The economy is in big trouble

[AtW]

the Empire was doing just fine in Ciceros Day

So you are admitting that the Empire was doing just fine in his day which is the day when you quoted his view on balanced budgets?

Roman Empire's biggest mistake was failure to adopt Christianity as it emerged - that and hungry barbarians as well.

IMHO, what the Con-Libs should have done first is to pass new Act that would put any politician in prison who is against balanced budgets, any politician who attempts to increase some tax without appropriate tax cuts elsewhere - whoever comes to Govt should be fiscally responsible and that should be ensured by extremely harsh measures. All that should be backed by the Army ready to remove any politician that attempts to repeal it, after that Con-Libs could have called new election and win it handsomely.

[Old Greg]

Aye Atw

A wee trip back in my Tardis reveals that the Empire was doing just fine in Ciceros Day- till some idiot general decided to go East to Mesopotamia - the costs of that conflict bled the Empire dry then we had to literally soften and devalue the currency - to top it all with all the bloodshed going on no-one wanted to join the Milltary so we had to use outsourced labour - big mistake.

At least future generations will learn from the downfall of the Glory that was Rome.

Won't you Chaps ?

I think you're being a little unfair. THe Eastern Roman Empire tottered on until AD 1453. THe wonder is that it wento on so long (including the Western Empire until AD 476).

[AlfredJPruffock]

I think you're being a little unfair. THe Eastern Roman Empire tottered on until AD 1453. THe wonder is that it wento on so long (including the Western Empire until AD 476).

Oh you are refering to Istanul - I mean Constantinople - but it never was the same after the Fall of Rome...

[AtW]

Oh you are refering to Istanul - I mean Constantinople - but it never was the same after the Fall of Rome...

FFS, that was many HUNDREDS of years after words that you posted - balanced budget remark was spot on and was made at the good times of Roman Empire - they did not borrow cash from barbarians to finance their gladiator fights, did they?

[AlfredJPruffock]

So you are admitting that the Empire was doing just fine in his day which is the day when you quoted his view on balanced budgets?

Roman Empire's biggest mistake was failure to adopt Christianity as it emerged - that and hungry barbarians as well.

.

On the contrary Cicero saw the writing on the wall - public spending and increasing millitary expenditure was unsustainable - he could forsee the ruinous path this would lead to.

As for adopting to Christianity - much later - the Emperor Constantine did in fact to a rather good job on this front 'By this sign you shall conquer'... what the Romans disliked most about Chistianity was its Mono Theism - the Romans allowed you to have as many Gods as you liked - and quite rightly too.

As fo your prescription for the UK economic ills - well good luck but Im afraid its all much too late ...

[AtW]

On the contrary Ate Cicero saw the writinn on the wall - public spending and increasing millitary expenditure was unsustainable

Quiet, poor Roman Empire only lasted another 500 years.

[AlfredJPruffock]

FFS, that was many HUNDREDS of years after words that you posted - balanced budget remark was spot on and was made at the good times of Roman Empire - they did not borrow cash from barbarians to finance their gladiator fights, did they?

That remark was for OG rather than you Atw - I am quite aware of the TimeLines of the West and Eastern Roman Empires !

Post Constantine the last 300 years of the Western Empire was that of a steady shambolic decline - sounds like fun ?

[Freamon]

Caught between a rock and a hard place.

Can't raise interest rates or the fragile recovery will be derailed, repossessions will rise as people can't pay their mortgages and the housing market will collapse.

Can't not raise interest rates as inflation will then gallop ahead, the real value of everything, including the pound, will fall, investors will move to the safe haven of the Euro, Dollar or Remnimbi.

The doom of 2008 was not averted, just postponed.

Hopefully the Conservatives will not draw it out any more, it will be quicker with a short, sharp shock.

So let's raise interest rates, squeeze inflation to under 2% and live within our means. Devil take the hindmost.

The problem with this is that it assumes the BoE can do what they want with rates.

In reality, there's simply not enough demand from creditworthy businesses or consumers to lift rates above their current levels. In such circumstances, if the BoE wanted to raise rates, they would have to drain so much liquidity from the system to force rates up that it would push the banks over the edge.

[lilelvis2000]

Rumours are that the debt which China has bought will be repaid in Gold. As its the only thing of value left in Europe.

[gricerboy]

As Stephanie Flanders pointed out on last night's 9 o' clock news bulletin, inflation was running at a whopping TWENTY FIVE PERCENT during the 1970s so we can't really compare the present situation with that period in our history.