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Uk Debt Clock Passes £1 Trillion

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UK Debt Clock

At some point today that figure was hit. Of course, it belies the truth and will no doubt be subject to creative accounting.

That is some legacy that Government has left the nation, and its young and yet-to-be-born.

Edited by tinker

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Pity their embedded debt clock thing doesn't work in your signature.

<div style="width: 200px; height: 190px; text-align: center;"><script src="http://www.debtbombshell.com/widget2/embed.js" type="text/javascript"></script><a style="display: block; margin-top: 0px; font: 9px Arial, sans-serif; font-weight:bold; text-decoration: none;" href="http://www.debtbombshell.com/">UK National Debt Clock - DebtBombshell</a></div><br />

... isn't quite the look I was hoping for.

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We are rich beyond our wildest dreams, only a truly rich nation could afford to carry so much debt.

It's a magnificent achievement and some people think we are nothing more than a banana republic, tell me one banana republic that has so much debt. Only the rich get into debt.

This is clearly one of our greatest national achievements.

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We are rich beyond our wildest dreams, only a truly rich nation could afford to carry so much debt.

It's a magnificent achievement and some people think we are nothing more than a banana republic, tell me one banana republic that has so much debt. Only the rich get into debt.

This is clearly one of our greatest national achievements.

The next Glorious Milestone of The Great Plan will be when debt reaches 100% of GDP. Thats about 1.3 Trillion isn't is? If we all try really hard to follow the Shining Path to debt nirvana, this achievement can be ours too. Keep the faith comrades! :)

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UK Debt Clock

At some point today that figure was hit. Of course, it belies the truth and will no doubt be subject to creative accounting.

That is some legacy that Government has left the nation, and its young and yet-to-be-born.

Still good news for the Government as Personal debt as at the end of November 2010 stood at £1,454bn. The twelve-month growth rate was unchanged at 0.8%. Individuals owe more than what the whole country produces in a year and the Banks write off £20.10m a day. ;)

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The fact that the debt calculator page has an advert for...

"Amazon's bestselling e-book reader is smaller, lighter and faster than ever.

Kindle Wi-fi only £109, Kindle Free 3G just £149"

..makes me even more depressed.

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The fact that the debt calculator page has an advert for...

"Amazon's bestselling e-book reader is smaller, lighter and faster than ever.

Kindle Wi-fi only £109, Kindle Free 3G just £149"

..makes me even more depressed.

you cant even turn it off when you go for a piss, now that is depressing

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The fact that the debt calculator page has an advert for...

"Amazon's bestselling e-book reader is smaller, lighter and faster than ever.

Kindle Wi-fi only £109, Kindle Free 3G just £149"

..makes me even more depressed.

Oh, how criminal. Advertising a superb, good value product to cover your hosting costs. And a product that encourages READING at that. What an awful habit...

If that depresses you, you're an idiot. Do you work in the public sector by any chance, where there's no comprehension of running a solvent operation as a going concern? Would you understand the irony of running a site about the national debt at a continuous deficit?

Let's say I lose my job and need to cut all my expenses to the bone. My hobby site would be one of the FIRST things to cut as it would cover several weeks food bills. But if the site doesn't cost any money to run, I will never have to take it down and undermine the hard work that went in to establishing it. It's just good financial discipline.

Edited by 50sQuiff

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UK Debt Clock

At some point today that figure was hit. Of course, it belies the truth and will no doubt be subject to creative accounting.

That is some legacy that Government has left the nation, and its young and yet-to-be-born.

Shocking yes, but not quite as bad (on a per capita or % of GDP basis) as the US if these numbers are to be believed http://www.usdebtclock.org/

Which makes me wonder why the pundits sometimes give the UK even less of a hope than the US. What am I missing (apart from the small island/no natural resources thing)? Non-gov't debt?

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Didn't we learn a few months ago that our real debt was closer to 5 Trillion?

If we get a severe HPC the banks go down with it and the nation. No wonder they are donig all they can to prevent that from happening--even at the risk of rampant inflation as evidenced by Merv's "vigilance" with regard to IR policy.

So far so good though (as the man said half way down from falling from the top of the Empire State Building). FTSE is doing well (they are not all multinationals), the Pound has been soaring and our bonds are the strongest in the world.

http://www.ukmediacentre.pwc.com/News-Releases/PwC-projects-total-UK-public-and-private-debt-to-hit-10-trillion-by-2015-f84.aspx

PwC projects total UK public and private debt to hit
£10 trillion by 2015
Download everything on this page (zip format)
UK Economic Outlook November 2010
Total UK debt was around 540% of GDP at the end of 2009, up from around 200% of GDP in 1987
.
•This large and persistent rise in total UK debt has been driven by property-related borrowing by both households and non-financial companies and (most dramatically since 2000) by sharply rising lending between financial institutions.
•By comparison, UK government debt was relatively low and stable as a share of GDP from 1987 to 2007 and, despite rising sharply due to the recession, was still less than a sixth of total private sector debt in 2009.
•Total UK debt is projected to top £10 trillion by 2015 at a time when GDP will still be below £2 trillion, according to the main scenario outlined in PwC’s latest UK Economic Outlook report.
• High debt levels are affordable at present due to exceptionally low interest rates, but this may not remain the case as rates gradually rise back to more normal levels over the next five years.
Table 1– Trends in gross UK debt by sector
% of GDP (except for last column)
1987
2000
2007
2009
£ trillion at end of 2009
Households*
63
75
108
110
1.5
Non-financial corporations
45
79
108
122
1.7
General government
47
42
43
67
0.9
Total debt of non-financial sectors
155
196
260
299
4.1
Financial corporations
46
126
221
245
3.4
Total UK gross debt
202
322
481
543
7.5
trillion
Edited by Realistbear

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Oh, how criminal. Advertising a superb, good value product to cover your hosting costs. And a product that encourages READING at that. What an awful habit...

If that depresses you, you're an idiot. Do you work in the public sector by any chance, where there's no comprehension of running a solvent operation as a going concern? Would you understand the irony of running a site about the national debt at a continuous deficit?

Let's say I lose my job and need to cut all my expenses to the bone. My hobby site would be one of the FIRST things to cut as it would cover several weeks food bills. But if the site doesn't cost any money to run, I will never have to take it down and undermine the hard work that went in to establishing it. It's just good financial discipline.

$hit, that was funny!

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Oh, how criminal. Advertising a superb, good value product to cover your hosting costs. And a product that encourages READING at that. What an awful habit...

If that depresses you, you're an idiot. Do you work in the public sector by any chance, where there's no comprehension of running a solvent operation as a going concern? Would you understand the irony of running a site about the national debt at a continuous deficit?

Let's say I lose my job and need to cut all my expenses to the bone. My hobby site would be one of the FIRST things to cut as it would cover several weeks food bills. But if the site doesn't cost any money to run, I will never have to take it down and undermine the hard work that went in to establishing it. It's just good financial discipline.

Wow, defensive much? Someone takes things a little seriously. I was merely pointing out that advertising a product that costs three figures on a site that purports to inform us on DEBT is somewhat amusing.

Advertising a luxury technology product offered by an american company and built in china does exactly what to help with the national debt? There are many ways to fund a website that don't involve raping your message. I mean imagine if this site was filled with adverts for BTL mortgages and debt consolidation services! I bet there are a fair few kindles that have been bought on credit.

Kindles encourage reading? Oh I thought books have been doing that for a few hundred years.

No I don't work in the public sector, but thanks for playing.

Also, it was a throw away comment. Why so serious?

:P

EDIT: OK, I re-read the above and I didn't mean to upset you. It's a very lovely website and the bomb is very glossy, top marks. Obviously my attempt at making a joke regarding pimping for a massive multinational selling a luxury item made in china, to fund a site about debt either wasn't understood, wasn't taken as a joke or more likely, wasn't funny.

PS That figure is seriously scary.

Edited by Bear Necessities

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Didn't we learn a few months ago that our real debt was closer to 5 Trillion?

If we get a severe HPC the banks go down with it and the nation. No wonder they are donig all they can to prevent that from happening--even at the risk of rampant inflation as evidenced by Merv's "vigilance" with regard to IR policy.

So far so good though (as the man said half way down from falling from the top of the Empire State Building). FTSE is doing well (they are not all multinationals), the Pound has been soaring and our bonds are the strongest in the world.

http://www.ukmediacentre.pwc.com/News-Releases/PwC-projects-total-UK-public-and-private-debt-to-hit-10-trillion-by-2015-f84.aspx

PwC projects total UK public and private debt to hit
£10 trillion by 2015
Download everything on this page (zip format)
UK Economic Outlook November 2010
Total UK debt was around 540% of GDP at the end of 2009, up from around 200% of GDP in 1987
.
•This large and persistent rise in total UK debt has been driven by property-related borrowing by both households and non-financial companies and (most dramatically since 2000) by sharply rising lending between financial institutions.
•By comparison, UK government debt was relatively low and stable as a share of GDP from 1987 to 2007 and, despite rising sharply due to the recession, was still less than a sixth of total private sector debt in 2009.
•Total UK debt is projected to top £10 trillion by 2015 at a time when GDP will still be below £2 trillion, according to the main scenario outlined in PwC’s latest UK Economic Outlook report.
• High debt levels are affordable at present due to exceptionally low interest rates, but this may not remain the case as rates gradually rise back to more normal levels over the next five years.
Table 1– Trends in gross UK debt by sector
% of GDP (except for last column)
1987
2000
2007
2009
£ trillion at end of 2009
Households*
63
75
108
110
1.5
Non-financial corporations
45
79
108
122
1.7
General government
47
42
43
67
0.9
Total debt of non-financial sectors
155
196
260
299
4.1
Financial corporations
46
126
221
245
3.4
Total UK gross debt
202
322
481
543
7.5
trillion

Yep, about 8 trillion, or £275,000 for every working person.

I'm not scared.

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We ain't ever gonna be able to pay this back.

So it's bye bye pension funds. :(

Yup. All these people saying the government should default... where else did they think the money was coming from?

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Didn't we learn a few months ago that our real debt was closer to 5 Trillion?

If we get a severe HPC the banks go down with it and the nation. No wonder they are donig all they can to prevent that from happening--even at the risk of rampant inflation as evidenced by Merv's "vigilance" with regard to IR policy.

So far so good though (as the man said half way down from falling from the top of the Empire State Building). FTSE is doing well (they are not all multinationals), the Pound has been soaring and our bonds are the strongest in the world.

http://www.ukmediacentre.pwc.com/News-Releases/PwC-projects-total-UK-public-and-private-debt-to-hit-10-trillion-by-2015-f84.aspx

PwC projects total UK public and private debt to hit
£10 trillion by 2015
Download everything on this page (zip format)
UK Economic Outlook November 2010
Total UK debt was around 540% of GDP at the end of 2009, up from around 200% of GDP in 1987
.
•This large and persistent rise in total UK debt has been driven by property-related borrowing by both households and non-financial companies and (most dramatically since 2000) by sharply rising lending between financial institutions.
•By comparison, UK government debt was relatively low and stable as a share of GDP from 1987 to 2007 and, despite rising sharply due to the recession, was still less than a sixth of total private sector debt in 2009.
•Total UK debt is projected to top £10 trillion by 2015 at a time when GDP will still be below £2 trillion, according to the main scenario outlined in PwC’s latest UK Economic Outlook report.
• High debt levels are affordable at present due to exceptionally low interest rates, but this may not remain the case as rates gradually rise back to more normal levels over the next five years.
Table 1– Trends in gross UK debt by sector
% of GDP (except for last column)
1987
2000
2007
2009
£ trillion at end of 2009
Households*
63
75
108
110
1.5
Non-financial corporations
45
79
108
122
1.7
General government
47
42
43
67
0.9
Total debt of non-financial sectors
155
196
260
299
4.1
Financial corporations
46
126
221
245
3.4
Total UK gross debt
202
322
481
543
7.5
trillion

So we are even richer then. Excellent news. :ph34r:

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Nothing to worry about, the US are over 3 times in debt per person compared to the UK.

The US is heading for a fall this year, lets of pressure coming to bear on them especially in the form of China.

Let's hope so as we need to give the East a chance to run things. Sadly, China and India may not be ready to take us over quite yet:

http://www.telegraph.co.uk/finance/economics/8265175/Goldman-Sachs-shuns-the-BRICs-for-Wall-Street.html

Goldman Sachs shuns the BRICs for Wall Street
Goldman Sachs has issued a short-term alert on China and India as inflation rears its ugly head, advising clients to rotate into Wall Street and Old World bourses as a safer bet over coming months..../
"We're not as tactically positive on the BRICs as we have been," said Tim Moe, the bank's chief Asia-Pacific strategist, referring to the quartet of Brazil, Russia, India, and China.
"To be frank, we may have held on too long to our overweight position in China last year. We have decided that discretion is the better part of valour and have tactically reduced our weight. Asia is not in the sweet part of the cycle. The longer-term picture of Asia outperforming the US is taking a breather," he said, speaking at a Goldman conference in London..../
The surprise for 2011 will be a
torrid recovery in the US
, with growth of 3.4pc to 3.8pc, as
the country confounds critics
and averts a post-bubble "Lost Decade". Surging earnings will push the S&P 500 index of US stocks to 1500 by the end of the year.

Double-speak for loading up on Chinese bonds. Maybe.

Edited by Realistbear

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Who do we owe all this money to? I am increasing leaning toward emigration as a means to escaping this debt quagmire.

The worldwide Ponzi. There are no specifics as so many trillions of "innovative financial products" are out there. Mostly created by banks in various forms in order to generate billions in bonuses. Its basically fractional reserve on hyper-steroids.

It can't go on too much longer and it is possible that confidence in the longevity of this current bull market for everything is coming to a close as indicated by the giant hedge fund shorting Barclays a massive $100m (see other thread on this).

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Who do we owe all this money to? I am increasing leaning toward emigration as a means to escaping this debt quagmire.

If your visa application is accepted please remember to post up and tell us what life is like on Mars. Maybe you could give us some insight as to the house prices ther on the "overseas property" sub forum.

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