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eric pebble

The Debt Trap Time Bomb: Good Old Jeff Randall Says It All

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The debt trap time bomb

With Britain's households now owing £1.5 trillion in mortgages, overdrafts, loans and credit cards, the day of reckoning nears, warns Jeff Randall.

"In 2003, I wrote a piece for the BBC, warning of the debt trap: “British consumers are living in a never-never land of very high personal borrowings. They simply cannot carry on spending more than they are earning without a hard landing.”

HA!!! 2003..... That's when I first started to look at HPC --- and I joined in 2004 -- saying EXACTLY what Good old J Randall is saying now - telling it how it is...... and ANYONE with a brain could have seen all this coming since at least 2003..... :rolleyes:

This has been going on for FAR, FAR too long..... :rolleyes: And LIAR LOANS are STILL the KEY to all of this - and the most DEPRESSING feature of the UTTER MADNESS of the last 15+ years.....

THANKS NIUE LABOUR - YOU T%SSERS! :angry: :angry:

See all here: - http://www.telegraph.co.uk/finance/comment/jeffrandall/8859082/The-debt-trap-time-bomb.html

Edited by eric pebble

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The debt trap time bomb

With Britain's households now owing £1.5 trillion in mortgages, overdrafts, loans and credit cards, the day of reckoning nears, warns Jeff Randall.

"In 2003, I wrote a piece for the BBC, warning of the debt trap: “British consumers are living in a never-never land of very high personal borrowings. They simply cannot carry on spending more than they are earning without a hard landing.”

HA!!! 2003..... That's when I first started to look at HPC --- and I joined in 2004 -- saying EXACTLY what Good old J Randall is saying now - telling it how it is...... and ANYONE with a brain could have seen all this coming since at least 2003..... :rolleyes:

This has been going on for FAR, FAR too long..... :rolleyes: And LIAR LOANS are STILL the KEY to all of this - and the most DEPRESSING feature of the UTTER MADNESS of the last 15+ years.....

THANKS NIUE LABOUR - YOU T%SSERS! :angry: :angry:

See all here: - http://www.telegraph.co.uk/finance/comment/jeffrandall/8859082/The-debt-trap-time-bomb.html

You are J Randall, aren't you ?

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Randall confirms beyond doubt that the BBC was [and still is] a completely pro-Nieue Labbia organisation - and at the time was licking that Fagot G Broon's @rse....

"In 2003, I wrote a piece for the BBC, warning of the debt trap: “British consumers are living in a never-never land of very high personal borrowings. They simply cannot carry on spending more than they are earning without a hard landing.”

This message did not go down well at Television Centre. I largely failed to get the corporation’s news editors to take it seriously, with one accusing me of overcooking the story in order to denigrate Labour’s success"

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They simply cannot carry on spending more than they are earning

But surely that's the only way to achieve "growth"?

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But surely that's the only way to achieve "growth"?

Even this morning they had Danny Blanchflower spouting that line of borrowing to invest. God he's a muppet, why oh why did he every get onto the MPC I'll never know. :angry:

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Jeff Randall, who was increasingly critical of the unsustainable boom being created by financial fraud and political connivance, resigned from the BBC in late 2005. He was replaced by Robert Peston, son of the Labour peer and economics advisor Maurice Peston. Fancy that!

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Jeff Randall, who was increasingly critical of the unsustainable boom being created by financial fraud and political connivance, resigned from the BBC in late 2005. He was replaced by Robert Peston, son of the Labour peer and economics advisor Maurice Peston. Fancy that!

And the BBC bangs on EVERY DAY about "cuts"..... :angry: Leaves out that G Fagot Broon TOTALLY detroyed this country in 13 years.... :angry:

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Lots of people warned in 2003. Vince Cable, for instance. He was good in opposition: one up on lots of HPCers and other armchair world-fixers.

God knows what Cable is up to now....

:rolleyes:

No sign of him telling it AS IT IS - He is nowhere to be seen actually :rolleyes::rolleyes:

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Lots of people warned in 2003. Vince Cable, for instance. He was good in opposition: one up on lots of HPCers and other armchair world-fixers.

God knows what Cable is up to now....

:rolleyes:

No sign of him telling it AS IT IS - He is nowhere to be seen actually :rolleyes::rolleyes:

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The curse of the Bankers, a silent hero who will eventually get his just reward. :D

Yes.. what is the usual reward for telling uncomfortable truths to powerful people, again?

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97% of the money in the economy created as debt, where will it all end? :)

Ever seen those documentaries about Black Holes/Dark Matter in the galaxy..??.... :blink::unsure:

........ The entire world economy could just disappear in the blink of an eye.... :blink::unsure:

All thanks to

TOXIC & PREDATORY LIAR LOANS...

THE WEAPON OF MASS DESTRUCTION OF ALL TIME... :angry:

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"He knows that it’s crazy for over-borrowed households to carry on spending money they do not have. Yet, in his desperation to kick start a stalling economy, he dare not recommend prudence.

At some point, the truth will out: in order to slay the Debt Monster, retrenchment and hardship are unavoidable. Faced with the Paradox of Thrift, consumers should look after their families first."

+1 :rolleyes:

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Fascinating article. I had no idea that the OBR was expecting us all to borrow through the hard times, until growth 'rescues' us all on the other side as we arrive at the sunlit uplands.

I really need to get and provision a boat.

catamaran-sunset.jpg

The figures quoted in that Oct 2011 article came out after the 2011 budget

Families will be hit by a spiralling debt crisis over the next four years that will see average British households plunge further into the red as the government austerity programme bites, official figures reveal.

The Office for Budget Responsibility has raised its prediction of total household debt in 2015 by a staggering £303bn since late last year, in the belief that families and individuals will respond to straitened times by extra borrowing. Average household debt based on the OBR figures is forecast to rise to £77,309 by 2015, rather than the £66,291 under previous projections.

Economists say the figures show that George Osborne's drive to slash the public deficit and his predictions on growth are based on assumptions that debt will switch from the government's books to private households – undermining his claims to be a debt-slashing chancellor.

http://www.guardian.co.uk/politics/2011/apr/02/family-debt-burden-government-figures

It's OK, it's all going to be backed up by property.

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"He knows that it’s crazy for over-borrowed households to carry on spending money they do not have. Yet, in his desperation to kick start a stalling economy, he dare not recommend prudence.

At some point, the truth will out: in order to slay the Debt Monster, retrenchment and hardship are unavoidable. Faced with the Paradox of Thrift, consumers should look after their families first."

the paradox of thrift only applies if you save your money as bullion in a hole.

if you put it into a bank - hey presto it gets invested elsewhere in the economy for you.

Consumption is a symptom of economic growth - not a cause of it. Growth comes from saving, investing and building up capital. Not pissing money away on the latest style of haircut.

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"George Osborne talks of rebalancing the economy away from debt-fuelled government and household spending and towards exports and investment but the OBR's figures show his austerity programme will force households to take on ever more debt just to make ends meet.

The future growth in the economy that is needed to bring unemployment down will only come about if we choose to live beyond our means."

Go out and spend spend spend for the economy.

No, I don't think so thank you very much - not this time.

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  • 293 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%



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