Having debt is not the same as being bankrupt - have you ever had a mortgage? As Stan pointed out, the UK's debt, whilst high, is far from being âlarger than any other country in the history of mankind bar Weimar Germanyâ Some of the higher debt figures for 2012 were Public Debt As % of GDP Japan 214.3 Zimbabwe 202.7 Greece 161.3 Italy 126.1 Portugal 123.6 Iceland 118.9 Ireland 118.0 Singapore 111.4 Belgium 99.6 France 89.9 UK 88.7 Spain 85.3 Canada 84.1 Germany 81.7 USA 73.6 Never let the truth get in the way of a good story.
I can't think of one probably because you only hear of them when they do a bad job. Most of them are scum bags and thats the reason I've never voted, I will have a clear conscience when the liars get in, spy on us, claim expenses for everythng, keep down the poor while giving the rich more money.
Robin Cook, had the guts to resign as Leader of the House in protest against the Iraqi invasion, something today's politicians seem averse to. He was also a great follower of horse-racing which always shows an empathy with the common man. George Galloway, a man I personally don't particularly like, for testifying to the US Senate and wiping the floor with them, telling them some home-truths they are not used to hearing on their own soil...
Please read my post I said British debt, that is total public, private and corporate debt. That is recorded debt and unfunded public liabilities. Please get your facts right before trying to correct me. I have studied economics, I know what I am talking about. And it is not a "good story", it is an horrendous story unfolding before youe eyes, blindfolded by the bull**** politicans spin !!
Could you give us the figures please KPD, or at least the source? Still not sure that Weimar is a good comparison, due to the hyperinflation. May be we are in an even worse position, without that distorting things. I studied economics too, many years ago. Macro economics doesn't seem to have any answers as far as I can see, each successive theory fails in turn. Supply, demand, confidence, thats all there is to it in my limited experience.
Stroller, please dont be so condescending, yes I am well aware of the difference between debt and bankruptcy. The first is owing an amount to a another person, the second is when you cant afford the repayments on the former. Britain is in the latter category. We have run annual deficits in 90% of the last 50 years. Which bit of that is borrowing within affordable measures
Stan, there is a link below, from the Economist magazine. That only includes Government, Corporate and private debt, which ranks Britain as #1 in the world at 400% of GDP. What is doesnt include is unfunded public liabilities, which is a nefarious number which I have read many projections of what that could be, but median estimates put at more than doubling that number above http://www.economist.com/blogs/newsbook/2010/08/government_and_private_debt_after_crisis
Margaret Thatcher Tony Benn Robin Cook 3 politicians with massively different view points,but all had complete conviction in their beliefs. You always knew what they stood for and they never betrayed their beliefs. I have always enjoyed listening to the thoughts of Tony Benn, whilst I don't share many of his beliefs, he is an incredibly knowledgeable man. John Hume is also a very good shout Swords. Churchill for the obvious reasons and because we really may not have defeated the Nazis without him!
Actually when comparing Britain to Weinmar, I was concentrating on purely the debt numbers, because the inflation happens after the debt grows out of control.
What I want to know is every country is up to their necks in debt but to who? The only countries not in the international banking system include Afghanistan, Iraq, Iran, Syria and NK. Surely that can't be related to the fact the yanks have or want to invade them.
Cheers KPD. Going to have to look it up on a steam driven laptop some time as the 'interactive graphic' doesn't seem to be iPad friendly. Pretty sure that this one will come down to confidence - how confident are creditors (public, private, corporate) that borrowers can pay back, at least the interest. Once the confidence goes, the whole house of cards comes down, but we'll drag everyone else down with us, except the emerging markets. ****ing banks are still more to blame than thick politicians in my view - the latter were dupes in voodoo economics - we can have eternal growth, its an algorithm, no human factors involved. Still, pretty sure Weimar felt worse for the mugs (us) and I know that big chunks of the 70s did. Also a cultural thing at play here when it comes to personal debt - we seem to be happy to live on credit, whilst the Germans, Japanese and even the Italians are savers by nature.
Ultimately the Chinese, they hold a massive chunk of US debt, and big lumps of stock in lending financial organisations. No sign of anyone thinking of invading them though.
Stan, yes Chinese and other Asian & Oil rich Arab countries. but also Pension funds (Public & Private). Some countries public Pension funds are actually fully-funded, these are huge holders of Government debt. These countries include Canada, Japan, Australia, Norway, Singapore.
Very good programme (Imagine) on BBC1 now about Machiavelli, politics, power which makes my search for 'good' politicians seem a bit naive. Principles mean nothing without power and the knowledge and will to manipulate it.
Sorry to be pedantic, but you described Britain as being bankrupt - which it is not - and made an odd statement about British debt to GDP levels being the second highest in the history of mankind, which you seem not to be able to back up.
Yes, Churchill was the right person at the right time but even he showed his true colours by betraying the men of Bomber Command, the men who like Arthur 'Butch' Harris, did everything that Churchill instructed them to do, only then to completely ostracise them and not award those great men a Bomber Command Campaign Medal. My father whilst based at East Kirkby in Lincolnshire, saw many crews who had been burnt all over but still survived to return home. Churchill, through the RAF, demoted them asap. This always ate away at my father. At wars' end, The RAF demoted all crews to a lowly rank where other countries, whereas RAAF in Australia & the RCAF in Canada, promoted all 'tour expired' crews on return to their home country. These decisions were made by government .................... Again, Churchill showed what type of person he really was. Sorry to rant but I can never forgive people as such. Overall, I have seen many good people enter politics but they soon learn that if they are going to survive and make a career out of it, they need to play the game and look after themselves ......... I won't say anything else. Cheers, Aussie
