Uk To Be Listed By Imf As A Nation That Threatens Global Financial Stability

[interestrateripoff]

http://www.guardian.co.uk/business/2011/apr/15/imf-to-examine-uk-economy

George Osborne's deficit plan will come under regular scrutiny by the International Monetary Fund under plans drawn up to prevent systemically important countries triggering another financial crisis.

Britain faces the prospect of criticism by the Washington-based agency under an agreement for a checklist of nations that pose a risk to the world economy.

The chancellor said the country's high public and household debts and the need to repair the finances of government-owned banks put it in the front line of countries due to be singled out by the IMF, though he welcomed the plan saying he was sure it would give the government's austerity measures a clean bill of health.

The IMF outlined plans in a communique tonight to monitor seven countries – including the US, China, France, Japan and Germany – which it said were on the list because of the size of their economies.

Osborne said: "I fully expect Britain to be chosen given its high levels of government and private debt. The UK will be able to demonstrate that yes, it has a problem, but it has a credible solution."

China, while has agreed in principle to the plan, is expected to be more reticent about IMF officials turning up in Beijing to examine the communist government's budgets and spending plans.

The culmination of loose fiscal policy over several decades and finally Britain makes it on becoming large enough to crash the global economy, our politicians must be so proud... Better get an expenses claim in for it, surely a consultancy fee claim can be made. At least we have a credible solution...

If the UK gets into trouble the IMF doesn't have the funds to bail out the UK without massive printy printy of SDR's.

Still at least this isn't the first time the UK has collapsed the financial system didn't one of our Kings break the Venetian bankers?

[Dave Spart]

http://www.guardian.co.uk/business/2011/apr/15/imf-to-examine-uk-economy.

The culmination of loose fiscal policy over several decades and finally Britain makes it on becoming large enough to crash the global economy, our politicians must be so proud... Better get an expenses claim in for it, surely a consultancy fee claim can be made. At least we have a credible solution...

If the UK gets into trouble the IMF doesn't have the funds to bail out the UK without massive printy printy of SDR's.

Still at least this isn't the first time the UK has collapsed the financial system didn't one of our Kings break the Venetian bankers?

Britain will have to invade itself to neutralise the threat its WMDs pose to global stability

Edited April 16, 2011 by Dave Spart

[Krackersdave]

Yeah - I'll bet China doesn't want to open it's books to anyone.

A whole WORLD of fraud and financial shennanigans are waiting to hatch from that particular mud pile...

[Guinness]

"We're all in it together"

[interestrateripoff]

And yet someone wants Brown to head up the IMF? Theres some weird logic knocking around the woods today!

Clearly he's the only man for the job, his success at saving the world speaks for itself.

[crouch]

And yet someone wants Brown to head up the IMF? Theres some weird logic knocking around the woods today!

A clown in charge of a circus - ideal!

[Errol]

It's a bit late for all of this, isn't it?

[South Lorne]

It's a bit late for all of this, isn't it?

...no it's a warning to the world at large Brown is not fit to take over as even the tea lady at the IMF....

[We’re all in this together]

"We're all in it together"

Yeah. You don't hear that so very often these days.

[@contradevian]

And who could be in charge of this investigation? Step forward Mr Gordon Brown!

[Guest spp]

...no it's a warning to the world at large Brown is not fit to take over as even the tea lady at the IMF....

I wouldn't trust him cleaning my bog!

Look what he done with the UK's Gold reserves :angry:

[Laughing Gnome]

...no it's a warning to the world at large Brown is not fit to take over as even the tea lady at the IMF....

In the Kingdom of the Blind, a one eyed man is King.

[libspero]

The chancellor said the country's high public and household debts and the need to repair the finances of government-owned banks put it in the front line of countries due to be singled out by the IMF, though he welcomed the plan saying he was sure it would give the government's austerity measures a clean bill of health.

The IMF outlined plans in a communique tonight to monitor seven countries – including the US, China, France, Japan and Germany – which it said were on the list because of the size of their economies.

Osborne said: "I fully expect Britain to be chosen given its high levels of government and private debt. The UK will be able to demonstrate that yes, it has a problem, but it has a credible solution."

Then, by stark contrast in a letter I received from my local Councillor this morning:

You may be interested to know about another scheme to help first time buyers get a foot on the property ladder. The council has set aside £5m to help underwrite mortgages in th borough. Currently, most banks will only allow people to take out mortgages which are equivalent to about 75% of the value of the property. This means that buyers must find a deposit equivalent to 25% of the value of the property, a sum beyond the means of many first time buyers.

The councils scheme will allow those who meet the strict criteria to take out a 95% mortgage on similar terms to that being offered on a 75% mortgage, but without having to put down a huge deposit. If the borrower goes into default and has to sell the property for less than it was mortgaged for, the council will pay the lender for the first 20% of losses incurred.

This does not promote reckless and irresponsible lending ( ), but does encourage banks to make BIGGER LOANS TO PEOPLE

So, basically George is saying we need to tackle this huge problem of too much debt (both public and private), and my local Councillor is saying they are happy to underwrite subprime/low deposit loans to first time buyers as well as encouraging MORE debt in order to maintain house prices.

UN F***KING BELIEVABLE.

How much inflation are they planning to generate exactly.. petrol £3/litre next year good enough? How about £:$ = 1:1 ? FFS :angry:

Edited April 16, 2011 by libspero

[The Masked Tulip]

If the UK gets into trouble the IMF doesn't have the funds to bail out the UK without massive printy printy of SDR's.

The UK could not be bailed out. Spain would be difficult if not impossible. Germany, UK, Japan, China, US are impossible to be bailed.

[Realistbear]

http://www.guardian.co.uk/business/2011/apr/15/imf-to-examine-uk-economy

The culmination of loose fiscal policy over several decades and finally Britain makes it on becoming large enough to crash the global economy, our politicians must be so proud... Better get an expenses claim in for it, surely a consultancy fee claim can be made. At least we have a credible solution...

If the UK gets into trouble the IMF doesn't have the funds to bail out the UK without massive printy printy of SDR's.

Still at least this isn't the first time the UK has collapsed the financial system didn't one of our Kings break the Venetian bankers?

And these loons are considering the man who thought he could eliminate the business cycle as one if its bosses?

The world is out of control and its going to end in a lot more tears yet.

China seems to think so:

http://uk.finance.yahoo.com/news/China-sovereign-wealth-fund-reuters_molt-2575970202.html?x=0

8:30, Saturday 16 April 2011

BOAO, China (Reuters) - The global economy may slow down or even fall into recession again in 2012, Lou Jiwei, the head of China's $300 billion (184 billion pound) sovereign wealth fund, said on Saturday.

"We are relatively optimistic about 2011, but for 2012, it is possible there will be a big drop in economic growth or even recession," Lou, chairman of China Investment Corp , told the Boao Forum for Asia on the southern Chinese island of Hainan.

Commodities crash looms large IMO.

Edited April 16, 2011 by Realistbear

[South Lorne]

Then, by stark contrast in a letter I received from my local Councillor this morning:

..re your quote:

You may be interested to know about another scheme to help first time buyers get a foot on the property ladder. The council has set aside £5m to help underwrite mortgages in th borough. Currently, most banks will only allow people to take out mortgages which are equivalent to about 75% of the value of the property. This means that buyers must find a deposit equivalent to 25% of the value of the property, a sum beyond the means of many first time buyers.

...write back to the councillor and tell him as your representative you will hold him and other councillors personally responsible for gambling taxpayers money on the strength / weakness of the property market.....that should kick start his thought process if there is one there at all.....

[Democorruptcy]

Why hasn't the IMF already been monitoring finances in countries? Isn't it an International Monetary Fund?

Are the staff like those at the FSA? They just sit there twiddling their thumbs and after calamity strikes they say "oh...... look at that... how did that happen?"

[wonderpup]

The UK once again leads the world.

[Ulfar]

Yeah. You don't hear that so very often these days.

You don't hear it because anyone with half a brain cell can work out it is just fuelling peoples resentment as it is so blatantly ********.

Edited April 16, 2011 by Ulfar

[South Lorne]

You don't hear it because anyone with half a brain cell can work out it is just fuelling peoples resentment as it is so blatantly ********.

...as an individual I ignore anything where someone calls "we".....

[pezo]

It's a bit late for all of this, isn't it?

It's just lineing us us to be next in line after Spain, we have simply just joined the que we would have been heeding if it wasn't for QE.

Surprisingly private enterprise isn't interested because everyone in this country has costs starting at £500 a month just for a roof over there head when the equivalent in china is about £15

Edited April 16, 2011 by pezo

[Executive Sadman]

Clearly he's the only man for the job, his success at saving the world speaks for itself.

Yes, but Brown is only repsonsible for the 1/5 of total UK debt that is govt debt. Its not like he'd try to lay claim to the dozens of consecutive quarters of private GDP growth (which would more aptly be described as dozens of quarters of private debt growth)

Just ask Blanchflower, Posen or Krugman. Negative real interest rates, easy credit and zero regulation definetly do not encourage unsustainable debt growth. And anyone who says otherwise should be stood against a wall and shot.

[Executive Sadman]

Why hasn't the IMF already been monitoring finances in countries? Isn't it an International Monetary Fund?

Are the staff like those at the FSA? They just sit there twiddling their thumbs and after calamity strikes they say "oh...... look at that... how did that happen?"

They did didnt they

Whenever they said something good about us Brown seized upon it as irrefutable evidence of his 'genius'

Whenever they said something bad about us Brown said we have other 'economists' who say otherwise, or its 'politically motivated'

ie 2003

http://news.bbc.co.uk/1/hi/business/3333125.stm

[@contradevian]

Then, by stark contrast in a letter I received from my local Councillor this morning:

Councillor is saying they are happy to underwrite subprime/low deposit loans to first time buyers as well as encouraging MORE debt in order to maintain house prices.

UN F***KING BELIEVABLE.

How much inflation are they planning to generate exactly.. petrol £3/litre next year good enough? How about £:$ = 1:1 ? FFS :angry:

Unbelievable that front line services and jobs are being lost so that councils can pump property prices and underwrite bank lending. Also this is money provided by council taxpayers, many of whom will not be able to afford a house, or take advantage of the scheme, and will be further priced out by measures such as this.