The baby is going down the pooper. Which will add to your price inflation. The Yankee Fed Reserve plans to step in and support the Pound Sterling. They better hurry........Quick.
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The baby is going down the pooper. Which will add to your price inflation. The Yankee Fed Reserve plans to step in and support the Pound Sterling. They better hurry........Quick.
Wiggling as I type. There's nothing on the news about this, this morning. It's probably a kneejerk reaction to the announcement of another Budget by the new coalition govt. It'll be back to normal this afternoon.
With the exception of wartime, “the public finances in the majority of advanced industrial countries are in a worse state today than at any time since the industrial revolution,” Willem Buiter, Citigroup's top economist, wrote in a recent report.
“Restoring fiscal balance will be a drag on growth for years to come.”
Fears Intensify That Euro Crisis Could Snowball
http://www.nytimes.com/2010/05/17/bu...17fear.html?hp
"The West Is Facing A Debt Crisis And It's Now Or Never For The American Empire"
http://www.businessinsider.com/niall...on-debt-2010-5
Well that's us snookered then.
And now you know the rest of the story.
http://www.businessweek.com/news/201...-update4-.html
http://www.businessweek.com/news/201...-update1-.html
Now I'm confused.
I don't understand a lot of this market stuff, so I'm not really sure how it's going to affect the country.
Looks like the pound is pretty much at the same rate as it has been for the last few months. So where is the problem? Or am I being a dolly and missing something?
The two things Britain is confronting at the moment is the change in government and the Greece debt crisis. Both will fluctuate the Pound against both the dollar and the Euro. The change in government will be short lived and is already showing a rebound.
While there isn't a direct correlation between the debt in Greece and the British Pound we are all international players today so some speculation on the Euro is bound to impact the Pound as well as the dollar.
The interesting thing, to me, with regard to Greece is the fact they expect to be bailed out for their terrible mismanagement over the last couple of decades. Sort of like me spending as much as I want and driving myself into unattainable debt and then asking you to lend a hand in repayment. Germany is pretty much telling them to take a hike from what I read. Unfortunately, the impacts are not just to Greece but worldwide.
There is little doubt their debt will have to be restructured. Their debt is running 113% of GDP. Sort of like bills still on the table to be paid and the checking account is at 0. Perhaps some of it will have to be simply forgiven. Reminiscent of the Dubai fiasco a couple of months back.
It will be interesting to watch Portugal and Italy. None of the three economies (Greece, Portugal and Italy) were hit particularly hard with the recession but they have all incurred a mountain of debt with regard to GDP.
Really no different than almost all of the third world countries. Greece is just one more player the World Bank has to deal with.
Oh, I didn't miss anything then. The new Govt is announcing further Budget cuts of £6 billion next week, to be implemented 22 june. It should ease the deficit and I think the reasoning behind it is to protect Britain. I read somewhere that the Greece crisis could become toxic and spread to Spain, Portugal, Southern Ireland and there was a possibility of Britain being in there too.
Sounds like the blip in the pound was due to scurrelous activity in the market betting on the new Govt's budget plans. Ah well.
It's possible but not likely. Greece, Portugal, Italy and Ireland carry the greatest debt load of the European countries. Like I said, it will be interesting to watch Portugal and Italy to see what happens with them.
Oh Winnie. Not to worry - the good ol' USA will send you all the Chinese money you can handle.:innocent:
I have to say I'm glad Britain didn't join the Eurozone. I think it could be a very different story had we been. We still have to bailout Greece with some contributions through the EU and IMF, but certainly nothing like the other Eurozone countries are paying. I'm actually surprised Germany has agreed to the Greece bailout.
If the Debt does become toxic, I wonder if we could hear the death knell of the Euro.
Sorry, you lost me.Quote:
Originally Posted by Old GI
He's being facetious.
Ohhhhh I see.
So, that's how you spell facetious.:blushing:Quote:
Originally Posted by Rick
The part that amazes me, is that our gov't wants us to be more like those countries. (You know, the ones who have bankrupted themselves.) Now that those countries are realizing (or can no longer hide.) that they are bankrupt, they are doing what needs to be done, to lower cost, which will help ease spending. They are talking about privatizing health care, industry, energy, etc., to lower cost, and increasing efficiency.
Now, at the same time, our gov't is taking over health care, industry, working on taking over energy, etc., claiming that it will reduce the cost.:sneaky2:
For Greece, it should be a pretty easy thing to do. They've been paying employees 14 months in 12, giving extended time off. Things have been so lucrative government employees were retiring at 55 and well before. Little wonder they are in the streets now. I'd be upset to if I was told I was going to get a pay cut of 2 months wages and have to wait 10 or more years to retire.
Fear not - AIG will insure it all.............
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