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The End of Britain? Money Week's chilling warning


Happytolearn

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Joined
Aug 23, 2011
Messages
3,520
I read this article

The End Of Britain

Lots of pretty scarey language used - could be seen as pretty sensationalist - but an interesting read all the same.

They're basically saying:

- Britain is third only to Japan and (rather depressingly) Ireland in its debt rate

- The welfare state, started by Llyod George in 1909 with a 5 shilling pension payment to males over 70, has spiraled out of control

- Successive governments since have promised more and more as the electorate will simply vote out those who attempt to fix the worsening problem. This results in political parties offering unaffordable 'cradle to grave' welfare.

- Growing population, increasing life expectancy, NHS costs and Britain's 'unfunded obligations' make its debts 900 billion

- In spite of the current Coalition's austerity scheme the debt is in fact increasing

- Debt is becoming endemic in every section of UK society

- Britain is broke and would have been made bankrupt long ago were it an individual. Once interest rates rise back to normal levels it won't be able to repay its debts. Interest rates are certain to rise significantly in the coming 30 years

- Since the IMF bailout in the 70's Britain's debt has multiplied 12 times over (I'm not sure if that's in real terms)

The article goes on to show a step by step guide to how the end could very possibly come - comparing the UK to Argentina.

Is it scaremongering? How much of it is irrefutable?
 


Ribeye

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Jul 12, 2011
Messages
26,304
I'm goin out on a limb and calling Eastleigh for UKIP!
 

Clanrickard

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Joined
Apr 25, 2008
Messages
32,951
I read this article

The End Of Britain

Lots of pretty scarey language used - could be seen as pretty sensationalist - but an interesting read all the same.

They're basically saying:

- Britain is third only to Japan and (rather depressingly) Ireland in its debt rate

- The welfare state, started by Llyod George in 1909 with a 5 shilling pension payment to males over 70, has spiraled out of control

- Successive governments since have promised more and more as the electorate will simply vote out those who attempt to fix the worsening problem. This results in political parties offering unaffordable 'cradle to grave' welfare.

- Growing population, increasing life expectancy, NHS costs and Britain's 'unfunded obligations' make its debts 900 billion

- In spite of the current Coalition's austerity scheme the debt is in fact increasing

- Debt is becoming endemic in every section of UK society

- Britain is broke and would have been made bankrupt long ago were it an individual. Once interest rates rise back to normal levels it won't be able to repay its debts. Interest rates are certain to rise significantly in the coming 30 years

- Since the IMF bailout in the 70's Britain's debt has multiplied 12 times over (I'm not sure if that's in real terms)

The article goes on to show a step by step guide to how the end could very possibly come - comparing the UK to Argentina.

Is it scaremongering? How much of it is irrefutable?
Has been discussed before on p.ie. Swivel-eyed libertarian ranting.
 

rainmaker

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Mar 26, 2012
Messages
21,816
I read this article

The End Of Britain

Lots of pretty scarey language used - could be seen as pretty sensationalist - but an interesting read all the same.
Is it scaremongering? How much of it is irrefutable?
It's not really an 'article' as such - It's a scary by design advert for their subscription service that they've used before - I actually had to check the date of the OP as this 'revelation' was also used & discussed last year.

Apparently subscribing will help you to avoid this nightmare scenario :roll:
 

Clanrickard

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Happytolearn

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Aug 23, 2011
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It's not really an 'article' as such - It's a scary by design advert for their subscription service that they've used before - I actually had to check the date of the OP as this 'revelation' was also used & discussed last year.

Apparently subscribing will help you to avoid this nightmare scenario :roll:
I had read their 'Europe is going to end' article - They seem so sure of themselves and claim they've got previous crashes correct. I always get sucked in by colourful scary adverts.
 

stopdoingstuff

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Feb 26, 2011
Messages
22,876
Maybe it is sensationalist but the kernel of truth is that no one can live beyond their means forever and the great era of consumption without production is coming to an end.
 

EndDiddlyaism

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Feb 15, 2011
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Happytolearn

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Joined
Aug 23, 2011
Messages
3,520
Maybe it is sensationalist but the kernel of truth is that no one can live beyond their means forever and the great era of consumption without production is coming to an end.
What - for you - are the bits that cannot be challenged in the article?
 

Windowshopper

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Oct 14, 2011
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The article reads like a Daily Mail journalist who decided to write a piece while in the middle of a coke binge. . .
 

stopdoingstuff

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Feb 26, 2011
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What - for you - are the bits that cannot be challenged in the article?
i dont know but i do know what can be challenged. the debt figure of 500% of gdp includes financial debts that are offset by financial assets.
 

Aindriu

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Jun 28, 2007
Messages
8,702
Most of it could have ben written about Ireland.
 

Cabbage/Turnip

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Feb 23, 2010
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1,413
I have been reading a lot about total debt the last few days- Ireland is 2 + trillion in debt. What impact will this ultimately have on Ireland?

When we balance the books I presume the government will have to start paying off the balance?

Regarding bank and public debt are we the public literally going to have to pay this back? 500 000 per person I read!

Have high can total debt go before we go kaput?

I am ignorant in this area but it just seems scary
 

Windowshopper

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Oct 14, 2011
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9,003
Is there any truth in it?
I don't know. I am not familiar with the British economy. All I do know is that I do not react positively to long-rambling advertisements based on fear.
 

EndDiddlyaism

Well-known member
Joined
Feb 15, 2011
Messages
647
I have been reading a lot about total debt the last few days- Ireland is 2 + trillion in debt. What impact will this ultimately have on Ireland?

When we balance the books I presume the government will have to start paying off the balance?

Regarding bank and public debt are we the public literally going to have to pay this back? 500 000 per person I read!

Have high can total debt go before we go kaput?

I am ignorant in this area but it just seems scary
No, we are not.
 

patfitzbally

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Joined
Dec 11, 2011
Messages
1,023
on sat last I returned from a week visiting my daughter in devon.the pubs,shops,roads were all busy and unemployment is 7.8%(5.5 in devon) the people seemed reasonably happy despite a tightening of wage rates.i return to empty pubs even with the rugby being shown live on tv. a lot of begrudgery on here methinks.
 

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