OnlyMe Posted January 20, 2012 Share Posted January 20, 2012 (edited) Going to plan then. wonder how the bankrupt of england pensions are doing, maybe they are doing OK. The horrifying graph that shows why Britain's debt addiction now equals FIVE TIMES national GDP and why we face a decade of austerity Read more: http://www.dailymail.co.uk/news/article-2088871/Britains-debt-addiction-means-owe-500-GDP-face-decade-austerity.html#ixzz1jzRplQ5c ................... Increased borrowing by financial firms pushed Britain's debt up from 487 per cent of GDP in 2008 to 507 per cent by the middle of last year. In 2003, before the credit binge it was 300 per cent. Read more: http://www.dailymail.co.uk/news/article-2088871/Britains-debt-addiction-means-owe-500-GDP-face-decade-austerity.html#ixzz1jzRm91OL Edited January 20, 2012 by OnlyMe Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted January 20, 2012 Share Posted January 20, 2012 ...and why we face a decade of austerity... Just the one decade of austerity? I think it would be at least a generation, possible a lifetime to correct this one. Quote Link to comment Share on other sites More sharing options...
Gone baby gone Posted January 20, 2012 Share Posted January 20, 2012 Just the one decade of austerity? I think it would be at least a generation, possible a lifetime to correct this one. Careful... once you get to that stage, default is the attractive option. Quote Link to comment Share on other sites More sharing options...
goldbug9999 Posted January 20, 2012 Share Posted January 20, 2012 Careful... once you get to that stage, default is the attractive option. Default is the only option (in the long term) Quote Link to comment Share on other sites More sharing options...
mightytharg Posted January 20, 2012 Share Posted January 20, 2012 Default is the only option (in the long term) Or spending less. We cannot seriously pretend that we have enough money to give £45,000/year to a Romanian big issue sellers, but at the same time cannot afford to pay back the money we owe, I realise default is mostly a transfer of wealth from poor private sector pensioners to rich public sector pensioners - so I can see why public sector scumbags like the idea. But suggesting it's a better option than wasting a bit less money is absurd. Quote Link to comment Share on other sites More sharing options...
clockslinger Posted January 20, 2012 Share Posted January 20, 2012 (edited) Or spending less. We cannot seriously pretend that we have enough money to give £45,000/year to a Romanian big issue sellers, but at the same time cannot afford to pay back the money we owe, I realise default is mostly a transfer of wealth from poor private sector pensioners to rich public sector pensioners - so I can see why public sector scumbags like the idea. But suggesting it's a better option than wasting a bit less money is absurd. Yes, I agree, you'd really have to "pretend" very hard indeed to imagine a single Romanian with no children could be given £45k per annum in state benefits. But it clearly doesn't stop you trying. Edited January 20, 2012 by clockslinger Quote Link to comment Share on other sites More sharing options...
mightytharg Posted January 20, 2012 Share Posted January 20, 2012 Yes, I agree, you'd really have to "pretend" very hard indeed to imagine a single Romanian with no children could be given £45k per annum in state benefits. But it clearly doesn't stop you trying. I can't see the part where I said she was single or childless. Can you point it out to me? I suggest that if we can afford to give £45,000 per year to a Romanian woman who has several children and may or may not be married but to whom we owe nothing, then we can also afford to give the money we owe back to the people who loaned it to us. If we are forced to choose one or the other, I'd recommend paying back the people we've borrowed from as being the more honourable path. Quote Link to comment Share on other sites More sharing options...
LJAR Posted January 21, 2012 Share Posted January 21, 2012 "we" borrowed from? I didn't do any of the borrowing. I didn't get any of the benefits or increased salaries. But I am going to be the one paying for it, oh yes. So that some dumb bint who cant keep her legs together or get a job can keep her house that is nicer than mine, and so that some smug little sh1t in "debt advisory" can have his bonus. **** 'em. Quote Link to comment Share on other sites More sharing options...
wonderpup Posted January 21, 2012 Share Posted January 21, 2012 Or spending less.We cannot seriously pretend that we have enough money to give £45,000/year to a Romanian big issue sellers, but at the same time cannot afford to pay back the money we owe, I realise default is mostly a transfer of wealth from poor private sector pensioners to rich public sector pensioners - so I can see why public sector scumbags like the idea. But suggesting it's a better option than wasting a bit less money is absurd. No amount of 'austerity' will make good the mountain of ponzi credit the banksters have created- it's game over boys. Quote Link to comment Share on other sites More sharing options...
aa3 Posted January 22, 2012 Share Posted January 22, 2012 There is only one way I can imagine Britain getting out of this debt trap without a major political revolution(which would involve a default on the debt anyway).. and that is to inflate it away. You and I both know that the next time the banks run out of money and threaten to go bankrupt, the government will print whatever it takes to bail them out. Quote Link to comment Share on other sites More sharing options...
SuperChimp Posted January 22, 2012 Share Posted January 22, 2012 There is only one way I can imagine Britain getting out of this debt trap without a major political revolution(which would involve a default on the debt anyway).. and that is to inflate it away. You and I both know that the next time the banks run out of money and threaten to go bankrupt, the government will print whatever it takes to bail them out. I am sure I have read that a large proportion of the government's debt and UK personal debt is inflation linked, and will rise if inflation rises, but I am not sure of the proportion. Do you not feel that there is a posibility that more businesses and individulas might move away from holding Sterling and instead invest in other assets such as precious metals or stocks and shares? I keep hearing that many UK compnaies are sitting on piles of cash which, with the direction the UK economy is heading, seems a terrible idea. Quote Link to comment Share on other sites More sharing options...
frederico Posted January 22, 2012 Share Posted January 22, 2012 "we" borrowed from? I didn't do any of the borrowing. I didn't get any of the benefits or increased salaries. But I am going to be the one paying for it, oh yes. So that some dumb bint who cant keep her legs together or get a job can keep her house that is nicer than mine, and so that some smug little sh1t in "debt advisory" can have his bonus. **** 'em. No amount of 'austerity' will make good the mountain of ponzi credit the banksters have created- it's game over boys. I'm afraid I completely agree with both of these, I think they can drag this out for a very long time. Quote Link to comment Share on other sites More sharing options...
frederico Posted January 22, 2012 Share Posted January 22, 2012 There is only one way I can imagine Britain getting out of this debt trap without a major political revolution(which would involve a default on the debt anyway).. and that is to inflate it away. You and I both know that the next time the banks run out of money and threaten to go bankrupt, the government will print whatever it takes to bail them out. inflation will never ever work, it is all about balance sheets, if you pay someone x, their costs are y, the can spend x-y, if y becomes bigger than x, game over, if x rises to keep ahead of y, game over. Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted January 22, 2012 Share Posted January 22, 2012 inflation will never ever work, it is all about balance sheets, if you pay someone x, their costs are y, the can spend x-y, if y becomes bigger than x, game over, if x rises to keep ahead of y, game over. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.