Jump to content
House Price Crash Forum
Realistbear

U K Urged To Come Clean On 4.8 Trillion Debt -Zombie Level

Recommended Posts

http://uk.finance.yahoo.com/news/government-urged-to-reveal-true-national-debt-of-4-8trillion-tele-90432ba7b93d.html?x=0

Government urged to reveal 'true' national debt of £4.8 trillion

Buzz up! 0 Print..Topics:Economic news.Philip Aldrick, Economics Editor, 19:33, Friday 20 August 2010

The Institute of Economic Affairs (IEA) has calculated that the national debt is £4.8 trillion once state and public sector pension liabilities are included, or £78,000 for every person in the UK.

The Institute of Economic Affairs (IEA) has calculated that the national debt is £4.8 trillion once state and public sector pension liabilities are included, or £78,000 for every person in the UK.

The IEA raised its concerns after the latest public finances data from the Office for National Statistics (ONS) this week, which showed that the total debt, excluding bank bail-outs, is £816bn itself a record high. However, the figures strip out the state's pension liabilities in a contravention of standard accounting practices.

Mark Littlewood, the IEA's director-general, said: "The latest official national debt figure is seriously misleading. Looming in the background are pension liabilities. These should be moved to the forefront.

"The ONS should include these liabilities in their calculations. It is shocking enough to see official figures revealing a jump in national debt over the last year from the equivalent of 48pc of GDP to 56pc, but the grave reality is that our real national debt stands at 333pc of GDP."

This is ZOMBIE debt folks. We are among the walking dead. Even Japan is only 200% of GDP and the US arr elatively debt-free at 83% of GDP.

Edited by Realistbear

Share this post


Link to post
Share on other sites

In the "REAL" world RB, this would be a death kiss...............but with the FED buying our debt & we buying theres.....

Mike

Share this post


Link to post
Share on other sites

Can't we contact Ocean Finance and get it all consolidated into one easy monthly payment?

Failing that, could we not call in a few favours from Ethiopia? They owe us a few quid by now I would have thought...

Share this post


Link to post
Share on other sites

More Japanese than the Japanese.

Just think how much this debt has increased thanks to the growth in public jobs and pay - about the only thing that was growing over the labour term that got re-elected on gordon's "prudence" when in fact it was justg a cheap money scam. Nice low interest rates all the while to keep the public stupid and blind as to what was really going on. The debt is real - it sure is merv you ******ing clown.

Edited by OnlyMe

Share this post


Link to post
Share on other sites

Never before has so much been owed by so many to so few.

One of clown's "jokes" to his mates n'est pas?

Edited by OnlyMe

Share this post


Link to post
Share on other sites

Can't we contact Ocean Finance and get it all consolidated into one easy monthly payment?

Failing that, could we not call in a few favours from Ethiopia? They owe us a few quid by now I would have thought...

:lol:

I thought its already been done, with low low monthly payments we can afford so much more...

Share this post


Link to post
Share on other sites

During the election someoen did a figure of about 98k per person. I think that included all the crap too - so which is actually right?

Does it really matter ... it's a shed load!

Share this post


Link to post
Share on other sites

During the election someoen did a figure of about 98k per person. I think that included all the crap too - so which is actually right?

Either way the UK is over a barrel, and Zed is approaching licking his lips.

BUt this time there ain't no bloke with a Samurai sword to save us!

Share this post


Link to post
Share on other sites

333% of GDP is worse than grim--its even beyond catastrophic.

Gordon really dropped us into something we may NEVER recover from.

Do you think this happened through incompetence alone?

Share this post


Link to post
Share on other sites

These two don't match:

(...) Nick Silver, an IEA research fellow, said the full figure, including (...) £2.7 trillion state pension liability,

(...) The ONS numbers included (...) £1.35 trillion for state pension liabilities (...)

Edited by Tired of Waiting

Share this post


Link to post
Share on other sites

Do you think this happened through incompetence alone?

I think so. Brown was determined to create a miracle economy that would outshine the rest of the world and create a god-like status for himself. A man with a powerful ego can accomplish much and in Gordon's case it was nearly all destructive.

Should he have seen the folly that he was creating? Yes. Vince and many others did.

Could he have done something about it? Yes. He could have reigned in the banks and not messed with IR by creating an independent B of E (which he did not--it was indepenetnet in name alone). His light touch alowed Pandoras box to be opened and the banksters went beserk in a feeding frenzy.

However, the buck stopped with TB who should have fired Gordon before the damage became irreversible and HPI became entrenched. But TB was not going to do that as he had a devil's pact with Gordon to leave him to his own schemes.

Share this post


Link to post
Share on other sites

Virtually unbelievable, I know, but I do think so. An enormous, gigantic, mad incompetence.

What else?

What else? Plenty, probably. He must have known exactly what he was doing. You don't get to number 10 without having something remarkable going on between your ears, even if it is warped... Despite the uncontrollable ego, the vanity, the vindictiveness, the delusions of grandeur, the jaw dropping stupidity (pun intended), there was still a highly developed cunning, a strategy and a master plan that got him where he wanted to be. There seemed a deliberate side to all this, as though he wanted to screw the country. So, not incompetent, really - he did an excellent job. Spent all the money. Job done. His paymasters are probably well pleased with him and he will be a wealthy man regardless of the mess he has left the country in. Was there ever a nastier Prime Minister?

Share this post


Link to post
Share on other sites

He must have known exactly what he was doing.

...no ...he was so academic he did not understand the ways of the world..

You don't get to number 10 without having something remarkable going on between your ears, even if it is warped.

...you do under Labour....

Despite the uncontrollable ego, the vanity, the vindictiveness, the delusions of grandeur, the jaw dropping stupidity (pun intended), there was still a highly developed cunning, a strategy and a master plan that got him where he wanted to be. There seemed a deliberate side to all this, as though he wanted to screw the country. So, not incompetent, really - he did an excellent job. Spent all the money. Job done.

...attempt at cunning ...he was too transparent .....failed the country because he was basically ...useless....

His paymasters are probably well pleased with him and he will be a wealthy man regardless of the mess he has left the country in.

...whoever used him will be rich ...can't see him generating book sales , speeches or cash...may be wrong as there are some strange customers out there....

Was there ever a nastier Prime Minister?

...no..... :rolleyes:

Share this post


Link to post
Share on other sites

333% of GDP is worse than grim--its even beyond catastrophic.

Gordon really dropped us into something we may NEVER recover from.

When you include all those pension and other liabilities for the USA they are in an almost similar situation. Has anyone got a table which shows the major economies debt to GDP ratios done on a full same basis? That would be worth a look. If so, please post it tomorrow.

Share this post


Link to post
Share on other sites

Yeah Gordon Brown massively extended the number of public sector employees and gave them all massive pensions didn't he?

http://blogs.channel4.com/factcheck/how-many-public-sector-jobs-did-labour-create/2860

What's that - the percent of public sector employees in the economy was exactly the same as it was when Labour took over in 1997 and less than in Thatcher's last days?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.