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I couldn't see this posted before so apolgies if it was

I noticed this article in the FT and thought it warrented some further discussion

http://www.ft.com/cms/s/0/49152b62-7a46-11...?nclick_check=1

It says "It expects that 7 per cent of the $2,467bn of consumer debt in Europe will be lost, with much of that falling in the UK, the continent's biggest nation of credit card borrowers"

some more reading for you

http://www.ft.com/cms/s/0/910e5a20-7a45-11...144feabdc0.html

It says "The real unknown, however, is to what extent a recession already on a par with the 1930s will be turned into something even worse by record levels of consumer debt. British consumers' leverage - how much they owe as a proportion of income - has been rising fast for a decade and for the past nine months has been running at a record high of more than 170 per cent - far bigger than anywhere else in Europe.

"

I am astounded by "7 per cent of the $2,467bn" - for those who didn't pick this up this is BILLION

7% of 2,467bn is 173 billion. In the overall scheme of things, is this a lot of money??

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7% of 2,467bn is 173 billion. In the overall scheme of things, is this a lot of money??

No, it's chicken feed.

Unfunded UK civil service and state pension liabilities are in excess of £5000 BILLION.

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No, it's chicken feed.

Unfunded UK 'gold-plated' civil service and state pension liabilities are in excess of £5000 BILLION.

So we could put them on your credit card then?

Corrected for Daily Mail dogwhistle.

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So we could put them on your credit card then?

Corrected for Daily Mail dogwhistle.

It isn't going to cost that much because they will NEVER be paid.

Anyone who is expecting a generous public sector pension in 10 or 20 years had better start saving now IMHO.

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It isn't going to cost that much because they will NEVER be paid.

Anyone who is expecting a generous public sector pension in 10 or 20 years had better start saving now IMHO.

Surely not an HPCer advocating people should default on their financial obligations. Wait till the folks on MSE hear about this.

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