Thursday, Jan 22, 2009
Good Summation of Brown's Economic 'Miracle'
New York Times: Falling Pound Raises Fears of Stagnation
Good article from the NY Times comparing the UK to Iceland and describing the unsustainable boom in the UK that led to bust:
"Even more than their American counterparts, borrowers in Britain turned to local banks to fuel a real estate boom that was as much a national pastime as a rational decision about what to buy. Household debt as a percentage of disposable income hit 177 percent in 2007, compared with 141 percent in the United States."
Posted by an bearin bui @ 11:10 AM (608 views) Add Comment
8 Comments
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1. andrew said...
Sums it all up in the first couple of sentences.
2. japanese uncle said...
Personally I would rather see 'drab UK' than Cool Britania, in which people still have a nice cuppa from old Thermos rather than buying 2 pounds+ Starbucks, borrow books from libraries rather than buying/wasting paperbacks, rent 14 inch TV rather than buying 42 inch LCDTV (and that by credit card @29% p.a.), work out a crossword puzzle sipping ale in a corner of a pub, rather than chug-a-lugging 'Double Smirnoff & Redbull' on the tables of a pub.
3. letthemfall said...
You're definitely an Englishman JU. Hear hear.
4. letthemfall said...
And slightly ironic coming from a US paper. We're not the only nation "bulked up on debt". The US is fortunate the dollar is a reserve currency.
5. mountain goat said...
Great article thanks.
My fav quote "The pound, a symbol of British independence from the Continent that is revered nearly as much as the queen, is now down nearly 29 percent against the dollar from a year ago."
6. stillthinking said...
I never heard the term chug-a-lugging before. Truly, you learn something new everyday.
7. plato said...
A temporary state like all cycles. Currencies with ups and downs taking turns and explained with post reasoning. Not such a bad thing at this time if we are forced to appreciate the real value and purpose of money. I doubt this will bust the UK and if anything is more likely to stimulate its intrinsic inventiveness and flair. Others have more to worry about regarding these characteristics.
8. japanese uncle said...
One of Roger Miller's hit songs of the 70s
-------------------------------------------------------------------------------
Chug-a-lug chug a lug
Make ya wanna holla hidy hoe,
Burns your tummy don't you know
Chug-a-lug chug-a-lug
Grape wine in a mason jar
Homemade and brought to school
By a friend of mine after class
Me and him and this other fool
Decided that we'll drink up whats left
chug-a-lug so I helped myself
first time for everything
umm my ears still ring
Chug-a-lug Chug-a-lug
Make u wanna holla hidy hoe,
Burns your tummy don't you know
Chug-a-lug chug-a-lug
4 H and an FFA
On a field trip to the farm
Me and friend sneek off behind
This big old barn
Where we uncovered a covered up
Moonshine still
And we thought we'd drink our fill
And I swallowed it with a smile
ohh I run ten mile
Chug-a-lug chug a lug
Make u wanna holla hidy hoe,
Burns your tummy don't you know
Chug-a-lug chug-a-lug
Jukebox and sawdust floor
Somthin' like i've never seen
Heck I'm just going on 15,
But with the help of my fanaglein' uncle
I get snuk in for my first taste of sin
I said let me have a big old sip
bbbb i done a double back flip
Chug-a-lug chug a lug
Make u wanna holla hidy hoe,
Burns your tummy don't you know
Chug-a-lug chug-a-lug chig a chagle uh