Britain's 200 billion debt timebomb

[doodab]

Are they communists, or is there a third way? Robot slaves do all the work and the humans have a life of leisure and choose work based activities purely as hobbies for personal fulfilment?

It's qualitatively different from anything we have practical experience of. All of our current social & political systems are concerned with the distribution of wealth & resources when there isn't enough available to meet everybody's needs and desires.

If things advance to the point that there is enough for everyone to have their fill without depriving or inconveniencing anybody else, then everything can become free at the point of consumption and we will have no need to concern ourselves with equity of distribution, or the opportunity cost of consuming a particular item, trade will become meaningless as everything has the same value and people will be free to make choices without reference to economic necessity. Money will no longer have a purpose and will simply die out.

Iain M Banks "Culture" is a similar idea. It doesn't seem very likely but it sounds great.

[AtW]

It's being reported in the press today that Japan's repair bill could top £200 billion.

They'll manage it, plus big part of that money will go to local builders and get recycled in economy.

[TimberWolf]

It's being reported in the press today that Japan's repair bill could top £200 billion.

[AtW]

"With no control over their own monetary policy"

What a load of tosh - ECB dropped rates and printed plenty of money, what other "monetary policy" should Portugal have?

The only policy they (and everyone sensible) should have is NOT getting into debt, that's why taking away from individual Govts ability to print money is a good thing and to a local "independent" bank like BoE.

[PAH]

Lets hope that the Star Trek future where money has no meaning is very very near.

Are they communists, or is there a third way? Robot slaves do all the work and the humans have a life of leisure and choose work based activities purely as hobbies for personal fulfilment?

[minestrone]

Indeed, Labour have no right to comment at all on the state of the nations finances, IMHO of course.

I'm still struggling to see what Labour stand for. They seem to moan about every govt decision, which is fair enough as the opposition, but they're not saying what their own position is. Not that I care, I'll never vote Labour...

They are waiting for their policy reviews to come back in 2 years time I believe. By that point they might have Milliband not to speak like a fat annoying kid with a blocked nose.

I have noticed their constant attempts to try and wind up the Libs and get them to turn on the Tories has died a death.

[ratewhore]

Too true. As Balls was party to getting the finances into its current state, keeping a proper and honest balance sheet would have been a decent start.

Indeed, Labour have no right to comment at all on the state of the nations finances, IMHO of course.

I'm still struggling to see what Labour stand for. They seem to moan about every govt decision, which is fair enough as the opposition, but they're not saying what their own position is. Not that I care, I'll never vote Labour...

[lilelvis2000]

Lets hope that the Star Trek future where money has no meaning is very very near. Either that or the Chinese and Arabs let us off as long as we buy their $200 pb oil and quality goods.

[Doggy Styles]

"Against this backdrop of rising expenditure, Ed Balls, the shadow chancellor, accuses the Government of putting the economy "back in the danger zone" by seeking to apply at least a degree of restraint. Mr Balls is much more highly qualified in economics than I am, but he obviously understands nothing about the basic principles of finance."

Too true. As Balls was party to getting the finances into its current state, keeping a proper and honest balance sheet would have been a decent start.

[Churchill]

Worse, these numbers are an understatement of the true position. According to data aired at a Taxpayers' Alliance seminar on Thursday, once private finance initiative payments, public sector pensions and other off-balance sheet liabilities are taken into account, the true size of the interest bill will be more like £200bn by the end of the Parliament. I won't trouble you with the projected costs of social security and tax credits, but they are little less alarming.

I'd like a break-down on that little lot, please.

[BlasterBates]

Britain's £200bn time bomb of debt interest - Telegraph

The next Portugal?