Britains Trillion Pound Horror - Channel 4

[gingerjedi]

On the debt issue, our debt may be the same as Germany's (I'll take your word for it) but they have a lot more coming in as they are a much more successful economy.
It's not the amount of debt per se that's the problem - it's the ability to pay it off or service it.
For a country as for an individual.

Bad debt is bad. Debt isn't bad. - Martin Lewis

[Ignis Fatuus]

On the debt issue, our debt may be the same as Germany's (I'll take your word for it) but they have a lot more coming in as they are a much more successful economy.
It's not the amount of debt per se that's the problem - it's the ability to pay it off or service it.
For a country as for an individual.

Quite right. It is true that our debt per GDP, as against debt per capita, is about 3 times that of Germany.

We are indeed poor, but we are not poor because of our debt, we ar poor because we don't earn much.

[sasguru]

Quite right. It is true that our debt per GDP, as against debt per capita, is about 3 times that of Germany.

We are indeed poor, but we are not poor because of our debt, we ar poor because we don't earn much.

Ah now we are getting somewhere. Your argument on this thread is that we are not too different from the likes of Germany. But it turns out we have 3 times their debt, for all practical purposes.
We are poor and will become poorer servicing this debt.
So the program had a point.

[Ignis Fatuus]

Ah now we are getting somewhere. Your argument on this thread is that we are not too different from the likes of Germany. But it turns out we have 3 times their debt, for all practical purposes.
We are poor and will become poorer servicing this debt.
So the program had a point.

If the programme's point was that we are overloaded with debt and must cut it drastically, I disagree. We are overloaded with not earning enough, and must earn more.

Accepting low earnings, and balancing that with drastic reductions in debt and therefore in public services, is the route to the Third World. If I'm going to live in a Third World country I want one with good beaches.

[sasguru]

If the programme's point was that we are overloaded with debt and must cut it drastically, I disagree. We are overloaded with not earning enough, and must earn more.

Accepting low earnings, and balancing that with drastic reductions in debt and therefore in public services, is the route to the Third World. If I'm going to live in a Third World country I want one with good beaches.

Problem is earning more is a long term process, if it is in fact possible. (In fact I think it's not - history shows that a culture and people eventually get tired of striving and are content to live off the past and have to hit bottom before they rise again).
But interest on debt is a short term drain and must be tackled now.

There really is no point pretending we're first world if we're not. I would say that swathes of the country, especially in urban centres up north or the East End of london, are close to 3rd world.

[scooterscot]

All hale John Cowperthwaite -

[sasguru]

All hale John Cowperthwaite -

Well looks like he did sweet FA. Now that works with the people with a Confuscian work ethic, but maybe not with lazy Brits

[scooterscot]

While our debt per capita is less than Switzerland's and comparable with Germany's I don't buy the idea that it is our debt that is ruining us.

It's our interfering government that's ruining us.

[AlfredJPruffock]

Does anybody know to exactly whom/which authority is this Debt owned - I assume its not the Government - so to whom are these Trillions owed to ?

If we knew that - we could perhaps settle the account with the aforementioned using some millitary options.


Who are these men of Lust, Greed, and Glory?
Rip off the masks and let's see.

Now they're planning the Crime of the Century
Well what will it be?

Read all about their schemes and adventuring
Its well worh the Fee

How they rape the Universe
How they've gone from Bad to Worse

[GreenLabel]

Does anybody know to exactly whom/which authority is this Debt owned - I assume its not the Government - so to whom are these Trillions owed to ?

If we knew that - we could perhaps settle the account with the aforementioned using some millitary options.
[/I]

Bond holders.