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THE BIG U.K. THREAD


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Telling guy on radio 5 just now.

Public sector working going on strike. Said he'd "paid loads into his pension" and had he not been spending the extra on his pension he would have invested in property and "would probably own a whole street by now".

And that ladies and gentlemen, is why the UK must end. And soon.

Ha! You're right. It's the heady mix of fiscal ignorance and hubris that is most depressing. They won't have a clue what has hit them or how to cope with it.

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My money (if I had any) would be increasingly on a bet that there is going to be another banking crisis long before the Euro end game plays out.

The MF Global fiasco much like the Bear Stearns failure in early 2008 is a storm warning of things to come.

As the UK is definitely Ground Zero for any banking crisis (all the US financial giants seem to run their dodgiest deals under the City of Londons light touch) then we will get a lot of collateral damage. Cameron and Oborne's hair will be completely grey by the time it has finished.

oh yes, whats that coming over the hill, is it banking crash... oh yes it is, it cannot be stopped, it is building and at some point it will go critical.

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Our banks have 3 or 4 trillions dollars of debts that we can't print. I think a shortage of dollars is what got us in 1976 when confidence in the pouind was lost.

Yes indeed. The dirty and largely undiscussed fact of the 2008 financial meltdown is that a some of the UK banks were bailed out by the Fed not HMG at the height of the crisis

http://www.business7.co.uk/business-news/scottish-business-news/2011/07/07/rbs-and-barclays-took-billions-in-secret-loans-from-us-federal-reserve-106408-23254671/

The UK government can probably stand behind most sterling denominated debt such as the large UK Mortgage booksheld by Lloyds, Northern Rock etc because much of it is tied up in physical assets that by their nature are not going to be grabbed by anyone else and they are denominated in a currency controlled by HMG .Dollar denominated debts are another matter. I suspect that bomb is probably still ticking.

Edited by stormymonday_2011
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You mean just like Zimbabwe did? That worked well... :blink:

Or perhaps rather like Germany did approximately 80 years ago? :o

Printing money is a far worse solution than defaulting.

Printing money affects primarily the working class (yes that includes the so called middle class), while a default affects the rentier (parasite) class far more.

---

I just wonder when the so-called middle class will start understanding that it is in fact working class. When i was growing up in brum the middle class were doctors. lawyers and brokers. the upper class were landed gentry. now anyone with an IT helpdesk job is middle class. Soon it will be anyone with a job. The biggest psychological scam of the modern era.

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Soon it will be anyone with a job.

It's already the case for 16-24 year olds. Seriously - for this generation, if you have 30+ hour pw, permanent employment of any sort you're "middle class" or - as the case is - poor as hell, but at least one "class" higher than the rest.

The "1 million young unemployed" headlines recently mask the situation. By far most 16-24 YOs do not have worthwhile employment. They are either in education or are completely unemployed. I'd like to see the actual % of that age bracket who are in full-time permanent employment. It's got to be less than 10%. Totally seriously now. :blink:

It's going to be real "fun" in about 10 years time. Can't imagine what Britain will look like then. Will make the 1820s look like a prosperous time for the masses. (Is Cameron going for his Waterloo in 2015?)

Edited by Chuffy Chuffnell
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My money (if I had any) would be increasingly on a bet that there is going to be another banking crisis long before the Euro end game plays out.

The MF Global fiasco much like the Bear Stearns failure in early 2008 is a storm warning of things to come.

As the UK is definitely Ground Zero for any banking crisis (all the US financial giants seem to run their dodgiest deals under the City of Londons light touch) then we will get a lot of collateral damage. Cameron and Oborne's hair will be completely grey by the time it has finished.

I'm amazed that there haven't been huge numbers of rate swaps etc blow up with the huge moves in EU sov bonds. It doesn't seem credible.

As you say all the real dodgy sh1te will be run by Osborne's mates out of London.

At the very least I'm sure we're fully own RBS and Lloyds by the end of this parliament. If that's as bad as it gets I'll be extremely relieved.

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I'm amazed that there haven't been huge numbers of rate swaps etc blow up with the huge moves in EU sov bonds. It doesn't seem credible.

As you say all the real dodgy sh1te will be run by Osborne's mates out of London.

At the very least I'm sure we're fully own RBS and Lloyds by the end of this parliament. If that's as bad as it gets I'll be extremely relieved.

Bailing them out might either bankrupt the state, or cause hyperinflation through printing.

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It's already the case for 16-24 year olds. Seriously - for this generation, if you have 30+ hour pw, permanent employment of any sort you're "middle class" or - as the case is - poor as hell, but at least one "class" higher than the rest.

The "1 million young unemployed" headlines recently mask the situation. By far most 16-24 YOs do not have worthwhile employment. They are either in education or are completely unemployed. I'd like to see the actual % of that age bracket who are in full-time permanent employment. It's got to be less than 10%. Totally seriously now. :blink:

It's going to be real "fun" in about 10 years time. Can't imagine what Britain will look like then. Will make the 1820s look like a prosperous time for the masses. (Is Cameron going for his Waterloo in 2015?)

Interesting parallel is Waterloo 1815. If ever Europe needed a Napoleon it is now - 'cometh the hour, cometh the man' and all that.

It took four superpowers almost 20 years to bring his military and political genius down and almost broke all their economies in the process. Just to keep the elite status quo. Ring any bells anyone? God, what I'd give for someone of half his vision right now.

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