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gruffydd

Visit The Us National Debt Clock

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when debt gets so big its just becomes a number

maybe it ll just get wiped from the record - look at 3rd world debt - the compounded interest is soo huge, the world lenders will never get it all back. It was more likely that it would wiped out and this is what has happened.

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maybe it ll just get wiped from the record - look at 3rd world debt - the compounded interest is soo huge, the world lenders will never get it all back. It was more likely that it would wiped out and this is what has happened.

It isn't actually "wiped out", it's still real money owed to various institutions, it just means that Western governments foot the bill of servicing the debt on behalf of the developing country. The debt is very much still in existence.

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Just had a quick google - couldn't find one for the UK...

Now that would be interesting!

I agree, could we not develop a debt clock for this site? I'd suggest for Personal Debt! From memory it's £250K a minute that is £1M every 4 minutes! It might bring in a few more punters.

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Just had a quick google - couldn't find one for the UK...

Now that would be interesting!

That's because the UK has so much off-balance sheet liabilities and PFI/PPI trickery it wouldn't reflect reality.

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Guest Bart of Darkness

Can someone summerize the various possible scenarios that might result from this massive accumulated debt.

Is there one where we all live happily ever after and all's right with the world?

Yours (not all that) hopefully,

BoD

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I just want to know what they spend it on. Cause they certainly don't push it down to a local level. Would it be too much to ask that UK plc produced yearly accounts by department that could be read in the same way as a company account? (or even in a little more detail - eg administrative v direct staff etc) Yep. Freedom of Information be ahrsed. It probably would <_<

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I just want to know what they spend it on. Cause they certainly don't push it down to a local level. Would it be too much to ask that UK plc produced yearly accounts by department that could be read in the same way as a company account? (or even in a little more detail - eg administrative v direct staff etc) Yep. Freedom of Information be ahrsed. It probably would <_<

If the government had control over issuing money then, as the economy grew, they could spend money into the economy to allow the growth in trade to continue. Think of money as a lubricant for trade, without it trade seizes up.

The FED and BoE have control over the issuing of money. "There is nothing Federal about the FED and its reserves are questionable", as someone once said.

Basically the FED print money and loan it to the government, the loan is secured against your income tax. (see 16th amendment) This money gets spent into the economy, it can't ever be paid back, if it was there would not be enough money in the economy for trade to take place.

This is the essence of Browns economy. Debt is issued into the economy via cheap and easy credit, this enables 'economists' to claim that GDP is rising purely on the back of this credit. Brown takes his cut of this credit and spends it on non-jobs like 'excellence cluster coordinators' and PFI, it all looks rosy, right?

Wrong! They claim this debt is secured against assets. this is total crap, Why? Because if all the debt was paid off the assets would be worth nothing. Why? Because there would be no money to pay for them.

All that would be left are physical objects which, if you wanted to sell, you would have to exchange for whatever you thought you could get for them. Market values would be pure fiction.

Its the biggest scam since religion!

Edited by dom

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I just want to know what they spend it on. Cause they certainly don't push it down to a local level. Would it be too much to ask that UK plc produced yearly accounts by department that could be read in the same way as a company account? (or even in a little more detail - eg administrative v direct staff etc) Yep. Freedom of Information be ahrsed. It probably would <_<

You wonder why they don't do that? It would be appalling, much like the NHS budget. Never underestimate the sheer incompetence and borderline criminal negligence seen in the public sector.

Home Office accounts in 'chaotic state'

"In an unprecedented level of criticism, the National Audit Office has accused the Home Office of allowing its accounts to fall into a 'chaotic state'.

The NAO found a 'spectacular failure' in the way accounts were handled, with 'numerous errors and inconsistencies'.

Sir John Bourn, the head of the NAO, reported to parliament that he could not reach an opinion on the accuracy of the department's accounts for 2004-05.

One NAO official told the Financial Times: 'It's an unusual report for us, but one which underlines the chaotic state we found the accounts in.'

The introduction of a new accounting system contributed to muddled figures, and a 10-week delay in the delivery of the accounts, the NAO found.

Sir John Gieve, who was the top civil servant at the Home Office during the period covered by the NAO's report, became a deputy governor at the Bank of England and a member of the monetary policy committee last month."

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  • 302 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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