Another £16 Billion On The Credit Card

[piece of paper]

UK public sector borrowing totalled £16.1bn in August

p-o-p

[Minos]

SKY have a ticker which shows national debt rising by £11K per second.

[Bloo Loo]

SKY have a ticker which shows national debt rising by £11K per second.

so a banker is earning 11,000 per second....we need to find this banker and stop him.

[piece of paper]

SKY have a ticker which shows national debt rising by £11K per second.

So we're not returning to Gordon's Golden Rule anytime soon then?

p-o-p

[Minos]

So we're not returning to Gordon's Golden Rule anytime soon then?

p-o-p

The Tories never managed to borrow so much so quickly. Another record and one other thing Labour have over those wimpy Tories.

[piece of paper]

Full, if short article now available.

http://newsvote.bbc.co.uk/1/hi/business/8262434.stm

I particularly like the picture but I doubt whether emptying those baskets of 99p trainers would staunch the flow of £11K per second.

p-o-p

EDIT: In case the piccy disappears and is replaced by a sincere looking chancellor

Edited September 18, 2009 by piece of paper

[crashologist]

SKY have a ticker which shows national debt rising by £11K per second.

This should be doing havoc to Darling's ticker! How can they stop this debt increasing?

[Minos]

This should be doing havoc to Darling's ticker! How can they stop this debt increasing?

By implementing some C's which cannot be named.

[the primitive]

By implementing some C's which cannot be named.

By removing some useless c's from office...

[bogbrush]

It's doable now but only if you go to it like you would a crippled company.

If it's left much longer it simply becomes bankruptcy.

[piece of paper]

By implementing some C's which cannot be named.

Not wishing to bring out the unhappy side of you but I think that Injin is right that it is too late to do so now. We are not looking over the edge of the cliff, we have gone over it.

p-o-p

[Bloo Loo]

Not wishing to bring out the unhappy side of you but I think that Injin is right that it is too late to do so now. We are not looking over the edge of the cliff, we have gone over it.

p-o-p

why? why cant they cut?

[Minos]

Not wishing to bring out the unhappy side of you but I think that Injin is right that it is too late to do so now. We are not looking over the edge of the cliff, we have gone over it.

p-o-p

I'm never unhappy. I agree though, IMF time.

[piece of paper]

why? why cant they cut?

You live in Essex. Have a look at a Leylandii that hasn't been trimmed for 12 years. The only way to get rid of the bas

tard is to cut it down and pull the roots out with a tractor.

p-o-p

[bogbrush]

why? why cant they cut?

You can, but you have to have a strong stomach.

You have to be prepared to rip the NHS down to a core, slash benefits and you have to be prepared to see peoples living standards plunge. All this stuff about management structures and so on must be done and it's a help, but we're fooling ourselves by thinking this can be done without fundamentally reducing the participation of the state in these worthy aspirations.

If we don't have the guts for that then we fail, simple as that.

[Minos]

You can, but you have to have a strong stomach.

You have to be prepared to rip the NHS down to a core, slash benefits and you have to be prepared to see peoples living standards plunge. All this stuff about management structures and so on must be done and it's a help, but we're fooling ourselves by thinking this can be done without fundamentally reducing the participation of the state in these worthy aspirations.

If we don't have the guts for that then we fail, simple as that.

And the sad thing is, it didn't have to be as bad as this. If only Labour hadn't spent like no tomorrow when times were good.

[piece of paper]

You can, but you have to have a strong stomach.

You have to be prepared to rip the NHS down to a core, slash benefits and you have to be prepared to see peoples living standards plunge. All this stuff about management structures and so on must be done and it's a help, but we're fooling ourselves by thinking this can be done without fundamentally reducing the participation of the state in these worthy aspirations.

If we don't have the guts for that then we fail, simple as that.

You clearly have a grip on this. Do you think that this lopping should start next June or this coming Monday?

p-o-p

[bogbrush]

And the sad thing is, it didn't have to be as bad as this. If only Labour hadn't spent like no tomorrow when times were good.

The parallells with crap management of a company are perfect.

We've had rubbish Directors who haven't focussed on increasing wealth generation, managing costs and reducing gearing. They've basically done the opposite for years.

Now the bank charges are becoming absurd; the business is in the red and the workforce are still expecting all the trimmings and a wage rise next year. Plus, the huge structural inefficiencies with half the factory workers lying around all day doing nothing are there but all the Directors want to do is write a budget for next year that includes a great big line called "efficiency improvements" to balance the books abd persuade the bank to increase the line of credit.

In a real, well-run business you never spend what you can afford, you spend what it is efficient to spend. You focus on wealth creation and if you make a big surplus you make your gearing really low and/or you return cash to shareholders. In the case of Britain that would have meant reducing public debt and reducing taxes.

These mentalists think firstly that spending should be as much as you can afford, and then smoothly graduate from there to spending what you cannot.

Utterly screwed, beyond salvation imo.

[bogbrush]

You clearly have a grip on this. Do you think that this lopping should start next June or this coming Monday?

p-o-p

This afternoon.

[piece of paper]

This afternoon.

If you set off now, I'll phone Al and tell you're on your way.

p-o-p

[SarahBell]

so a banker is earning 11,000 per second....we need to find this banker and stop him.

I suspect you don't have to find that particular one. Just start taking the bankers and shooting them. [1]

[1] All violent references for comic purposes only with no intention to incite violence and hatred against bankers in the community.

[I Told You So]

This is a mess

The run on the £ has begun (1.11euro) and its only going to get worse , further stoking inflation. Expect failed bond auctions begging to the IMF and big rises in IR's.

Labour really have gone and done it this time.

[bogbrush]

If you set off now, I'll phone Al and tell you're on your way.

p-o-p

Al understand what needs to happen, he just has to sit on the toilet every time he thinks about it.

[Injin]

Al understand what needs to happen, he just has to sit on the toilet every time he thinks about it.

The problem anyone "in power" has who wants to face reality is that there are a million broken souls just behind them who will take over from them the second they deviate from the "steal, spend it, lie" plan. The people in the public sector, the boomers with their (worthless) pension promises simply do not want to hear it.

Which is why anyone in public life who is looking at the issues seriously is treated with the same gravitas as Ronald McDonald by the media. (Hi Frank Field, Ron Paul et al.)

[ccc]

You can, but you have to have a strong stomach.

You have to be prepared to rip the NHS down to a core, slash benefits and you have to be prepared to see peoples living standards plunge. All this stuff about management structures and so on must be done and it's a help, but we're fooling ourselves by thinking this can be done without fundamentally reducing the participation of the state in these worthy aspirations.

If we don't have the guts for that then we fail, simple as that.

And why did it all come to this ? Simple. So that people could tell everyone how much their house was worth. Nothing more. Really quite depressing.