Friday, Jan 23, 2009
Britain is heading for economic depression for the first time since the 1930s
Telegraph: Britain on the brink of an economic depression, say experts
Families must brace themselves for a slump of far greater severity and longevity than the recessions of the 1980s and 1990s, they warned. They said the current crisis will be of a scale to rival the biggest peace-time crisis in modern history — the Great Depression.
Posted by gardeniadotnet @ 10:26 PM (1046 views) Add Comment
11 Comments
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1. montesquieu said...
This, of course, really squares with the VIs' predictions of another 8% fall to go then a housing market rebound in 2010 .. NOT!
2. quiet guy said...
100% pure distilled schadenfraude for HPC regulars. It tastes rather bitter to me. Perhaps it's best not to get a taste for this stuff anyway. All I wanted was a home and the price is looking higher than I could have believed possible a few years ago.
3. Refugee said...
More stirring from the Telegraph. I think I'll stop reading anything they publish. They are just a more insidious form of the Daily Mail.
4. sovietuk said...
"Albert Edwards, a strategist at Société Générale, likened the British economy to a Ponzi scheme — a fraudulent debt mountain like that allegedly used by the New York hedge fund manager Bernard Madoff. "
No doubt all we'll hear is the same old claptrap about how Britain is well placed to deal with the "Global" crisis.
The lunatics have well and truly taken over the asylum. You couldn't even make this one up if you wanted to.
5. inflation is eating my savings said...
Interest rates really don't matter much anymore.
6. jackas said...
Lets play spot the hypocracy from todays quotes in the papers:
1) Gordon (fecking) Brown on Jim Roger's quote about Sterling being finished:
"The policies of this country are not going to be set according to the whims of speculators that attempt to make a quick profit out of Britain"
Really Gordon. REALLY? What the feck do you call the trillion pound Ponzi scheme in house price speculation that you allowed to destabilise and will ultimately impoverish an entire generation? You're not fit to lick the dirt off Jim Rogers shoes,
2) RBS reported that Jim Rogers statement was sensationalist and not based on any empirical evidence.
RBS. RBS ladies and gentleman. RBS making a comment on the economy is like asking Harold Shipman what you should take for a cold. Why don't they just shut the feck up and go away - they''re public servants now anyway, and everyone knows the public sector doesn't know anything about the economy.
7. drewster said...
To be fair, Jim Rogers' statement was sensationalist. That has always been his style - very unlike the measured, carefully chosen words of Soros or Buffett. Obviously Britain isn't "finished" - only a rising sea-level would literally finish off the country. I'd say we're no more finished than e.g. Argentina. Keep an eye on Iceland to see how bad things could get. Even there everyone is still healthy and well-fed.
8. techieman said...
jackas "You're not fit to lick the dirt off Jim Rogers shoes". Well GB might not be fit enough to lick (and i believe the phrase from the terraces is more akin to quote "you're not fit to lick my ar5e") some - well alot of - people's "shoes" but it aint Jim Rogers.
Now if only GB had enough cash to put him money where his mouth is and (now the market is very oversold) spank the shorts with a bit of intervention....... guess he will have to rely on he market to (at some stage) do that for him!!
9. down wave said...
Gordon Brown's brains are in his Backside, take a look at his suit jacket rear, And he talks
through the back of his neck, the hardship and despondency that he and his grovelling
ministers have brought on GB is beyond abhorrent. Supercilious, No more Booms or Busts,
why did he think that he could outride money cycles, banks and speculators? He should now
do his country his greatest service and fall on his sword, like those Good men dying for their
country and our Sovereignty in the middle east. Truly, what a creep and prevaricator.
10. a saver said...
Albert Edwards also said
“What I find amazing is that people aren’t really nailing Gordon Brown and [Bank of England Governor] Mervyn King for this,” he said. “At least in the US they had the excuse of the arrival of sub-prime — a new sector of the market. We didn’t really have anything similar but we ended up with a bigger national Ponzi scheme than the US.”
It is utterly mindboggling, especially as it's now surely obvious even to the dimmest person how GB and AD have been lying about the state of the economy and whose fault it is. Must be about 3 years since the US housing market started crashing and you could see that coming anyway, so we had years to get prepared.
11. paul said...
"RBS. RBS ladies and gentleman. RBS making a comment on the economy is like asking Harold Shipman what you should take for a cold."
Yes, indeed - this is like taking free financial advice from a nationalized bank like NatWest. Oh hang on ...
http://www.moneynews.co.uk/5885/natwest-hosts-free-financial-guidance-counsellors/