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D-Day for Britain : Wednesday 5th December 2012?


gerhard dengler

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Joined
Feb 3, 2011
Messages
47,554
Newsnight did a fascinating feature on Tuesday night.

Tomorrow Gideon Osborne has to tell the nation how austerity is going to pan out for the next 12 months.

Britain is likely to impose further cuts in order to dry to help balance it's books, because like Ireland, growth is nowhere near the level required to address their deficit and, worse, there is no sign of growth in the foreseeable future.

The spectre of Britain losing it's AAA-rating is now a real possibility if more austerity is imposed.
 

neiphin

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Joined
Aug 23, 2009
Messages
5,581
britain is compleatly buggered
cant borrow , cant print, cant cut interest rates
 

blokesbloke

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Jan 13, 2011
Messages
23,296
I don't know what is for the best anymore.

I understand we're spending beyond our means but it seems the more countries cut their budgets the slower their economy goes, creating more debt which requires yet more cuts.

It's like a vicious circle.

I feel very lucky to have a job, though the spectre of redundancy has been hanging around our organisation for 2-3 years now.

A good friend of mine got a part-time, minimum-wage job in small retail/warehouse type place. Not a particularly enticing job and there was only one vacancy - but he was told 320 people applied for it, including a bloke with a Doctorate in History.

It's scary. When I got my current job in 2002 the local paper's job section was so thick it could be a newspaper on its own - you were almost spoilt for choice.

Since they started talking redundancy at work I've looked in the same paper - got to the jobs bit, turned over the first page after seeing nothing suitable, only to discover that was pretty much it - there is no jobs "section" anymore as such, just a page or two.

The poorer the area the more it depended on public-sector jobs, but they have been cut back massively.

It's easy to criticise the Chancellor and I am sure I will but I admit I wouldn't fancy his job.
 

blokesbloke

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Joined
Jan 13, 2011
Messages
23,296
britain is compleatly buggered
cant borrow , cant print, cant cut interest rates
?

We're struggling all right but I'm not sure you're right on any of those.

We are borrowing - way too much - but we are still able to borrow.

We can certainly print as we have our own currency still. Not desirable to do but we could.

We can also cut interest rates if we want though they are so low there's no much room left to do so - but again, we could.
 

blokesbloke

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Joined
Jan 13, 2011
Messages
23,296
See this is the dilemma - if we do more austerity we might lose our AAA rating, but I was led to believe that France not doing enough austerity had led them to be downgraded from AAA by two of the three main agencies.

It seems you can't win whatever you do.
 

neiphin

Well-known member
Joined
Aug 23, 2009
Messages
5,581
?

We're struggling all right but I'm not sure you're right on any of those.

We are borrowing - way too much - but we are still able to borrow.


We can certainly print as we have our own currency still. Not desirable to do but we could.

We can also cut interest rates if we want though they are so low there's no much room left to do so - but again, we could.
qe 2 or is it 3 now
the B of E and the gov are borrowing and lending to each other
 

gerhard dengler

Well-known member
Joined
Feb 3, 2011
Messages
47,554
I don't know what is for the best anymore.

I understand we're spending beyond our means but it seems the more countries cut their budgets the slower their economy goes, creating more debt which requires yet more cuts.

It's like a vicious circle.

I feel very lucky to have a job, though the spectre of redundancy has been hanging around our organisation for 2-3 years now.

A good friend of mine got a part-time, minimum-wage job in small retail/warehouse type place. Not a particularly enticing job and there was only one vacancy - but he was told 320 people applied for it, including a bloke with a Doctorate in History.

It's scary. When I got my current job in 2002 the local paper's job section was so thick it could be a newspaper on its own - you were almost spoilt for choice.

Since they started talking redundancy at work I've looked in the same paper - got to the jobs bit, turned over the first page after seeing nothing suitable, only to discover that was pretty much it - there is no jobs "section" anymore as such, just a page or two.

The poorer the area the more it depended on public-sector jobs, but they have been cut back massively.

It's easy to criticise the Chancellor and I am sure I will but I admit I wouldn't fancy his job.
Good post.

And it is an accurate reflection of what was said on Newsnight : he can't borrow, he can't print.

The only solution appears to be to inflate away the problem as suggested by Newsnight.
Printing??????
 

Ribeye

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Joined
Jul 12, 2011
Messages
26,306
britain is compleatly buggered
cant borrow , cant print, cant cut interest rates
Oh, I think you'll find that they print, and are printing,

And when that moose nibbling sociopath get his frost bitten fingers on the keys to the printing room.....

well, I expect there to be an ink shortage:)
 

ManOfReason

Well-known member
Joined
May 24, 2007
Messages
4,328
qe 2 or is it 3 now
the B of E and the gov are borrowing and lending to each other
That's some German guy delivering the next "loan" to the Irish central bank, right?
 

bye bye mubarak

Well-known member
Joined
Feb 2, 2011
Messages
3,454
Oh, I think you'll find that they print, and are printing,

And when that moose nibbling sociopath get his frost bitten fingers on the keys to the printing room.....

well, I expect there to be an ink shortage:)
They cartainly are, as are we in Europe, as are the US, hence tbe rise in the price of gold, paperomey becoming more valueless.
 

Neutron

Well-known member
Joined
Jan 6, 2012
Messages
3,980
History is repeating itself.

Just wait for the real economic figures to come from the US after Christmas now Obama has been re-elected.

A war is coming because just like in the past this is the only way the powers have ever been able to fix their broken economies.

Just like before a war will come on a global scale.
 

Oblivion.

Well-known member
Joined
May 10, 2010
Messages
375
I was led to believe that France not doing enough austerity had led them to be downgraded from AAA by two of the three main agents
New car sales in France are down 29% this year. Doesn't exactly bode well for the French economy - to put it politely. When the French government is forced to cut spending, they'll be the next Spain.
 

Neutron

Well-known member
Joined
Jan 6, 2012
Messages
3,980
Tesco have just announced sales are down for the last 3 months.
 
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