Reply to: ConDems will solve the deficit

[Old Greg]

Cretin, it would be UK banks, pension funds and other entities that hold UK gilts that go bust because they'll have massive write downs.

That's their problem, not mine.

I won't go into your problems.

[AtW]

I bring the debt into democratic ownership You default He has had all overseas assets confiscated due to Vulture Fund legal action

Cretin, it would be UK banks, pension funds and other entities that hold UK gilts that go bust because they'll have massive write downs.

Unions already go on strikes for smaller than expected salary increases, what do you think they'll do if they can't get paid? By the way in the event of state default foreign property of state (embassies for example) can be sold off to cover for it.

[Old Greg]

I think you may find that the proper name for what you propose is "default".

It's an irregular verb:

I bring the debt into democratic ownership
You default
He has had all overseas assets confiscated due to Vulture Fund legal action

[AtW]

No. The other way is to nationalise the debt.

I think you may find that the proper name for what you propose is "default".

[Old Greg]

Isn't the only way not to pay for what you can't afford i.e. live within your means?
And accept that the country is not as rich as it thinks.

No. The other way is to nationalise the debt.

[DimPrawn]

Just happened

Yes.

Gold in Pounds hits new record high | 24 May 2011 | www.commodityonline.com | 3

[DimPrawn]

Just in

Chinese rating agency downgrades UK debt - Telegraph

[AtW]

And you Sir, haven't a clue. Good luck.

Fortune favours prepared minds... no wonder CUK is full of sore losers

[Churchill]

No, you are just a bitter loser in a poorly paid job who can't think or see the future as it is unfolding.

And you Sir, haven't a clue. Good luck.

[AtW]

And you think owning gold is worse than holding sterling?

Yes.

[AtW]

No, you are just a bitter loser in a poorly paid job who can't think or see the future as it is unfolding.

Ignorance is a bliss.

[DimPrawn]

How the **** would you know? You're just a clueless bulltulip merchant.

No, you are just a bitter loser in a poorly paid job who can't think or see the future as it is unfolding.

[Churchill]

And you think owning gold is worse than holding sterling?

How the **** would you know? You're just a clueless bulltulip merchant.

[sasguru]

You just need to work out a way of not borrowing any more. - i.e. deal with the deficit, which will be lower once interest payments are removed.

Isn't the only way not to pay for what you can't afford i.e. live within your means?
And accept that the country is not as rich as it thinks.

[DimPrawn]

Too much of current spending is financed by debt, so you can't just put on hold a few big projects and stop borrowing.

Maybe this sort of tulip can be done in a euro zone because currency won't be devalued much, but given that UK is on its own with sterling it simply does not have this option. They'd rather print money than default - which is precisely what happens now.

And you think owning gold is worse than holding sterling?