Saturday, March 22, 2008

Worse than the US ?

Debt-Gorged British Start to Worry That the Party Is Ending

They're on to us

Posted by quokka @ 01:40 PM (3357 views)
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9 thoughts on “Worse than the US ?

  • Great Article (if you read it) with alarming statistics you won’t find in the home grown press:-

    “Since many younger Britons have never lived through a period of slow growth, few now see the need to hold back on borrowing, not to mention saving.”

    “Britons are spending more than they earn, racking up a household debt-to-income ratio of 1.62 compared with 1.42 in the United States and 1.09 in Germany.”

    Add on this figure “the most indebted rich nation in the world, racking up a record £1.4 trillion in debt ($2.8 trillion) — more than the country’s gross domestic product.” Then compare it to this figure “the United States is $13.8 trillion, including mortgage debt, slightly less than the country’s $14 trillion G.D.P. “. Then realise that this figure is spread over a population of 60 million compared to 300 million in the states and the level of debt is exactly the same per capita at $46,666 as the USA.

    The remainder waffles on about debt and house prices on the continent being more stable due to cultural differences.

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  • little professor says:

    The “experts” in Britain shake their heads at the US crisis and say it’s different here.

    They’re right, it’s a lot worse.

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  • Matt_the_hat says:

    Remember thats every man women and child. As far as I know new labour still doesn’t allow children to get credit cards yet..

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  • japanese uncle says:

    She recently took out new loans, planning to repay her existing debt. But she ended up spending the money on more luxury goods instead.
    —————————-

    Speechless!

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  • “…but Britons are even more profligate. For most of the last decade, consumers here went on a debt-financed spending spree that made them the most indebted rich nation in the world, racking up a record £1.4 trillion in debt ($2.8 trillion) — more than the country’s gross domestic product….”

    Well, a bit of a problem? David Smith didn’t seem to think so. Did someone at the Times tell him to shut his blog down or did Rupert get fed up with peddling stuff through him?

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  • Well she was a Media Relations Executive….. Dahling…

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  • tyrellcorporation says:

    Sadly JU she’s the smart one as we’re all about to find out. All debts will be written off and a new boom will be born. It’s only paper money after all.

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  • Writing off all the debts would be an option but it would destroy the pound. We could then always beg to be allowed to join the Euro like some sort of ex Soviet block basket case economy, now that would be funny, maybe that’s the plan all along.

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  • mrmickey:
    Britain is already being destroyed by the negligent state and the EU, as is the pound, if the UK were stupid enough to accepted the Euro the conversion cost would accelerate the crash and make Britain a liability to the EU, they have already bled us too much. The EU cannot sustain the current level of corruption, massively increasing public sector costs and increasing debt for long, Socialist ‘economics’ doesn’t add up, so the tax burden will cripple people, business and the national economies and cause the whole edifice to come crashing down, no amount of Soviet style ‘leadership’ (dictatorship) will save it.

    It is time that Britain in-sourced it’s sovereignty and assets (by exiting the EU), to reduce costs, increase efficiency and reduce lead times, otherwise uncompetitiveness will bankrupt Britain.

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