Friday, July 31, 2009

Britain 1st………….but we don’t want to be!

Bad news for Brown as IMF says Britain's debt crisis is the worst among major economies

Britain is forecast to have the biggest debt of any major economy next year, according to the International Monetary Fund. In a major blow to Gordon Brown, the Washington-based fund has warned that the Government's budget deficit will soar to £191billion. The figures - which equates to £7,600 for every family in Britain - are far higher than the Treasury's official forecast of £175billion. Love the headline, "Bad news for Brown" So he will be paying the bill will he? Or is it all of us who voted him in...............hang on a minute, we never voted the moron in did we!

Posted by tim miller @ 09:24 PM (1050 views)
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10 thoughts on “Britain 1st………….but we don’t want to be!

  • Yes but come on guys…. who cares…. cos at least house prices are increasing again and that’s all that matters right??? 🙂

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  • This can’t be right, Gordon Brown told us we were well positioned to face the financial storm.

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  • Is this a game of ‘Pass the Parcel’ or ‘Musical Chairs’? Maybe a strange hybrid of the two – can’t work out if the ‘winner’ would be defined as he/she who is left sitting on the last chair holding the parcel. Or maybe such a condition would be defined as the ‘loser’.

    From the IMF down through the intricate web of subsiduary organisations, governments and corporations, right down to our individual thoughts, aspirations and concepts, with skillfully designed and manipulated filtration of reciprocation, we take and give information to arrive at unskillfull visions.

    Our energies would be more skillfully discharged in time spent contemplating and rationalising the necessary journey we need to make in order to arrive at the first step of transition to an environment that is fair and equitable and based on the evolution of humanity. Only then can we move forewards.

    This is a stark change. But it is inevitable. Love, compassion and truth are all that is required. Oh yes, plus the eradication of hate, greed, fear and ignorance.

    The first step is right understanding.

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  • Honest Valuer says:

    So why the hell is sterling still rising? – someone please explain.

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  • Yes but come on guys…. who cares…. cos at least house prices are increasing again and that’s all that matters right??? 🙂

    Nah, get ready for a big decline, once the Gordon Brown debt fueled boom is over.

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  • re: TM @ 0 :

    It’s true “we” never voted him in but it is also true that we were aware of his ambitions to become PM at the time of election.
    It’s an interesting point of constitutional law which you raise though.

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  • I expect Gordon will masterfully guide the nation through this depression in the same way he successfully dealt with pensions, Iraq, “no more boom or bust”, “regulation of the City”, saving the worlds economy… oh… shit…

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  • What troubles me is that while this moribund government lingers on, nothing is being done to deal with the problem.

    There will be no green shoots, because no seed is being sown. There is no serious attention being paid to anything that might happen after the election. However, things might go very badly wrong before then

    It looks likely that the BOE will feel compelled to start a second round of QE, which in turn may well prove the last straw for the credit ratings agencies.

    Without a triple A rating, many central banks will be obliged to offload their sterling assets, which in turn could prompt other overseas investors to get out of sterling. The consequences are self-evident.

    There is currently a perception in the markets that the US and UK are in much the same boat. My suspicion is that that view will change in the autumn, as real confidence begins to emerge in the US, while the UK’s damp summer party fizzles out, and we stare into the abyss..

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  • Perhaps all party members of NU labour are so depressed (hypotension) with their performance and that their doctors are managing their condition with prozac, etc., in which case we have drug side effects running this country not sobriety. Could this explain the dramatic increase in NU Labour’s rediculous policies of late?

    Certainly, the media reports are condeming of utter insanity within the Labour party.

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  • stillthinking says:

    Labour are partly successful in rejigging prices for debt, but they don’t seem to have any success with rejigging debt servicing apart from low interest rates. There is still the question, can the government cover all the bank losses? I don’t think we know that yet. There are still commercial defaults coming. Our current position, dire though it certainly is, seems based on government guarantees not being called but we can’t know that until the economy bottoms out.
    I wish Vince Cable hadn’t imprisoned himself in the Liberal party, he seems to be the only one properly capable of understanding. I worry that a swing to the Tories will force cuts in the state at the -wrong- time. Cable’s mantra of tackling unemployment, public transport and social housing seems the best IMO.

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