Bailout : Gordon’s £1.4 Trillion Fail
Here is the futures price chart for the generic Gilt. All that is stopping that chart going further south faster is that the Bank of England is printing money (though printing isn’t the way it done nowadays, the Bank just changes amounts in the electronic ledger). Some of that money is recycled into mopping up gilts. It won’t work for ever.
Gordon has convinced fellow members of the IMF to sell the fund’s gold reserves, this visibly holds down the gold price as the relative value of paper money is destroyed. There will be an awful day of reckoning.
The gilt market will revolt sooner or later. Darling’s fantasy forecasts will be rejected by those of us in the reality-based financial markets. The numbers are horrific. Bloomberg’s Andrew MacAskill has totted up the cost of the bailout as £1.4 trillion. That is over 100% of GDP.
Guido, it’s a disaster of Cecil B de Mille proportions. Epic on anyone’s scale.
But speaking to a few people today (not idiots, just normal guys), they simply have no understanding whatsoever as to the end game. not a clue. They think things will get even tighter for a while but, just like the past, everything will go back to normal.
Reality comes from watching the TV in today’s world!
Sadly you are right. Still there wil be some satisfaction when the silly buggers finally get it. Within 12 months maximum.
Lets all give Him a big push!!
http://petitions.number10.gov.uk/please-go/
Now add in all the other liabilities the taxpayer has like New Labour’s PFI scams and the public sector pension liabilities, you soon tot-up that total to £2.5 Trillion that the taxpayer is now in debt for, and rising.
What did New Labour MP’s get out of giving our billions to their banking friends like the R*****ds (self censored)?
On the Daily Politics on now, we have the LibDem talking about what the Tories would do, would they cut public sector spending….. blah blah, that’s what made the 1930’s worse (cutting public sector spending).
It’s amazing the brainless Tories are not fighting this bullshit, there is in fact a LOT they could cut in an instant and make your borrowings less also in an instant. They are not even talking up their cutting of the ID card scheme and saving £20bn. That’s £20bn from £175bn – that’s no small amount of money saved in the time it takes to write the sentence.
WAKE UP YOU DOPEY TORIES!!!!
Bring back Ken Clarke!
Listen! You have to “invest” your way out of this, not “cut” your way out.
Here’s a prime example of waste – both news reports dated yesterday:
1) “Print Yorkshire has secured an additional two years worth of funding from Yorkshire Forward [a regional quango]. [The director] said the funding available over the two-year period had yet to be finalised, but for the region is around £30m.”
http://www.printweek.com/news/900190/Yorkshire-Forward-fund-Print-Yorkshire-two-years/
2) Komori has closed its UK showroom facility in Leeds, redeploying two staff as the manufacturer centralises its demonstration and training facilities to Utrecht, Netherlands. Utrecht will soon become a Komori Graphic Technology Centre, similar to the manufacturer’s sites in Japan and Kuala Lumpur.
http://www.printweek.com/news/900137/Komori-closes-Leeds-showroom/
The only thing Print Yorkshire has presided over in its lifetime so far (three years) has been massive job losses and factory closures in Yorkshire.
We need to borrow our way out of debt as well
Quite, we need to throw a lot more money at this problem.
The Conservatives should take a line out of Gordon Brown’s book of ‘Reviews’ they must simply say, as the figures on projected growth in 2011 & the massive debt’ which is unbelievable and dangerous revealed by Darling in his political ‘Brown-budget.
‘We the Conservatives will hold a judicial review on the nations finances’ if selected to be the next government of the UK, with a wide scope to ascertain the correct true state of the economy, the fiscal mishandling & failings of the last 12-years of the office of the Chancellor, the Treasury and cabinet of the Nu-Labour government’. With the prospect of criminal proceedings for any civil servant or minister that has contributed to the problem through malice or sheer incompetence.
This ups the anti with the tribal politician we know Brown to be and stops the Conservatives being- held hostage to the 50p Tax.
This would scare Brown and might make him take an overseas appointment with Goldie’s instead of infecting Peterborough Court in London
Labour and Tories both dance to the tune of the EU. It will be more of the same from Cameron &Co. ALL our problems stem from the EU. ps The I D card is an EU thing, also, who would have thought BRITAIN would not have enough qualified craftsmen to work on the construction of the Olympic’s project.
dungeekin.blogspot
Twas Budget, and the slimy toad,
Did send poor Darling out again,
From whimsy were the numbers grow’d,
That came from Number Ten.
“And use the Taxandspend, old son,
The debts that bite, the laws that catch,
Entreat the hidden tax, don’t shun,
The slightest attempt to snatch!”
He took his big red box in hand,
Longtime to Parliament he talked,
And waffled he, for in honesty,
He’d given it no thought.
And as for more he did beseech,
The Taxandspend did once again,
Come whiffling through the Budget speech,
And charged us as it came!
One Two! One Two! For me and you,
Our once-full pockets he ransacked,
And left us spent, to pay their debts,
He crippled us with tax.
“And hast thou used the Taxandspend?
Come to my arms, my eyebrow’d boy!
O Frabjous Day! Calooh! Calay!”
Gord chortled in his joy.
Twas Budget, and the slimy toad,
Did send poor Darling out again,
From whimsy were the numbers grow’d,
That came from Number Ten.
Who’s putting my pieces up on here anonymously?
Come on, if you’re gonna shove it on at least link to me please! *grin*
D
“everything will go back to normal”
is the norm what we had in the 70’s i.e. 3 day week’s – High Oil prices, high inflation etc…. ?
What I would like to know is the Value Add to the economy of each Government compared to world growth not details like Gilt prices ? If one takes into account all the debt – what effect has McBrown had on the value of UK PLC ? This would then clearly expose the falsehoods “were just 10 years into our lost generation” just another 15 years to go to pay of McBrown..
Crisis? What crisis?
It’s a downturn.
Difficult economic times, surely?
They always are in North Wales, Mrs. Trellis.
surely it’s a downturn.
The economic equivalent of an asteroid is bearing down on us, and the government suppresses the truth to forestal unrest while they escape to another planet.
“Value Add”
Oh no!!!
Call in the jargon police.
Things are so bad that even Jim Callaghan would recognise it as a crisis.
This is Dead Parrot Government we are getting at the moment….a refusal to face up to the obvious facts.
Beautiful plumage
I have just added a petition to the number 10 website.
It should be there in a few days, if not rejected (I will repost nearer the time).
It asks for the full balance sheet of the UK to be made available to all, in a concise format (potentially to be leafleted) and a full version to be made available to those who ask.
In much the same way as a company would have to, for the benefit of shareholders.
The web address will be http://petitions.number10.gov.uk/UK-balance-sheet/ but as I say it’s not up yet.
If over 200 people sign, they will have to get back to me.
I’ll keep you posted…
If the “THEN” government’s of the 70’s had invested in our industry ie shipbuilding coalmining steel auto, to compete with the far east,If we had invested the kind of money they have used to prop up the Bwankers, back then, instead of cloning us with all the idle Bastard’s on mainland Europe, (Germans excluded) we would not be in ths mess.!!
I’d just like to make it clear that ‘William’, above, isn’t the real thing. I know that the appalling grammar should make that obvious, even if he does speak more sense than I.
Guido, can’t your cookie cutter detect duplicate handles?
Hey, this is just like so not true, all this toxic stuff came from America, Mr Brown said so, and got into our banks and caused lots of trouble. Mr Darling has budgeted for all this, and it will be fine soon. I was really cross the way Mr Osbourne spoke to Mr Darling, it was just so unfair. Mrs Osbourne is really nice, she goes to the same Feng Shui class as my Mam. When I get into Parliament my Dad says I will have to attack the Tories, not really sure how to do this, I might say something about Theresa May’s clothes, they make her look really dowdy, I think she shops at ‘Principles’.
It is ‘like watching a train wreck in slow motion’ I am horrified that even now the Tories have not called for a vote of no confidence- what the hell is going on?!
For the last two years I have been watching the UK economy fall to pieces, waiting for the Tories or Someone/Anyone to step forward and take control and it seems there is no-one out there.
Unless the government take immediate emergency action This is not going to be a recession, it is going to be a total economic collapse on par with Zimbabwe. At this rate It’s only a matter of months now before they ‘are forced’ to declare martial law.
2 years?
More like 12 matey. Things have been very obviously wrong since at least 2003.
Oh, Pugsy, Pugsy, Pugsy – calling a vote of no confidence at the moment will get us nowhere, because too many Labour and LibDem MPs know they will lose their seats at the next election, and therefore wish to defer it as long as possible.
The numbers simply wouldn’t work for the Tories, and it would (rightly) be seen as gesture politics.
There are still too many voters who believe that everything is going to turn out all right – the next few months may well convince them otherwise, so there is no point wasting energy now in trying to prise MacBroon’s fingers from their deathgrasp on the UK .
“am horrified that even now the Tories have not called for a vote of no confidence- what the hell is going on?!”
———————————————
What is the point of having a vote in the commons that the opposition parties are sure to lose? labour have a majority and there is no way that labour MP’s are going to vote themselves out of a very very very cushy job. I do not care if Gordon Brown was eating live babies and then having anal sex with their still bleeding corpses on live prime time television, the labour MP’s STILL would not vote themselves out of power. It is a fucking FANTASY that they would.
A clear majority of them are career politician and they are only in it for themselves. With very few (if any) honourable exceptions.
IF the labour party was in a minority in the commons, then and only then, would it be appropriate to have a vote of no confidence.
A better remedy would be to impeach the Prime Minister in the highest court in the land (Parliament) for gross negligence which is equivalent to the common law Fraud. A high crime and impeachable offence.
SOME honourable members DID attempt to Impeach Tony Blair for his lies leading to the supreme crime of launching a war of choice and conquest. What happened to that? All the other cowardly, treasonous bastards in the house refused to support it. They acquiesced to a fucking WAR CRIMINAL. That is how low these fuckers in Parliament are.
I am sorry but I fear martial law is what they want to impose. Labour will not go quietly, they must rule over us or else the evil Tories will; for the good of the COuntry they will not allow that to happen. Yes I fear that Labour are that evil and shameless.
The Tories haven’t acted like an opposition since early 1979.
It’s because the Tories are scared to take over and begin to deal with the mess that G Brown has made of the strong economy he took over in 1997. Frankly, none of the MP’s, with a few notable exceptions, have the slightest clue what to do. Last time there was an economic crisis on a similar scale, it ended in a world war, about 100 million people lost their lives and vast amounts of property was destroyed. Criminal Iran and its equally criminal allies are gung ho for a fight. Pakistan is a failed country and the taliban is taking it over, step by step and will soon gain control of its nuclear weapons. So, about our so-called government, rotten to the core, intent only on remaining in power and willing to do “whatever it takes” to do so. The labour party once tried to improve people’s lives, now they only try to improve their own lives with big expenses, long holidays, gold plated pensions. Thay have lost any right to run a country.
the only way out of this is to use the profits from nationalised banks in order to avoid tax increases.
but the class warrior tory daleks don’t want to do that because their friends own the banks.
so tories should either change their tune or stop fucking moaning.
if the tories included that in their manifesto they would win a working majority.
if they don’t, they won’t, and it will be a hung parliament.
radical stuff, eh?
Conservative Activist: If there was a call for a vote of no confidence there would be a debate.
And the media wouldn’t be able to bury it and a lot of the really bad stuff would (hopefully) filter through to the man in the street.
In Newcastle, the main employer is the government. I know many people living there in cloud cuckoo land who have a very low mortgage now, see everything getting cheaper by the day- they think the current situation is just great! They have no clue about this terrrible disaster heading for us here in the UK.
You are seriously underestimating the frustration that has built up over the last 3 years that has and is increasingly turning to blind hatred and fury at the labour party in this country.
When we are having our increasingly hard earned money taken from us in tax, to repay what has been given to the bankers, just so those bankers can LEND US OUR OWN MONEY AT INTEREST?
These things and much much more are driving people over the edge and NOTHING labour can do or say, will make ANY difference.
The same psychology is manipulated with the extensive media and social conditioning that the only way to stop labour is to vote Conservative. SO, they will even vote for those cowardly and supine traitors to remove the labour traitors from power.
The only way to avoid tax increases is spending cuts now.
By definition nationalized banks are owned by the Government ! not the the friends of “the class warrior tory daleks”.
I think the Tory Toff’s like me don’t now how deep the hole McBrown and Darling Darling are digging is £175Billion, £250Billion, £400Billion ????? Will RBS, HBOS and Lloyd’s will never make this kind of money ?
Don’t expect the 3 large nationalized banks to help, the government could find itself losing 60 billion or more via these so called investments over the next few years.
ha ha ha ha!
the tories don’t want to talk about nationalisation of the banks.
cowards to a man.
HAHAHAHHAHAHAHAH!
FUCKING COWARDS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I am laughing my bollocks off at you wankers!
cut services you say when we could have enough income from the banks to avoid the worst of the recession.
you bunch of c.unts.
unfit for office.
Thick as Thieves.
Once again Socialists come on here spouting about nationalizing business then soaking their profits should read Mr Fawkes link:
“Commitments include 526.5 billion pounds of asset insurance, 250 billion pounds to guarantee bank lending and 154 billion pounds to take on the liabilities of nationalized banks Northern Rock and Bradford & Bingley Plc.
The government also loaned the Bank of England 185 billion pounds to finance a special liquidity program for banks. In addition, the central bank agreed to purchase as much as 150 billion pounds of assets with new money to lower borrowing costs through so-called quantitative easing.
Other state aid to the industry includes direct investment in U.K. lenders, assistance for customers of Icelandic banks and the bailout of Dunfermline Building Society.
The 1.4 trillion figure doesn’t count government pledges to stimulate the economy.
the norther rock bank has already repaid 14 billion to the taxpayers, william.
that means you are full of shit!
oh well.
The bankers (Goodwin, Hornby et al) were mates of Gordoom McDebt – they were in and out of Downing St like cuckoos in a cuckoo clock. The banks failed under regulations imposed by Gordoom mainly because McBust believed his own tripe about eliminating “boom and bust”.
How about offering Labour MPs a £625,000 pr yr pension to go early.? It must work out cheaper.!
If the Torys put out a manifesto, Gordon with swear it’s His, he will nick any ideas, as has been proved over the years.
Gordon is the most devious Politician ever.
With Great Britain sinking under the waves, He would still be standing on the top of Ben Nevis upto his neck in water swearing He was right.
They may get it if the manage to read to the end of this:
http://blogs.ft.com/maverecon/2009/04/darling-is-doing-his-best-to-clean-up-browns-mess/
Willem Buiter surgically takes apart the budget and tells of deep gloom ahead:
That wouldn”t even cover a new labour home secretaries porn expense fiddle.
I spoke to Alistair. He’s cleared it all up.
Growth will begin modestly in December. 1.75% increase.
Then it will rise in 2010 to 2.5%-3.9%
In 2011 it will rise a further 4,985,567%.
This neatly balances the books.
I asked if this was likely. He said “It has to be. It has to. Otherwise…”
It does not mean that the pound here in Britain, in your pocket or purse or in your bank, has been devalued
As it is St George’s day can we not cancel the Act of Union of 1707 and sent the Jocks back home.
Agree with Poster #2. Time to set up a Democratic parliament for the south. Just too supine to allow the minority to push the majority around….
Just for the record, us real Jocks hate the jock infested gummint too.
What does St George have to do with anything?
Some religious chap born in Izmit in Turkey?
We need a proper national fella (preferably not a saint) who we can celebrate on our national day.
As opposed to the patron saint of: Aragon, Catalonia, England, Ethiopia, Georgia, Greece, Lithuania, Palestine, Portugal, and Russia.
Doesn’t have to be a man, just a turn of phrase.
“Power To The People”
Cromwell would do it for me. And as the climax of the celebration we could recreate the sacking of Drogheda.
Ahhhh Drogheda, never fully recovered from Cromwell’s visit from what I can see. It does, surely though, have the tallest TV aerials in the universe.
Arise Saint Guido!
Saint Alban, the British proto-martyr, who died rather than do what the government of the day asked him to, seems like a good choice in the current climate.
Only if we can prosecute the for the crimes.
Broon claimed that this is a World Wide recession – sweet FA to do with him. It all started in America. He did not say that when he addressed Congress the two bit coward.
When he says it started in America he is flat out lying. This is a collapse of the UK and US banking Industry that comes about directly because of the policies of Gordon Brown. It was Gordon Brown that ordered a light touch regulatory regime for the banking system. That is why the banking systems of the World are based in London. The bank collapses started in London. The credit started drying up in London because the banks had no reserves. The collapses of Northern Rock and Royal Bank of Scotland (Gordon encouraged the ABN Amro takeover), further ruined confidence in the banking system, which collapsed Leheman Brothers. The banking collapse in the US started in September. Ours was well under way by then.
It was Gordon Brown that created tax havens within the UK allowing for $13 trillion of untaxed wealth to be settled in UK territories helping his new best pals the lefty billionaire set.
It was Gordon Brown that encouraged buy to Let because he stole from pension funds.
It was Gordon Brown that allowed a hyper inflationary house price bubble
Yet his placeman Alistair Dalek still spouts it was the US.
Sod calling i quantitative easing, Zanu NuLAb now has the economic policies of Zimbabwe.
Zanu NuLab is even hiding the cost of the loss t the public puse from those Councils that invested in Icelandic Banks. A policy Brown put in place.
The taxpayer gets a bail out of 2.5% off VAT, and money off cars that do not exist big woopee do.
Gordon Brown should be in prison for the economic mess he made.
His predecessor, Blood on your hands liar Blair, should be in prison for War Crimes. The US is admitting torture and starting a War Crimes investigation we should to. If the Cabinet was complicit in torture the whole lot should go down.
True, This was a direct result of Gordon Brown’s arrogant and irrational response to the BASEL II accord that mandated that banks increase their reserves when in the UK (thanks to Gordon’s light touch) our banks were reducing reserves. There was no way that the UK banks could meet the deadlines for making mandatory reserve levels and investors started pulling out of the London Markets in response to that.
BTW, we have had quantitative easing in the UK for years. All money is a valueless lie of an impossible to fulfil promise to pay the bearer on demand the sum of (x) pounds.
(x) pounds of WHAT?
Additionally every pound (created out of thin air) is created with a debt already attached to it. A debt that can never be repaid (by design) without the creation of more fiat currency with further debt attached.
I do hope thick as ……… has read this. Cat got your tounge?
We don’t want the fuckers back. You fuckers let them stay and profligate in Westminster, so it’s all your fucking fault.
And the Jock banks.
we need a coup?
no, we need some money!
or perhaps some gold… ahh.. oops!
More paper, more ink, more printers…
A new keyboard is winging it’s way to you so you can carry on ‘printing’ money.
Nope, we actually need to move taxation away from incomes and onto property (i.e. Intellectual and Land), and spending the tax raised away from government and back to the people (i.e. a citizens dividend).
With purchasing power raised by the above, peoples relative productivity no longer skewed and people not being punished for work and thus making available their entire productivity to society the economy will recover very quickly.
We then also need to then begin to raise the requirement for banks to hold reserves to stop credit bubbles in the future, or have competing currencies.
We could just sell the entire contents of the National Gallery, Tate Gallery, British Library, a few stately homes, Oxford and Cambridge. That would keep us going for a while.
The problem being that we’re using them for collateral on the debts we already owe.
It needs a financial genius from the mould of Robert Maxwell to find a way out of this one.
I’m your man.
Not my house though or my mates, or their tennis partners, or their fags etc etc
The people are the collateral for the Government’s debt. WTF do you think your birth certificate is? It is a bond!
strange for you to consider equality of tax contributions when you are against equal rights of Palestinians.
fuck off anticitizen, you are full shit.
can anyone else believe this fucking idiot?
Thick as pigshit, I’m afraid it is you that is thick.
You can’t even work out that nationalised banks are owned by the state.
When palestinians emerge from their feudal rabble and develop a civilised society then they’ll be treated as deserving of equal treatment, until then walling them off to shit in their own nests is the civilised thing to do as they have a habit of targeting civilians (a real war crime).
Soup kitchens are being got ready as we blog. Utter twats and this holocaust was predicted by most of us on your blog years ago.
And by some of us in 1975 when My hippy, raving, van dwelling lifesyle was made illegal.
I told everybody that would not listen:
If you let them do it to me, then they will do it to you!
And they have, haven’t they.
The United Condom, a Fascist country.
La Honte!
What wonderful irony that it takes an ex-druggie raver to save your arses!
CORRECTION:
1995 Criminal Justice Bill, John ‘Family Values’ Major.
Well, it is easy to lose 20 years when you are stoned, isn’t it?
Haven’t had a smoke in over a month, Ned, to much gardening to do.
Back to the onions.
The Guvnor says he will look after me when he is in the saddle on Fannie Mae.
He says the dollar will be worth a shed load of ££££££££ as UK inflation rips..
I was watching Sky News this morning, and on-screen there was a ‘debt-counter’, ticking at a phenomenal rate as it counted spiralling Goonvernment debt and borrowing numbers.
For those who weren’t able to mentally calculate the speed at which our debt is rising, Eamonn Holmes helpfully pointed out that it’s rising at £300,000 per MINUTE. Which got me thinking of a little song….
*”Whenever life gets you down, Mr Brown, and things seem hard or tough,
When your advisers are stupid, obnoxious or daft,
And you feel that you’ve had quite enoooooouuuuggggghhhh….
Just imagine that you’re watching this Government imploding,
And wasting eighteen million pounds an hour,
Debt rising at five thousand pounds a second, so it’s reckoned,
As Gordon tries and fails to stay in power,
The debt for you and me, and everyone that you can see
Goes up at seven hundred pounds a day,
And it makes you really think, at eighteen million pounds an hour
Just how much cash New Labour’s thrown away!
And just to bail the banks out cost two hundred billion pounds,
Our money thrown and wasted far and wide,
And Brown and Darling both must be spectacularly thick,
If they believe the voters can’t see how they’ve lied,
Six billion pounds of tax on all high earners ain’t the point,
When you borrow half a trillion in three years,
If we don’t stop all the spending of billions and billions,
Then our fiscal situation just gets worse!
The National Debt itself keeps on expanding and expanding,
To levels that scare most economists,
As high as it can go – two trillion pounds you know,
Three hundred grand a minute, New Labour really took the piss,
So remember when your savings look unsafe and insecure,
That Labour taxed us all for all we’re worth,
And pray they’ll be some sense on the next Tory Budget Day,
There’s been bugger all from this bunch of berks!
Dungeekin
(with apologies to Mr Eric Idle)
Quality :)
‘…some sense on the next Tory budget day’?! You have to be kidding.
Why do people think that a bunch of useless toffs is any better than the useless bunch of socialists we have at the moment?
It’s politicians and their parties that have to go – not just exchanging one incompetent set of fools for another lot every 5 years.
And what exactly will you be replacing them with BritishCitizen?
Bungo, Zippy and George?
Give us a viable, working alternative or shut the fuck up!
Excellent song Mr Dungeekin!
This is true to an extent, however at least the Tories will look after those of us who have worked and continue to work, and will cut back on the gushing torrents of our cash being spunked on the scroungers in the Labour heartlands.
got to agree, it’s cheeper for companies/individuals to buy parties than it is to buy 200+ individual politicians.
end the parties, take back the bank of englands manopoly, get out of the EUSSR.
What are you doing, Sime, talking to grown-ups?
Shouldn’t you be in school?
C**t.
Any post with the term “EUSSR” in it is not worth reading.
Toff is the best you can do is it? Pathetic.
To ‘Anonymous’ -
no, Toff isn’t the best I can do.
But speaking out of your arse is obviously the best you can do…
Yeah, but too many people have been conditioned (hypnotised) into thinking that they are different and that they there to represent us, to be able to see that labour and tory are just different sides of the same problem. They are both puppets of the establishment who are SOLELY in existence to take care of themselves and use us as collateral, NOTHING MORE.
We need local independents in Parliament. Free men and women on the land returning this island to the common law.
We only need to ensure that we never cause another human injury, harm or loss. That is the ONLY law we need. Does act X cause injury, harm or loss to another human? No? it not unlawful then!
The numbers are there NOW to do this. Labour won a 66 seat majority from only 22% of the public voting labour. Well, at least 40% of the public currently HATE labour AND the tories. That is enough to sack these establishment puppets in one democratic, peaceful and lawful swoop!
SIME : “And what exactly will you be replacing them with BritishCitizen?
Bungo, Zippy and George?”
NO, that is what we have got NOW in BOTH parties.
We need independent men and women of honour, integrity and capability. People who will represent the people who vote to put them in the commons, rather than represent the banking interests who have already ripped us all off for BILLIONS.
My God, if the current imbeciles and traitors in both parties in Parliament are the best we can come up with, we really ARE FUCKED!
No BC I left school before you were were an itch in your dads jockeys,
Now again…
Give us a viable, working alternative to our current democracy and parliamentary system.
As for being a Hoon you bet , and if you want to get base matey, if my mum was a hooker and so was yours mine would of got more customers!
Now answer the question or go piss on a tree.
I doubt that, Sime.
‘Bungo, Zippy & George’ (except that it was Bungle) dates you way after me and the Woodentops (otherwise known as Tories).
My dad didn’t wear jockeys, either. And he was bigger than your dad…
And it’s ‘would have’ or would’ve, by the way – not ‘would of’ you thickster.
I don’t answer the illiterate questions of pond life, so swim away and do us all a favour.
Good stuff, Mr Ned – like your style and totally in agreement.
Shows someone on here possesses some grey matter!
You have to step back and see the political system in perspective.
Just because it’s been a bad habit for a few hundred years doesn’t mean we can’t change it to work for the people instead of the other way round.
Trouble is, there are too many blockheads (like Sime) who can’t see beyond the end of their nose and just do as they’re told, because that’s all they know – like so many sheep.
Trying to work out how we can involve and engage the 40% you mention (and more), and build up some kind of movement that will work for real change.
Good luck.
Time for a government that will sit on the fence until Joe Public tells them to do something. We have them right here. Liberal Democrats.
Even their name is nicely balanced…
Genius.
Quick, someone send it to Eric. See if we can get him to recut the vocal.
apologies accepted.send cheque.
Exceptionally Brilliant. Have a gold star and go to the top of the class. Excellent *****
Good stuff, Mr Ned – like your style and totally in agreement.
Shows someone on here possesses some grey matter!
You have to step back and see the political system in perspective.
Just because it’s been a bad habit for a few hundred years doesn’t mean we can’t change it to work for the people instead of the other way round.
Trouble is, there are too many blockheads (like Sime) who can’t see beyond the end of their nose and just do as they’re told, because that’s all they know – like so many sheep.
Trying to work out how we can involve and engage the 40% you mention (and more), and build up some kind of movement that will work for real change.
Good luck.
Hmmmmm…..
As much I agree with many of the stuff being written, but would having “independant” MP’s would improve things?
Having lived in the Netherlands, were there are zillions of political parties/independants, I’m afraid that once people get power-then self interest rules.
Lairbour, Fib Dem’s and Tory’s are “broad based” coalitions and from a praticle point of view, at least don’t have to go through the endless negotiations on forming a Government- only to fall 6 months later.Imagine UK PLC being run by “individuals” with their “vested interests” trying to run a country?
The simple answer, is to get involved- how many of you are members of your local branch of which ever political party you follow? How many of you are idealogically motivated enough to stand up for what you believe? How many of you would stand for public office, even at parish or town council level?
The fact people can’t be arsed to hold their MP’s to account says something for the quality of democracy in the UK-perhaps if one or two more people got off their backsides and took an interest then perhaps we might have more “leaders” with backbone.
It’s easy to pop a comment on a blog- far harder to go out to the public and win them over and actually change things.
We need citizen referendums where anyone can start a petition on any subject, worded as he pleases, and if he gets say 1 million signatures then the government is obliged to hold a referendum. If the electorate votes for it then the government must enact it.
Question is, how high are our taxes going to have to rise to pay off this debt? Public spending cuts should take priority but there’s only so much it’s politically possible to cut.
On the newspaper review last night on Sky news, Kelvin MacKenzie was guest reviewer. He said two things:
When questioned what Gordon Brown should do, he said that Gordon should take a bottle of brandy and a gun, go to a quiet room, have a drink, then blow his brains out. The presenter went nuts as soon as Kelvin said it.
The public sector should be slashed, why should only the productive bit of the economy, the private sector, have job cuts?
He’d need plenty of time to aim at what is demonstrably, based on its’ performance, a rather small poor quality brain!
“The public sector should be slashed….”
Excellent – let me get something off chest a second. Here is one thing that sums it up for me.
This morning, the road to our factory (a place where one makes things – I’m thinking of turning it into a tourist attraction) was blocked by an articulated lorry that had got stuck. There are only two buildings down this road; ours, and an office owned by the local council, full of public sector employees.
Without exception, all of my staff just turned round, parked their cars half a mile away in a public car park, and walked in to work. Nobody was more than 5 minutes late. An hour and a half later, there was a queue of perhaps 50 cars stuck behind this lorry, virtually all belonging to the public sector workers, and each and every one of them was either sitting chatting to colleagues or feet up on the dashboard reading the paper. One was heard to remark “this is brilliant – getting paid to sit round in the sunshine.”
Bunch of overpaid wasters, the lot of them.
The 50% tax won’t make me leave the country now – I’ll just have to postpone employing someone to make up my shortfall. But I will consider it if this lot got in again. I could not cope with another 5 years of being dictated to by this corrupt, lying, two-faced, irrelevant, ignorant, lazy, disrespectful shower of shit.
“When questioned what Gordon Brown should do, he said that Gordon should take a bottle of brandy and a gun, go to a quiet room, have a drink, then blow his brains out. The presenter went nuts as soon as Kelvin said it.”
==========================
I would LOVE to have seen that. The mainstream media pundits are just as clueless and in the dark as the politicians. They haven’t got a clue!
Don’t worry. The plan is to inflate the debt away.
Get yourself a riffle find a nice grassy knoll and shoot the fat McHoon twat the next time he is the area.
I’ll be off to a Stassi education centre after that comment see you all in 40 odd days.
I dumped all my stocks the day that Brown succeeded in his coup; anyone with half a brain could see this coming.
I would have dumped my stocks anyway because I could see how things were going even without Brown becoming PM, but once he became PM I knew the game was up and that the collapse would accelerate and deepen.
I’m not a genius, I just know that you can’t spend more than you earn for too long without going bust. It’s a shame that labour and the BBC still don’t understand that logic.
Very wise, and here’s another top financial tip – buy wheelbarrows – you’ll soon be needing them to carry the “cash” required to buy a loaf of bread!
I’d invest in any company making tumbrils and guillotines.
And one that makes anything that can dig graves very quickly.
Gold bath plugs, riot shields and batons.
We need a month of Christmases to cull Broon’s Turkey Army. One in five (20%) work for the government; one in four (25%) in Scotland.
I assume you have a very broad definition of ‘work’ – are on the payroll may be more accurate.
….and about four out of five in NI.
Incidentally, on the topic of our Plantation cousins, why no audible outrage about McGuinness and Adams collecting £24k p.a. expenses from Westminster despite, on principle, never having taken up their seats there?
A funny manifestation of the notion of ‘principle’, but then in politics nowadays words mean what you want them to mean (hat-tip Rev C Dodgson).
Most MPs don’t turn up why should they miss out on the fun, anyway they are to busy removing kneecaps across the water.
Does that include armed servicepersons, the bobby on the beat or the overstretched NHS workers? Not the overpaid management or legions of red-tapers that blight the front line and drain resources but those people actually doing the job in hand.
Part of the Turkey Army consists of people on the dole who could work but won’t. It’s the old cliché about immigrants coming here ‘to do work the British don’t want’. There’s plenty of work for idle bastards picking vegetables and packing fruit, but of course they’re too comfortable living on the dole, so people come all the way from Poland and Romania to do the work instead. All their earnings go back home, while we have to pay taxes to support the dole. No bloody wonder the country’s bankrupt.
Hey, lets not be too hasty. These pickers are paid in pounds so they need to find something produced in the U.K. to convert them into currency used back home.
The problem is UK leaches not foreign workers.
Excuse my ignorance, but who is buying the gold?
Gordon is buying it back at a huge loss
I am.
Me too…had a lovely few hours at the SA Mint a couple of weeks back.
Leprechauns i believe.
Too right Guido!
Yesterday’s “smokes and mirror’s” tactics on taxing those who earn more than 150,000 pa might of enboldened the class war Trotsky brigade, but it does little else.
How does taxing 350,000 people make up the short fall-espcially if they are the ones who we are going have ask to bail us out?
What hasn’t yet been explored is the actual cost of borrowing this vaste sum of cash.
I’ve heard on Sky that the service cost will cost £50 billion, not too mention the interest payment.
Are these figures included in the cost of borrowing?
As for “investment”- how does £1.7 billion (which is more likely to be re-hashed money) even address the fastest rise in unemployment since records began? Looking how the DWP/Jobcentre Plus “copes” with relativly low unemploment, I fail to see how chucking more money without reforming it going to help?
The more people become aware of what this Budget means, the more UK PLC looks like a bannana republic.
At the risk of being thought pedantic, I think you meant…..’might have emboldened etc’.
I think he’s related to that “Grapes” fellow who commented here yesterday, Cato.
stand corrected
Not any old banana republic but Zimbabwe. The ONLY way out is by creating inflation – and plenty of it. The debt will be repaid by slashing the real ‘value’ of it.
Anyone who saves, anyone in cash, in time, will be annihilated. There is only one ‘out’. And it’s destruction of the people who do ‘the right thing’.
So typically New Labour.
In the New World Order, there are only two classes of people, the Elites, and the rest of us.
There will be no middle class
PS anything less than tens of billions makes you one of us, not one of them.
Endgame, Blueprint for Global Enslavement
They Live
We Sleep.
Anon, what do you mean could work? Have you ever tried to get a numerate or literate employee under the age of 50 these days.
I am beginning to say thank goodness for the pensions crisis, because the products of our current education system are HHU (hopeless, helpless and useless).
18 year old with B grade GCSE in Maths and one thinks that 1/6 is 60%, cant do long multiplication or long division and can’t tell the median of the series 8,9,11,13 and 17. A friend who is a chemical engineer tells me that new graduates can’t do basic chem eng calculations.
The rot set in with comprehensive education ( I am old enough to be the product of the selective system) which should have been reversed by Margaret Thatcher’s government.
The minimum wage has meant that we can’t have the sorts of jobs that this generation can manage in the private sector, and with a civil service which believes that all we need is the city and we can turn the rest of the country over to tourism. The only things school leavers can do are the non-jobs that are available in the public sector, which means we have to pay for them to idle away their time. Perhaps the person above who was complaining about the public employees sitting in their cars should be thankful that they weren’t in their offices wating even more money.
Maybe the MP’s should make some contribution to the economy they’ve put in such a state and forego all of their salaries, expenses and allowances for the rest of the this parliament.
??? We are screaming for over 50s, they are literate and numerate!!
Sorry, but the post above should be under Post 154
Lol,
Lloyds to axe 1000 jobs, that should cover the execs 50% rate
I hope they selected the reds….
Relax!
The new 50% tax rate for the rich will take care of the problem
The rich can look after themselves, if I had that sort of money I would leave the country. Like they will.
Like many, many already have taking their money, wealth and job creating businesses, initiative and innovation with them, to places it is needed, respected and not regulated, taxed to death or assaulted by a culture of mediocraty
Exactly – Kevn Maguire says so !!!! The election’s in the bag comrades !!!! Tax the rich until the pips squeak!!!!!!!!!!!!
Er…Toilets is not short of a bob or two himself, isn’t he?
Mainly Russia, Israel and China
The axis of evil, lolz.
Labour have put up a redistributive tax on Incomes above £150,000 a year. But the poor will not get a penny of this taxation on the rich! The Labour tax rise will instead pay for government debt interest that is a consequence of Labour’s economic failure. Labour are in effect taxing the “Rich” and redistributing it to the rich non-British tax payer in the form of Gilt Interest!
Labour economic policy seems to have decamped to the Mad House!
http://delivernothinglabourparty.blogspot.com/
The 50% higher rate won’t cover anything near debt interest – it will make tax revenues fall and deter anyone with money or talent thinking about the UK as a place to work or do business. We all get poorer.
Where did Alistair Darling come up with the 3.5% annual growth rate from 2011 onwards. Was it the result of complex scenario analysis by the Treasury’s super computers?
Probably not
Chancellor Darling mentioned, in interviews today including the Today show, that his expectation is that the world economy will double in the next 20 years – just where he comes up with that number was not explained.
However if you quickly run the following on your calculator or in Excel – 1.035^20 – it comes out as close to the desired 2 or doubling as you could hope for.
Probably just a coincidence.
“Where did Alistair Darling come up with the 3.5% annual growth rate from 2011 onwards?”
Political expediency.
What my old boss would refer to as an “AE number” (anally extracted). Or, as one consultant friend of mine puts it – “He’s MSU*-ing”
*making stuff up
Fourier transforms.
You draw a random curve and then, using Fourier analysis create a series of different period sin and co-sine curves, which, when added together match your original curve.
The sin and co-sine curves can then individually be labelled ‘Projected growth in tax revenue’, ‘Projected increase in pension liabilities’, ‘Effect of Global Warming’, Co-efficient of Bullshit’ etc as necessary to reverse engineer your desired outcome.
Then you stick it all in a ‘Red Book’ and base your entire economic policy on a pack of reverse engineered lies. This works just like the lies that gave us the Iraq War because as any public servant now knows – if they break ranks and reveal what lies the government is telling they will, at best lose their pension and at worst wind up dead. So all those complicit fuckers in the Treasury just keep their gob shut, keep taking their money and hold out for their pension, CBE, whatever.
And that, ladies and gentlemen, is how the economy has been run under Labour. There are any number of Treasury number monkeys who will know exactly how many times they’ve been told to go back and rework the numbers to arrive at this fantasy budget just as they’ve had to get used to doing for the last decade. But the fact that they’ve kept schtum so far doesn’t fill me with hope this time around.
On your computer open excel and open the “budget spreadsheet”. Go to the toolbar and find Tools\Goalseek.
Tell Excel to find the annual growth rate that allows you to balance the books by 2014
Repeat that number as often and convincingly as you can. Maybe someone will believe you.
More like “Grimms’ Fairy tales”!
The sole – repeat – SOLE – purpose of this budget is to get the slimy toerags off the hook of facing up to their own failure.
Any lie in the service of that end is allowable.
Substantiation? Look no further than the decision to postpone proper public sector cuts until AFTER the next election.
Risking the payroll vote is the one thing they will not do.
random typing on a calculator.
Never going to happen… too much has changed, and the chance of it happening based on disposable income giving liquidity to retailers, which translates to demand to manufacture ….
Manufacture in the UK is being shut-down during this recession for ‘restructuring’ – recession being the smokescreen.
The disposable income WAS the £150,000pa earners, who’re not impressed with the tax-hike, and now using that same disposable income to relocate and regenerate another economy.
Grrr!! Annoying.
The next-gen of £150,000 disposable incomes are saddled with student debt to soak up what disposable income they’ve got.
We’re in this for a lot longer than 10 years. The basic economics have changed due to Labour.
> The next-gen of £150,000 disposable incomes are saddled with student debt to soak up what disposable income they’ve got
Er, if they’re going to be earning 150K then taking out a 30K loan to allow them to get the skills to earn 150K is sensible.
(Useful) Education is one of the best reasons to borrow.
Darling is on crack, there’s no point wasting time trying to make sense of whatever bollocks he happens to be spouting.
The Treasury have run certain scenarios through the computer. When they put in 3.5% negative, this year, a little growth next year and 3.5% for the next three years, the borrowing figures came out at a level darling could get away with.
As I’ve said before, ALL establishment is now politicised. If you accept that, everything makes sense.
He took the Treasury’s rose tinted spectacles out, put them on, raised a wet index finger into the air, and uttered the necessary truth(s), forsooth!
As soon as he had finished speaking large numbers of “porcus porcus” were to be seen flying in lazy circles over the House of Commons, and every Mp’s second home.
Darling left the room whilst the model was being assessed
Brown then fixed the problem
Absolutely terrifying.
We thought the mismanagement of Labour in the seventies was dreadful – that was like being fleeced for your pocket money compared to this nightmare.
Yes, the problem is international – but who is at the reigns? Who had the opportunity over the past decade to save some of the nations wealth for a rainy day?
Labour. Neo Labour. Different decade, different slogans, same shitty outcome.
The country bankrupt & the Pound destroyed. Again.
This is what we get when we have a set of people who have never had or created a proper job, never run a business & never had to work in the private sector.
I hope the feckless & the lazy who have been turned into grateful welfare junkies & Labour voters realise that the font of public money will have to be turned off & they themselves will have to become economically active & contribute something to society instead of just taking.
General Election please.
ANYONE BUT LABOUR.
Careful, there, rrwm, last time someone said similar, i.e. “anyone but Blair” look what happened.
“This is what we get when we have a set of people who have never had or created a proper job, never run a business & never had to work in the private sector.”
You’d think that would make sense to everyone wouldn’t you?
But this lot (New/Old labour, Socialist, Communists) don’t want to grow apples. They just want to eat other peoples. Work is for the stupid.
It’s that simple.
The Tories don’t want to take over the country, and who could blame them? Courtesy of Gordoom this is the worst mess this country has been in for decades. And there is worse to come. It is a poisoned chalice.
Come on, now. Be serious.
This country is headed for riots and then ZaNu Lie Baah can avoid an election claiming that there is a natinal emergency. And we’re still stuck with Broon the Loon.
And this is the day I’ve been told by my mortgage endowment company that my projected shortfall will be 25%.
That bloody bastard Brown has screwed any chance I’ve ever had of paying off my house, and he also screwed my pension prospects when he was at No 11, (presumably plotting then how he could move next door), to the extent that I can probably never retire.
He and his incompetent, corrupt cronies really do deserve to be hounded from this country for ever. Their disgraceful antics while in power have made so many people like me far too angry for our own good. No wonder Blair swanned off just when he saw the shit about to hit the fan. Brown was too thick to notice that.
This is going to be a absolutely awful time for my business and my livelihood, we are in utter despair and we really cannot work any harder at what we do best – and we don’t make widgets either. Other people are much better than us at doing that.
Scrobs, speak to a lawyer. Many insurers have set aside substantial compensation for endowment shortfalls.
Chuckle, Chuckle, Yes, I also sold off your gold, and fucked about with your private pension.
But please don’t worry about me. I have my gold plated pension, and should get a handsome sum for my memoirs ” How I Fucked Up the Workers”. Should get good money with my lectures ” How I Saved The Galaxy” Also a nice job somewhere in Europe. And of course directorships on a few Bank boards.
I feel sick
I’ve paid mine off last Friday, I don’t have any kids and I don’t have any debts, but I still loathe Brown and all his scum with a passion for what they’ve done to my country.
Echoes what Muppet said!!
And me!
What is so annoying is that the bastard never kissed us before he fucked us! We really are doomed!
He obviously learned his dating technique at a Yates Wine Lodge in Basingstoke.
Exactly the rotten sod didn’t even bring any Vaseline, he just pinned us down and raped the shit out of us grunting and speaking about helping families. When he finished he just rolled over and shat in his pants :-(
So I saw channel 4 have some new documentary about children lost in the care system, the TV advert for it has them falling into invisible holes in roads, parks etc.
At first I thought this was a rather good advert for what Gordon Brown has done to the future children of this country. Would have been a good viral ad imo.
Odd that. When I saw that advert I thought is was going to be something about the next generation sinking in debt. Spooky.
Surely it is time for Brown to go. If you feel the same, sign the Number 10 petition on this topic:
http://petitions.number10.gov.uk/please-go/
Done.
Done
Done
done
Done
Did it two days ago. Only prob is that you have to validate via a live e-mail address so I’m expecting the thought police kicking in my door anytime soon.
He will not go though. If there was 30,000,000 signatures on it by 6 O’clock tonight he wouldn’t go.
Here’s a thought. This new top rate of tax; it’s being punted as a tax on the rich. But what happens when the result of printing money and running an economy on the never-never kick in? Zimbabwe like inflation is going to make makes everyone a “millionaire” and you’ll all be paying 50% tax.
Good point!
That’s the plan.
Never trust them.
Buy land, gold, dried food and vegetable seeds. Develop an ‘interest’ in clay-pigeon shooting.
Or emigrate. To Canada probably. Sure, it’s cold but they’re resource rich and they can balance a budget.
And run banks properly.
Everything is going according to plan.
And it was easy, wasn’t it?
I thought we’d agreed that was my plan, carried out by the trained chimp with eye problems.
He’s trained?
I see Pestons blog (BBC) is pointing out that Grade’s departure from ITV is bad for the future of the business… after one of the worst days in the history of the UK – Browns Budget – the BBC has gone totally into denial, just as their mentors have done.
Good riddance.
Another self-satisfied BBC employee then!
Labour’s Introductions…
Head – Ass
Ass – Head
Now which one does the talking?
Peston must be expecting the BBC’s image shortly to take a turn for the worse..? So who’s the new boy at ITV, and does he do a good line in whinging?
If they can’t sell the gilts, then they can’t spend the proceeds, and there will be no debt to be repaid.
We need to scupper the sale of gilts…
If animal rights protesters can shut down companies by bothering their shareholders etc – then surely we can scare investors off browns gilts?
Brown is unaccountable, can we make the purchase accountable?
Charles Hardwidge @ LabourLost.org:
“It wasn’t the scaffolding pipe smashing Cameron’s face in that I was hoping for but it could be the start of something wonderful.
Charles Hardwidge”
What a hoon.
Was that a Zen scaffolding pipe? Or a Feng Shui one?
Dunno, I can only read his posts for a few seconds before being violently sick.
The ones in Hong Kong are made of bamboo, thereby enabling Dave to take a quick and well-deserved toke on it as the thing whistled past his mouth.
Hardwidge is a certifiable nutjob. Lots of posts full of badly-digested philosophical and religious ‘thinking’. I assume he’s an auto-didact – hence the jumping around from Taoism to Marxism to Judaic legalism to New Labour cynicism. By auto-didact, I mean a Hoon full of his own ignorant self-importance.
His outpourings are the kind of thing you might smile at if offered in an essay by a first-year undergrad, before getting out your lucky red pen and having an hour of fun. That an adult could be so poisonously stupid does worry me sometimes.
Though looking on the bright side, every post he writes in support of Labour probably loses them a voter.
Just read in our local rag that Swale Borough Council has new Chief Executive. He only gets £130,000 a year. Lucky no extra tax for him then.
Since only two people live there, I wonder how competitive that salary is with his equivalent worth in the private sector?
Alistair Darling seemed to think the budget went down well as he was seen partying in Madame Jojo’s last night.
Not for the faint hearted!
Viz, as ever, has a word for that. A BOBFOC.
Or..
HRF (High Resolution Fox) = Looks good from a distance and looks good close up.
LRF (Low Resolution Fox) = Looks good from a distance, looks like a complete spanner set close up
Kronenburg girl.
16 from the back, 64 from the front.
BREAKING NEWS
Lloyds bank to cut 1000 + jobs over the next two years.
Why? apparently we will be heading to the land of milk and honey in October 09 according to that lying twat at the despatch box yesterday. Or maybe? just maybe? that was
‘gasp’
A LIE
I knew they’d go for this year, October Election?
http://www.thefirstpost.co.uk/47126,news,darlings-slip-of-the-tongue-gets-heads-wagging
Does Alistair Darling know something we don’t – or was it just a slip of the tongue? Appearing on the BBC Radio Today programme this morning to defend yesterday’s “class war” Budget, the Chancellor answered a typically convoluted question from Evan Davis with this: “Well I hope if I’m around in 2010 – I mean, er 2013 – we’ll see…”
Which has conspiracy theorists scratching their heads because it certainly doesn’t sound like a Chancellor who’s confident of being in office for next April’s Budget! And it supports a theory that’s been doing the rounds – that Gordon Brown might still call an election this October rather than waiting until May.
One Westminster spinmeister put it like this to The Mole: “It sounds mad, but think about it: the big danger for Brown in this Budget is that it promises jam next year; in other words, the economy will have to be recovering if he is to win a general election in May 2010. However, if he chose to go to the country this autumn, it would mean he could still be promising that the recovery is just around the corner.”
Naaah. June 3rd 2010 or whatever the last day possible will be. Micawber-like in his hope that something will turn up he lacks the decent attributes of the fictional character. Honesty, decency, that sort of stuff.
He’s just praying that something will come along to bail him out. A good fucking war with lots of home-grown casualties, thousand, millions ideally, to take our eye off the ball. He’d love that.
The fucking lunatic.
Brown and Darling are not going to risk doing another Budget next year that will really be a complete mess. Think about it, If Brown calls an election for next May or June and has to deliver an absolute shocker of a budget then they are screwed.
However they did the dumping of the crap now, 5/6 months for the public to digest and have the election in Sept/Oct, then when they lose come the next Budget, its on Osborne to drop the real real shi$.
This was the election budget designed to saddle the Tories with the crap.
I understand that the Argies are getting sweaty palmed over the Falklands again.
I can just see Mcmental sitting astride a Challenger II in a headscarve trying to re-produce that Thatcher magic……
The fucking lunatic indeed…
He does have a plan….
He wants to make this country so shit that no one in their right mind would want to govern it.
The longer he has, the closer he gets to his goal.
There’ll be a war alright. Coming to a street near you and soon.
Sheep don’t fight, they’re shorn then butchered.
Exactly what I thought. There is no way that they will risk another embarrassing budget where the figures will be even worse and the borrowing figures even more depressing, just before a general election.
Election will be later this year or early next. Or they’ll probably make it mid-March 2010 so the Tories have about two weeks to come up with a budget.
the longer they leave it, the worse it’s going to be for them.
Extremely doubtful. We know that when the Broon hoon has a chance he just bottles it. He’ll probably bottle next year’s budget, which suggests a March election.
Many a slip twix cup and lip but he probably thinks he’ll go in the reshuffle.
Financial Times: “Chocolate coins are now deemed safer than gilts” http://www.ft.com/cms/s/0/1e8cd910-2f57-11de-a8f6-00144feabdc0.html
“On Wednesday, for example, the cost of protecting five-year gilts was 95 basis points – meaning it costs £95,000 a year to insure £10m of bonds – up from 18 basis points last summer…
But if that is embarrassing enough, the cost of insuring the chocolate giant Cadbury was on Wednesday far lower, around 50bp. A company that peddles chocolate coins, in other words, is currently deemed a better credit bet than the British Treasury itself.”
The global markets don’t believe Darling and Brown. They see UK as riskier than a number of private companies.
Say goodbye to AAA rating and hello to even higher costs of government borrowing, requiring even higher taxation.
I think it’s called the death spiral.
Yesterday our so called chancellor said we would need to sell 220 billion of
debt to the market, but today according to Bloomberg this has gone to 318 billion. Where did the other 98 billion come from overnight, they also said the market may have a little indegestion with this, you bet they will. IMF here we come
Darling forgot to read a few paragraphs, he was a bit flustered.
Should have had that whisky after all….
Through a funnel and shortish length of hose……
The application is already prepared and in Darling’s “Out” tray.
One is £ the other is $.
Over 100% of INFLATED GDP! Just wait until we base down, as we inevitably must!
Do McBust & Badger think that their Bustget (sic) will really help!
All your base are belong to us.
Re the gilts sell off, or the gilts buyers strike.
Note that the govenrment is rigging the market to prevent the sell-off happening before the election, and it might succeed despite the 220 billion pounds that will hit the market in the next 12 months (almost 1 billion per working day!).
Not only is the BoE helping through its gilts purchases as part of quantitative easing (how wonderful that central bank independence), but also is the bank regulator helping Brown to sell his gilts since the FSA is about to require that UK banks stock up on gilts for liquidity purposes, with an amount that can easily surpass 150 billion pounds.
Interest rates will really start spiking towards the end of 2010, beginning of 2011.
Chocolate coins are now deemed safer than gilts
On Wednesday, for example, the cost of protecting five-year gilts was 95 basis points – meaning it costs £95,000 a year to insure £10m of bonds – up from 18 basis points last summer (albeit down from a peak earlier this year).
But if that is embarrassing enough, the cost of insuring the chocolate giant Cadbury was on Wednesday far lower, around 50bp. A company that peddles chocolate coins, in other words, is currently deemed a better credit bet than the British Treasury itself.
Yup, shorting Gilts during yesterday’s budget was a no-brainer. Not any more though…taking on the BOE is risky business.
back to bartering in a couple of years then
premium bonds anyone?
I’m leaving for Zimbabwe – better prospects than the UK now. At least they are starting to acknowledge the problem.
I’m all for shafting politicians, but could we have a bit more seriousness on the fiscal stuff. A trillion here, a trillion there, now you’re scaring me with real money.
Can we see a proper pic of that table — what does it actually show?
*If* the economy starts picking up within 9-18 months — a middling scenario, I hope — what is this bank bailout really going to cost? Asset prices should settle down and move off extreme/panic lows (but not back to extreme/euphoric highs); bank stocks should rise a fair bit, services will regain their footing (we might be in manufacturing hell, but we are still pretty good at making something out of nothing, and exporting this, which is far smarter and more environmentally friendly imo and has long been our specialty). Japanese manufacturers aren’t exactly happy at the moment and their economy hasn’t exactly been fun over the last decade.
So, what is the real middling liability for us, including the pension black hole, pfi BS?
Then, what can realistically be done to trim public expenditure, and what’s the gap against income? Strikes me gov’t urgently needs to be slimmed comfortably below 40% of GDP, and there seems to be a lot of fat, red tape, nonsense that can be stripped out. A lot of what is described as ‘investment’ is bs so far as I can tell — who are these businesses getting all this help (certainly not us…seems to be all about promoting a dependency culture for a business sub-class reliant on ‘grants’ and stilted public sector *procurement*…efficient/effective/equitable it ain’t)?
Which leaves £Xbn needed to bring that bloody debt down. So how much is X? My instinct is that cutting gov’t expenditure by 10%-15% in real terms could allow debt to be paid down and taxes sensibly rebalanced to promote growth and wealth creation. Perhaps even time for ultra-simple flat-rate tax and amputating all those ‘credits’ and put cash back in pockets — with the tax take so low right now, might even be the ideal time for a radical shift. I don’t think this would hurt Joe Public much, though the vested interests will scream and scream…
I guess the Tories have 2 years to do it, before they start getting election’itis and need to be showing results, so let’s hope there are far more closet Thatcherites than I can spot and the PR luvvies can live with being loathed for a few years as they wield the knives. God help us if Cameron is another Heath/woose…
They also need to be brave enough to call for reduced regulation; I tend to agree with the contrarians that the banking titsup had more to do with over-prescriptive regulation (gov’t meddling) in the US and UK than anything else.
I also wish the Eurosceptics could be a bit more balanced…we could desperately do with pinching a few good ideas from Northern Europe to revamp our educaton and health systems, to increase choice, standards, productivity, and accountability.
This is a good read and should help. Charts show public sector net debt and unfunded pension liabilities.
http://www.marketoracle.co.uk/Article10205.html
The truly staggering thing is that servicing the debt on £2-3 trillion is going to cripple the country. We will struggle to pay the interest and the debt will keep rising, meaning interest payments will go up.
The Tories think that it’s in their best interest to treat people like muppets like Nulabour and their media pals have. But noone I know is buying the ludicrous spin of paying on the never never. they’d do far better to expose the utter stupidity of darling and Brown’s lies.
While extreme incompetence, of which nulabour are clearly guilty, explains some of this, the crassness and irresponsibility of this government, shows that this must be a deliberate plan to bankrupt and destroy this country. There simply is no other reasonable explanation.
Watch out for postal votes.
Stop wasting time discussing the budget. Conservatives and lib dems should do their utmost to check the use of postal votes at the next general elections. Postal votes will be labour’s not-so-secret weapon to try and squeeze a hung parliament out of the elections. In 2 very recent labour candidate selections postal votes played a crucial role, while postal votes quadrupled in Glenrothes with the byelection last year, where subsequently the voters register went missing.
Guido would do well to organise a keep-tabs-on-postal-votes squad!
True.They would have no scruple in trying to steal the election if they thought they could get aawayway with it.Think Glenrothoes and the missing marked register.
Ah the old chopped off graph trick. The main thing is the punters seem impressed.
er…yes, the bit on the right is where we are now. Perhaps you’d like an “Alistair Darling” graph?
Just turn it the other wat around.
The daily mail estimates the interest on 175billion will be 28billion, unless our credit rating is downgraded.
Or interest rates go up.
On 11 May 1812, Perceval was on his way to attend the inquiry when he was shot through the heart in the lobby of the House of Commons by a mentally unsound man named John Bellingham, who blamed his financial instability on a casual suggestion of Perceval. He died almost instantly, uttering the words “I am murdered,” and Bellingham gave himself up to officers. He was found guilty and hanged a week later.
O Bellingham where are you now?
“Recollect, Gentlemen, what was my situation.
Recollect that my family was ruined and myself destroyed, merely because it was Mr Perceval’s pleasure that justice should not be granted; sheltering himself behind the imagined security of his station, and trampling upon law and right in the belief that no retribution could reach him.
I demand only my right, and not a favour; I demand what is the birthright and privilege of every Englishman.
Gentlemen, when a minister sets himself above the laws, as Mr Perceval did, he does it as his own personal risk. If this were not so, the mere will of the minister would become the law, and what would then become of your liberties?
I trust that this serious lesson will operate as a warning to all future ministers, and that they will henceforth do the thing that is right, for if the upper ranks of society are permitted to act wrong with impunity, the inferior ramifications will soon become wholly corrupted.
Gentlemen, my life is in yur hands, I rely confidently in your justice.”
do you think guido should set up a Bellingham Club?
Bellinghams still move among us. Confining their activities unfortunately to appearances on “Loose Women”.
tHIS IS THE REAL REASONWHY HANDGUNS WERE BANNED
Re handguns.
1. When you outlaw something, only the outlaws keep it.
2. A rifle is far more deadly and can be used at a far greater distance, which is why our infantry carry them instead of side-arms…missed a trick there, ACPO!
3. Politicians prefer their peasants unarmed.
Thanks mister. I’ve just learnt more than I ever could sitting through this tiresome social studies double period.
Im just off to Downing street to buy some gold.
That thick Hoon McMental always gives a good price.
Fucking one eyed knob toucher couldnt make a living selling water in a drought
Kunt
Its currently £614 per ounce. or £25 over the back wall at no10.
Utter, utter BASTARDS.
ot: but hahahahahha
Gordon set to music :-))
http://playpolitical.typepad.com/political_music/2009/04/gordon-brown-the-dance-of-the-comedian.html
The truly staggering thing is that servicing the debt on £2-3 trillion is going to cripple the country. We will struggle to pay the interest and the debt will keep rising, meaning interest payments will go up.
While extreme incompetence, of which nulabour are clearly guilty, explains some of this, the crassness and irresponsibility of this government, shows that this must be a deliberate plan to bankrupt and destroy this country. There simply is no other reasonable explanation.
Bye bye – I’m off to a far away land in the East. Probs for good.
The truly staggering thing is that servicing the debt on £2-3 trillion is going to cripple the country – tens of billions a year in interest alone. We will struggle to pay the interest let alone pay off any of the debt, which will just keep mounting up.
While extreme incompetence, of which nulabour are clearly guilty, explains some of this, the crassness and irresponsibility of this government, shows that this must be a deliberate plan to bankrupt and destroy this country. There simply is no other reasonable explanation.
Looking at Bernie Miliband in the House of Shame. Mrs ‘Nads has just taken her seat. Looks like a bag of spanners. Nodding like “Churchill” Oh yes. Can nobody in NuLab get themselves ready in a morning?
The head nodding vigorously is an old socialist meeting and debate trick. Essentially one simply ‘influences’ those around you by nodding in a pronounced fashion, with a very serious look on your face for ‘yes’ and shaking the head from side to side in pronounced and steady sweeps, mouthing or uttering but not quite saying ‘No” – this is believed to influence audiences.
I see a few people adapt lyrics to songs on your blog so I thought I’d have a go at reworking Dion’s 1961 hit – The Wanderer……
Well I’m the type of guy who will bring the country down,
Why records debts exists well you know it’s Gordon Brown
I spend the taxpayers money cause to me they’re all the same
I’ve squeezed ‘em and I squeezed ‘em and now they know my name
They call me the Squanderer , yeah I’m a Squanderer,
I go around around around around (with a begging bowl)
Well there’s Darling on my left and Cameron on my right,
And The IMF is certainly who I won’t believe tonight,
And when they ask me which one I love the best,
I tear open my shirt and I show McBride on my chest,
‘Cause I’m a Squanderer, yeah I’m a Squanderer
I roam around around around around hmmm (with my begging bowl)
Well I roam from town to town,
Pretend we haven’t got a care,
And I’m as much use as a clown,
Got a clunking fist of iron, but we’re goin’ nowhere.
Yeah I’m the type of guy that splashes cash around
All to no avail and yet I want more to be found
And when I find myself borrowing too much
I deny it is a problem I am so far out of touch
And I’m a Squanderer, yeah I’m a Squanderer
I’m gonna bring the country down and down and down
Quality
Brilliant, where is the You Tube vid/cover version?
You’re hired.
Excellent!!!
According to René Martin Pillet, a Frenchman who wrote an account of his ten years in England, the sentiment of the very large crowd that gathered at Bellingham’s execution was:
“Farewell poor man, you owe satisfaction to the offended laws of your country, but God bless you! you have rendered an important service to your country, you have taught ministers that they should do justice, and grant audience when it is asked of them.”
A subscription was raised for the widow and children of Bellingham, and “their fortune was ten times greater than they could ever have expected in any other circumstances”.
So, if do in MacShit – and trust me on this -I’d love to top the fucker, will someone organise a whip round to look after my family?
I offer a cadburys gold coin
Two if you gut shoot the Hoon
Could have been a good parting shot for Jade…
Make sure you get it on video so we can enjoy it again and again, Caucescu style.
[...] From this day to the ending of the world, But we in it shall be remember’d; We few, we happy few, we band of bloggers; For he to-day that shares his comments with me Shall be my brother; be he ne’er so vile, This [...]
I think I’ll just stay a-bed and hold my manhood cheap.
F Times: Chocolate coins are now deemed safer than gilts
“On Wednesday, for example, the cost of protecting five-year gilts was 95 basis points – meaning it costs £95,000 a year to insure £10m of bonds – up from 18 basis points last summer (albeit down from a peak earlier this year).
But if that is embarrassing enough, the cost of insuring the chocolate giant Cadbury was on Wednesday far lower, around 50bp. A company that peddles chocolate coins, in other words, is currently deemed a better credit bet than the British Treasury itself.”
Markets now deem UK a worse risk than many private companies.
How long can we keep AAA rating? Soon govt. debt will be even pricier and up go taxes yet more.
The death spiral…
Dude, MacDonalds has a better credit rating than Labour’s UK! Sort of also means that it’s employees (company human capital) are also more valuable and productive assets than the UKs client state ‘workforce’.
Puts the insult “Billy No Stars” into a whole new light.
Apologies for re-post. Thought lost. Didn’t realize it was being modded.
Good Time to buy gold – as the prices go down with a flood on the market, and just before the pound hits hyper-inflation.
Anyone give a decent guess on what triple figure inflation the UK can expect?
25% ?
Triple figure, Schoolbrat….. State education at it’s best !
The average family has a mortgage of £100,000. According to Alistari Darling the average family also can expect to have a further £70,000 of government debt around its neck by 2014.
If we were to drag McMental to the scaffold Im pretty sure that the gurning idiot would be smiling and waving all the way imagining that the braying crowds were on his side.
Then he would piss his pants as the noose was slipped around his neck.
Im also pretty sure that his beard would feel relieved that the turkey baster duties were over.
The smiling and waving would only occur should the Albert Pierrepoint have “smile” and “wave” cards at the ready, of course.
Not forgetting the ‘clap’…which he richly deserves.
While we’re in verse mode I give you
‘The Gordon Brown Song’ by Gilbert and Sullivan…
I am the very model of a total fucking imbecile
I’ve heaps of information that I’ve plucked from out my arsehole
I care not for the facts or the outcome of my actions
I lie and scheme and double-cross the many Labour factions
I’m not at all acquainted with matters mathematical
I understand fuck-all about things that may be factual
About balancing budgets I haven’t got a clue
But I am of the opinion that any made up shit will do
I not much fucking use about economics either
So I lie my fucking head off to confuse you stupid bleeders
In short in matters mathematical and economical
I am the very model of a total fucking imbecile
Britain will be left with a £140billion black hole in public finances which is impervious to economic recovery once the recession ends, experts warned today. The Institute of Fiscal Studies says nearly all of the £175billion the Government plans to borrow this year will be ’structural’ and remain in the long-term. The devastating analysis emerged as Gordon Brown and Alistair Darling faced a fierce backlash over their shocking ‘fantasy’ Budget.
http://www.dailymail.co.uk/news/article-1172544/Britain-faces-140bn-black-hole-country-crippled-Labours-disastrous-decade-debt.html
Actually the photo included in this report would be great for the caption competition. My suggestion is:
‘Well the last time I did this it worked and I got loaves and fishes’
It’ll be far more than that unless we take a hatchet to public sector pensions and pfi. We’re currently talking £2-3 trillion of liabilities. The interest alone will be crippling.
In the news today is an article about ‘clean’ coal fired power stations. These take advantage of a new way to negate the harmful effects of CO2 – called Carbon Capture Technology.
The gas is liquified under great pressure and then pumped underground to a depth of least 800 metres where it can be stored for thousands of years and trouble us no longer.
I suggest we apply the same process to this rotten Labour government.
Typical ZaNuLabour – create problems for future generations.
The most nausiating thing about this budget – asside from the fact that it is fiscal suicide – was watching the gormless, grinning, gurning one eyed mentalist squirming in his seat as Cameron tore his doe eyed puppy Darling to shreds, and finaly laid bare the total, utter shit storm of trouble that this bunch of clapped out neo-marxists has got our country into.
****
The postal voting system here in Great britain is causing alot of us great concern.
Those cheating bastards are not above usurping the process to cling to power, or worse to give us a hung Parliament.
The slightest hint of foul play that brings Labour a result that is completely against the public mood & the polls would not be acceptable at all.
As I am white, middle class & have no criminal record, I expect the Police (or the Paramilitary Wing of Neo Labour as they are now known & proven to be) will no doubt come down very hard on the likes of me when we march on Westminster again, should it be necessary.
I remember the Countryside Alliance march – I remember the violence & intimidation meted out by the Paramilitary Wing of Neo Labour – & I also remember that the Guardian & the BBC said nothing.
It seems Police brutality is completely acceptable when it is against white, middle class Conservatives.
I was there – the and blood flowed from the heads of peacefully protesting country folk!
The police panicked and the red mist rose; 80+-years old ladies were roughed-up and assaulted.
The IPCC held an investigation – bugger all happened – total disgrace!!
The Mail (on Sunday?) printed the images on a centre-spread – completely awash with red blood! This centre-spread should be re-printed by the Mail!
The temperature rises – we want our Country back!
NOW
After all we now have laws to legalise discrimination against the male white hetero male; something to do with making the workplace a fairer place or something.
In yesterdays pack of lies the Treasury predicted that the economy would shrink by 3.5% this year, but would grow by 1.25% in 2010. Yep. And the recovery would start in the first quarter of 2010 apparently.
So overall the UK will ‘grow’ by about 0.3% per quarter in 2010?
0.3% is a fucking rounding error. Brown just managed to rig the start of this recession by fucking with the figures so that the Q1 2008 figure came in at 0.0%. He was literally a few hundred million of unbanked taxes or unpaid invoices away from being a whole three months earlier into recession. What luck eh?
I wonder how many times he had to send the ONS back to come up with that result. Likewise this ‘recovery’. Any artifice will be pulled to ‘bank’ a 0.1% ‘recovery’ in Q1 2010 and then it’ll be P45’s all round before the Q2 figures come out with something approaching the truth and then the Labour monkeys will all be jumping up and down screeching and throwing themselves at the bar of their cage blaming Cameron for the woeful Q2 results.
Just watch.
Next, they’ll tell us that there was a mistake when the Gregorian calendar was introduced and that they’re going to knock three years off. That might make the numbers work for them.
Perhaps the crowds will take to the streets, shouting ‘Give us back our 11 years’.
0.1% and 0.3% is a fucking lot when you use it in conjunction with the sinkhole of our national finance…. probably not as big as Mr and Mrs Smith plug and porn fund or indeed that of any of the greedy cnuts
We are selling up and stashing our equity and renting. Seems sensible under the circumstances.
Stashing it where? And at what rate of return?
That’s the $64,000 question! (excuse the pun).
Maybe convert it to another currency and stash in under the mattress!!! Or buy shares in chocolate as people will need to comfort eat ALOT in the months to come… who knows.
Advice welcomed!
Lots of unwanted Easter eggs going… no-one’s a Christian anymore, since the Archbishop of Canterbury revealed himself as a pagan.
Do what I did.. dissolve assets and move out into the Eurozone but leave your debts in Sterling! Voila. Double Bubble!
I cannot believe the arrogance of Ed Balls when Cameron pointed out the size of the debt, ‘So What?’
That was jaw dropping. The enourmity of it.
This ‘thing’ makes Hoon look positively human.
I thought Gordon was nuts – Balls even makes GB look sane!
What’s worse – nobody seems to care!
Balls was implying he had made his pile and couldnt give a shite.
So?
Is he modelling himself on Dick Cheney?
What a vile little twat Balls is.
Its the Union erm, dividend.
The bigger the debt, the deeper the crisis, the happier that f@ckwad schemer Balls and his Bride of Frankenstein missus are. They’re hoping that the electorate will blame the Tories for the hard years to come, allowing them back in in 2015.
Spot on – the coming elections may well be a case of winner’s curse! Debt to GDP will stand at 100% in 5 years time. And the only one buying gilts will be the BoE, the UK’s off-balance sheet vehicle.
But wait a minute…
What’s this I hear coming across the news wires? We might just be panicking a little too early.
Let’s hear what our ‘leader’ had to say today:
—–
Prime Minister Gordon Brown called for a talent challenge around the country today as he defended the decisions made in the Budget.
Mr Brown said Britons needed to show their skills to the world and insisted that it was right to be optimistic about the future.
“These are tough times with difficult challenges but we’ve got the talent and opportunity to come through this,” he said.
Speaking at a hastily arranged meeting at the Prince’s Trust in central London – which was set up within the last 24 hours – Mr Brown alluded to new Scottish singing sensation Susan Boyle when praised shows such as Britain’s Got Talent.
He said: “What I like about these shows is that people can come from nowhere and show that they’ve got the talent.”
He called for a “talent challenge around the country” and said: “Let’s look at what we’ve got to offer.”
“………but don’t use me as a role model.”
No good looking in westminster, tht narrows the field a bit.
when you’ve fucked everything else up look to moron television to strike a chord with the ever degenerating masses of labour scroungers.
Can anyone explain precisely what the Tories would have done differently in this crisis? Let the banking system fail perhaps?
For starters they wouldn’t have kept interest rates artificially low by removing house prices from inflation index used to determine interest rates. That decision by Brown caused the massive boom in house prices which lead to insane speculation.
OK so was that official Conservative policy? Please link to a policy document that the Tories wished to use the RPI as the official measure of inflation.
Secondly there have been systemtic shortages in housing stock in the UK – back in the late 90s what policy position did the Tories advocate on this issue?
Thirdly, even if housing boom had not been as bad isn’t this crisis much deeper and linked to how risk has been mismanaged buy banks and other players in the City.
When did the Tories call for better regulation of these all of these completely unregulated markets in credit default swaps etc?
Fourth and finally even if the UK had persued, in your view, the very soundest of policies, would not the UK still be massively effected by the US credit crisis?
Honestly I’d just like to know from someone more informed than I (I’m a scientist) as to what, fundamentally, would have been different had Conservative policy – as stated at the time not with 20-20 hindsight – been followed.
theodore – Brown took house prices OUT of the measure. He CHANGED the previous policy, which meant interest rates and therefore easy credit were kept artificially low even though there was rampant inflation in that key sector.
Housing stock shortage? A complete lie. We have more than enough property in this country. Trouble is that Brown’s pyramid scheme in property meant new entrants were priced out. We have a MILLION empy homes in this country. We have a large number of people owning several properties for buy to let. And that’s AFTER the unbelievable levels of economic immigration we’ve seen under nulabour. We have a shortage of affordable housing – a completely different issue.
When did the CDS market get so big? When nulabour were in power. It was relatively small fry before nulabours neocon friends were established in the White House. And it’s no good blaming the opposition for the policies of this government.
Finally, the UK would of course have been affected by a crisis in the US – but we are now worst placed according to the IMF. We will have the largest debt per capita of any western economy. And the reason for that is because Brown and Blair deregulated the system – doing what their US masters bid them to do.
They are responsible and anyone who stays in the UK will be paying for this for a very, very, very long time – decades.
And
thieving bastard nulabourites
What you said. Bang on the nail.
Absolutely. The other big change was the ‘basket of goods’. With the addition of electronic goods such as walkmans, which are at a stable price which skews the inflation index. After all, how many walkmen cassette players do you or anyone buy a year? Or is it years between purchases.
The inflation value become a political tool, completely, and unrelated to reality to suit Boogy Brown. This is why the real inflation last year was about 30%, but the indexed inflation is about 2%. The difference between reality and political spin.
Says it all – Labour even spinned the inflation rate, funny cos the shoppers noticed and there was a lot of anger about it at the time, the politico’s were wrong, anyone doing the weekly shopping saw that, and maybe for the first time realised what Labour was upto (maybe – but don’t put money on it).
Yup, remember at the end of the 70’s the Tories used the cost of a loaf of bread as an indicator of inflation. It’s a good indicator as it mirrors what people actually have to spend on food.
Since 1997 the cost of a loaf of bread has TREBLED. That’s a real inflation figure closer to 10% a year.
Since 1997 I have seen my wages treble, yet I’m no better off than I was 20 years ago. In fact I’m worse off. By artificially skewing the figures they’ve hidden the fact that the UK is one of the most expensive and most taxed countries in the world.
Crisis? What crisis? I like to believe that any prudent government would not have marched the UK into this orgy of debt in the first place.
Indeed any prudent UK government should have had Bush on the blower warning him that we’d had just such an insane property boom ourselves just a few years ago and it didn’t end well.
Instead we had the Blair/Brown/Bush axis of idiocy.
jgm2 OK but Bush was the head of a right-wing government – so do not the policy errors cut across such easy ideological devisions?
I didn’t mention any idealogical differences. This truly was a ‘perfect’ confluence of idiocy.
The yanks are rid of theirs. Our idiots are still in place gurning like idiots as they ram-raid the gates of financial hell.
Got to put you right here, as I have been in the USA for the past 25 years. It was the Clinton regime (Democrats) who “forced” the US banks to lend to all and sundry, including those who could not afford to repay the loans in their lifetimes. Still, for many of those folks, it sure beat living in a double-wide trailer (for British eyes, read two caravans joined side by side, wheels off).
This was the “social democrat” way of levelling the playing field. Obviously, this idea never works anywhere. As they say, give a man a fish and he will eat for a day, show him how to fish, and he will eat for life.
Guarantee all deposits in the 2 Scottish banks (HBOS ,RBOS) in accounts transferrred to the BOE.
Then send in the liquidators.
The Scotch banks had failed.
It would have cost us far far less than keeping those two useless institutions in existence.
But Scotland is Browns back yard so it couldn’t happen.
You’re going to make these people really, really angry if you keep using logic and reasoned argument.
More budget lies exposed here : http://www.theregister.co.uk/2009/04/23/darling_budget_offshore_wind_analysis/
by The Register, a Techy web site
Looks like the climate change levey will be extended to household bills.
[...] This post was Twitted by BuilditFaster Bailout : Gordon’s £1.4 Trillion Fail – Guy Fawkes’ blog http://bit.ly/14zFOw http://twitter.com/BuilditFaster/statuses/1594294600 This ping back was generated with the http://real-url.org free Twitter back pinger! This is an automatic message, nobody red it before so sorry for bugs. [...]
Labour spin and lies….surely not.
Anyway at least I can say told you so to the naysayers who pooh-poohed the idea that if they got into power labour would insert a pineapple, twist and then tell us that we’ve never had it any better. It only took a decade which is some going considering the strength of the economy they inherited. I have never voted for them and never would due to my not too pleasant memories of the last time they fucked us over. Blair (or should that be B-liar) claimed victory over what was then deemed to be a sleaze ridden government by spin, lies, insincere promises. Since then they have run their government on sleaze, spin , insincere promises and greed. Sorry did I forget to mention incompetence? Add that one to the list. The only people who truly seem to have flourished under their criminal existence seems to have been those members of their club with the largest expense accounts and the scrounging classes.
and @229. Stash in mix of Gold, USD and Euros. No denomination over 100. Gols in coins no more than one ounce. Kruggerands are IMHO the best (they are still legal tender, as well as bullion value).
Your portfolio must have fattened up, after Gordo’s budget yesterday.
Buy me two dinners you ungrateful swine.
I am the leader of the gang ( I am )
I will be their brilliant Chancellor of the Exchequer and Jockstrap of last resort.
War baby War….. Every major downturn has been followed by conflict. Pretty soon we will see a new “crisis” developing and this will inevitably turn into a conflict. This will help justify the Orwellian measures being ramped up even further and maybe give these criminals the chance to declare their state of emergency.
Not only will they mortgage our kids future, they will be shedding their blood too.
Far fetched? 8 years ago on a very early talk show I listened to some guy spouting on about something called The New World Order. I thought I was listening to a complete fruitcake.
Then I watched Zeitgeist last year (on Youtube)
Is it true that British troops have been asked if they’re willing to fire on (British) civilians ? Anyone got a link ?
Found a couple of things
http://thejournal.parker-joseph.co.uk/blog/_archives/2009/3/2/4109792.html
http://www.express.co.uk/posts/view/86981/MI5-alert-on-bank-riots
“Were that to be the case, the Government has a contingency plan to deploy troops on the streets of Britain’s major cities.
A senior source said: “This is a very real, and very serious, problem.”
Try iwillbelieveanything.com
Gordo has his eyes on the Balkans…….
Sorry, eye (singular)
The HoC have a debate on the budget schedule for next week. Is it possible to use the debate as a mechanism for getting a reversal (e.g., force the government to cut spending)?
Its seems incredible that this government, on its way out, can exact so much damage in a budget – and that there’s nothing we can do about it.
Bring back David Abrahams and Lord Levy and there would be no need for all tihis silly borrowing by Prime Mentalist.
With DJ Tom Watson going heavy Gary Glitter a mood of doom and gloom would quickly depart No 10.
What is the Conservative position on tackling the recession and the risk of Depression?
Well if they do the exact opposite of what Darling and Brown are planning, they’re sure to be in the right track. I’m not sure how the current shower bankrupting the country could be considered anything but lunacy.
Honesty
Why does George Osborne remind you of Kenneth Williams?
“‘Ere, stop messin’ about”
Haven’t you got something better to do with your hands sonny?
And at least Julian and Sandy were entrepreneurs
It’s curtains for Labour now. I can’t see them wanting to go through another mauling like the one they had over the budget. If they hang on another year someone (it may not be Darling) will have to stand up in front of the Commons, and indeed the whole nation, and explain away ANOTHER overly-ambitious year’s predictions away, and even more pessimistic forecasts, weeks before a general election. If the country’s debts look horrendous this year, they will look much worse next year.
Meanwhile, tighten your belts everyone. Things are going to get tough. Use the car less, drive it more carefully, buy your booze on the continent or brew it yourself, and postpone the purchase of that new lawnmower for a year or two.
Hold on guido , i dont like the look of this ??
so the goverment borrows and they are called guilt bonds , ok with you on this .
the BOE then buys up guilts ???
the BOE then prints money (sorry increases ledgers) to buy up the guilts ??? ia loans to commercial banks ?? who then own the guilts ??
this is some sort of mistake , if i get your drift unless the goverment reduces spending , the guilts lose value as they become more at risk if the economy doesnt perform as darling says and he requires more debt .
i read on dizzy that he cant really see where the recession is , could that becasue the real recession is a high risk bet 12 months away .
i appreciate we are talking about wealth here , but as far as i can see the productive capacity is being spent from the future .
if what your outlining is right , this is a sort of ponzi scheme capable of devaluing everything and converting any ecnomic frowth in to debt servicing for many years to come .
yes it is a giant ponzi scheme. The government is also forcing banks to have more gilts – so if they become worthless the losses for the banks – and therefor the taxpayer – will be even greater.
You really couldn’t make up this level of complete stupidity.
McShite’s borrowing is like a spendthrift partner in a divorce. He knows he’s out of the family home soon, so out of sheer spite he gets the house remortgaged and spends the lot on fags, tarts and booze.
Meanwhile stalks his partner and making up nasty stories about them. The injured party in this marriage from hell? You and me.
Unfortunately the Tories support the bailouts too – so what can we do?
O/T But
What really annoyed me about the budget was not the size of the PSBR, which was not a surprise, it wasn’t the humping that Brown will try and give me by abolishing my personal allowance and trying to tax me 50% on my income, it wasn’ the lack of cuts to pointless govt spending. No, what really fucking annoyed me was the sight of the fat, bag of shit grinning like a wanking jap when Cameron was giving his riposte. I have no idea what shite Cameron was saying as we has the sound off, but tell me this. WHAT SORT OF FUCKING MENTALIST SITS THERE SMILING WHEN HIS SHIT SHOVELLING CHANCELLOR HAS JUST ANNOUNCE HOW BADLY HE (BROWN) HAS FUCKED THE PUBLIC FINANCES. IF I SAID TO MY BOSS / SHAREHOLDERS I HAD JUST PUT THEM ON THE HOOK FOR £700BN of DEBT, I MIGHT BE LOOKING AT LEAST A LITTLE CONTRITE BEFORE THEY FIRED ME. WHAT A Hoon.
Guido, please take the moderation off for a second. I need to call him a Hoon
At the risk of sounding too sensible and not nearly scaborous enough, I thought I might contribute something at this point
1. dungeekin: nice rewrite. Would be amusing to listen.
2. I consider myself as a left-wing libertarian (yes, it is possible) and I look at current circumstance and see that even though we’re going to be left eating an enormous shit sandwich fo rthe best part of the next decade, I’m not seeing any fantastic alternatives. The potato-faced oracle that is Cameron and Osborne seem remarkably short on ideas; worse, the ideas they are having seem to mirror pretty much was said in thr early 1930’s, which didn’t help then either. We’ve gone through the seismic ideological shifts of Keynsianism and Friedmanism. In the end neither was entirely satisfactory, and we find ourselves here now, unsure of what economic weapons to marshall against horrible circumstances. As a result it appears no one’s got a fucking clue what to do. Take your pick guys, none of the ways suggested are painless. In fact, they are all awful. Deal with it. And possibly organise a banker pogrom.
3. It’s easy to blame Brown for what’s gone on (so I will in part), but neither George nor Dave can throw shit with impunity. Who was there in the Treasury when Lamont had to eat dirt on Black Wednesday? Whose ideology dergulated the markets and laid the conditions for all this chaos. Labour’s crime was not to do this (they didn’t), but they signed up to far too easily to neo-classical supply-side macroeconomics and didn’t make things any better. As a result the culpability is shared across the board. In the end over the last 30 years, the whole political class was effectively down the dog track with our money, betting it on ludicrous ’sure things’ and pissing it all up the wall. Thanks a bunch.
4. The political class is clueless, existing in an increasingly disconnected sense from those they are supposed to represent. The whole Westminster culture is becoming increasingly hermetic and incestuous. And the hilarious, doom-laden media coverage doesn’t help. A decade ago, Chris Morris was satirisng the media on The Day Today. It wasn’t suposed to be the manual for how to spasticate news coverage that it has become.
5. Too many politicans of all parties are just careerist. The perfect example was Stephen Twigg, who took the Enfield seat held by Michael Portillo in 1997. I know that when I was student back in 1991-92 time, ST was the president of the NUS. In 4-5 intervening years all he’d done was work as a researcher for the Labour Party before getting on the list for Enfield and winning. And then, to further his career, he’s locked into the cycle of preferment and arse-licking that comes from being either a thrusting back-bencher or a junior minister, knowing that losing your seat is likely to be a major career blow (q.v. Oona King). So, when can he open his mouth and say the slightest thing off-message? Never, that’s when. The Conservatives are not immune from this either already and things will be even worse if Dave wins the election, as now seems likely. It’s not like I favour a return to rotten boroughs but having MPs like Heseltine or Alan Clark, who could stick a digit up if they disagreed with something are few and far between.
6. Pissed myself laughing at responses to the 50% tax rate, “we risk discouraging the highest earners and the brightest form staying in the UK” Yeah, becasue lots of the financiers and bankers who fell into this category made such a great fucking job of managing the financial system. Where else would they go? Do you think there’s still a level of denial in some places that all this is happening?
There, I feel just a little better now.
‘The gilt market will revolt sooner or later. Darling’s fantasy forecasts will be rejected by those of us in the reality-based financial markets. The numbers are horrific. Bloomberg’s Andrew MacAskill has totted up the cost of the bailout as £1.4 trillion. That is over 100% of GDP.’
Spot on, Guido old chap. Yesterday I commented that I feared the nation would go bankrupt. Today I’m pretty certain that the percentage chance is something in the order of 75%. The remaining 25% of possible doom-avoidance isn’t helped by the strong possibility that the Taliban will fairly soon take over Pakistan, following which we will be facing a type of unavoidable military commitment (due to probable war scenario which we will be unable to avoid getting sucked into) which may well involve conscription of our mostly feckless and benefit-dependent yoof.
This financial crisis is even worse than Labour caused in the 70s and even the 30s, so we know what to expect:
Predictions:
1. There will be civil unrest on a massive scale, including clashes between the BNP and whoever the latest Trotskyite bunch are.
2. After 5-10 years we will still be in massive debt. The traditional way of resolving this is war, and I mean proper war, not piddly little sideshows like Iraq and Afghanistan (with due respect to the lads serving there). This time it is likely to be between the UK and USA (with lukewarm European support) against the entire Islamic world.
3. The barter economy will re-emerge, to avoid the massive tax increases that are inevitable sooner or later. The first person to build a website to incorporate barter will make a fortune.
4. If it is not too late, deprivation, depression and war will once again bring out the true greatness of the British people.
Much of what happened in 1975-77 was caused by the inflationary pressures bottled up by three day week, the olil crisis and miner’s strikes. Whose watch were they on? If Treasury calculations given to Dennis Healey had been correct at the time he probably would not have needed to go to the IMF (if you believe him. I do, seeing as he has been fairly honest about much else at the time). Ironically of course, the measures introduced as a result were the first dubious flowerings of the ’supply side economics’ touted by Friedman and espoused by Keith Jospeh and later Thatcher. So the economic mess that you say Labour caused wpuld have been the result of what would prove to be Conservative policy. The major problem was that Labour never fully resolved its twin roles of bastions of union representation and party of power. Some future Conservative legilslation would help. Some of it was reasonable. Some of it wasn’t.
One of Thatcherism’s principal problems was the project to effectively destroy unionisation (how hollow her Francis of Assisi quote seems now, with 30 years of distance to view it). It has plagued industrial relations in this country for decades. Thatcher did not make things any better, merely entrenched already exisiting positions, finally enjoying an ultimately phyrric victory when huge quantities of our industrial base were destroyed; we inherited a manufacturing wasteland. And only now are we starting to feel the side effects, after our economy placed too much emphasis on the UK’s role as a financial service centre. This si something NO government since 1979 has sought to discourage, whatever their colour. All of them are guilty..
It also strikes me that too many people are hoping for foment and civil unrest. Dangerous given that this would be a perfect excuse to further introduce poilicies that would curtail civil liberties.
If G Brown is as clever as we have been told he is, we would not be in the mess we are in at the moment and given that we are in a mess, he would admit that he is a failure, albeit a clever one, and resign. However, as he will not resign, he is either not so clever, or to be more specific, he is so stupid that he does not understand that we are in a mess, in which case he should resign. When you have ruined the economy of the country, you have no reason to continue in office, but still he stays. Remember, he has never faced the electorate in a general election. The petty bully was too frightened to face the electorate. Is he Mr Micawber, hoping that something will turn up? If so, what will turn up will be a massive defeat at the forthcoming general election and his party out of office for generations to come. That is fair because he has ruined the futures of at least the next two generations. I hope that those who voted for Labour are proud of themselves.