave prediction s2r1.
9. troy said...
Good to have another 'moderate' around plato.
Last night's distruption was very sad, some posters seem to do little else than be offensive
I don't understand why they bother ~~~ except
S2r1 seems to have opted for the two minute arguement on this occasion
10. bellwether said...
Thanks for the article s2r1. 2 things stand out. The other day I was wondering what the effect would be if foreign debt has to be paid back in foreign currency while the volume of debt is sinking our currency ie a hole that is digging itself this seems relevant
"The effect of this is to make the current crisis far worse as the market seeks to discount the over 80% of the £5 trillion banking sector debt which is denominated in foreign currencies. Therefore the facility to inflate out of debt through "Quantative Easing" does not work, as the repayments have to be made in foreign currencies against which the countries debt burden rises as the currency falls and therefore puts Britain's banks under greater pressure. The impact on the economy is deflationary whilst import prices rise thus suggesting a stagflationary outlook or worse"
Also I'm aware that per TA sterling is way over sold but again the view is that we are in extremis and TA breaks down outwith certain parameters
"The British Pound is extremely oversold on a technical basis which suggest a bounce from current levels to above £/$1.45. However in an atmosphere of panic, price moves occur that are outside of the scope of technical analysis as the price action being observed is more akin to a earthquake measuring Richter scale then the chart of one of the worlds major currencies. "
11. plato said...
Just got back.
That's what has kept me on this site! Worldly information and good educational reading like bellwether's comment above.
12. troy said...
Thanks plato, see what you mean I thought bellwether was peedoff
aparently knot (sorry it just seemed like time for a nautical typo)
13. troy said...
Oh twaddle didn't see crunchy had turned up
hi crunchy! ~~~ anything going on in your neck of the woods mate?
captains log 19:06 ~~check TC
14. flintster1994 said...
troy,
"oh twaddle"
Love your language sometimes. Brought a smile to my face.
15. plato said...
s2r1's prediction is looking to have a fair chance, although I expect he is looking far,far wider than finance.
CNNmoney :
Stomach-wrenching volatility is back
Stocks retreat after Microsoft disappoints, housing reports slip to record lows, banking management shakeup.
NEW YORK (CNNMoney.com) -- Stocks tumbled Thursday afternoon as Microsoft's earnings miss and job cuts and John Thain's departure from Bank of America - exacerbated fears about the depth and duration of the recession.
16. troy said...
flintster11994 ~~~ flashback
39. James said...32 - but he did it wrong... repeatedly. Troy does at least seem to be on the right lines - even to understanding a balance sheet, which is still WAY beyond Malct, p4ac, crunchy - any of those big sillies.
troy - it has been on the site, quite a lot - viz:
http://www.housepricecrash.co.uk/newsblog/2008/07/blog-this-film-criticises-the-gold-standard-and-provides-other-solutions-pointing-out-that-gold-is-primarily-held-by-private-banks-15139.php
http://www.housepricecrash.co.uk/newsblog/2008/09/blog-history-is-it-beginning-to-repeat-itself-16688.php
Wednesday, January 21, 2009 04:58PM Report Comment
40. James said...Incidentally, Troy, reviewing those threads, you'll need to be careful sharing your understanding of FRB on here. Because, you see, there are an awful lot of posters who don't understand it and think it's a malign creation of an evil conspiracy to control the masses... And if you do understand it (as you seem to) you're working for them...
Wednesday, January 21, 2009 05:01PM Report Comment
41. James said...Troy - actually - the thing about the loan / asset remaining there? That's just a function of accounting - i.e. if a metal basher sells you a widget, in the period you owe that company money, that will also appear as an asset on their balance sheet.
Wednesday, January 21, 2009 05:13PM Report Comment
42. flintster1994 said...Now now ladies,
It doesn't matter who's who at the end of the day. It's about a variety of information. I'm sure that the level of intelligence shown on this site is quite capable of accepting or discarding bloggers posts. It is a wee bit annoying though, granted.
Wednesday, January 21, 2009 06:36PM Report Comment
43. troy said...flintster "Damn all I want to do is good things!"1994 ~~~ I agree and am pleased to have the opportunity to offer my appologies for the wind up yesterday. It wasn't intentional and some of your points are a valid explanation.
It is quite clear that some bloggers with a dreadfully narrow view of what this site is about and what is really happening to us, together with a separate element of VIs put pressure on HPC webmasters to prevent discussion of subjects which others consider valid if not critical.
Wednesday, January 21, 2009 06:57PM
17. troy said...
can but try
18. flintster1994 said...
Once again troy,
My deficiences of only having the same speed of thought process as your average Jack has yet again become my undoing.
"can but try"
Whit?
19. Crunchy said...
13. troy said...Oh twaddle didn't see crunchy had turned up
hi crunchy! ~~~ anything going on in your neck of the woods mate?
Hi troy, OK for now! I am reading some of your links. Interesting.
Let's just say- They create the money but not the interest. THAT IS MORE PROFOUND THAN MOST GIVE THE TIME TO. Shame!