What happens if our country goes Bankrupt?

Rosie75

amcluesent wrote: »

The Argentinian Default is a good model of what'll happen in Brown's broken Britain.

It appears that when countries go bankrupt, the inevitable outcome is riots involving the banging of pots and pans, as evidenced by both Argentina and Iceland.

Rikki

If our country goes under we have to get off and swim.

mrcow

Really2 wrote: »

Can't I kill a cow instead?

No you can't :silenced:

GDB2222

Generali has the answer!

Rochdale_Pioneers

We won't go bankrupt. So far we're not having any problems selling government gilts. The Germans however, are.

mbga9pgf

We will....
especially once the banks get nationalised and 1 trillion of bad debt write downs needs paying for...

oldsongsnewstereo

As Rikki says, just jump ship. Ah, the joys of dual citizenship. :hello: :j

Rochdale_Pioneers

I've been thinking about this. The amount of money theoretically owed by banks round the world will be trillions and trillions. If governments have to raise the cash to pay off this exposure , you have to question if the money is actually available? Can governments actually find the cash to pay them off?

So far we haven't had any issues raising money by selling Gilts. But there are rumblings about our future chances. Germany has already had one failed gilts sale, so you imagine that the cash available to governments will start to dry up.

That then gives governments two choices. One is to print money. America has been printing billions for a while now. We have created the powers allowing the Bank of England to do so if required. Two is to default. Iceland defaulted because it had no choice and has suffered accordingly. We can't default on our own, but what if governments collectively told speculators that they weren't going to bail our bank debts and instead will let them go bankrupt?

And yes, I say governments all the way through this, not government. In case some of you hadn't noticed this one is global. Much has been made of our additional injection of cash into banks this week. Noone seems interested in the fact that France also did so. And Belgium. And Dernmark. Does that detract from the fantasy that all this is Brown's fault?

mewbie_2

Rochdale_Pioneers wrote: »

Does that detract from the fantasy that all this is Brown's fault?

It's no fantasy my friend. Brown was Chancellor during the biggest British house price bubble fuelled by arguably illegal amounts of dodgy credit. He rode the back of it, claimed credit for it, and now seeks to duck responsibility.

Why is UK worst placed of any other country? Why did we have the biggest house price bubble? Where did all the money go? tbh I'm not that fussed about the 'global' situation - I want MY PM to explain to me what happened to MY money, MY job, MY future, MY savings in MY country.

Actually I don't want an explanation. I want an apology, followed by his resignation, followed by him and TB going for a 'walk in the woods'.

amcluesent

>Does that detract from the fantasy that all this is Brown's fault?<

Clown's decade of tax'n'bungle has left Britain hopelessly unprepared for the economic catastrophe now sweeping away companies, careers and quality of life all across Britain.

Let's recall

Gold gone for a pittance.
600,000 added to the bloated public sector.
Millions of 'seekers' waved into the country demand schools, health etc.
££ BILLIONS squandered in PFI wheezes.
Pensions all stolen.
0£ invested in renewing critical infrastructure - lights out soon!

Plus Clown 'designed' the oversight mechanism of the FSA etc. that utterly failed to recognise that the bankers were making up the numbers.

Clown's coup de grace for Britain will be printing money as we descend into the economic madness like Zimbabwe.