The Newsnight extract from the comments section of that blog made for interesting viewing:
https://www.youtube.com/watch?v=EqDnnzY_tU8
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Reply to: Doomed
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Previously on "Doomed"
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Don't worry. It will never happen here.
The Bank of England is the governments "Lender of Last Resort" and will always just print money to fund government borrowing.
Much in the same way as the Zimbabwean government never defaulted on it's loans due to it's ability to print money.
Printing money is the safety mechanism that Cyprus didn't have.
PS : The end result is pretty similar for you and me though ....
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Mayday soon innit.
I suspect the protests might be a bit larger this year.
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Banks will be bailed out at any cost, raid savings, raid pensions, harvest babies for organs, you name it, they will do it.
Doomed indeed.
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I reasoned that European leaders have taxed the current productive generation to the limit of its patience and crippled future generations with debt to the limit of their credibility with the markets.
I've done the sums; there is no point for me and Lady Tester to work more than 32 hours a week. There's no point saving as inflation and tax will eat up the money, we may as well just pay off most of the mortgage (not all of it, because then we can't get sickness benefits), then go for semi-retirement and accept we'll have to eat meatballs and drive second hands cars (which isn't a bad life at all). Basically, if you're ambitious, either get out of here or get a numbered account in Switzerland.
Europe is ****ed.Last edited by Mich the Tester; 1 April 2013, 18:29.
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Every time a politician states that the Cyprus bank tax will never happen anywhere else, I worry a little bit more.
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Doomed
Couldn’t happen to us, could it? After all, Britain is nothing like Cyprus. Cyprus is a small island, far from the “action”, with contented natives who prefer not to notice as more and more of their wealth is bought up by oligarchically rich foreigners. Our banks don’t cripple themselves with out-of-control lending to those natives, presumably on the back of all those foreign investments. Oh.
Time to stash foreign cash under the mattress?Tags: None
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