Are we worse off than other countries

chris_spackman

With the current climate are we worse off than other countries in respect of jobs, banks and the way things have been approached?

Mr_Matey

No, but you sure whinge more.

Oblivion

chris_spackman wrote: »

With the current climate are we worse off than other countries in respect of jobs, banks and the way things have been approached?

How can we possibly be worse off than other countries? We've got Gordon the Loafer to look after us.

Dave.

Rochdale_Pioneers

chris_spackman wrote: »

With the current climate are we worse off than other countries in respect of jobs, banks and the way things have been approached?

No, no and no.

1. Jobs. Our projected rate of unemployment at the bottom of the recession has already been outstripped by Ireland and Spain amongst others, with unemployment shooting up in France and Germany from a higher base than we had. 3m on the dole here is awful, but compared to 20% unemployment rates being faced in places like Spain we're getting off lightly

2. Banks. We've spent a fortune as have others. Iceland's banks bankrupted the country who had to call in the IMF and is seeking emergebcy entry into the Euro. Ireland is teetering on the brink of collapse in a similar way having made the momumentally stupid decision to guarantee all savings deposits (and thus bring in an ocean of foreign cash to burn on their banking pyre which now needs to be repaid)

3. Policy. Much debate about regulation with a system created here and copied by foreign governments as the role model. Much debate about how to borrow billions on a stimulus but so far no major western country not doing so (the German and French pronouncements against VAT which so excited the Tories came as they invested tens of billions of Euros on schemes which the Tories oppose here)

So all in all things look appalingly bad here. If we were on our own in this recession we would be screwed as we were in the 70s as the sick man of Europe. But in comparison with every other major economy we don't look that bad in comparison - certainly not the worst as the frothers claim.

agent_orange_2

Mr_Matey wrote: »

No, but you sure whinge more.

You're right, I've heard that the Aussies have an expression when they have had too much to drink or eat, they'll say they are as Full as a pommie complaint box.

Wookster

I would have to disagree vehemently with Rochdale for a number of reasons.

Rochdale_Pioneers wrote: »

No, no and no.

1. Jobs. Our projected rate of unemployment at the bottom of the recession has already been outstripped by Ireland and Spain amongst others, with unemployment shooting up in France and Germany from a higher base than we had. 3m on the dole here is awful, but compared to 20% unemployment rates being faced in places like Spain we're getting off lightly

Just because unemployment is lower here does not mean that we are not in a bad position, it just means that from an employment perspective, other countries are worse.

Rochdale_Pioneers wrote: »

2. Banks. We've spent a fortune as have others. Iceland's banks bankrupted the country who had to call in the IMF and is seeking emergebcy entry into the Euro. Ireland is teetering on the brink of collapse in a similar way having made the momumentally stupid decision to guarantee all savings deposits (and thus bring in an ocean of foreign cash to burn on their banking pyre which now needs to be repaid)

Again, there are two countries in Western Europe that are worse off than we are. Financial services represents disproportionately large proportion of our GDP and as we can all see, the financial services industry is shrinking, and permanently. Furthermore the fallout in our own banking industry has been mainly exposure to the US Sub Prime market and some UK based commercial property loans. We have not seen the impact of our own delinquent household debt yet and as unemployment rises that will only climb. There is still a great deal of bad news to come. We are not out of the woods yet.

What Rochdale does not acknowledge is that all the debt (and I should point out thats personal and corporate as opposed to government as he gets confused between the two) needs to be repaid substantially before 'normal' consumption resumes. Other countries like Germany and Japan which have maintained much healthier savings ratios will bounce back much better while a significant portion of households and companys are simply paying off debt rather than consuming.

Hmmmmmm not such a bright picture.

JonnyBravo

Wookster wrote: »

I would have to disagree vehemently with Rochdale for a number of reasons.


Just because unemployment is lower here does not mean that we are not in a bad position, it just means that from an employment perspective, other countries are worse.

Which is precisely what Rochdale said in answer to part of the OP's question "are we worse off?"

Not "is it bad?" or some such guff that you seem ot be ranting on about.... far from disagreeing vehemently, you've agreed with him.

:rotfl:

Radiantsoul

chris_spackman wrote: »

With the current climate are we worse off than other countries in respect of jobs, banks and the way things have been approached?

No.
The recession will be an absolute diaster in less developed nations(LDCs) as they have limited options to borrow, export commodities whose prices are falling and have economies that really do have very limited ranges of products. Of course few people seem to bothered aout LDCs, but it seems that the export oriented economies(Japan, Germany and China) seem to be contracting shaply(or growth is lowing in the case of China) as they are unable to find nations to absorb their excess production and are seemingly unable to raise consumption.

Thrugelmir

chris_spackman wrote: »

With the current climate are we worse off than other countries in respect of jobs, banks and the way things have been approached?

No not worse off. Though we have fundamental problems in the economy which will take a lot longer to resolve. The creation of jobs outside the Financial services sector being one.

chucky

94% employment
1% BOE Interest Rate
3% inflation rate

I don't think we're that bad

Rochdale_Pioneers

JonnyBravo wrote: »

Which is precisely what Rochdale said in answer to part of the OP's question "are we worse off?"

Not "is it bad?" or some such guff that you seem ot be ranting on about.... far from disagreeing vehemently, you've agreed with him.

:rotfl:

Well exactly. We're in deep deep trouble - noone is denying that. But are we worse off than everyone else? No, no and no!