Jack's Creation Posted November 26, 2011 Report Share Posted November 26, 2011 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. Quote Link to comment Share on other sites More sharing options...
frederico Posted November 26, 2011 Report Share Posted November 26, 2011 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. Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted November 26, 2011 Report Share Posted November 26, 2011 (edited) 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 November 26, 2011 by stormymonday_2011 Quote Link to comment Share on other sites More sharing options...
_w_ Posted November 26, 2011 Report Share Posted November 26, 2011 Good thing the Fed is printing dollars by the trillion and throwing them around then! Ironically their manic printing created this situation. Quote Link to comment Share on other sites More sharing options...
Maynardgravy Posted November 26, 2011 Report Share Posted November 26, 2011 You mean just like Zimbabwe did? That worked well... Or perhaps rather like Germany did approximately 80 years ago? 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. Quote Link to comment Share on other sites More sharing options...
Chuffy Chuffnell Posted November 26, 2011 Report Share Posted November 26, 2011 (edited) 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. 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 November 26, 2011 by Chuffy Chuffnell Quote Link to comment Share on other sites More sharing options...
R K Posted November 27, 2011 Report Share Posted November 27, 2011 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. Quote Link to comment Share on other sites More sharing options...
leicestersq Posted November 27, 2011 Report Share Posted November 27, 2011 Argentina? They borrowed US dollars, a currency they could not print. Quote Link to comment Share on other sites More sharing options...
leicestersq Posted November 27, 2011 Report Share Posted November 27, 2011 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. Quote Link to comment Share on other sites More sharing options...
Chuffy Chuffnell Posted November 27, 2011 Report Share Posted November 27, 2011 No way. If they had wanted to take that risk, they would already have done it. They need the ability to let it go. Eh? HMG already own 83% of RBS. The other 17% can be bought for about £1 by January. There will be full nationalisation of banks across Europe. Quote Link to comment Share on other sites More sharing options...
leicestersq Posted November 27, 2011 Report Share Posted November 27, 2011 Eh? HMG already own 83% of RBS. The other 17% can be bought for about £1 by January. There will be full nationalisation of banks across Europe. The cost of the equity isn't the issue. It is making all the creditors whole if the value of the assets collapse. Quote Link to comment Share on other sites More sharing options...
Maynardgravy Posted November 27, 2011 Report Share Posted November 27, 2011 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. 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. Quote Link to comment Share on other sites More sharing options...
Maynardgravy Posted November 27, 2011 Report Share Posted November 27, 2011 Certainly would beat the cretins we have in Brussels... http://www.youtube.com/watch?v=uclE3g2OU5I Quote Link to comment Share on other sites More sharing options...
Police Posted December 16, 2011 Author Report Share Posted December 16, 2011 Mes amis, pourquoi ce fil a disparu de la page d'accueil? Quote Link to comment Share on other sites More sharing options...
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