6 February 2013, 22:33
I just found this.
It's quite worrying that the financial markets are contemplating the fall of Britain as we are.
The article itself is very long, BUT you MUST make the time to read it.
I dont know the date it was printed, because I cant find it. I may have overlooked it.
That doesnt matter though.
If the financial institutions are printing this for public viewing, the writings on the wall.
Heres a quote from the article.
During the Great Depression – when thousands of ordinary people lost everything – America’s total debt hit 252% of GDP. In any circumstances, that’s bad.
But things can get worse. During the Japanese economic collapse – which triggered more than two decades of deflation and a 75% drop in the stock market – Japanese total debt hit 498% of GDP. That’s twice as bad as the level of debt seen in America during the Great Depression.
If Britain’s current debts were at those kinds of levels, it would be worrying. But in truth, our debts are now much worse than either of those two examples.
Shockingly, our debt load is now on a scale comparable with one of the most frightening economic disasters of the 20th century…
We're talking about the Weimar Republic.
Back then, suffering under the weight of brutal war reparations, civil unrest and shattered public finances, the Weimar Republic’s total debt equalled 913% of its economy.
I’m sure you know what happened next: the government printed money and hyperinflation took off. In the end, it was cheaper to decorate your home with bank notes than wallpaper. Ultimately, the country descended into a period of economic and social crisis… a catastrophe that ended with the rise of the Nazi party.
And that was with debts worth 913% of the economy.
Today, Britain’s total debt equals 900% of the economy.
When you add in our financial sector debt, government debt, personal debt and corporate debts… our debt load rivals the Weimar Republic in scale.
To put it mildly, this worries us a great deal. It should worry you, too. Because this simple fact alone proves just how inevitable Britain’s coming crisis is.
Remember, as you saw earlier the only thing delaying the crisis right now is the fact that interest rates are at historical lows. That’s what allows life to carry on “as normalâ€Â.
But things won’t be this way for long.
Because the simple fact is:
When interest rates rise – and they WILL rise – Britain will face the greatest crisis in generations.
http://info.moneyweek.com/urgent-bulleti...tAodeTAACw
I think if you ignore the blatant marketing just like the u.s. sites trying to get you to buy gold, out of fear the underlying comments are valid and real.
I think nows the time to up the anti and if we can take our personal preps up a notch.
I dont like it, somethings not quite right.
Is there a way we can verify these facts does anybody know of other variafyable sources of our gdp?
http://www.economicshelp.org/blog/334/uk...onal-debt/
Now ive just found this which says its only 70.7
UK National Debt
By Tejvan Pettinger on January 23, 2013 in uk economy
The UK national debt is the total amount of money the British government owes to the private sector and other purchasers of UK gilts.
Public sector net debt was £1,111.4 billion at the end of December 2012, equivalent to 70.7
Source: Office National Statistics publications[1] (page updated Jan 23rd 2012)
and this is an older article but seems to support the first figures more...
http://www.bbc.co.uk/news/business-15820601
I'm getting conflicting 6 of one, half a dozen of the other from the little research i've done this minute.
some sites are saying no problem, no worrys, some are very much not.
What I personally would take from this is that we need to up the anti as I said before.
Things MAY not be as bad as the first article implys but theres no way of telling for sure.
I think I'd rather be prepared for the sh*t to hit the fan sooner rather than later.
We know 100% we cannot rely on the paters or the ptb to give us the real version of events.
If a melt downs coming WE WILL be the last to know.
THIS is from 2011...
http://www.guardian.co.uk/politics/2011/...le-economy
Vince Cable has warned that the political class has not yet prepared the public for the scale of the underlying problems facing the UK economy and the coming squeeze on living standards.
In a frank interview with the Guardian the business secretary repeatedly referred to the time and pain that will be needed to restructure what he regards as a broken economic model.
"It is a challenge to us to communicate it better. I don't think it is understood that the British economy declined 6 or 7% – [that is] 10% below trend," Cable said. "We are actually a poorer country, mainly because of the banking crash, the recession that followed it and partly due to the squeeze we are now under from the changing balance of the world economy."
He argued: "Britain is no longer one of the world's price setters. We take our prices from international commodity markets driven by China and India. That is something we have got to live with and adjust to. It is painful. It is a challenge to us in government to explain it. The political class as a whole is not preparing the public for how massive the problem is."
He expresses frustration that "the debate about the economy is in the wrong place," partly blaming Labour for still being in a state of denial that its golden decade of growth had been built on an unsustainable model of financial services.
"There is not a sustained critique, pressure or argument from the progressive wing of politics. Ultimately it comes back to this defensiveness and an unwillingness to accept that Britain was operating a model that failed … it makes it more difficult for us to get through to the public about the scale of the problem. That is to everyone's loss."
He said: "As a country we are going to have to go through some very big major structural changes, but if the dominant debate is 'Well, what is the problem? Why are we all doing this stuff? It is not really necessary.' Of course it makes it more difficult."
Cable, one of five Liberal Democrat ministers in the cabinet, said it was realistic for the coalition to eradicate the structural deficit by the end of this parliament, adding "our credibility hinges on it".
But he does not convey optimism about growth in the short term. "The fact is that we are now having to get used perhaps to lower growth and a gradual process of building the economy up again."
He said: "We have had a very, very profound crisis which is going to take a long time to dig out of. It is about the deficit, but that is only one of the symptoms. We had the complete collapse of a model based on consumer spending, a housing bubble, an overweight banking system – three banks each of them with a balance sheet larger than the British economy. It was a disaster waiting to happen and it did happen. It has done profound damage and it is damage that is going to last a long time."
He predicted the impact on people's lives will not come primarily from government spending cuts, but the squeeze in living standards caused by world prices and a 20% devaluation of sterling against other major currencies.
Without questioning the growth forecasts from the Office for Budget Responsibility, he stressed the uncertainty of external factors. "We cannot predict what is going to happen in the eurozone, and how that is going to impact on us, and we cannot predict what is going to happen to oil prices."
Cable recently wrote that "economic policymaking is like driving a car with an opaque windscreen, a large rearview mirror and poor brakes", and told the Guardian the metaphor applied to Mervyn King, the governor of the Bank of England, as he made the big calls on monetary policy designed to spur growth.
More broadly, he said: "The danger is over-confidence  the belief that the government can control everything in the economy. Governments cannot. Economic management is difficult."
He also denied the government is locked into a cycle of more spending cuts if growth slows. He said: "What is not often acknowledged is that there is a lot of flexibility built into current policy. The main element of flexibility is in monetary policy and the second is the basic Keynesian stabilisers. That is the way the government is functioning. We are not trying to maintain budget balance come what may. If the economy slows down, the deficit temporarily has to rise to take account of cyclical change, flexibility is built in."
Cable expressed disappointment that tribalism has returned to politics in the wake of the AV referendum, admitting it will be difficult for his party in the short term. But he claimed the change could be turned to Nick Clegg's advantage.
"There is now a large constituency of people out there who, for want of a better word, are de-tribalised, who hate the ya-boo, left-right debate who are looking for a home, and in a way that is our constituency. Blair appealed to that [group] a decade ago, successfully."
He said despite the vitriol directed at his party during the local elections, it had retained a base of 15% from which it can build.
It's quite worrying that the financial markets are contemplating the fall of Britain as we are.
The article itself is very long, BUT you MUST make the time to read it.
I dont know the date it was printed, because I cant find it. I may have overlooked it.
That doesnt matter though.
If the financial institutions are printing this for public viewing, the writings on the wall.
Heres a quote from the article.
During the Great Depression – when thousands of ordinary people lost everything – America’s total debt hit 252% of GDP. In any circumstances, that’s bad.
But things can get worse. During the Japanese economic collapse – which triggered more than two decades of deflation and a 75% drop in the stock market – Japanese total debt hit 498% of GDP. That’s twice as bad as the level of debt seen in America during the Great Depression.
If Britain’s current debts were at those kinds of levels, it would be worrying. But in truth, our debts are now much worse than either of those two examples.
Shockingly, our debt load is now on a scale comparable with one of the most frightening economic disasters of the 20th century…
We're talking about the Weimar Republic.
Back then, suffering under the weight of brutal war reparations, civil unrest and shattered public finances, the Weimar Republic’s total debt equalled 913% of its economy.
I’m sure you know what happened next: the government printed money and hyperinflation took off. In the end, it was cheaper to decorate your home with bank notes than wallpaper. Ultimately, the country descended into a period of economic and social crisis… a catastrophe that ended with the rise of the Nazi party.
And that was with debts worth 913% of the economy.
Today, Britain’s total debt equals 900% of the economy.
When you add in our financial sector debt, government debt, personal debt and corporate debts… our debt load rivals the Weimar Republic in scale.
To put it mildly, this worries us a great deal. It should worry you, too. Because this simple fact alone proves just how inevitable Britain’s coming crisis is.
Remember, as you saw earlier the only thing delaying the crisis right now is the fact that interest rates are at historical lows. That’s what allows life to carry on “as normalâ€Â.
But things won’t be this way for long.
Because the simple fact is:
When interest rates rise – and they WILL rise – Britain will face the greatest crisis in generations.
http://info.moneyweek.com/urgent-bulleti...tAodeTAACw
I think if you ignore the blatant marketing just like the u.s. sites trying to get you to buy gold, out of fear the underlying comments are valid and real.
I think nows the time to up the anti and if we can take our personal preps up a notch.
I dont like it, somethings not quite right.
Is there a way we can verify these facts does anybody know of other variafyable sources of our gdp?
http://www.economicshelp.org/blog/334/uk...onal-debt/
Now ive just found this which says its only 70.7
UK National Debt
By Tejvan Pettinger on January 23, 2013 in uk economy
The UK national debt is the total amount of money the British government owes to the private sector and other purchasers of UK gilts.
Public sector net debt was £1,111.4 billion at the end of December 2012, equivalent to 70.7
Source: Office National Statistics publications[1] (page updated Jan 23rd 2012)
and this is an older article but seems to support the first figures more...
http://www.bbc.co.uk/news/business-15820601
I'm getting conflicting 6 of one, half a dozen of the other from the little research i've done this minute.
some sites are saying no problem, no worrys, some are very much not.
What I personally would take from this is that we need to up the anti as I said before.
Things MAY not be as bad as the first article implys but theres no way of telling for sure.
I think I'd rather be prepared for the sh*t to hit the fan sooner rather than later.
We know 100% we cannot rely on the paters or the ptb to give us the real version of events.
If a melt downs coming WE WILL be the last to know.
THIS is from 2011...
http://www.guardian.co.uk/politics/2011/...le-economy
Vince Cable has warned that the political class has not yet prepared the public for the scale of the underlying problems facing the UK economy and the coming squeeze on living standards.
In a frank interview with the Guardian the business secretary repeatedly referred to the time and pain that will be needed to restructure what he regards as a broken economic model.
"It is a challenge to us to communicate it better. I don't think it is understood that the British economy declined 6 or 7% – [that is] 10% below trend," Cable said. "We are actually a poorer country, mainly because of the banking crash, the recession that followed it and partly due to the squeeze we are now under from the changing balance of the world economy."
He argued: "Britain is no longer one of the world's price setters. We take our prices from international commodity markets driven by China and India. That is something we have got to live with and adjust to. It is painful. It is a challenge to us in government to explain it. The political class as a whole is not preparing the public for how massive the problem is."
He expresses frustration that "the debate about the economy is in the wrong place," partly blaming Labour for still being in a state of denial that its golden decade of growth had been built on an unsustainable model of financial services.
"There is not a sustained critique, pressure or argument from the progressive wing of politics. Ultimately it comes back to this defensiveness and an unwillingness to accept that Britain was operating a model that failed … it makes it more difficult for us to get through to the public about the scale of the problem. That is to everyone's loss."
He said: "As a country we are going to have to go through some very big major structural changes, but if the dominant debate is 'Well, what is the problem? Why are we all doing this stuff? It is not really necessary.' Of course it makes it more difficult."
Cable, one of five Liberal Democrat ministers in the cabinet, said it was realistic for the coalition to eradicate the structural deficit by the end of this parliament, adding "our credibility hinges on it".
But he does not convey optimism about growth in the short term. "The fact is that we are now having to get used perhaps to lower growth and a gradual process of building the economy up again."
He said: "We have had a very, very profound crisis which is going to take a long time to dig out of. It is about the deficit, but that is only one of the symptoms. We had the complete collapse of a model based on consumer spending, a housing bubble, an overweight banking system – three banks each of them with a balance sheet larger than the British economy. It was a disaster waiting to happen and it did happen. It has done profound damage and it is damage that is going to last a long time."
He predicted the impact on people's lives will not come primarily from government spending cuts, but the squeeze in living standards caused by world prices and a 20% devaluation of sterling against other major currencies.
Without questioning the growth forecasts from the Office for Budget Responsibility, he stressed the uncertainty of external factors. "We cannot predict what is going to happen in the eurozone, and how that is going to impact on us, and we cannot predict what is going to happen to oil prices."
Cable recently wrote that "economic policymaking is like driving a car with an opaque windscreen, a large rearview mirror and poor brakes", and told the Guardian the metaphor applied to Mervyn King, the governor of the Bank of England, as he made the big calls on monetary policy designed to spur growth.
More broadly, he said: "The danger is over-confidence  the belief that the government can control everything in the economy. Governments cannot. Economic management is difficult."
He also denied the government is locked into a cycle of more spending cuts if growth slows. He said: "What is not often acknowledged is that there is a lot of flexibility built into current policy. The main element of flexibility is in monetary policy and the second is the basic Keynesian stabilisers. That is the way the government is functioning. We are not trying to maintain budget balance come what may. If the economy slows down, the deficit temporarily has to rise to take account of cyclical change, flexibility is built in."
Cable expressed disappointment that tribalism has returned to politics in the wake of the AV referendum, admitting it will be difficult for his party in the short term. But he claimed the change could be turned to Nick Clegg's advantage.
"There is now a large constituency of people out there who, for want of a better word, are de-tribalised, who hate the ya-boo, left-right debate who are looking for a home, and in a way that is our constituency. Blair appealed to that [group] a decade ago, successfully."
He said despite the vitriol directed at his party during the local elections, it had retained a base of 15% from which it can build.
