Jump to content
House Price Crash Forum
tinker

Britain's Trillion Pound Horror Story

Recommended Posts

This looks interesting...

"Britain's Trillion Pound Horror Story airs tonight at 9pm on Channel 4. The film explains the full extent of the financial mess this country is in – an estimated £4.8 trillion of national debt and counting. It argues that the recent spending review hasn’t gone far enough, and to put Britain back on track we need to radically rethink the role of the state, stop politicians spending money in our name and drastically lower taxes to make Britain’s economy boom again."

Channel 4 Linky

It's been made by Martin Durkin, the guy that produced "The great global warming swindle" :rolleyes:

Probably won't be a surprise to HPCers but a little bit of attention given to the real scale of the debt isn't a bad thing.

GreedyGrownUps.jpg

post-10429-0-44435600-1289472609_thumb.jpg

Share this post


Link to post
Share on other sites

This looks interesting...

"Britain's Trillion Pound Horror Story airs tonight at 9pm on Channel 4. The film explains the full extent of the financial mess this country is in – an estimated £4.8 trillion of national debt and counting. It argues that the recent spending review hasn’t gone far enough, and to put Britain back on track we need to radically rethink the role of the state, stop politicians spending money in our name and drastically lower taxes to make Britain’s economy boom again."

Channel 4 Linky

It's been made by Martin Durkin, the guy that produced "The great global warming swindle" :rolleyes:

Probably won't be a surprise to HPCers but a little bit of attention given to the real scale of the debt isn't a bad thing.

Oh well at least it's all electronic and in the worst case we always have the delete button.

Share this post


Link to post
Share on other sites

This looks interesting...

"Britain's Trillion Pound Horror Story airs tonight at 9pm on Channel 4. The film explains the full extent of the financial mess this country is in – an estimated £4.8 trillion of national debt and counting. It argues that the recent spending review hasn’t gone far enough, and to put Britain back on track we need to radically rethink the role of the state, stop politicians spending money in our name and drastically lower taxes to make Britain’s economy boom again."

Channel 4 Linky

It's been made by Martin Durkin, the guy that produced "The great global warming swindle" :rolleyes:

Probably won't be a surprise to HPCers but a little bit of attention given to the real scale of the debt isn't a bad thing.

Thanks for the heads-up.

Sounds very interesting indeed. He is going for the Total National Debt, hence including households. It is important that the nation learns, and faces it, that they were "all in this together", creating this fecking mess! Not only bankers and government regulators, but millions of property owners as well! :angry:

.

Edited by Tired of Waiting

Share this post


Link to post
Share on other sites
He is going for the Total National Debt, hence including households. It is important the the nation learns, and faces it, that they were "all in this together", creating this fecking mess!

State debts, including unfunded pension liabilities due in the next 25 years, are around £5t

The government always leaves unfunded pension liabilities off the balance sheets.

Share this post


Link to post
Share on other sites

All past history--the recovereh is locked in, just look at the FTSE, the Pound, consumer spending, jobs....

Anyway,its not 4.8TR, its more like 10TR by 2012 if PWC are right, and they probably are. But hey--more debt is good isn't it? Too big to fail and all that?

Share this post


Link to post
Share on other sites

I'm beginning to find this way of looking at things a bit trying. It's like saying when someone is born, add up all their future liabilities for food, shelter, clothing, utility bills -basically everything they might spend in a lifetime -and then saying that is their total debt. Ridiculous.

Another point is, it's surely only how we are relative to other nations that is important. Every major nation in the world is in colossal debt, it's just some are more honest than others in their accounting systems.

Share this post


Link to post
Share on other sites

Can't remember where but I seem to remember reading something somewhere about ancient Mesopotania when this sort of thing happened (Debt getting out of control) they just had a massive feast and booze up and cancelled everyone's debt effectively resetting the economy, if true it's one ancient tradition I'd like to see brought back!

:lol:

Share this post


Link to post
Share on other sites

I'm beginning to find this way of looking at things a bit trying. It's like saying when someone is born, add up all their future liabilities for food, shelter, clothing, utility bills -basically everything they might spend in a lifetime -and then saying that is their total debt. Ridiculous.

Another point is, it's surely only how we are relative to other nations that is important. Every major nation in the world is in colossal debt, it's just some are more honest than others in their accounting systems.

People earn, governments tax.

If you overlay this problem with the Laffer curve (I don't know the exact shape of it or the peak but I am pretty sure that it exists) and I think that the problem with future obligations is pretty apparent. I am begnning to wonder whether they have already exceeded the nation's ability to suuport the future obligations.

Share this post


Link to post
Share on other sites

Can't remember where but I seem to remember reading something somewhere about ancient Mesopotania when this sort of thing happened (Debt getting out of control) they just had a massive feast and booze up and cancelled everyone's debt effectively resetting the economy, if true it's one ancient tradition I'd like to see brought back!

:lol:

Except that cancelling debt also means cancelling credit (savings). Alright if you've converted your savings to assets though. Even better if you took out loans to buy those assets, leaving you sitting pretty.

In short, great if you were feckless or knew it was going to happen.

Share this post


Link to post
Share on other sites

State debts, including unfunded pension liabilities due in the next 25 years, are around £5t

The government always leaves unfunded pension liabilities off the balance sheets.

He is more probably (hopefully) thinking along these lines, below. Similar to Mckinsey's from Feb2010.

Total National (not only gov.) debt gets near £5tn when added the financial companies. (Not included below.)

Bank for International Settlements (BIS) report.

UK Total Debt (Gov.+ Households + Companies) / GDP still going up.

(IMO only partially explained by the UK GDP reduction of around 5% since the crisis IIRC.)

First solid data that I am aware of since the McKinsey report showed total debts up to 2008. This BIS report comes all the way to 2010.

Thread in the forum main section: http://www.housepricecrash.co.uk/forum/index.php?showtopic=153952&view=findpost&p=2771813

Source: http://www.bis.org/publ/qtrpdf/r_qt1009e.pdf

debttogdp2010.png

Edited by Tired of Waiting

Share this post


Link to post
Share on other sites

Except that cancelling debt also means cancelling credit (savings). Alright if you've converted your savings to assets though. Even better if you took out loans to buy those assets, leaving you sitting pretty.

In short, great if you were feckless or knew it was going to happen.

The point of a debt jubilee is to temper people's behaviour in expectation of it happening on a regular basis. If a jubilee were announced as a one off, it would be really destabilising.

Share this post


Link to post
Share on other sites

The point of a debt jubilee is to temper people's behaviour in expectation of it happening on a regular basis. If a jubilee were announced as a one off, it would be really destabilising.

Maybe a government debt jubilee - not for us little people.

Share this post


Link to post
Share on other sites

Another point is, it's surely only how we are relative to other nations that is important.

Yep, that is exactly how African countries think.

Share this post


Link to post
Share on other sites

Can't remember where but I seem to remember reading something somewhere about ancient Mesopotania when this sort of thing happened (Debt getting out of control) they just had a massive feast and booze up and cancelled everyone's debt effectively resetting the economy, if true it's one ancient tradition I'd like to see brought back!

:lol:

Well if that is going to happen, let me know in advance, so I can rack up a few humongous debts first.

:)

Share this post


Link to post
Share on other sites

I'm beginning to find this way of looking at things a bit trying. It's like saying when someone is born, add up all their future liabilities for food, shelter, clothing, utility bills -basically everything they might spend in a lifetime -and then saying that is their total debt. Ridiculous.

Not really. See post #13 above. That is real current debt.

Another point is, it's surely only how we are relative to other nations that is important. Every major nation in the world is in colossal debt, it's just some are more honest than others in their accounting systems.

Dito, post #13 too.

Edited by Tired of Waiting

Share this post


Link to post
Share on other sites

I still say money is not earned. It is issued. We then simply have to trick world markets into thinking our bits of paper are worth x amount relative to some other nations' bits of paper. All nations are playing the same game.

Share this post


Link to post
Share on other sites

This looks interesting...

"Britain's Trillion Pound Horror Story airs tonight at 9pm on Channel 4.

Just 2 hours to go now. :)

This will be good. Even if badly done, it'll still be bear food for the masses, well, for the half a million watching channel 4. Still good.

Share this post


Link to post
Share on other sites

Well if that is going to happen, let me know in advance, so I can rack up a few humongous debts first.

:)

Finally!, someone with a sense of humor left, come on, if we all over eat, and wake up with massive hangovers, when we see the devastation we're going to get anyway at least we can say "wow, that must have been some party!"

Embrace the darkness!!......sorry guys don't know what came over me, I'll go back to being miserable now, been a bit of an odd day :(

Edited by madpenguin

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.

  • 140 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.