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Sovereign Debt Crisis


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A scenario... (sorta lifted from the ft alphaville blog and extrapolated...)

2007 Sub Prime Hedgefund collapse = Sept 2008 Iceland collapses (Basically a super hedge fund)

March 2008 Bear Stearns = Feb 2010 Greece , Portugal or at a push Spain collapses (Impact to be mitigated by ECB / Eurozone/ Imf / or whatever bail out)

Sept 2008 Lehman Bros = Late 2010 UK Collapses?... (Lacking systemic support ..who's going to bail out the UK?)

From the New York Times 9/11/2012

In the teeth of the deepest depression ever to befall an individual country, the British Sovereign: Her Majesty Queen Elizabeth the Second, today granted royal assent to a bill that handed control of all British sovereign territories, peoples, and dominions to the United States of America. This was expected to be her last official act before abdication.

British National Emergency Coalition Prime Minister Mr Vincent Cable, in Washington, broke of from the '51st State Negotiations' to read a very short statement: "God Bless America" he said. It is widely expected that President Obama will announce that Mr Cable will the first British Interim State Governor, pending elections, once the state of emergency and martial law in Britain had been lifted.

Negotiations with the Irish Prime minister continue as Ireland bids to become the 52nd state.

Discuss

Edited by ianmr
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A scenario... (sorta lifted from the ft alphaville blog and extrapolated...)

2007 Sub Prime Hedgefund collapse = Sept 2008 Iceland collapses (Basically a super hedge fund)

March 2008 Bear Stearns = Feb 2010 Greece , Portugal or at a push Spain collapses (Impact to be mitigated by ECB / Eurozone/ Imf / or whatever bail out)

Sept 2008 Lehman Bros = Late 2010 UK Collapses?... (Lacking systemic support ..who's going to bail out the UK?)

From the New York Times 9/11/2012

In the teeth of the deepest depression ever to befall an individual country, the British Sovereign: Her Majesty Queen Elizabeth the Second, today granted royal assent to a bill that handed control of all British sovereign territories, peoples, and dominions to the United States of America. This was expected to be her last official act before abdication.

British National Emergency Coalition Prime Minister Mr Vincent Cable, in Washington, broke of from the '51st State Negotiations' to read a very short statement: "God Bless America" he said. It is widely expected that President Obama will announce that Mr Cable will the first British Interim State Governor, pending elections, once the state of emergency and martial law in Britain had been lifted.

Negotiations with the Irish Prime minister continue as Ireland bids to become the 52nd state.

Discuss

Except that in real life, HMQ handed over sovereignty to Europe on 1st January 1973. :o

Edited by urban commando
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Except that in real life, HMQ handed over sovereignty to Europe on 1st January 1973. :o

Do you think so? I'm with Sir Humphrey Appleby (Written in the Mid eighties - but very prescient)

Sir Humphrey: Minister, Britain has had the same foreign policy objective for at least the last five hundred years: to create a disunited Europe. In that cause we have fought with the Dutch against the Spanish, with the Germans against the French, with the French and Italians against the Germans, and with the French against the Germans and Italians. Divide and rule, you see. Why should we change now, when it's worked so well?

Hacker: That's all ancient history, surely?

Sir Humphrey: Yes, and current policy. We had to break the whole thing [the EEC] up, so we had to get inside. We tried to break it up from the outside, but that wouldn't work. Now that we're inside we can make a complete pig's breakfast of the whole thing: set the Germans against the French, the French against the Italians, the Italians against the Dutch. The Foreign Office is terribly pleased; it's just like old times.

Hacker: But surely we're all committed to the European ideal?

Sir Humphrey: [chuckles] Really, Minister.

Hacker: If not, why are we pushing for an increase in the membership?

Sir Humphrey: Well, for the same reason. It's just like the United Nations, in fact; the more members it has, the more arguments it can stir up, the more futile and impotent it becomes.

Hacker: What appalling cynicism.

Sir Humphrey: Yes... We call it diplomacy, Minister.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Hacker: Europe is a community of nations, dedicated towards one goal.

Sir Humphrey: Oh, ha ha ha.

Hacker: May we share the joke, Humphrey?

Sir Humphrey: Oh Minister, let's look at this objectively. It is a game played for national interests, and always was. Why do you suppose we went into it?

Hacker: To strengthen the brotherhood of free Western nations.

Sir Humphrey: Oh really. We went in to screw the French by splitting them off from the Germans.

Hacker: So why did the French go into it, then?

Sir Humphrey: Well, to protect their inefficient farmers from commercial competition.

Hacker: That certainly doesn't apply to the Germans.

Sir Humphrey: No, no. They went in to cleanse themselves of genocide and apply for readmission to the human race.

Hacker: I never heard such appalling cynicism! At least the small nations didn't go into it for selfish reasons.

Sir Humphrey: Oh really? Luxembourg is in it for the perks; the capital of the EEC, all that foreign money pouring in.

Hacker: Very sensible central location.

Sir Humphrey: With the administration in Brussels and the Parliament in Strasbourg? Minister, it's like having the House of Commons in Swindon and the Civil Service in Kettering!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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Hi

I too am a fan of Yes Minister and Yes Prime Minister. I am reminded of them more and more as events unfold. Seeing as the subject matter of this thread in the Sovereign Debt Crisis I have just been reading the economics blog of notayesmanseconomics and he has posted some interesting thoughts on the sovereign debt crisis and the implications of it for the UK today.

Indeed they are worth reading thanks for that....

I see 10 year gilt yields are on the up.... Now the olive belt issue is being addressed; I think the UK's systemic metal is about to be tested by the bond markets; should be an interesting ride!

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