+++ Gilt Auction Fails +++
The UK Gilt auction failed this morning.
So another Labour government’s funding crisis begins…
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Guido chuckled at the following exchange he had with a Tory insider:
Tory: “What’s Labour’s position on the Syria crisis?”
GF: “They say you should be talking to Russia.”
Tory: “Labour have been saying that since 1945.”
DisgustedOfMitcham2 says:
Maybe if they really wanted to “decontaminate the Labour brand” with business people, they shouldn’t have totally buggered up the economy?
Just a thought.
Oh, my. This could get interesting fast.
Tra laa! As Silky Arsehole would write.
Think about it …
Brown screws the pound.
Chinese get worried about dollar.
Euro get’s stronger – maybe even potential reserve currency ..
Then we end up joining the euro… I bet Brown is wrecking the Pound on purpose.
*
HYPOCRISY ALERT! BROWN LECTURES AMERICA’S BANKERS
*
HYPOCRISY ALERT! BROWN LECTURES AMERICA’S BANKERS
*
HYPOCRISY ALERT! BROWN LECTURES AMERICA’S BANKERS
Jesus. If a gilt auction fails that essentially means – by extension – that there’s a lack of confidence in sovereign debt.
Watch the £££ plummet.
funny, innit, how the dollar and sterling have dropped but the euro hasn’t.
very strange.
and Guido, it is all very well playing the blame game but we are all in this together, regardless of you being the tories bitch.
bigger picture old boy, bigger picture.
Guido = tories bitch?
Jesus you are a fucking thick Huhne aren’t you.
Er…the UK and the US have been run by retards for a few years and have huge, unsustainable mountains of debt. The EU, with some notable exceptions, have been less poorly managed.
We are NOT all in the same depth of s**t at all dear chap.
What is ‘funny’ about that?
anon 76,
er, you are the one who has not even got the wit to come up with a pseudonym.
what a spastic!
TAT you seem to have missed the part where McDebt was blaming everyone else but himself.
The euro will drop in due course. It’s due
and its time is coming fast.
The Dollar has gone up consideraby against sterling over the past few months.
It has now started to drop as Obama has decided to follow the same borrow now and pay later policy as McMoron is doing.
The Chinese in particular are getting twitchy about the value of the dollar.
That article’s dated March 4th!
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6KhEW.jkmdE&refer=home
Sorry link corrected.
in such a rush ‘e was, ‘e can’t even get his basic info correct.
calm down dear.
and do stop gloating over the downfall of the country you bloody traitor.
looks as if the whole premise of this site is a false one.
I think that’s gloating over the downfall of McBust, actually.
Downfall of Britain is liebour’s fault and by extension liebour voters, if UK pops, your countrymen are to blame, so get out there and tell ‘em off. You could try Speakers Corner, overflows with male-burkhas — one reason why country’s doomed long term.
I like a man who says he’s sorry
This is about to get very serious, it’s the first structural crack in the wall
Can one of you economics whizz kids explain the significance of this to a layman like me?
Nobody wants to lend the Gummint money. Nobody
Thanks, OH. That doesn’t sound good.
Wikipedia
“Prior to the establishment of the DMO (UK) Debt Management Office), management of the Government’s debt was undertaken by the Bank of England on behalf of the Treasury. The change was implemented following the incoming Government’s decision to give the Bank of England independence in setting monetary policy”
…I suspect there is a story in here. Under Government control it will be helpful to spin out some cock and bull story.
http://www.dmo.gov.uk/index.aspx?page=Gilts/About_Gilts
No-one wants the money that’s being printed. So more money represents the same assets = price inflation.
The Europeans want nothing of this McLiar “solution” because after Weimar, they all had bloody hell for ten years, and half had more bloody hell for another 50 after that.
McMugabe is equally doomed playing figleaf to Santa Obama. Both can carry on printing money, but as long as the dollar is the global currency of choice for settling trade the dollar will be in demand. (And demand can be managed by the military as a last resort).
McNutty is in a very big hole. Not to my knowledge ever having done the right thing, he is not going to stop digging.
>>Can one of you economics whizz kids explain the significance of this to a layman like me?<<
Briefly..
The government tries to raise money by selling IOU’s to lenders (generally other governments.)
Governments can generally raise money in this way because they seen as a safe and reliable investment.
If the lenders say “no” (as they just did, sort of), that’s fairly worrying for two reasons. (a) It demonstrates your currency and country has lost the faith of the world
market’s. (b) Where is all the money you need going to come from now?
That’s a very simplified version of what’s happened.
Thanks folks.
printy printy
Drip…drip….drip. The first sign of a pipe about to burst. So, is this the beginning of the end?
QE failing already. Let’s give thanks for that. Labour want to inflate away our wealth to help them with their debt. Hopefully, this is a step in the right direction.
I hope that mervyn is saying the right thing to her Maj today.
Linked article definitely dated March 4th. Can’t see it anywhere else this right now
Link amended.
Yeah, but that one’s almost a week old, too.
This is the beginning of the end for Brown’s reckless spending:
http://www.housepricecrash.co.uk/forum/index.php?showtopic=109202
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6KhEW.jkmdE&refer=home
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6KhEW.jkmdE&refer=home
Check no 1 story on bloomberg. it is today’s news.
Type “UK gilt auction” into Google News and you’ll get loads of hits. It’s today’s news, the FT has got the date wrong. Only 93% bid to cover ratio.
As the Rev Spooner would have said: oh dear the fit has hit the shan.
Here’s the story on Reuters. Perfectly time to demonstrate that Mervyn wasn’t joking when he said the money is running out…
11:23 25Mar09 RTRS-UPDATE 1-Britain suffers first failed gilt auction since 2002
(Adds analyst and DMO comment)
LONDON, March 25 (Reuters) – Britain suffered its first failed government bond auction since 2002 on Wednesday after it attracted just 1.627 billion pounds ($2.39 billion) in bids at a sale of 1.75 billion pounds of 2049 gilts.
Gilt prices tumbled after the auction result, with the June gilt future dropping as much as 1.9 points on the day and the 40-year gilt yield rising 8 basis points to 4.54 percent after being flat before the auction.
The UK Debt Management Office said its last failed auction in 2002 was for an index-linked gilt, and that Wednesday’s failure was the first for a conventional gilt since 1995.
Gilt strategists blamed the auction’s failure on market uncertainty created by Bank of England Governor Mervyn King when he said the BoE could scale back its programme of gilt purchases if they were especially successful in boosting the economy.
“I just think there’s a state of confusion in the market at the moment. It requires greater clarity from the BoE on what its aims are in this process,” said Sean Maloney, strategist at Nomura International.
“The commentary that’s been emerging over the last couple of days has been enough to leave auctions a little exposed, especially ones like these that aren’t bought by the BoE,” he added.
The BoE currently only buys 5-25 year gilts in its asset purchase scheme.
A DMO spokesman said after the auction that the 2049 gilt was the riskiest part of the curve, and that investors’ funding pressures at the end of the financial year might also have depressed demand. * For a table of the auction result, see [ID:nLAC003193] (Reporting by David Milliken and Christina Fincher, editing by Mike Peacock) ((Reuters Messaging: david.milliken.reuters.com@reuters.net; david.milliken@reuters.com; +44 20 7542 5109) ($1=.6822 Pound)
Keywords: MARKETS GILTS/2049
For Related News, Double Click on one of these codes:[M] [T] [E] [D] [UKI] [PSC] [RNP] [DNP] [PTD] [EMK] [GB] [GVD] [CEN] [DBT] [ISU] [TNC] [WEU] [EUROPE] [IGD] [MEVN] [NEWS] [LEN] [RTRS] [GB/]
Wednesday, 25 March 2009 11:23:47RTRS [nLP456926] {EN}ENDS
Couldn’t you ‘Cover It Live!!’ for the WSJ Gordon Brown interview now being shown on the BBC ??
Does this officially affect the UK’s AAA rating?
It’s been the subject of speculation for a while now:
Global Research
Coupled with today’s failed gilts auction it makes it even more likely.
well gordon brown, nick clegg and david cameron are all arseholes so I expect the AAA rating will stand.
I don’t like your views sir, but that was bloody funny
I spoke to somebody last night who’d been away to the LimpDums’ spring conference (or whatever).
I asked him if they’d told him to go back to his constituency
and prepare for government.
Well, I thought it was funny…
For some weeks Moody’s have been calculating that the UK’s actual AAA rating is marked down 5 levels to A2 implied by the Credit Default Swap market (no such marking down affects the US/Germany/France). It will be interesting to see whether today’s events move that market rating.
Are we surprised?
Would you put your money into McMentals ponzi scheme?
Is any of this actually sinking in to the Labour minions yet?
Do they actually comprehend what is now at stake?
Judging from their arrogance & yah boo answers to very real concerns from accredited experts I would say they don’t.
An idea was floated the other day around here that all of thiss mess could be a masterful attack on Kapitalism by Brown, bringing about a global currency & recycled enforced socialism.
I really do not think that any of the Labour Government are that capable or competent to be frank.
So where are we now? Sterling ruined. Economy ruined.
Same old Labour. Incompetent, incapable & thankfully now unelectable.
Tear it down, salt the earth and start again.
Would you put your money into McMentals ponzi scheme?
But we have..all of us.
He just never asked us if we wanted to.
Gobble gobble gobble
Are you a spitter???
I hope not!!
UhOh, Brown can’t get another credit card.
Thats funny – says the market was dissapointed that they gilts didn’t qualify for the governments ‘quantitive easing’ programme.
The market wanted to buy them, and sell them straight back…
So the quantitive easing program has undermined the standard gilt market.
Nice own goal gordo – notch that up alongside the pre-announcement of the golds sales why dont’t you…
Just appeared on the DT’s website:
http://www.telegraph.co.uk/finance/financetopics/recession/5048575/Failed-gilt-auction-stokes-fears-over-UK-economy.html
Brown currently being quizzed about the split between him and ‘King of the Central Bank’… THUNK !!
I was surprised they didn’t show Hannan’s speech on the news last night.I watched it on iplayer but even as a non-BBC watcher for reasons of bias,I was still surprised! King’s caution against further debt proves that Central Bankers know Fiat money is a scam.People are waking up quickly.I only hope a Gold standard comes with a death sentence for the Socialists who have benefitted most from the Fiat system.
This is huge. It’s the equivalent of Hitler in the bunker moving his nonexistent armies across his maps. McMental’s fantasy world is collapsing all around him, and like the Fuhrer, he seems determined to bring us all down with him. Someone pass him a Walther PPK for fuck’s sake.
Labour don’t do ‘the study with a glass of scotch and a loaded revolver’ thing.
They are more ‘fake your own death and bugger off to Australia’ sorts
Ahh yes. The John Stonehouse exit.
Can be done with a canoe I gather.
The real last refuge of a Nazi is Latin America.
Maybe Brown’s gone to Argentina to do a Mengele.
He has taken some secret nuclear papers and blueprints for an aircraft carrier.
+ all the gold of course.
The gold he sold at a rock bottom of the market price, having pre announced he was going to do it.
The gold he then bought himself with Labour party funds and cash for peerages, and stashed in the Banco Di Patagonia.
You didn’t fall for that he’s just a village idiot, financial incompetent did you?
Date: April 2043 Location: Somewhere in the forests of Paraguay.
‘AP: Reported from numerous villiages in Paraguay by the Red Cross. Evidence of an apparent cloning experiment has been uncovered. Reports of many children born to local native indian mothers have been received detailing uncanny similarities between otherwise unrelated children. The children all had one squitty eye and unusually sagging jawlines, and spoke while trying to stick their tongues through their cheeks. All the children appeared to display traits of a ‘God Complex’. Another shared feature was their inability to admit mistakes. All were in debt to their families and friends. Many of the males of teenage years admitted dreaming about ‘kissing other boys’.
The Red Cross believe that due to the ‘pasty palour’ another common feature, the original genetic material was northern european in origin. DNA tests are under way to ascertain the source’
Or South America
Gladstone Screwer. You describe a nightmare.
Secret socialists hiding red flags in the attic, waiting for the glorious day when the ‘son of’ the son of’ the manse’ comes of age to lead them.
“Worst auction in more than 10 years” – i.e. since the Tories were last in power.
Even in the midst of an unprecedented global downturn, we’re still better off than we were under the Tories.
Ha ha ha ha ha ha ha ha ha ha ha ha ha ha!
*wipes watering eyes*
You’re getting better H_P. Find out when the next open mike session at the Comedy Store is.
Your patronising sexist rubbish shows just how out of touch you are!
The Tories were in power 10 years ago?
Maths not your strong point?
Are you a product of educashun, educashun, educashun?
Jog on DollyBot.
More than 10 years ago. 12 years is “more than 10 years”.
Typical Tory male – open your mouth first, think later.
The U.K. had two failed auctions in the past 10 years, the most recent in September 2002 when the Treasury received bids for 95 percent of the 900 million pounds of 30-year inflation- protected bonds offered, according to the DMO’s Web site. The other failure was in 1999, when it tried to sell 500 million pounds of inflation-protected bonds.
Jog on DollyBot
open your mouth first, think later.
thought that was a labour female
Take a look at the Telegraph article linked to earlier in the thread. We really do appear to be in the shit.
Without wanting to be rude… are you surprised?
Haven’t all been well aware of the shit we are in for some time?
Haven’t many of us here and elsewhere been warning all this
was coming for months and months?
This is bloody horrible, and its going to get much worse, but
its certainly not a surprise.
“The U.K. had two failed auctions in the past 10 years, the most recent in September 2002 when the Treasury received bids for 95 percent of the 900 million pounds of 30-year inflation- protected bonds offered, according to the DMO’s Web site. The other failure was in 1999, when it tried to sell 500 million pounds of inflation-protected bonds. ”
Spin onthat
1995, 0.99 covered, 2009 0.93 covered – a terrible figure. Sure one failed back then, but in context this is much more serious. 1995 was actually a good year, and we were well on the way to a very stable economy, teeing it up perfectly for Uncle Gordon to inherit.
Errrr, I know in these educationally dumbed-down days I shouldn’t expect a Labour apologist to be able to do basic maths. But ten years ago was 1999. Two years into Labours reign of infamy.
Better off than under the Tories? Bankrupt is better off? You lot are completely fucking mental. And not in a funny, Billy Connolly, running naked through Trafalgar Square kind of mental. I mean Idi Amin, limbs in the fridge, bashing peoples brains out with sledge-hammers kind of mental.
Really. Fucking mental. Which, again, would be moderately entertaining in a detached kind of way if it was happening in some tin-pot African dictatorship. I mean, tsch, what do you expect?
But right here, in our own fucking country. Run by imbeciles. Imbeciles whose hatred of Margaret Thatcher, a woman who has been out of power for twenty years, is so all-consuming that they seem to want to destroy the entire fucking country just so that she can be forced to watch. Yeah, that’ll piss the bitch off. We fucked the entire country. We showed her!
You are fucking insane.
Britain is not bankrupt – but the Tories are – bankrupt of ideas.
It makes me laugh how Margaret Thatcher still gets the blame, come on guys NuLabour has been in power for 12 years, you think they have had the time to overturn any of her nasty wrong doings. Be REAL MEN get out of your short trousers and stop blaming it all on mama!
Harman Pride
I always admire loyalty but Harman, this really has gone to far now. Like I said no insult to you personally and I do admire your pride but just sometimes you have to say it didn’t work as I expected and move on. They did in a bunker in 1945.
Come on you know you want to?
You are pathetic. Go away troll.
Margaret Thatcher has secretly been running the country since 1997.
From a volcano in the South China seas.
You must believe me!!!
Why won’t you believe me!!
Can’t you see.. You fools.. She’s here..she’s here..
The White angel .. my god she’s here.. stop her stop her.. she’s getting away..
My heart sinks, this sums it up. We are are surrounded by the worst economic news in my lifetime and hard core NuLabour still have their heads stuck up their arses. Okay don‘t support Conservative but a least have a debate about what’s gone wrong and how we can learn from OUR mistakes. The labour Party is about to be blown off the map for a very long time. If you care about the party, the country, the workers… start thinking fucking straight. The alternative is a Tory party in power for a very long time. Then we won‘t have a say…
I had a letter from my local Labour MP saying the market has failed…? What the fuck does that mean, markets DONT fail, period. Who are these people?
Last September Darling reduced stamp duty
http://www.guardian.co.uk/politics/2008/sep/03/economy.alistairdarling
…then proceeded to say that now was a good time for youngsters, first buyers, estate agents said the same thing, WRONG, what bad advice to give to the kids, come on fucking start thinking..!! I January Margaret Beckett reckoned the same thing… if we care why all this bad advice?… Were is the Labour Party?
Pride..you’re just a prick.
There you go, that’s my considered response.
Harridon Pride, Pillock whatever you call yourself today.
You & little Craigy on Sky should get together & have a baby.
That said, the afterbirth would be better looking than the fuckwit that’d come out of your enormous fanny & have a greater grasp on reality.
Has the bunker-dweller got the IMF’s number? He’ll be needing it … soon.
How much do you reckon the crown jewels r worth? Just wundrin’
I work in the debt field and last month’s auction was not great either.
Remember this is not some arcane matter. If the government can’t finance the deficit then there are two choices, either slash spending or start paying more interest to bring back investors worried about risk and note that higher interest rates on gilts instantly translate to higher rates for everyone else.
So take your pick, slashed spending or higher rates: it’s the end of Labour.
I *want* higher rates. I didn’t want them to come down.
I am not alone in this, to judge from what I read.
Hannan’s rant is now the top headline on http://www.drudgereport.com which will drive thousands of viewers worldwide to it. More than 27,000 now
“Worst auction in more than 10 years” – i.e. since the Tories were last in power.
Even in the midst of an unprecedented global downturn, we’re still better off than we were under the Tories.
Might I suggest your go screwing yourself?
[...] morning, the markets refuse to advance any further credit to the [...]
The Queen must demand that Brown returns immediately from the USA and abandons his ‘world tour’ then when he calls to meet her he is told to call an immediate general election!
YO !!! TOP NEWS ON DRUDGE !!!
Just as Brown is trying to bullshit his way through the interview at the Wall Street Journal and portray himself as the ‘Saviour of the World’…
Mind you, Kissinger was there, no doubt to deliver his script about ‘one world governance’ and the Chinese idea for a new ‘world currency’…
Guido Vs Draper.
Your ass is about to be kicked, Guido.
Pull out now while it is still safe!
Fuck me, back from the dole office already?
He blows goats you know…dirty, skanky, staffordshire goats.
Elsby, get to your bedroom..your sister’s waiting for you.
Could members of this fine forum please set out their honest opinion regarding my good self and my excellent political judgement and success. Please be honest, but not too much praise as this would give the impression of being false and manufactured.
THE BOND AUCTION FAILURE IS ALSO TOP NEWS ON DRUDGE !!!
Fucking Hell – Kissinger is giving Brown a kicking at the WSJ !!
Hah. Yeah. One Nobel Prize winner greets a Nobel prize contender.
Who said satire was dead.
I see McDoom’s savaging yesterday has made onto the headline of The Drudge Report.
http://www.drudgereport.com/
http://europe.wsj.com/home-page
Check this out NOW !! The Jews are asking how he can sort all this out at the G20 ‘IN ONE DAY’ and inviting him to criticise Obama by asking ‘what else he could have said’.
UNMISSABLE !!!
So that’s why Gordon has fled into exile in South America with a bag full of loot.
Is his loot in Zimbabwean dollars or GB pounds?
Getting close to parity now so doesn’t really matter
71 -same thing!
If Kissinger doesn’t have faith in Brown, then he is toast…
I wouldn’t toast him if he was brown-bread tomorrow
would any sane person lend money for 40 years to mc cuckoo?
interest rates will have to rise!!!!!!!
Yes Please!!!!
Brown now arse licking Kissinger – but far too little, far too late…
Putting aside the party politicking for a second, this is scary shit. This will affect everybody in the UK in one way or another, and in a negative sense.
I look at my children and I worry about them so much these days. It’s not just the economic shambles this country is in, it’s the social knock ons that really worry me the most to be honest. What kind of society will eventually emerge from this? Who really will be in charge, if anyone?
The values we have today are, it appears being deliberately eroded by social policy, the march of the state seems unrelenting. Fuck I’m scared.
‘Meet the new boss, same as the old boss’
Pete Townshend, 1971.
It puts our generation to shame. When I think what my father (Born 1916) and all his generation did for us… makes you wanna weep. What are we leaving our kids. I always thought I would pass on leaving a better world.
That’s the heart of the matter right there. I have no children, but of course friends and family with them. Looking around at the atrocious state we’re in (no pun intended) it sickens me to think what society they’ll grow into.
3 MPs on Five Live talking shit while the economy tanks. Send ‘em up here, I shall drown them in my allotment water butt.
How curious… No mention of that on the Graun’s website either.
The first of the warm weather unrest?
http://online.wsj.com/article/SB123798209188037321.html
Not the first crack that was when Mc Donalds paper was cheaper to insure than McDooms not even a major one, they will wait to buy new improved quantitative easing debt but a significant one nonetheless and one that will get worse, I also epect inflation to go up because unlike the experts crawling over the media I think supply and demand works and deluging the country in debt and funny money will reduce its value. Don’t be scared this is likely to be a real mess and being scared won’t stop it. Buy gold or silver.
Please will the Galloway Pride Harman Pride and any other idiot pride check their dates and economics before blogging we get enough bullshit without them adding to it.
What scares me more is the fact the Conservatives clearly have not got a clue either and I am a Tory. How can I seriously encourage people to vote for Cameron? On reflection it is actually terrifying.
Because anything must be better than Snotty and NooooooLabour. Never mind. B’liar and his ugly wife are still earning their squillions.
Cromwell quote “…in the name of God, go”.
Oh the Tories have a clue alright. You’d want to be a fucking idiot to have got us into such a mess and it won’t be fun getting out but the solution is very simple. It’s just that Dave is afraid to spell it out to the voters. The lunatic Brown probably still doesn’t realise we’ve got a problem. Or at least a problem that can’t be sorted by simply printing more money. Don’t know why nobody ever thought of it before, really.
The solution is and always has been, to live within your means.So the problem occurred from 2001 onwards when Brown, to gerrymander the electorate and rig the unemployment figures created one million jobs out of fresh air. He didn’t create any extra schools or hospitals for this million to hide in though so they’re all crammed in the same space as before running round with clip-boards, trying to look busy and bumping into and generally disrupting the four million people who did use to work their previously. With the result that productivity has actually fallen.
Even so, this might have been acceptable had he actually increased taxes to pay for all this. But no. He just printed 35bn a year and put it straight into the hands of one million bed-wetters whose previous contribution to society had been on Supplementary Benefit. This one million newly flush, grateful-to-Brown-for-a-job numpties then went out and bid up the price of available housing into the stratosphere. Brown could have put a lid on this by raising taxes or interest rates but for sheer naked populism and politics he declined to take the prudent or tough course just as he continues to do anything remotely prudent today.
This was never going to end well. We’ve already seen how housing bubbles end in the 1990′s which is what makes the present situation so particularly galling. It was entirely preventable. It was entirely predictable. But then Gordon is entirely reckless in his pursuit of power.
The solution is to live within our means. This means either a 20% cut in the public sector payroll or a 20% cut in their wages. It means tax hikes. It means less foreign holidays, making your car last longer than 3 years, less new mobile phones and other plastic shit. It’s not all bad news – it means cheaper houses and a return to a healthier national mental state.
But before any of this can happen we need Labour to acknowledge what has gone wrong. Because without that they cannot start to fix it. And since they all still seem to be in gritted-teeth denial we must hope and pray that Labour get voted into oblivion and rely on somebody else to clean up their shit.
It ain’t rocket science. It is so fucking simple it is laughable. But Cameron dare not spell it out because a sizeable proportion of the voters really do want to believe that this will all be over by Christmas if we simply print enough money. And Brown is only too happy to lie to them.
Excuse the pun, but that is bang on the money.
The remedy for the country’s current ills is going to hurt and for a long, long time.
You are spectacularly thick, that is much more stupid than the dimwit you had appeared to be.
Where did you learn all this economics then, from a Christmas cracker?
Tra laa!
Hoi Ambrose, care to correct him?
Gordon likes to pretend everything is much more complicated that it actually is because it boosts his self worth.
He also exhibits strong traits of the Electra complex.
Hello Ambrose,
Sorry old chap but it really is that simple. Live within your means. Labour didn’t. And now we’re fucked.
I understand your need to lie, dissemble, misdirect, overcomplicate and such-like because that’s how Brown lead the entire country by the nose to this fucked-up point in time. But lies, misdirection, cherry-picked rigged numbers etc etc won’t actually hide the fact for ever. Oh look, they didn’t.
Brown fucked the UK economy by acting like a fucking economic imbecile. And he’s still at it. The IMF warned him time and time again about the simple fact that he was living outside his means but he just treated them to the same arrogant, dismissive sneer as displayed for Hannan yesterday.
He seems to think he can move mountains by the sheer force of his mind. That he’s like some economic Uri Gellar that can bend and shape economic facts (and politics) through the sheer force of his will.
He can’t. As proven by the spectacularly fucked up state we’re in. Whatever you’re being paid to lie on behalf of this evil fucker I hope it’s worth it.
The simple fact is that there is no easy way out of the mess. If there was someone would have done it already.
There will be alot of pain for everybody before we get back to normal.
What matters now is that the country is run properly when things get back to normal ( which they will sooner or later)
There is no ‘easy’ way out. But there is a tried and tested albeit hard way out. Tighten our collective belts, pay down our debt.
This will mean pay cuts, tax rises, redundancies and hardship generally. But Brown lacks the balls to spell this out. Preferring instead to give vacuous mouthings about ‘tough choices’ and then doing quite the opposite. Taking the ‘tough choice’ to pretend that printing 75bn quid is no big deal and hey, he could stop printing money any time he wanted. Give it up just like that. He’s not addicted. No sirrree.
Oh yeah?
The simple fact is there is NO easy answer to the mess McMoron has put us in. If there was someone would have found it months ago.
There will be a lot of pain before things get back to normal.
Queen grants audience to Governor Bank og England for the first time in her reign.
Gilt auction fails.
Is Gordo in the loop or loopy?????
Very well silly people, do I have to spell it out?
Gordon is an articulate, truth telling and clever man who has not a party political bone in his adorable chubby body. Gosh how I love him and all those charming and valiant people who surround him! Now which one of you lovely male nurses is going to empty my poo bag today?
Tra laa!
Yep. One day soon we will see the Gibbering McRuin being gurneyed away by the nice young men in White Coats….
‘I am the Master of the Universe’ pleads McRuin…’I have the secrets to the Land of Cash, Milk, Benefits and Money’…….
Those of you who know me as a lady must forgive my “French” bit that McHuhne fellow has succeeded in making me shit my frilly knickers . We are on the edge of the precipice with one foot now over the void. A hot dry summer could see civil unrest to the point of revolution. Is GB ltd about to belly up?
You’ve got to be in it to win it. Innit. We are revolting.
No coming back from this for Gordon. Mervyn King’s mortally wounded him. Game Over.
Merv the Swerve has managed a brilliant kick in the balls while the Great Molester is bumming it up at the European Parliament. That combined with Hannan’s great speech completely demolishing the flacid bagpipe must have the skids under him now.
Shit! I forgot, snouts in trough still have a few more months to run.
Why would anyone want to own bonds issued by McShit? You get paid bobbins for interest, and then when the bond matures you are paid back in a currency going the way of the Zimbabwe Dollar. The Bank of England has told everyone it has opened the currency spigots and will debauch the pound sterling, so why would anyone with a choice in the matter choose to be paid back with paper of less use than Andrex?
The Governor of the Bank has publicly told McFuckwit that there is simply no money for any more “stimulus”, and the markets are telling the daft Huhne that he can’t borrow any, because he has finally fucked Britain up the arse once too often.
I am reminded of the rule of dear old Idi Amin, who used to wonder who this fellow Foreign Exchange was, who was always going missing from the central bank. Well McHuhne has sold off our gold, taxed us to fuck, announced he’s going to print pound notes till he runs out of ink, and surprise surprise finds that no-one will lend him any money and the whole fucking world is laughing at him. Face it people, the joke’s on us. Buy gold, silver and lead. Make sure the lead comes in containers called 12 bore cartridges, you’ll need them to stop the fuckers from nicking your gold and silver.
There’s better odds to be had by entering the Readers Digest Prize Draw.
Whichever way you look at it, WE ARE F-U-C-K-E-D!!!
Of course the ‘guilt auction’ has failed because the fucking cock gobbling cyclopse has no guilt.
So now the US have also had a weak debt auction – reported at
http://finance.yahoo.com/news/Stocks-slide-after-weak-apf-14744876.html
So now the truth.
It started in the UK!
Ho. That’s taken the gingerbread off his gilt, hasn’t it?
I love it – these comments. Oh Dearie Me!!
Who in their right mind, Dear Boy, would want to buy ‘Toxic Bonds’ off this Labour Government. The only people who would buy a ‘Pig in a Poke’ would be the naive, the gullible and the down right stupid. This is what Con-artists do.
Does that mean taht Blair, Brown et al, have been selling us all ‘Pigs in Pokes’ since 1997? it certainly feels like it, and they are still trying to con folks into buying this nonsense.