Britain faces up to 10 years in debt.

StevieJ

Sarah_Cooper wrote: »

I'm thinking Tulips, South Sea, Tech Stocks, now property.

I am thinking that Tulips, South Sea, Tech stocks were all new kids on the block, I don't think property doesn't quite fall into that category - Do you ? Cyclical more like.

StevieJ

baby_boomer wrote: »

Telegraph - More banking bailouts will be needed

".....A month ago the International Monetary Fund was charged by the G20 finance ministers with finding out precisely how the balance sheets of the world's major banks would look if they were to get back to lending again at more or less the rate they were in the pre-crisis days. Today the Fund delivered its verdict and it is both clear and terrifying.

The simple truth is laid out in page 33 of the Global Financial Stability Report, published today in Washington: "if banks were to bring forward to today loss provisions for the next two years, before expected earnings, US and European banks in aggregate would have tangible equity close to zero."

In other words, the entire global banking system would be bankrupt - kaput - if its institutions immediately wrote off all the toxic assets still sitting in their vaults without any government assistance. And bear in mind this already takes into account the money we have already thrown at the banks. So even after all this has been spent the financial system remains, effectively, insolvent...."

The IMF have admitted that the UK figures it published were incorrect so I wonder about the rest Reference Newsnight, last night.

Wookster

kwikbreaks wrote: »

He faces some stiff competition from Teflon Tone for that accolade.

Its Nulabour.

Just like the Tories will be remembered for the sleaze of the 80s/ 90s, so too will Labour. The biggest lies of all time will be:

"this government will be whiter than white"

Anything that came out of the ZanuLabour government in the run up to the war on Iraq

Crash's comments on ending boom and bust are just plain naive and are probably one of the best examples of the arrogance of that man. He really does think he has saved the world.

StevieJ

StevieJ wrote: »

The IMF have admitted that the UK figures it published were incorrect so I wonder about the rest Reference Newsnight, last night.

I now have a link.

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=2729092

ad9898_3

StevieJ wrote: »

The IMF have admitted that the UK figures it published were incorrect so I wonder about the rest Reference Newsnight, last night.

I still say it will be closer to 13% than 6%, Paul Mason did say that in the end most of the loans will valued as worthless by the markets, not 20% of them like Darling wishes us to believe.

Rochdale_Pioneers

ad9898 wrote: »

I still say it will be closer to 13% than 6%, Paul Mason did say that in the end most of the loans will valued as worthless by the markets, not 20% of them like Darling wishes us to believe.

In which case we have a big problem, as its not just UK banks and the British government that are exposed in this way. If all the money spent by us, the Americans, the Germans, the French etc etc and all the assets on bank books supposedly still good and able to offset against all that cash, then effectively most of the world's big banks are effectively insolvent.

So, we still have a banking crisis to deal with - the need to write off trillions in bad debt and create a safe (state run?) banking system from scratch.

StevieJ

ad9898 wrote: »

I still say it will be closer to 13% than 6%, Paul Mason did say that in the end most of the loans will valued as worthless by the markets, not 20% of them like Darling wishes us to believe.

Valued as is not the same as worthless.

nobby24

prowla wrote: »

That shitforbrains Gordon Brown will go down in history as one of the biggest liars ever with his "end to boom and bust".
He is the biggest failure our country has seen since Chamberlain came back with his piece of paper from the "Herr Chancellor".

Just a UK problem then is it?

handful

Don't you just hate the way those tory newspapers exaggerate how bad things are?;)

Livto_2

Safe to say that this is the worst government ever.
The bank bailout is the biggest public scandal ever.