Not good news for IT contractors

[pzz76077]

Not too sure that I would go along with all the points here:-

http://news.bbc.co.uk/2/hi/business/8111846.stm


But not good news for many anyway.

PZZ

[Churchill]

Eggs, all in one basket?

Chickens, home to roost?

The country is F**ked!

[threaded]

You know, what I don't get is, how borrowing money from the Chinese to buy TVs etc. made in China, was ever thought a good idea.

Then, when it all goes tits'up, as expected, borrowing more money from the Chinese to keep 'liquidity' in the banks.

And then to cover the interest on these loans, borrowing yet more money from the Chinese.

Could someone please explain where I've gone wrong in this analysis...

[Evil Hangover]

Come on. Most of these weren't 'jobs' in the first place. Tony Bliar and Gordy created these for well documented reasons, and spanked a small fortune of our money subsidising this tulip

It's all unravelling at the same time. Total shambles.

[Andy2]

You know, what I don't get is, how borrowing money from the Chinese to buy TVs etc. made in China, was ever thought a good idea.

Then, when it all goes tits'up, as expected, borrowing more money from the Chinese to keep 'liquidity' in the banks.

And then to cover the interest on these loans, borrowing yet more money from the Chinese.

Could someone please explain where I've gone wrong in this analysis...

The genius stroke of the west will be to wipe out all that debt with a wee bit of hyperinflation. I don't see any other option.

[sasguru]

You know, what I don't get is, how borrowing money from the Chinese to buy TVs etc. made in China, was ever thought a good idea.

Then, when it all goes tits'up, as expected, borrowing more money from the Chinese to keep 'liquidity' in the banks.

And then to cover the interest on these loans, borrowing yet more money from the Chinese.

Could someone please explain where I've gone wrong in this analysis...

No one thinks it is a good idea. But there is no choice.
There is no free lunch, but people in the west think that there is.
The Chinese have earned their money and saved it, the West has been busy spending money it hasn't earned.
Western politicians are currently in the business of postponing the inevitable and maintaining the statuis quo, but by doing that they just make the inevitable implosion more painful

[thunderlizard]

Ha! I've been in my job for more than 5 years. Home and dry!

[moorfield]

More than half of UK jobs created in the business services sector during the past five years will be axed by 2011, a study suggests.

have already been axed