Gordon Brown Saved The World

[CleverBear]

Remeber how smug Brown was about his plan to get soverigns to back the banks liabilities?

Well now, as a direct result of this awful plan, the countries are now broke.

I wonder if that mad man brown still thinks he saved the world.

[OnlyMe]

The banks were saved (for a while) allowing them to arry on their pratices largely unabated and writing the bonus cheques - outstanding derivatives are larger than ever. No rebalancing and sovs now on the hook.

It is worse!

[CleverBear]

They fell for it.

And now even if the banks default, the culprits' money has long gone and replaced by ours.

We should of done what iceland did and let the banks go to the wall.

[sbn]

We should of done what iceland did and let the banks go to the wall.

Should have.

It makes my grammar nazi blood boil.

needs a smilie.... :-)

It's meant in a nice way.

Edited October 3, 2011 by sbn

[TheCountOfNowhere]

They fell for it.

.

We fell for it.

[monks]

Always remember:

The UK boom was due to Gordons prudence.

The worldwide bust started in America.

Gordons bailout saved us all from falling back to the Stone Age.

The Tory cuts are now "too fast, and too deep" for the fragile economy - copyright Ed Balls 2011

[Milton]

Obviously I would like to see Brown wearing a pair of concrete wellies at the bottom of an aquarium. [Or would that be too quick?]

But remember that The Labour Party have their own propoganda machine, as evidenced below. And many will fall for this rhetoric

John Major paid more debt interest than this govt does

In 1997 the UK was paying £27.5bn annually just to service John Major's debt, which would be equivalent to around £41bn in 2011-12.

Thankfully, Brown did fix the roof when the sun was shining and John Major's debt interest was not allowed to accrue.

Had he not, then one may have had to query whether the UK could have withstood the global financial crisis that struck in 2008.

The cost of simply servicing Major's debt exceeds the total budget for defence. Major's debt interest would pay for about 80 years worth of EMA funding for 650,000 young adults. Debt interest more than four times the size of the policing or justice budget for 2011-12.

It would pay the University budget six times over and negate any needs for the cuts to £4.2bn by 2014. So the next time a Tory points you to one of these silly and petulant graphs remind them of Major's debt legacy, and of how Gordon Brown fixed that roof.

When George Osborne chimes that £50bn of UK money in 2011-12 will be spent on 'servicing the debt', I gulp. But having taken out some time to think about it, to put in context, to examine the history of servicing the UK debt, one need not be unduly alarmed at the figure and here is why.

The UK is set to spend £710bn in 2011-2. The debt payments will constitute 7% of total government expenditure. And whilst in raw terms £50bn is the highest interest payment the UK will make, it is significantly less that what John Major's government were paying between 1992-7.

In Gordon Brown's first budget, debt interest payments made up over 9% of total government spending. To be exact, debt interest was 30% higher as a portion of total government spending in 1998 than it is today.

http://liberalconspi...this-govt-does/

Comments:

Have you thought about doing the sums for what we would currently be paying in debt servicing if interest rates returned to their trend rate of 5% or so rather than their current 0.5%?........

You chaps appear to have very short memories – I was only 13 when the UK crashed out of the ERM, but the thing I do remember was that interest rates were hiked to 15%. That may have been temporary, but I suspect that if you average out the rates paid on Government debt 92-97 with the rates paid 10-11 you'd see a vast disparity – a disparity that entirely explains why, although total indebtedness was so much lower back then, the sums spent servicing it were higher.

Worth mentioning no? Especially because the risk that no-one here appears to want to acknowledge is that interest rates will have to rise again – and what will happen to our debt bill then?

You see the Labour Party denial and lie machine in Full Spin on Student Websites....

Edited October 3, 2011 by Milton

[crashmonitor]

You see the Labour Party denial and lie machine in Full Spin on Student Websites....

Brown's legacy of a 60% debt to GDP accelerating towards 80% courtesy of an 11% structural deficit being somehow preferable to Major's circa 35% with a structural surplus is what you expect from Labour c**ts.

It really is about time the likes of Angela Eagle , Ed Balls and Co. just f**king shut up and admitted that their spending project has wrecked the economy. Unfortunately, as demonstrated by the Manchester rally there will always be idiots who think we can continue to run an 11% deficit to protect their living standards and rape their grandchildren of their living standards in the future.

Edited October 3, 2011 by crashmonitor

[Executive Sadman]

I think the correct phrasing would be 'Gordon Brown saved the worlds banking system (for a few years) by sacrificing the world.

This, unfortunately, is what most politicians see as a good outcome.

[Bradbury Robinson]

"too fast, and too deep"

That really winds me up. I think more so than 'winning hearts and minds' when that was all the rage.

The instance that annoys me the most is when you can tell they were going to say something else in the sentence, probably natural speech, but then hesitate, remember they have gone off message and pry it in there just for the sake of it!

[Executive Sadman]

The Tory cuts are now "too fast, and too deep" for the fragile economy - copyright Ed Balls 2011

Meanwhile, in the real world, we just recorded the biggest monthly deficit on record.

Reality doesnt really tie in with Eds observations, does it?!

[thecrashingisles]

Meanwhile, in the real world, we just recorded the biggest monthly deficit on record.

Reality doesnt really tie in with Eds observations, does it?!

Is your pager not working? That's because they don't have a plan for growth and have tipped the global balance towards austerity!

[CleverBear]

Brown's legacy of a 60% debt to GDP accelerating towards 80% courtesy of an 11% structural deficit being somehow preferable to Major's circa 35% with a structural surplus is what you expect from Labour c**ts.

It really is about time the likes of Angela Eagle , Ed Balls and Co. just f**king shut up and admitted that their spending project has wrecked the economy. Unfortunately, as demonstrated by the Manchester rally there will always be idiots who think we can continue to run an 11% deficit to protect their living standards and rape their grandchildren of their living standards in the future.

If there were more of the manchester rally lot then we would be greece. Bury your head in the sand and not accept that we cant afford to pay what they want.

Labour dont even have the guts to say they would raise income tax etc.

If you are going to spend more thats fine, its a politicial persuasion. But for the love of god make sure you have the guts to raise taxes to service this extra spending.

Labour decided to spend more and not raise taxes. This isnt socialist. Its madness. To the torys shame they backed this labour spending (espicially 2005-2007).

[crashmonitor]

Obviously I would like to see Brown wearing a pair of concrete wellies at the bottom of an aquarium. [Or would that be too quick?]

But remember that The Labour Party have their own propoganda machine, as evidenced below. And many will fall for this rhetoric

http://liberalconspi...this-govt-does/

Comments:

You see the Labour Party denial and lie machine in Full Spin on Student Websites....

Wonder if anyone else saw John Major on the Andrew Marr show yesterday. Remember the guy who we thought wasn't a very good PM. After fourteen years of rather stuttering and hesistant performances from Blair, Brown and Cameron I was amazed just how fluent and knowlegeable this guy came across. There again he should be brimming with confidence after standing against a Euro entry and leaving a 350 billion debt legacy against Brown's octane rocket propelled spending that as Major pointed out was headed for 1.4 trillion of debt.

edit Sir John Major and awaiting canonisation.

Edited October 10, 2011 by crashmonitor

[tinker]

We fell for it.

We didn't have a say or a choice - in any of it. Every decision was rushed, panicked and about a short-term political gain.

[leicestersq]

Cable was on the radio last night. He seems to have lost his lustre. Talking about how we are doing the right things reducing the deficit, though I havent seen much deficit reduction. He was saying that the UK's problems are all caused externally. And yet here we are with a run away deficit, and huge private sector debt and public sector debt, and a property market that is way overvalued, and inflation at 5%, it seems we have more than enough problems in the UK to deal with. All I detected from what he said was complacency.

[Sir Harold m]

Cable was on the radio last night. He seems to have lost his lustre. Talking about how we are doing the right things reducing the deficit, though I havent seen much deficit reduction. He was saying that the UK's problems are all caused externally. And yet here we are with a run away deficit, and huge private sector debt and public sector debt, and a property market that is way overvalued, and inflation at 5%, it seems we have more than enough problems in the UK to deal with. All I detected from what he said was complacency.

You are being a bit harsh on Vince there.

What exactly do you expect to hear someone who so consistently demonstrates, each time he opens his mouth, that his understanding of the situation amounts to the square root of f**k all.

Does he still wish we had joined the Euro? and that the soluton to a debt problem is to 'get the banks lending'

[crashmonitor]

You are being a bit harsh on Vince there.

What exactly do you expect to hear someone who so consistently demonstrates, each time he opens his mouth, that his understanding of the situation amounts to the square root of f**k all.

Does he still wish we had joined the Euro? and that the soluton to a debt problem is to 'get the banks lending'

I agree he does appear a bit clueless, hesistant and stuttery whenever he is interviewed these days. He wrongly backed the Euro as you rightly say. He seems to be the main champion of quantitative looting at the mo.

Edited October 10, 2011 by crashmonitor