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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on January 09, 2009, 08:00:34 AM
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Fitch Ratings has warned that Britain's public debt will explode to almost 70pc of GDP by the end of next year, vaulting past Germany to become one of the most heavily-indebted states in the industrial world.
"In terms of debt dynamics, the UK is by far the worst of the `AAA' club of countries. The underlying fiscal picture is terrrible," said Brian Coulton, head of sovereign rates at the credit agency.
Mr Coulton said it would become increasingly hard for states to raise enough funds in the global bond markets to cover bank bail-outs and big budget deficits at the same time. Britain's bank rescue alone will cost 7pc of GDP.
The danger became all too real yesterday when even Germany failed to sell a full batch of government bonds at its annual `Sylvester Auction', which kicks off the debt season. Investors took up just two thirds of a €6bn (£5.6bn) sale of 10-year Bunds, leading to consternation in the markets. Bund price dropped sharply as the yield jumped 34 basis points to 3.29pc, with copy-cat moves by bonds across the eurozone.
"It's very poor," said Marc Ostwald from Monument Secuirites. "In 20 years covering Bund auctions I can't remember the Bundesbank ever being left with a third of the bonds."
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Labour need to cede power to a more capable, common sense endowed part ASAP.
They will be the death of us, as proven time and time again.
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Labour need to cede power to a more capable, common sense endowed part ASAP.
They will be the death of us, as proven time and time again.
Where is the moron "The Luke" telling us all that we need to follow the Euro countries' ways????
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Where is the moron "The Luke" telling us all that we need to follow the Euro countries' ways????
Probably lost his job and living on the streets without internet access due to the fact the government has mis-managed the British economy thanks to EU socialism. Damn I love paying epic taxes used to feed those on welfare and bail out the banks whilst my savings appreciated a joke 1.5% interest rate...
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Probably lost his job and living on the streets without internet access due to the fact the government has mis-managed the British economy thanks to EU socialism. Damn I love paying epic taxes used to feed those on welfare and bail out the banks whilst my savings appreciated a joke 1.5% interest rate...
Socialism fails everywhere, every time, and is a road to disaster.
Granted the govt screwed up in not overseeing the crooks on Wall Street like they were supposed to, however, that does not mean we should scrap the entire system.
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Socialism fails everywhere, every time, and is a road to disaster.
Granted the govt screwed up in not overseeing the crooks on Wall Street like they were supposed to, however, that does not mean we should scrap the entire system.
Exactly, mis-management by the Government (of all people...) doesn't mean a new system needs to be put in place... although they will try because socialism provides better citizen monitoring abilities as an ideology. The UK government is to introduce a system to read every SMS and email messages in March, and they're even outsourcing it to private companies... I feel so safe! ::)
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Exactly, mis-management by the Government (of all people...) doesn't mean a new system needs to be put in place... although they will try because socialism provides better citizen monitoring abilities as an ideology. The UK government is to introduce a system to read every SMS and email messages in March, and they're even outsourcing it to private companies... I feel so safe! ::)
I swear, I want to go live in a hunting lodge or cabin like Marky Mark had in "Shooter."
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Not surprising. No country can prosper on bloated government programs IMO.
Wonder if the British are ever going to convert to the Euro. Any word on that?
Pure capitalism and socialism both have major faults.
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End the Fed.
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End the Fed.
Good post!
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Where is the moron "The Luke" telling us all that we need to follow the Euro countries' ways????
China is still willing to invest in Germany; France and Scandinavia. The same can't be said of the USA or Britain.
The Luke
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China is still willing to invest in Germany; France and Scandinavia. The same can't be said of the USA or Britain.
The Luke
Oh OK then, I'm convinced ::)
BTW where's the info regarding not investing in UK/US?
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Oh OK then, I'm convinced ::)
BTW where's the info regarding not investing in UK/US?
Germany and France are in financial dire straits as well buddy.
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Oh OK then, I'm convinced ::)
BTW where's the info regarding not investing in UK/US?
...you have to read between the signs somewhat?
Every once in a while a Chinese Party Member or minister makes a somewhat innocuous sounding comment to the press, which is essentially a policy announcement.
Here's an example, last year the gold repository in Zurich started telling tourists (as part of the tour) that the 4,000 tons of gold they had stockpiled made them the third largest repository in the world... previous to that they had been considered the second largest gold repository (the US has 8,000 tons). They essentially downgraded themselves based on rumours that China had increased it's holdings from less than 500 tons to a little over 4,000 tons.
Last month a Chinese minister announced that the Yuan (Chinese currency) would soon be much better backed by gold (rather than less than 1% gold backed), as China had decided to increase their gold holdings to at least 4,000 tons.
The gold bullion market didn't even flinch.
Everyone knew that China ALREADY had the gold. They wouldn't even announce their intention to increase their holdings if they didn't already have the gold.
Taking that example, what should we make of China's recent announcements that:
-America had "squandered the world's wealth" through dollar hegemony
-China would not "support America's borrowing indefinitely"
...?
The Luke
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OK, but you said China isn't interested in INVESTING in the UK/US, I didn't reply to a post about currency economics.