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Dire Flanders Article: The Truth About Uk Debt


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It would appear that Stephanie Flanders is not the sharpest tool in the box.

Stephanie Flanders ‏ @BBCStephanie

Just tried to vote. My polling station, in Hammersmith, had closed two hours early. Has anyone else had same problem?

Stephanie Flanders ‏ @BBCStephanie

My democratic outrage is now in abeyance. Apparently all stations closed because, er, today isn't Thursday. Clearly I need an early night.

Lets face it things have got grim when expenses cheat Jacqui Smith feels she can have a go.

Jacqui Smith ‏ @smithjj62

@BBCStephanie Did the Home Office tell you it was polling day today?

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It would appear that Stephanie Flanders is not the sharpest tool in the box.

Lets face it things have got grim when expenses cheat Jacqui Smith feels she can have a go.

Jacqui Smith ‏ @smithjj62

@BBCStephanie Did the Home Office tell you it was polling day today?

I wonder which party Flanders supports?

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Ponzi apologist.

Debt is the new wealth. Except that it isn't. Clueless, dangerous, and misleading.

Counting house prices as evidence of 'wealth' when we know so many of those mortgages are on the brink of collapse given any shock to the economy or modest rise in interest rates is like thinking your well off because you have lots of maxed out credit cards, but your wages are about to fall.

This country is heading towards economic collapse. A Minsky moment is on its way. Just as in 2007 these clueless neo-classical economists did not see it coming, they won't see the next bigger crash either. Their model of the world is delusional. They are in total denial of the impending debt implosion we face.

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Bank of England tells them what to report. Ed Conway example of that here from 2006:

Around that time, I was ushered into the Bank one day to discuss the institution’s forthcoming Financial Stability Report. This report was typically such a dry affair (who, after all, cared about the deeply unsexy subject of financial stability back in 2006?) that the Bank took the unusual step of inviting journalists into its hallowed halls to persuade them to cover the report.

So it was, one summer morning, that I found myself in one of the rooms in the central part of the Bank (the smart offices for senior officials, and the Governor, known as Parlours) being stared at by a couple of very serious-looking officials. They were jabbing their fingers energetically at one of the charts in the report – the one below, to be precise.

http://blogs.news.sky.com/therealeconomy/Post:cf4a3640-3ddc-4c5f-8461-9568a6ccfdaa

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He should have a word with his boss,

“House prices are a matter of opinion whereas debt is real.”

+ 1

Flanders still can't see the house prices bubble.

Households, as a group, have a lot of debt. But they also have a lot of assets - in fact, a lot more. (see chart 6).

Households' total wealth, including housing, was worth eight-times annual disposable income at the end of 2010. That's above the 25-year average, despite everything that happened in 2008-10.

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Households' total wealth, including housing, was worth eight-times annual disposable income at the end of 2010.

The chart she presented could have been based on anything - she doesn't say.

It would have been interesting if she'd shown how the total wealth is split up. It's a fair bet that it's mainly accumulated in housing, land and property which at any point in time is economically extremely unhealthy and that's even what the politicians themselves were saying not so long ago.

Edited by billybong
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  • 434 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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