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Britain's Trillion Pound Horror Story

Postby andyfuller » Thu Nov 18, 2010 5:47 pm

Interesting program about the UK's Debt that was on Channel 4 last week:

http://www.youtube.com/watch?v=iOsqBf5hDjI

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Postby Euler » Fri Nov 19, 2010 10:34 am

Defintately a right of centre documentary but it puts across lots of valid points.

I find it odd how people (and governments) can get so heavily into debt and then wake up suddenly one day realising they need to re-pay it. By then the interest charges are crippling.

I also find it odd how the private sector gets wiped out in a recession but the public sector just bumbles along with few cut backs. Doesn't stack up does it? Demand falls but supply continues to grow. It's horrific to think the public sector is so large now.

While it has it's problems the American model of outsourcing everything to the private sector is a good model I think. They baulk at the slightest hint that the government will try to run something.

Last edited by Euler on Fri Nov 19, 2010 11:53 am, edited 1 time in total.
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Postby CaerMyrddin » Fri Nov 19, 2010 11:27 am

I find it odd how people (and governments) can get so heavily into debt and then wake up suddenly one day realising they need to re-pay it. By then the interest charges are crippling.


It's a matter of finantial litteracy.

And it's cyclic, isn't it? In some way people forget what happened and then just do it again. People may pay the bill now and finantial litteracy grow, but the next generation will make the same mistakes again.

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Postby Ferru123 » Fri Nov 19, 2010 2:03 pm

And why oh why did Brown ignore the Bank of England and sell half of Britain's gold reserves in 1997, when gold was worth half of its current value?!?

Even a novice trader knows that you don't sell something during an upward trend!

Jeff

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Postby Euler » Fri Nov 19, 2010 2:40 pm

He should have done it on his own account!

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Postby Exacta » Fri Nov 19, 2010 4:06 pm

The end is nigh!

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Postby andyfuller » Fri Nov 19, 2010 4:50 pm

CaerMyrddin wrote:In some way people forget what happened and then just do it again.


My view is that it is largely due to the political cycle with the government of the day tending to put in place policy that will get it re-elected as opposed to what is best for the country long term.

The documentary like most only gives the one side of the argument but still it does raise some valid points and some not so.

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Postby Ferru123 » Fri Nov 19, 2010 5:00 pm

Indeed. And I think it's no co-incidence that so many civil service jobs are located in Labour heartlands...

Labour seem to think talking about investing in education, health, etc will win votes. Plus, let's face it, beneath the New Labour rhetoric, many of their MPs are old fashioned socialists.

And the Tories are terrified of being associated in any way with Thatherism (even though Mrs Thatcher never had to share power with the Lib Dems!). I therefore suspect that, were it not for the banking crisis, we'd still be sleepwalking into further 'tax and spend' debt, whoever was in office...

Jeff

andyfuller wrote:
My view is that it is largely due to the political cycle with the government of the day tending to put in place policy that will get it re-elected as opposed to what is best for the country long term.

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Postby Ferru123 » Fri Nov 19, 2010 5:12 pm

I realise you're possibly joking, but it could well be... :)

Let's say there's another banking collapse. And let's say that this time there's not enough money available to bail out the affected banks. What happens next is anyone's guess...

You might be interested in this video by self-help guru Tony Robbins: http://www.dailymarkets.com/economy/201 ... -collapse/

Jeff

Exacta wrote:The end is nigh!

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Postby mister man » Fri Nov 19, 2010 10:52 pm

let's face it, beneath the New Labour rhetoric, many of their MPs are old fashioned socialists.

cant believe that comment !!!
new labour are mostly just tories with red ties on, thats why libdems popularity increased, cos (b4 the coalition agreement) they were more left wing than labour on many policies.

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