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Frank Field Mp Nails It On Any Questions

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Frank Field starts speaking on this at about 36.35 mins in.

BBC Any Questions

Main quotes:

"I think the position is much more serious than the panel's let on tonight"
"My worry is that the money markets, the debt market, will not support this weight of debt.... if that happens then the collapse comes very very quickly. Because the day the debt is not being shifted its reported back to the government, and the government have to make decisions before the markets open at something like 8 o'clock the next morning, and we will then have cuts, undreamt of now as panic measures"

I think he's bang on.

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I heard him last night, and also noted how none of the speakers after him addressed the point he raised. They all concentrated on (almost as a reflex action) how much the public sector should or shouldn't be spending in the future - not how much we could or couldn't.

Field is one of very few Labour MPs I have the time of day for.

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I heard him last night, and also noted how none of the speakers after him addressed the point he raised. They all concentrated on (almost as a reflex action) how much the public sector should or shouldn't be spending in the future - not how much we could or couldn't.

Field is one of very few Labour MPs I have the time of day for.

There were more like Frank Field in the Labour party once upon a time.

Another one for the BBC to mark down as a dangerous subversive.

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Frank is of course completely right. A noble voice of dissent that too often struggles to rise above the shrieking and spinning of Labour's hyenas.

The only thing between Britain and bankruptcy is our false AAA credit rating. I have no clear idea what dynamic is maintaining this charade at the moment, but one imagines the consequences of a downgrade and subsequent Gilt market implosion are too unthinkable for the IMF to bear. Will S&P reassert themselves? The other agencies will surely follow the moment one breaks for cover. Then we're toast.

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Guest UK Debt Slave
Frank Field starts speaking on this at about 36.35 mins in.

BBC Any Questions

Main quotes:

"I think the position is much more serious than the panel's let on tonight"
"My worry is that the money markets, the debt market, will not support this weight of debt.... if that happens then the collapse comes very very quickly. Because the day the debt is not being shifted its reported back to the government, and the government have to make decisions before the markets open at something like 8 o'clock the next morning, and we will then have cuts, undreamt of now as panic measures"

I think he's bang on.

Yep

I was pretty astounded to hear this on the BBC actually

I can't imagine why this is in the off-topic forum either. Ridiculous

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Guest UK Debt Slave
Yep

I was pretty astounded to hear this on the BBC actually

I can't imagine why this is in the off-topic forum either. Ridiculous

I'm going mad

It isn't in the off topic forum is it?

I'll get me coat............... :blink:

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I should add, that if those "panic measure" cuts in public sector spending happen AFTER a failed Government bond auction, or as Frank Field says overnight before the markets open. The markets will only see it as blind panic, and the cuts announced will not steady the ship. It'll be unstoppable at that point.

For that debt issuance to wrk, they have to announce a credible plan, based on reasonable GDP projections BEFORE a major bond auction fails. Even doing that probably won't do it frankly.

It'll be like Major and Lamont raising interest rates from 10% to 12% etc in one day. Once confidence is lost, it doesn't matter what they do.

The pound will start to fall, and they would be faced with a repeat of Major and Lamont by raising Interest Rates hard (via the BofE) in desperation. But it'll be too late by then, so they probably won't even bother trying to save the pound. They haven't got the balls to raise Interest rates.

They'll take the easy option and choose to go into the Euro as a lifeboat. A lifeboat thats sinking too by the way, only a little slower!

And we've honoured that "low interest rate idiot" Blanchflower. Un.. B.. Fuffing...Lievable!!

This is where Low Interest Rates for years gets us Blanchflower, you twa* !! Biggest debt/housing bubble in the history of mankind! Thanks Sir Bollo**head!

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They'll take the easy option and choose to go into the Euro as a lifeboat. A lifeboat thats sinking too by the way, only a little slower!

With the EMU entry criteria waived for us? Personally I doubt it would be tolerated, the eurozone has enough problems without trying to absorb a basket-case Britain.

More likely we'd go running to the IMF for a loan and a dose of austerity (if they have any funds left by that time).

On the subject of Frank Field, he'd be wasted as speaker IMO (possibility of him ending up in the post was mentioned in the programme).

Edited by huw

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excuse me for being totally retarded all the time, but has anyone heard any show, panel etc where they have talked about the BNP and someone has said they like the BNP? Seems its so easy to come out with the usual drivelling condemnation, but has anyone said, mmm, well, i think their pretty groovy because of this, this and this? Huh,

whats the problem?

personally i happen to find labour policy pretty vile.

they talked about the BNP o the radio show.

Edited by 50%deposit

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Frank is of course completely right. A noble voice of dissent that too often struggles to rise above the shrieking and spinning of Labour's hyenas.

The only thing between Britain and bankruptcy is our false AAA credit rating. I have no clear idea what dynamic is maintaining this charade at the moment, but one imagines the consequences of a downgrade and subsequent Gilt market implosion are too unthinkable for the IMF to bear. Will S&P reassert themselves? The other agencies will surely follow the moment one breaks for cover. Then we're toast.

It's quite simple, the bond market is wrong and hasn't yet worked out that they aren't going to get their money back. The Government will only use so much QE to buy up the debt, after a while they will say the printing presses are closed and most of the bond-holders will go without.

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With the EMU entry criteria waived for us? Personally I doubt it would be tolerated, the eurozone has enough problems without trying to absorb a basket-case Britain.

More likely we'd go running to the IMF for a loan and a dose of austerity (if they have any funds left by that time).

On the subject of Frank Field, he'd be wasted as speaker IMO (possibility of him ending up in the post was mentioned in the programme).

To be honest, I think the situation would be so dire, the EU would have to waive all criteria, if the pound really collapses down to nothing, when they fail to raise interest rates. Imagine what 10% or 15% interest rates would do to the housing market! Can't see them doing it.. Brown would be in straight jacket on his way to the insane asylum at that point.

If we do need to go to the IMF, we'd better get in there first, before the EU as a whole, and the US. The smaller countries will fail to secure its lending first, cos the Big guys (EU & US) are sucking up all the money.

Totally agree about Frank Field. Very few Mp's seem to have a grasp of this, which is really scary.

Frank Field, Vince Cable and Ken Clarke I suppose are the only ones.

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Guest sillybear2
I should add, that if those "panic measure" cuts in public sector spending happen AFTER a failed Government bond auction, or as Frank Field says overnight before the markets open. The markets will only see it as blind panic, and the cuts announced will not steady the ship. It'll be unstoppable at that point.

We're actually beyond that point, the bond markets stopped supporting govt borrowing long ago, the only thing that keeps the bid/cover ratio so high at auctions is the BoE's QE programme, dealers are only buying knowing they can instantly turn around to the BoE and sell the gilts back to them at a profit. The UK govt is only surviving through debasement and monetising debt, once genuine international investors twig this continued and unsustainable fraud there will be a gilt strike, and they will still start dumping existing holdings.

Also, the UK is one of the largest holders of US public debt and I bet the same is true in reverse, these swaps are true ponzi. The Fed says to the BoE "I'll buy your shitty debt if you buy ours" as a means to give some external support their worthless bits of paper.

Edited by sillybear2

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I should add, that if those "panic measure" cuts in public sector spending happen AFTER a failed Government bond auction, or as Frank Field says overnight before the markets open. The markets will only see it as blind panic, and the cuts announced will not steady the ship. It'll be unstoppable at that point.

For that debt issuance to wrk, they have to announce a credible plan, based on reasonable GDP projections BEFORE a major bond auction fails. Even doing that probably won't do it frankly.

It'll be like Major and Lamont raising interest rates from 10% to 12% etc in one day. Once confidence is lost, it doesn't matter what they do.

The pound will start to fall, and they would be faced with a repeat of Major and Lamont by raising Interest Rates hard (via the BofE) in desperation. But it'll be too late by then, so they probably won't even bother trying to save the pound. They haven't got the balls to raise Interest rates.

They'll take the easy option and choose to go into the Euro as a lifeboat. A lifeboat thats sinking too by the way, only a little slower!

And we've honoured that "low interest rate idiot" Blanchflower. Un.. B.. Fuffing...Lievable!!

This is where Low Interest Rates for years gets us Blanchflower, you twa* !! Biggest debt/housing bubble in the history of mankind! Thanks Sir Bollo**head!

Wow where to start with soooooo many inaccuracies.

  1. 1. Major Lamont was from 15% to 18% in trying to support to £

  2. 2. We have a floating currency do you understand? not fixed not in the ERM but floating, which has if you follow the money markets been rising against both the dollar and euro the last month due to positive economic signs in the Uk.

  3. 3. Had Blanchflower been listened to earlier we could have averted such a sharp downturn.

  4. 4. It's not the biggest debt in history Uk National debt was above 100% of GDP between 1918 and 1962 topping off at 237% in 1947.

Edited by Flash Gordon

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Also, the UK is one of the largest holders of US public debt and I bet the same is true in reverse, these swaps are true ponzi. The Fed says to the BoE "I'll buy your shitty debt if you buy ours" as a means to give some external support their worthless bits of paper.

Nah, we've been through this issue several times.

The debt is not owned by the BoE and isn't in any other meaningful sense owned by "the UK".

It just means it was purchased via London.

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Guest sillybear2
Nah, we've been through this issue several times.

The debt is not owned by the BoE and isn't in any other meaningful sense owned by "the UK".

It just means it was purchased via London.

There are countless swap agreements in place though covering the currencies.

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Wow where to start with soooooo many inaccuracies.
  1. 1. Major Lamont was from 15% to 18% in trying to support to £

  2. 2. We have a floating currency do you understand? not fixed not in the ERM but floating, which has if you follow the money markets been rising against both the dollar and euro the last month due to positive economic signs in the Uk.

  3. 3. Had Blanchflower been listened to earlier we could have averted such a sharp downturn.

  4. 4. It's not the biggest debt in history Uk National debt was above 100% of GDP between 1918 and 1962 topping off at 237% in 1947.

God bless you Gordon for chalking up a huge wartime debt bill in peacetime. I think many people are underestimating just how difficult that is when you haven't blown up military equipment and a bombed out nation requiring constant rebuilding.

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Wow where to start with soooooo many inaccuracies.
  1. 1. Major Lamont was from 15% to 18% in trying to support to £

  2. 2. We have a floating currency do you understand? not fixed not in the ERM but floating, which has if you follow the money markets been rising against both the dollar and euro the last month due to positive economic signs in the Uk.

  3. 3. Had Blanchflower been listened to earlier we could have averted such a sharp downturn.

  4. 4. It's not the biggest debt in history Uk National debt was above 100% of GDP between 1918 and 1962 topping off at 237% in 1947.

Major Lamont was 10% to 15% and back down again all within 24 hours.

The USA and Euroland are as fcked as this country in the long run. It's just a question as to which collapses first.

The low interest rate policy which Blancheflower favoured is responsible for the country not living within its means and piling up the debt.

The previous debt was caused by wards not to fuel a housing/consumer bubble. Corporate and personal debt is also far higher than it was back then. We no longer live in an era of cheap energy instead we have to compete with endless millions of Chinese, Indians etc who are willing to work harder for a fraction of the pay.

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Wow where to start with soooooo many inaccuracies.
  1. 1. Major Lamont was from 15% to 18% in trying to support to £

Well, got back from the pub, had a quick looksee and I find that you're trolling again.

I really enjoy the way your intervention starts - 'wow, so many inaccuracies' - and then you immediately throw in one of your own.

Why do people like you bother with hard facts in your trolling campaigns? It only takes a few seconds googling to find out that you're lying and that Major/Lamont did not take the base rate to 18% during the ERM fiasco:

http://news.bbc.co.uk/onthisday/hi/dates/s...000/2519013.stm

http://www.thisismoney.co.uk/interest-rates

etc... lots of other links that I can't be bothered to list.

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Well, got back from the pub, had a quick looksee and I find that you're trolling again.

I really enjoy the way your intervention starts - 'wow, so many inaccuracies' - and then you immediately throw in one of your own.

Why do people like you bother with hard facts in your trolling campaigns? It only takes a few seconds googling to find out that you're lying and that Major/Lamont did not take the base rate to 18% during the ERM fiasco:

http://news.bbc.co.uk/onthisday/hi/dates/s...000/2519013.stm

http://www.thisismoney.co.uk/interest-rates

etc... lots of other links that I can't be bothered to list.

I was wrong, there is always a first it went from 10 - 12 and then up again to 15%.

And today it's what oh yes 0.5% just as well I'm on a lifetime tracker. :P

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