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Is Britain in a Mini-Depression??
Andrew64
Posts: 425 Forumite
What do you make of this statement? How do you define a depression, let alone a mini-depression? In America, the economists have come up with the term, near-depression.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWyyfsT1PfCk&refer=home
Officials “should be alive to the possibility that weakness in the pound will just scare off foreign investors,” Neil Mackinnon, chief economist at ECU Plc in London and a former U.K. Treasury official, said in an interview on Bloomberg Television today. “The U.K. economy is certainly in a recession if not a mini depression.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWyyfsT1PfCk&refer=home
Officials “should be alive to the possibility that weakness in the pound will just scare off foreign investors,” Neil Mackinnon, chief economist at ECU Plc in London and a former U.K. Treasury official, said in an interview on Bloomberg Television today. “The U.K. economy is certainly in a recession if not a mini depression.”
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Comments
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What do you make of this statement? How do you define a depression, let alone a mini-depression? In America, the economists have come up with the term, near-depression.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWyyfsT1PfCk&refer=home
Officials “should be alive to the possibility that weakness in the pound will just scare off foreign investors,” Neil Mackinnon, chief economist at ECU Plc in London and a former U.K. Treasury official, said in an interview on Bloomberg Television today. “The U.K. economy is certainly in a recession if not a mini depression.”
The U.K. economy is certainly in a recession
Remind me who is this brainbox?
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Well I'm certainly depressed.saving up another deposit as we've lost all our equity.
We're 29% of the way there...0 -
we are in the warm up to a major depression..this time next year will be a different landscape..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
The U.K. economy is certainly in a recession
Remind me who is this brainbox?
ECU PLC (who I'd never heard of before today):
http://www.ecugroup.com/theecugroup/thecompany.cfmSpecialists in Currency Management
The ECU Group plc is a specialist currency manager based in Mayfair, London and was established in 1988.
ECU’s core business is multi-currency loan management with the twin objectives of reducing both debt and interest costs. The company pioneered the concept and is now the UK’s longest established multi-currency loan manager.
ECU has a 20-year track record of managing currency on behalf of high net worth individuals and companies.
They try to reduce your mortgage by shifting the debt between various currencies to take advantage of changes in FX rates and interest rate differentials. This is hugely risky and a really dumb idea, IMO.
eg:
http://www.ecugroup.com/resources/FinancialTimes-December2008.cfmHomeowners who have mortgages in euros, Swiss francs or dollars may have fared worse. Advisers say some loans have increased by 25 or 30 per cent in a matter of months.0 -
How do you define or what should we expect if the UK was to go bankrupt. Did I read on the weekend we are 2nd in line to Iceland, maybe ??
I came in to this world with nothing and I've still got most of it left. :rolleyes:0 -
Remind me who is this brainbox?
Neil Mackinnon is a very clever chap actually (although he is cr*p at both Darts and Cricket)
Edit: just noticed that Mike Hughes also works there..........he probably balances out the cleverness factor'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
Did I read on the weekend we are 2nd in line to Iceland, maybe ??
Was it written by Wookster ?? If so I would treat it with a pinch of something....'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
I don't think this is a mini depression. I think this is a big depression. I think it will be a slow longhaul out of it.
The politicians aren't going to tell you that.0 -
dealsearcher wrote: »I don't think this is a mini depression. I think this is a big depression. I think it will be a slow longhaul out of it.
The politicians aren't going to tell you that.
Just as long as it is just 'I think' 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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