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gruffydd

Prof Niall Ferguson 'extremely Nervous' About Uk Economy

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http://www.bloomberg.com/apps/news?pid=206...&refer=home

European Nations ‘as Bad as Argentina’ in 2002, Ferguson Says

By Jennifer Ryan and Rishaad Salamat

June 1 (Bloomberg) -- Many European governments’ finances are as risky as Argentina’s were at the height of its worst financial crisis, and the U.K. gives cause to be “extremely nervous,†Harvard University professor Niall Ferguson said.

“It is a myth that countries don’t go bust, you only have to look at the history of Latin America to see that they do,â€

...“One has to be extremely nervous about the situation in the United Kingdom, borrowing on the same scale as the U.S. but without a reserve currency,†Ferguson said.

Edited by gruffydd

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Pretty much the only thing keeping everything rolling is the fallacy that it can't fail.

felatio never fails

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Bizzaro world in the USA

Unemployment is already 8.9% and predicted to rise

Factories are at the lowest level of activity since records began

Income increased because of unemployment insurance benefits and social security payments and massive tax cuts

Spending fell continuing month on month collapse.

Savings rate highest level in 14 years

It's a perfect example of QE failure, unlike Japan there is no timescale or target or plan, so it can never fail.

Recovereh?

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Of course on the raw data he's right about the "risks" of the current situation but he's not predicting armeggedon I believe just saying its one possible outcome...If a new government came in and cut expenditure by 10% ( which is easily do able and possible without damaging end services at all ) then things would look very different for the doom mongers near term predictions.

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Nah it'll be ok. We'll just print some more money and get another credit card. What could possibly go wrong ? :lol:

We have falling north sea oil and gas output to look forward to,

Falling pound

Massive public pension commitments we can't afford

Daft PFI contracts to infinity

Corrupt charlatan MP's

Over aggressive binge drinking chav's that can't be fitted into our over crowded jails

The only positive thing you can say is that we've had one hell of a party on credit, a lot of which will never be paid back.

Edited by sikejsudjek

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Of course on the raw data he's right about the "risks" of the current situation but he's not predicting armeggedon I believe just saying its one possible outcome...If a new government came in and cut expenditure by 10% ( which is easily do able and possible without damaging end services at all ) then things would look very different for the doom mongers near term predictions.

Apart from the riots and general social unrest.

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Apart from the riots and general social unrest.

I can't see how cutting a few unnecessary projects, a few quangos and perhaps slowing down planned recruitment into vacant or new posts would create riots and general social unrest....... I suspec though 20% cuts which is what I would like to see wouldn't be viewed as positive by those in the firing line.... but thats an undestandable personal ( and selfish ) reaction.. the fact that we should never have been spending this amount on public services in the first place is neither here nor there.

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I can't see how cutting a few unnecessary projects, a few quangos and perhaps slowing down planned recruitment into vacant or new posts would create riots and general social unrest....... I suspec though 20% cuts which is what I would like to see wouldn't be viewed as positive by those in the firing line.... but thats an undestandable personal ( and selfish ) reaction.. the fact that we should never have been spending this amount on public services in the first place is neither here nor there.

They won't cut their pet projects, they'll cut benefits, hospitals and schools.

And the cuts could be 100% and they still wouldn't be able to pay the credit card off.

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They won't cut their pet projects, they'll cut benefits, hospitals and schools.

And the cuts could be 100% and they still wouldn't be able to pay the credit card off.

Actually I don't think you are right on either point.

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Actually I don't think you are right on either point.

Why?

All they have done is steal and lie about it.

Why would they suddenly stop now?

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Why?

All they have done is steal and lie about it.

Why would they suddenly stop now?

They won't stop lieing but if they stop spending then it will solve the problem much more quickly, and if they stop spending then my view is that they will cut the easy things first... the easy things being those which the people who carry votes care less about.

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Actually I don't think you are right on either point.

100years of doing exactly as Injin says, says you are very likely to be mistaken.

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Guest มร หล&#3
They won't cut their pet projects, they'll cut benefits, hospitals and schools.

And the cuts could be 100% and they still wouldn't be able to pay the credit card off.

+1

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+1

Don't underestimate that Prof N Ferguson guy..... He is mighty clever. He is dead right on all this too!!

Honestly - the way the VIs and the media are trying to talk of a "recovery" - it really is pathetic. PATHETIC :P

The recession has BARELY BEGUN.

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Apart from the riots and general social unrest.

I'll hazard (geddit) a guess that you're an older poster (no offense, I am really knocking on!).

The generations that rioted over poll tax, wars, council boundary changes etc. have got too old to matter....

There doesn't seem to be the appetite to seriously protest these days. And who can blame anyone? The biggest protest ever held, against the Iraq war, did absolutely no good whatsoever. Those given the privilege of being in charge have been absolutely corrupted to the point that the concerns of "ordinary" citizens are completely ignored.

If protesting isn't going to bring about change, a) why bother and b ) what can be done instead?

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Pretty much the only thing keeping everything rolling is the fallacy that it can't fail.

Without that belief there is no society

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