Friday, November 22, 2013

Cannot repay territory

Britain's vast public debt climbing at a slightly slower rate

"Today we learned the government added another eight billion pounds in October alone. Yet oddly, there is good news to be found in the mind-boggling numbers" . There are around 25 million workers private and public. The increased debt in October alone is 320 pounds per worker, more for a family with two taxpayers. I don't believe that the bottom half can cover these debts for an extended period because they are already struggling, and when they get lumped up the tax paying chain, I think they progressively overload peoples ability to pay. So interest rates are for sure going to be low. Low interest rates or default. "3 years in to a 15 or 20 year repayment period" was another pithy line, thanks Labour!

Posted by stillthinking @ 07:57 AM (3393 views)
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9 thoughts on “Cannot repay territory

  • Come on stillthinking – you’re a bit glass half empty aren’t you?
    SDLT take is rising so borrowing is lower… so because they’re guaranteeing what people are borrowing and spending, they’re getting more, so they’re borrowing less. So if they guaranteed unlimited borrowing/lending, people would spend infinitely more, SDLT would rise exponentially and they could pay off the deficit. What’s not to like?

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  • Forget the glass being half empty the tank is running on dry and nothing more than how long can the illusion be kept going.

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  • Although I do not believe in public debt, the 600pound gorrilla in the room is private debt, hard to measure, but dwarfs public debt and is a millstone that we shall not get rid of for a generation, if ever.

    Our banking and landlord elite will do all in their power to extend private debt and earn a healthy return on that debt, acting as a private tax, robbing the poor and hardworking to feed the unworking parasites living off our society. Such a private debt acts to destroy all but the most determined entrepreneur and our competitiveness in global markets.

    What’s more the banksters act to enshrine monopoly privilege, through the political system, to those companies that hold debt, to ensure they can get a return on their lending, further destroying our economic productivity and competitive environment.

    The majority of the private debt has not been productive in any way, just inflated asset bubbles, mostly land, adding a further millstone to the productive in that they must get access to the land to be productive in our economy.

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  • I’m not really being glass half empty. The UK is running up huge massive debts amongst other problems. Maybe you suggest a natural pessimist because there isn’t really much to argue about the dire debt situation.
    If you want something on the plus side, the global savings rate is apparently going up, whether those funds will continue to flow to the UK remains to be seen.

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  • Looks like Cameron has borrowed more in the last 3 years than Labour did in their 12 or was it 13? Can’t say the Tories aren’t better than Labour now… why, they’re streets ahead 🙂

    The West is engaged in a delicate balancing act. If the objective was to benefit the population, it would be good, but we will continue balancing till the 1% suck as much out of the system as they can! Then it will all fall apart ~ debt can’t be repaid ~ full stop.

    No surprises that tons of paper gold and shorts are being used to force down the market value. China is the country with the biggest gold reserves. It also has the means of production which the west has “offshored”. Wait till it flexes it’s muscles….then we won’t be thinking of house prices crashing any longer…..

    Low IRs cost savers £1.6trn since they came down, says City AM. Guess where that went 🙁

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  • Still-blaming-one-political-party. It’s rather more complex than that. Or maybe simpler.

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  • ST – I was being sarcastic; sorry if that wasn’t obvious enough…

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  • Nowhere is it mentioned how the sale of Royal Mail, might have played in this slight drop in UK debt acceleration.

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  • mark wadsworth says:

    TT at comment 1, you might have meant this ironically, but all the Homeys are now trumpeting that “Help To Buy is paying for itself via higher SDLT receipts”, in all seriousness, even though the numbers are several orders of magnitude apart, it’s like saying we’ll repay the national debt with a new tax on chewing gum or something.

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