Holly sheet - Bank ‘prints’ £75bn to try and restart economy

[scooterscot]

It's not all one way you know, with morris dancers like this it's probably both.

Morris dancing champion of Devon 2011.



In case there is any doubt:

[petergriffin]

British economy is in much worse state than Italy

Compare these two statistics:
1) List of National Debt by Country | Economics Blog
2) List of Gross External Debt by Country | Economics Blog

The British total public and private debt owed to nonresidents was in 2010 8,981,000,000,000 dollars compared to only 2,223,000,000,000 for Italy. That's 400% of GDp vs only 108% of Italy.

If you think 108% is still to much consider that it is only $ 36,841 per resident in Italy and $ 144,338 for the UK.

So far Britain's competitive advantage and massive growth rates used to compensate for this massive debt but now both countries are in recession (the Uk probably worse). The Italian government (any) can go on indefinitely and ask the taxpayer for sacrifices because at the end of the day Italian families do have real money in their accounts, while British families have mostly debts.

Whoever worries about the Eurozone should take a look at these figures

[sasguru]

Compare these two statistics:
1) List of National Debt by Country | Economics Blog
2) List of Gross External Debt by Country | Economics Blog

The British total public and private debt owed to nonresidents was in 2010 8,981,000,000,000 dollars compared to only 2,223,000,000,000 for Italy. That's 400% of GDp vs only 108% of Italy.

If you think 108% is still to much consider that it is only $ 36,841 per resident in Italy and $ 144,338 for the UK.

So far Britain's competitive advantage and massive growth rates used to compensate for this massive debt but now both countries are in recession (the Uk probably worse). The Italian government (any) can go on indefinitely and ask the taxpayer for sacrifices because at the end of the day Italian families do have real money in their accounts, while British families have mostly debts.

Whoever worries about the Eurozone should take a look at these figures

Just one flaw in your argument. The markets don't agree and are penalising Italian bonds not British ones.
and the reality is that is the key to survival.

[petergriffin]

Just one flaw in your argument. The markets don't agree and are penalising Italian bonds not British ones.
and the reality is that is the key to survival.

Just one flaw in your argument. The 'market' is the same market that 3 years ago gave full credit rating to the likes of Fannie Mae and Freddie Mac. The 'market' was wrong. Watch this space.

[Paddy]

The government prints money (OK figures on a printout)
The government gives the money to the banks.
The Government issues treasury bonds (a form of borrowing).
The Bank buys the treasury bonds with the money given to them by the government on behalf of the tax payers.
The Government pays interest to the banks.
Any spare money gets invested in China.
Bank pays political party donations.
Ministers get non-exec post at bank on retirement.

[scooterscot]

It's all smoke and mirrors without substance. Dear Gideon even said himself 2 years ago QE was the action of a desperate government.

Italians Leave Fears of Debt Crisis to Others

PG is correct when he talks and the hidden wealth of Italians. The country's banks are not in as poor shape as the government. The large banks have been conservative in their lending practices, and they benefit from a high savings rate among Italians.

Hardly any Italian banks have significant numbers of Greek sovereign bonds in their portfolios!!!

UK exposure to Greece = loads, Italy = none

[TimberWolf]

Sounds like World War III is being waged, the first was in the trenches, the second in the air, and the third is an economic war. China crushes all before it. If history is anything to go by, the French will try to profit from the weakness of a fallen country by extortionate reparations, the UK will be Europe's last stand and will break herself being so, and the US will enter at the 12th hour + a few minutes and take all.