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EssKay

It's Finished

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Possibly the best write up on the financial crisis I've read. It's long but well worth a read

Here's a choice quote for the bears :

The investor-pundit Jim Rogers, colleague of George Soros, is advising anyone who will listen to ‘sell any sterling you might have. It’s finished. I hate to say it, but I would not put any money in the UK.’ This isn’t nice or polite, but it puts into the public domain what a lot of international money men are saying in private. More to the point, it’s a policy on which they have already acted. This is the reason an auction of government debt held in March failed. The debt was for 40-year bonds paying out at a rate of 4.25 per cent, and the reason it failed to sell everything on offer – the last time that happened was in 2002 – is that the markets thought inflation likely to rise, making the bonds a bad bet.

And the reason for that is that we in Britain are, to use a technical economic term, screwed. Economies across the whole world are struggling. Because nobody is spending money, even relatively blameless countries such as Germany, with low levels of debt and workforces who actually make things, are having a difficult time. Germany’s economy is predicted to contract by 5.4 per cent this year. A banker explained it like this: ‘When your country’s economy depends on people buying a car every three years, and they decide that they’ll only buy a car every five years, you’re ******ed. Off a cliff.’ So the German economy is ******ed off a cliff. But it will recover, when people start buying cars again, and when it does, at least their underlying levels of debt are manageable. Something similar goes for Spain, where the ending of the property boom has caused a spike in unemployment to 17.4 per cent, almost doubling in a year, or Ireland, which has contracted by a truly horrendous 8 per cent and where people have gone from owning private helicopters to losing their homes in six months flat. All of these countries are in deep trouble. But there are four things you don’t want to have, going into the current crisis. 1. You don’t want to have had a boom based on a property bubble. 2. You don’t want to have a consumer credit bubble. 3. You don’t want to have an economy based on financial services. 4. You don’t want your government to have just gone on a massive spending spree. We have all four of those things that you don’t want.

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Possibly the best write up on the financial crisis I've read. It's long but well worth a read

Here's a choice quote for the bears :

Just the bit you quote is good enough for me.

The UK is seriously F*CKED. The whole raison d'etre [reason for living!] in the UK is to spend your entire time tossing yourself off over property.... Watching idiots 24/7 on the tv showing all and sundry their latest "dreeeeeeeeeeeeamm house" - You turn on the tv - and virtually ALL the time - there is some vacuous, sickeningly dumb slag walking into a room/bedroom/WC going "OOOOOHHH I love that colour/window/ceiling/cushion....." and making orgasm noises with their F*CKING STUPID FRIENDS/HUSBANDS/WIVES/DOGS...... And often accompanied by that thick-as-pig-sh*t Kirsty Fat-@rse Slagfeatures.......

It's a fate far worse than death......

Edited by eric pebble

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Just the bit you quote is good enough for me.

The UK is seriously F*CKED. The whole raison d'etre [reason for living!] in the UK is to spend your entire time tossing yourself off over property.... Watching idiots 24/7 on the tv showing all and sundry their latest "dreeeeeeeeeeeeamm house" - You turn on the tv - and virtually ALL the time - there is some vacuous, sickeningly dumb slag walking into a room/bedroom/WC going "OOOOOHHH I love that colour/window/ceiling/cushion....." and making orgasm noises with their F*CKING STUPID FRIENDS/HUSBANDS/WIVES/DOGS...... And accompanied by that thick-as-pig-sh*t Kirsty Largeass Slagfeatures.......

It's a fate far worse than death......

It's the mutual masturbation thing. Property equates to identity...not civic duty, not talent. Just the semblance of material wealth.

We are a sick, perverse nation of manic depressives with a heavy dose of inferiority complex.

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Just the bit you quote is good enough for me.

The UK is seriously F*CKED. The whole raison d'etre [reason for living!] in the UK is to spend your entire time tossing yourself off over property.... Watching idiots 24/7 on the tv showing all and sundry their latest "dreeeeeeeeeeeeamm house" - You turn on the tv - and virtually ALL the time - there is some vacuous, sickeningly dumb slag walking into a room/bedroom/WC going "OOOOOHHH I love that colour/window/ceiling/cushion....." and making orgasm noises with their F*CKING STUPID FRIENDS/HUSBANDS/WIVES/DOGS...... And often accompanied by that thick-as-pig-sh*t Kirsty Fat-@rse Slagfeatures.......

It's a fate far worse than death......

Come on now eric, dont be shy-tell us what you really think old boy :D

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Just the bit you quote is good enough for me.

The UK is seriously F*CKED. The whole raison d'etre [reason for living!] in the UK is to spend your entire time tossing yourself off over property.... Watching idiots 24/7 on the tv showing all and sundry their latest "dreeeeeeeeeeeeamm house" - You turn on the tv - and virtually ALL the time - there is some vacuous, sickeningly dumb slag walking into a room/bedroom/WC going "OOOOOHHH I love that colour/window/ceiling/cushion....." and making orgasm noises with their F*CKING STUPID FRIENDS/HUSBANDS/WIVES/DOGS...... And often accompanied by that thick-as-pig-sh*t Kirsty Fat-@rse Slagfeatures.......

It's a fate far worse than death......

:lol::lol:

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It's the mutual masturbation thing. Property equates to identity...not civic duty, not talent. Just the semblance of material wealth.

We are a sick, perverse nation of manic depressives with a heavy dose of inferiority complex.

....ruled by a morally bankrupt, control freak elite with not an ounce of vision or altruism in sight

So what do we do about it? How do we get out of the mess we're in and how do we start down the road of genuine growth based on something other than financial services, HPI and consumer debt?

@eric - quality rant btw !

Edited by Yuffie

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It's the mutual masturbation thing. Property equates to identity...not civic duty, not talent. Just the semblance of material wealth.

We are a sick, perverse nation of manic depressives with a heavy dose of inferiority complex.

Brilliant.

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Guest spp

'Celebrity wannabe lifestyles on credit cards'...The party is over...yes we are going to get pretty washed out!

So what do we do about it?

In order to save our a$$e$...becoming a self sufficient country would be a start...renewable energy, mass farming etc!

But doesn't that become 'Protectionism' in gordy's NWO??

So yes we probably are screwed!

:ph34r:

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In 1976, Britain went broke running an annual deficit – the gap between tax revenues and government spending – of 6 per cent of GDP. Next year that figure is going to hit 12.4 per cent.

Well done Bankrupt of England, the FSA, the govt. and all the gambling banks.

Quite a write up.

When do we get the necessary sackings and claw back of unearned incomes bonuses and pensions?

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In 1976, Britain went broke running an annual deficit – the gap between tax revenues and government spending – of 6 per cent of GDP. Next year that figure is going to hit 12.4 per cent.

Well done Bankrupt of England, the FSA, the govt. and all the gambling banks.

Quite a write up.

When do we get the necessary sackings and claw back of unearned incomes bonuses and pensions?

Nope; it's Knighthoods all round for them.....

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Heathrow?

Gatwick?

Stansted?

Birmingham?

or eurostar to france? :P - It's a tempting option, but I refuse to believe the UK is a lost cause.

With our history of ingenuity and innovation, we should be able to find SOMETHING to support genuine growth.

Immediate priorities should be energy and food self sustainability, closely followed by upgrades to our creaking transport and comms infrastructure

Longer term priorities should be supporting scientific research and building a high tech manufacturing capability to actually exploit it

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I often wonder how Krusty knows that she is a constant feature of threads on HPC, because she is hardly ever referred to be her proper name and surname. Does she google "thick-as-pig-sh*t Kirsty Fat-@rse Slagfeatures"? :o

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We are a sick, perverse nation of manic depressives with a heavy dose of inferiority complex.

I was going to say "speak for yourself", but then here I am on HPC.co.uk at midnight, trying to learn more about the economy mainly for my own financial gain.

So maybe you're closer to the truth than I first thought.

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I recollect a thread on HPC about it. Not the exact timing, but it was when sterling was bumping around $1.40-ish. Since then, sterling has risen nearly 20%.

+1

I felt it was a little out of step, what with the recession being over and everything : )

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Russia and Argentina emerged pretty quickly (didnt do them much good, but theyre governed by morons who outmoron even Brown) as they just accepted theyre fate.

We should do the same here. It will be hard for those who have depended on cheap credit, and those who have grown used to benefits, but the majority of us who dont need to go on spending spurlges and dont rely on giros probably wouldnt notice.

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Russia and Argentina emerged pretty quickly (didnt do them much good, but theyre governed by morons who outmoron even Brown) as they just accepted theyre fate.

We should do the same here. It will be hard for those who have depended on cheap credit, and those who have grown used to benefits, but the majority of us who dont need to go on spending spurlges and dont rely on giros probably wouldnt notice.

Good point. In fact one of the best post see on here in a long time.

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Russia and Argentina emerged pretty quickly (didnt do them much good, but theyre governed by morons who outmoron even Brown) as they just accepted theyre fate.

We should do the same here. It will be hard for those who have depended on cheap credit, and those who have grown used to benefits, but the majority of us who dont need to go on spending spurlges and dont rely on giros probably wouldnt notice.

£1,000,000,000,000 of public sector debt says you're wrong

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but the majority of us who dont need to go on spending spurlges and dont rely on giros probably wouldnt notice.

Untill you come home and realise that you've been burgled, or are mugged in the street. Short of a final solution it won't be that easy to rid ourselves of those who are currently dependant on 'giros'. The real trick going forward will be to avoid becoming one of them, or a victim of one of them if they are really are cut adrift.

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I recollect a thread on HPC about it. Not the exact timing, but it was when sterling was bumping around $1.40-ish. Since then, sterling has risen nearly 20%.

Rogers did the same 'trick' with the USD if i remember correctly, just prior to the dollar bull run. he's good... :lol:

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Rogers did the same 'trick' with the USD if i remember correctly, just prior to the dollar bull run. he's good... :lol:

Just shows how the world economy is more of a casino game than ever....

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