Thursday, January 22, 2009

Good Summation of Brown’s Economic ‘Miracle’

Falling Pound Raises Fears of Stagnation

Good article from the NY Times comparing the UK to Iceland and describing the unsustainable boom in the UK that led to bust: "Even more than their American counterparts, borrowers in Britain turned to local banks to fuel a real estate boom that was as much a national pastime as a rational decision about what to buy. Household debt as a percentage of disposable income hit 177 percent in 2007, compared with 141 percent in the United States."

Posted by an bearin bui @ 11:10 AM (974 views)
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8 thoughts on “Good Summation of Brown’s Economic ‘Miracle’

  • Sums it all up in the first couple of sentences.

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  • japanese uncle says:

    Personally I would rather see ‘drab UK’ than Cool Britania, in which people still have a nice cuppa from old Thermos rather than buying 2 pounds+ Starbucks, borrow books from libraries rather than buying/wasting paperbacks, rent 14 inch TV rather than buying 42 inch LCDTV (and that by credit card @29% p.a.), work out a crossword puzzle sipping ale in a corner of a pub, rather than chug-a-lugging ‘Double Smirnoff & Redbull’ on the tables of a pub.

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  • You’re definitely an Englishman JU. Hear hear.

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  • And slightly ironic coming from a US paper. We’re not the only nation “bulked up on debt”. The US is fortunate the dollar is a reserve currency.

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  • mountain goat says:

    Great article thanks.

    My fav quote “The pound, a symbol of British independence from the Continent that is revered nearly as much as the queen, is now down nearly 29 percent against the dollar from a year ago.”

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  • stillthinking says:

    I never heard the term chug-a-lugging before. Truly, you learn something new everyday.

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  • A temporary state like all cycles. Currencies with ups and downs taking turns and explained with post reasoning. Not such a bad thing at this time if we are forced to appreciate the real value and purpose of money. I doubt this will bust the UK and if anything is more likely to stimulate its intrinsic inventiveness and flair. Others have more to worry about regarding these characteristics.

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  • japanese uncle says:

    One of Roger Miller’s hit songs of the 70s
    ——————————————————————————-

    Chug-a-lug chug a lug
    Make ya wanna holla hidy hoe,
    Burns your tummy don’t you know
    Chug-a-lug chug-a-lug

    Grape wine in a mason jar
    Homemade and brought to school
    By a friend of mine after class
    Me and him and this other fool
    Decided that we’ll drink up whats left
    chug-a-lug so I helped myself
    first time for everything
    umm my ears still ring

    Chug-a-lug Chug-a-lug
    Make u wanna holla hidy hoe,
    Burns your tummy don’t you know
    Chug-a-lug chug-a-lug

    4 H and an FFA
    On a field trip to the farm
    Me and friend sneek off behind
    This big old barn
    Where we uncovered a covered up
    Moonshine still
    And we thought we’d drink our fill
    And I swallowed it with a smile
    ohh I run ten mile

    Chug-a-lug chug a lug
    Make u wanna holla hidy hoe,
    Burns your tummy don’t you know
    Chug-a-lug chug-a-lug

    Jukebox and sawdust floor
    Somthin’ like i’ve never seen
    Heck I’m just going on 15,
    But with the help of my fanaglein’ uncle
    I get snuk in for my first taste of sin
    I said let me have a big old sip
    bbbb i done a double back flip

    Chug-a-lug chug a lug
    Make u wanna holla hidy hoe,
    Burns your tummy don’t you know
    Chug-a-lug chug-a-lug chig a chagle uh

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