Monday, May 20, 2013

Drinking in the last chance saloon

An idiot’s guide to the world financial crash – The story of Helga’s bar

How - despite the problems brought about by debt - debts are being ratcheted ever higher. Look at what's happening over here, with student loans and the latest Osborne wheeze with government-sponsored, taxpayer-backed mortgages

Posted by stuartking @ 12:24 AM (6557 views)
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One thought on “Drinking in the last chance saloon

  • It’s a nice analogy until you get to here:
    “This increased debt pushes up the annual interest payments the government must make to service its ever-rising debts. ”
    Er, no. The interest rate is squashed by large dollops of quantitative easing. The government is actually never in a position where it can’t pay debt denominated in £.

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