Reply to: Why is the UK immune from bankruptcy?

[DodgyAgent]

ECB to Ireland. "Yes it's OK have as many billions as want. Of course we don't mind you undermining other euro countries with you low corp tax while borrowing money from us"

Let me tell you something it was not a low interest rates that fuelled irresponsible lending.

And all the well eurodisney is actively trying to install long term plans for stability the Charles Osbourne (AKA Dougal)
Is trying to think of other plans that don't involve hitting the printing press button..

Well if it is not low interest rates fuelling irresponsible lending" then what is?
And the whole point of the EU should be for individual countries to be able to trade freely with each other and compete with each other. Competitive tax regimes to attract and encourage wealth creation are very much a good thing. However part of the political agenda of the Euro was to have all the EU countries under the control of the ECB, which in turn is controlled by the Germans and French. This control was designed to remove such competition (and thus remove many of the efficiencies that markets impose) at the behest of the Germans and the French.

Interesting attitude that you should see low taxation as "undermining" - think like a socialist.

[SupremeSpod]

listen comrade. I have TWO sofas. both paid for

I'll match your two sofas and rase you one...

We only have two sofas but we also have a pouffe!

(All paid for I hasten to add.)

[Ignis Fatuus]

Not true - The UK defaulted in 1672 (the Exchequer Stop) and effectively in 1932 (by reducing the interest rate payable on war bonds).

True. But the first was only a suspension for a year, not a real default. The second was a unilateral reduction in interest rate on a domestic borrowing, not a real default on sovereign debt.

And the repudiation of the WWI debt to the US was done in response to the US explicitly accepting German repudiation of their debt, and was implicitly accepted by the US. So not a "real" default.......

[Doggy Styles]

It has been a while since the pro Euro simpletons have raised their heads above the parapet. It was never an economic decision for countries to join the Euro in the first place. The sceptic economists on our "little Island" have now been proved right as the Euro faces collapse (or at least fundamental change).

Nor is it a bad thing that the £ has fallen against the Euro in fact quite the opposite. We have been ruled by labour who have squandered zillions and this has reflected itself with our currency.

We are now in a position to ride the recession because we have our own currency. the Greeks, the Irish and Spanish are stuffed because they cannot reduce the costs of their goods and services to escape recession. The Germans thought that they had put an end to cheap competition from other EU countries by imposing the Euro on them (along with all the other EU laws) and they are now paying the price by having to bail out the other Euro economies. It will serve the Krauts right when they find themselves having to bail out Portugal and Spain.

Irelands only hope for recovery now is that its low corporation tax will make the economy grow enough to pay its debts .. dont hold your breath. had Ireland not joined the Euro it would never have had low interest rates to fuel their property bubble

The simpleton mind of the pro Euro brigade that sees the Euro as nothing more than a simple means of exchange or is p****d off because his £ is worth less has no idea of the reality of basic economics.

I couldn't have put it better myself.

[AtW]

listen comrade. I have TWO sofas. both paid for

Did you have to wait like 20 years in a queue to get them delivered?

[OwlHoot]

It has been a while since the pro Euro simpletons have raised their heads above the parapet. It was never an economic decision for countries to join the Euro in the first place. The sceptic economists on our "little Island" have now been proved right as the Euro faces collapse (or at least fundamental change).

Nor is it a bad thing that the £ has fallen against the Euro in fact quite the opposite. We have been ruled by labour who have squandered zillions and this has reflected itself with our currency.

We are now in a position to ride the recession because we have our own currency. the Greeks, the Irish and Spanish are stuffed because they cannot reduce the costs of their goods and services to escape recession. The Germans thought that they had put an end to cheap competition from other EU countries by imposing the Euro on them (along with all the other EU laws) and they are now paying the price by having to bail out the other Euro economies. It will serve the Krauts right when they find themselves having to bail out Portugal and Spain.

Irelands only hope for recovery now is that its low corporation tax will make the economy grow enough to pay its debts .. dont hold your breath. had Ireland not joined the Euro it would never have had low interest rates to fuel their property bubble

The simpleton mind of the pro Euro brigade that sees the Euro as nothing more than a simple means of exchange or is p****d off because his £ is worth less has no idea of the reality of basic economics.

Well said, Dodgy.

[OwlHoot]

Because it's still worth it. And secure: the UK has never defaulted on debt. No organisation has a longer history of debt without default.

Not true - The UK defaulted in 1672 (the Exchequer Stop) and effectively in 1932 (by reducing the interest rate payable on war bonds).

[scooterscot]

listen comrade. I have TWO sofas. both paid for

I'll match your two sofas and rase you one...

[EternalOptimist]

It's more expensive, and it won't work 100% - a few cheats would get cheap money and buy themselves big houses, flashy cars using "cheap" debt where as others will just watch? The end result will be that the others will also be in debt (edukation or not), oh wait that's exactly what happened...

listen comrade. I have TWO sofas. both paid for

[scooterscot]

I am talking about poor quality tulip like shoes that won't last more than few months

Speaking of cheap shoes, are you a smoker? I think so.

I've noticed that many smokers seem to have a lack of care for what they put on their feet. Why is that? Maybe the habit costs so much that constraints have to be put on other spending. Yes I'm drinking.

It's along the lines of a client's coffee, bad coffee = amazing rate

[AtW]

so whats wrong with a bit of education ?

It's more expensive, and it won't work 100% - a few cheats would get cheap money and buy themselves big houses, flashy cars using "cheap" debt where as others will just watch? The end result will be that the others will also be in debt (edukation or not), oh wait that's exactly what happened...

[EternalOptimist]

It's a lot easier to stop oversupply of cheap money...

ah, i forgot. you are a top-down type of guy. a controller tsar.

I notice you didnt disagree with the sentiment though, so whats wrong with a bit of education ?

[AtW]

How many billions of years is a light bulb designed to last for?

Normal light bulb uses too much power - that means real money are shifted to those who happened to take control of natural resources in their God forsaken countries (Norway is one of few decent exceptions).

I am talking about poor quality tulip like shoes that won't last more than few months

Maybe it's just for those with big feet

[scooterscot]

then maybe the problem is not an oversupply of cheap money, but a shortage of willpower in the would-be borrowers

Yes. The general public are dumb creatures just they way Gordon liked them.

[AtW]

then maybe the problem is not an oversupply of cheap money, but a shortage of willpower in the would-be borrowers

It's a lot easier to stop oversupply of cheap money...