November 11th, 2010

Britain’s Trillion Pound Horror Story

Guido is watching a preview of film maker Martin Durkin’s very accessible look at the economic situation we are in. As Ireland’s political class mortgages future generations to keep the ECB and bondholders happy it explains the full extent of the financial mess the UK is in. Not quite at Irish levels, but if Gordon had won the election…

Durkin’s film is polemical, but he is right, inflation and debt are going to impoverish us for generations. Worth watching tonight on Channel 4 at 9pm. Though it may give you nightmares…


  1. 1
    Jimmy Greaves says:

    Worse than this for future generations, peak oil is on the horizon too.

  2. 2
    Keynes says:

    Surely it is more than a trillion by now?

  3. 3
    Vimeiro says:


  4. 4
  5. 5
    Deep Who says:

    These lefty fuckers with their ‘fairness’ agenda don’t have much to say on how this debt going to burden future generations. This is going to fuck more children than all the paedophile rings in history.

  6. 6

    Have bad news for you.

  7. 7

    I can’t wait to hear the bleatings of most of the public sector tomorrow.

  8. 8
    Groucho says:

    ‘kin ell

  9. 9
    Mines a Pint says:

    Wonder if Yasmin Alibhai-Brown has ever been stoned? It might lighten her mood. ;)

  10. 10
    Cassandrina says:

    I do not know if he mentions it in his film, but if Ireland cannot meet their obligations then the major part of the debt will fall on British banks.
    This is critical and would make our current situation almost benign.
    Why we are so in hock to the Irish has never been explained as far as I know.

  11. 11
    Malcolm Redfellow says:

    Is this the same story as Emma Rowley had in Tuesday’s Telegraph? If so:
    [a] Yawn …
    [b] and it’s private debt:

    “Property-related borrowing and lending between financial institutions helped the collected debt of households, businesses and government balloon from roughly twice gross domestic product (GDP) in 1987 to around 5.4 times by 2009, when total debt stood at £7.5 trillion, according to the report.

    “Despite government austerity measures, the firm’s latest economic outlook sees the UK’s debt to GDP ratio sticking near historic highs as borrowing hits £10.2 trillion by 2015.”

    Hadn’t realised it was libertarian policy to police individual financial activities.

  12. 12
    Cassandrina says:

    They even had it on PM tonight.
    Who will rid me of this medlesome BBC?

  13. 13
    Balls says:

    There’s nothing wrong with debt.

    It’s our duty to provide the bond market and foreigner creditors with lashings of high yielding debt. It keeps the City in business.

  14. 14
    Jimmy says:

    “A GENERATION ago, the very idea that a British politician would go to Ireland to see how to run an economy would have been laughable. The Irish Republic was seen as Britain’s poor and troubled country cousin, a rural backwater on the edge of Europe. Today things are different. Ireland stands as a shining example of the art of the possible in long-term economic policymaking, and that is why I am in Dublin: to listen and to learn. ”

    Gideon, Times, Feb ’06

  15. 15
    Dick the Prick says:

    Check yer calculator buddy.

  16. 16
    Mike Hunt says:

    ‘There’s no money left, good luck.’

    L Byrne is now not the only saying it. When will these leftie morons get it? this country is broke for generations thanks to their idol JG Brown.

  17. 17

    It hasn’t been explained because it isn’t true, Ireland is in hock to UK banks.

  18. 18
    Johan says:

    Regrettably, this documentary will not sway the angry left… just preaching to the choir. My (regretful) prediction is that the facts, figures and views it puts forward (at least, that I expect it to put forward) will gain no traction at all in the mainstream media.

  19. 19
    MI5 says:

    I was about to say…

    It is so large that most citizens of the UK cannot even begin to imagine the degree of criminal lunacy of the Labour Government from 2000 to 2010…

    Led financially by the Chancellor the Gurning Goon and his acoyltes incuding Ed The Red Millimossad as “Chairman of the Council of Economic Advisers” and the revolting Balls…(not to speak of his army of smearers)

    If this is not an open goal for the Coalition? i do not know what possible could be…

  20. 20
    Bob says:

    It might lighten OUR mood…

  21. 21
    Synic says:

    “……. mortgages future generations to keep the ECB and bondholders happy …..”

    what? even the English Cricket Board, bloody hell!!

  22. 22
    AC1 says:

    Didn’t the TPA calculate 7 Trillion?

  23. 23
    A Swiss Hedge Fund Manager says:

    Excellent. The more you borrow, the more opportunities I have to exploit your weakness.

    Right now I’m exploiting the rising yields, all because the Euro-authorities are clueless and leave a giant vacuum for me to operate.

    In time the imbeciles in Frankfurt and Bruxelles will start panicking and I’ll make a fortune from the bail out.

  24. 24
    Bob says:

    And UK banks are in hock to US banks

    Who are in hock to the US Fed

    Which is in hock to the Chinese

    So that leaves us all begging the Chinese now and until the West has a good purgative depression…

  25. 25
    Martin Day-Miliband says:

    My company is doing its bit for UK exports.

    We manufacture fire extinguishers and since yesterday have been swamped with worldwide orders.

    I am not sure how our staff can cope and we are looking to take on gap year students on the production line

    I shall enjoy the TV tonight

  26. 26
    opportunity knocks says:

    It’s no good, I’ll just have to become a multimillionaire and sod the rest of you.

  27. 27
    smoggie says:

    C’mon Guido, delete the first thread for the lad.

  28. 28
    Hypocrisy? says:

    Funny how none of yesterday’s lot rioted when the economy went into the toilet under Labour, when Labour broke its election promise not to introduce top-up fees, when Labour raised pensions by 75p a week, when Labour spent billions to bail out banks. Just wondering.

  29. 29
    lobotomised lefties says:

    You’d need a fucking nuclear cruise missile to penetrate their thick gene.

  30. 30
    Selohesra says:

    My calculator wont do a trillion

  31. 31
    Inflation's Uncle says:

    Has anyone seen Inflation?

  32. 32
    Ampers says:

    You must be very wealthy if you have a calculator which will accept trillions! Unless it is your computer!

  33. 33
    QT conservative shock! says:

    Tonight’s Question Time should be a barnstormer. The panel are Douglas Murray, Clive James, Theresa May, Caroline Flint and Sir Sherard Cowper-Coles. This must be the first time ever that conservatives are the majority on the panel. Flint is the only Labour voice! Bring it on!

  34. 34
    Mr Pelican says:

    No need to wonder, the rioters and protesters are all leftist groups, many such as the NUS have very close links to Labour.

  35. 35
    Anonymous says:

    Where was Durkin when Gordon Brown needed him? Hr saved the World don’t you know.

  36. 36
    Anonymous says:

    Just add a few noughts.

  37. 37
    QT frolics says:

    Tonight’s Question Time should be a barnstormer. The panel are Douglas Murray, Clive James, Theresa May, Caroline Flint and Sir Sherard Cowper-Coles. This must be the first time ever that conservatives are the majority on the panel. Flint is the only Labour voice! Bring it on!

  38. 38
    Mr Plum says:

    Its all just zero’s on a computer, the money doesn’t exist why not just press the reset button and start again.

  39. 39
    they're all traitors says:

    How about a spot of good old fashioned rioting to show the fuckers who got us in to this mess what the rest think of them?

  40. 40
    Engineer says:

    So technically, we own Ireland – again.

    Great – so who owns Britain?

  41. 41
    GORDON (bog eyed) BROWN says:

    No 2 are you Alistair Darling ?
    As you clearly are not very good with numbers !

  42. 42
    Michael Jackson says:

    Blame it on the Boogie!

  43. 43
    Engineer says:

    He’s hardly going to turn up in Dublin and say, “You bunch of brainless Paddies, you’ve got a whacking great property bubble and at some point it’ll go tits up” is he? No way to talk to your hosts.

  44. 44
    6EQUJ5 says:

    @ Bob. Let’s get it right, eh?

    The biggest foreign holders of U.S. treasuries are China, Japan, the UK, the Oil Exporters, Brazil, the Caribbean Banking Centers (off-shore money havens used to hide the parties involved
    in financial transactions), Hong Kong, Russia, Taiwan, Switzerland and Canada.

  45. 45
    Figgley, D says:

    Yes, mate. I’m up for a spot of gentlemanly rioting.

  46. 46
    GORDON (bog eyed) BROWN says:

    Just found this Glamourization of yesterdays events
    Fuck me i read this and half wished i’d joined in

    Dont forget to read the comments
    Disturbing !

  47. 47
    GORDON (bog eyed) BROWN says:

    Just found this Glamourization of yesterdays events
    Fuck me i read this and half wished i’d joined in

    Dont forget to read the comments
    Disturbing !

  48. 48
    barefootcontessa says:

    …..when newlabour sold off our gold reserves for a song.

  49. 49
    Engineer says:

    Don’t forget the drop tests as part of the development programme.

  50. 50
    Anonymous says:

    Does this number include public sector unfunded pensions?

  51. 51
    Mines a Pint says:

    Just seen BBC news. Yasmin interviewed regarding the Tory Tweeter who has been arrested. Another report showing Muslim extremists burning poppy wreaths – none of them arrested.

    This country is all bollocks!

  52. 52
    Dick the Prick says:

    I’m sure you will and I applaud you for your endeavour. Debt is not your problem sunshine – if you wouldn’t mind fuckling the fuck off, i’d be appreciative.

  53. 53
  54. 54
    Engineer says:

    Most calculators will accept trillions; just use the exponential function. 10E12, or ten to the power twelve.

  55. 55
    gentleman rioter says:

    As in, “Look out below, chaps – this iPad is rather heavy”?

  56. 56
    Dick Scratcher (Smash the BBC Party) says:

    I am sure there were some ultra extreme quotes from her on The Wright Stuff – worth a dig I think – I cannot remember what they were, but there was a sharp intake of breath in the studio…

  57. 57
    Mark Oaten says:

    You can’t beat No.2s

  58. 58
    Herman Van Rompuy says:

    We do.

  59. 59
    Anonymous says:

    Guido can I remind you that only a few months ago when you were caught up in the hysteria of the popes visit when you made it known you wished the UK to return to the holy Roman Empire, that you were falling over yourself in praising the Irish Economy which you would have had us believe was an example to us all. Or have you forgotten that ?

  60. 60
    Mr Plum says:

    I think we can forget about them its just not going to happen.

  61. 61
    Engineer says:

    Look after it. We’ll be wanting it back shortly.

  62. 62
    Mr Plum says:

    Bet his nickname is cowpat

  63. 63

    Those who feel that we have trouble in the UK might want to consider the debacle that is taking place in Portugal and Ireland at this time. The Irish news is reported more than that of Portugal.

    Here is some of my analysis from today.

    “So both countries can resist calling for help for a while as hour by hour fluctuations can ebb and flow.However, I remain of the view that both countries should call in the IMF and ask for help and the sooner the better. I do not feel that they should call in the Euro zone rescue mechanism as I fear the design of that has been so shoddy that it may make things worse and not better.”

    As time goes by there will be implications for the UK from this.

  64. 64
    Engineer says:

    Peak oil has been on the horizon for as long as I can remember. As has the advent of nuclear fusion, the extinction of the human race by a new ice age, global warming, nuclear armageddon, renewable energy saving the planet, blah, blah…

  65. 65
    smoggie says:

    Wow, standards have really gone downhill at the NS since James Macintyre left (of his own volition I might add).

  66. 66
    AC1 says:

    It’s polite to warn you’re hosts that their central heating bill is cheap because their house is burning down.

    It should also be polite to mention that a country is not wealthier as less and less people can afford to live in it.

  67. 67
    Follow the bread crumbs if you want to see the full picture says:

    Who hired the battle buses for the students to get down by London?

    Your all living in a dreamland if you think they all caught the train and drove down there.

  68. 68
    Labour Scum says:

    Labour’s front bench seem to be adopting a very uncharacteristic lower profile of late. Perhaps because they have realised that everytime people see or hear them, it reminds them who fucked the country! How long this will last is not certain. At the moment they are letting their chums at the BBC lead attacks on the Tories/coalition rather than trying to promote themselves.

  69. 69
    Nigel Singh says:

    Murray’s always good value.

  70. 70
    Gordon Brown says:

    Hello? Is it me you’re looking for?
    Cos I wonder where you are
    And I wonder what you do
    Are you somewhere feeling lonely
    Or is someone loving you?

  71. 71
    stun says:

    Indeed. Was it not Durkin who also put the Global Warming Swindle together?

  72. 72
    Anonymous says:

    UK holdings are not actually UK but offshore institutions buying via their UK subsidiaries (unless you believe the UK holds several hundred billion worth of US debt and is increasing holdings at a rate of ~ 10% per month since 2008). most likely the fed is the majority “UK” holder of US debt

  73. 73
    Engineer says:

    Even the BBC is reporting Ireland’s economic troubles now, so it must be bad (Radio 4 news, about 6:14pm.) Irish ten-year bonds at 9%.

  74. 74
    sockpuppet #4 says:

    err… the student unions of their own university?

  75. 75
    StretchMarx says:

    Maybe they cycled.

  76. 76
    Anonymous says:

    China held $939.9 billion in U.S. treasuries in July 2009. In July 2010, it held only $846.7 billion.
    At the end of the first quarter, the Fed held $5.259 trillion in US government bonds – more than five times the amount of China.

  77. 77
    sockpuppet #4 says:

    OK I’ll admit I’m listening too. They seemed to be suggesting that the police know who threw the extinguisher.

  78. 78
    Moriarty says:

    A bit of spin that lefties are pushing at the moment is that the big problem is the estimated £20B annual corporate tax avoidance. The fact that wouldn’t even pay for the interest payments on Brown’s debts isn’t important, of course.

  79. 79
    GORDON (bog eyed) BROWN says:

    There were 50 coaches from sheffield alone !

  80. 80
    This is what it's come to says:

    If a police officer had been killed yesterday, the rioters would have defended the culprit to the hilt and claimed it was worth it for their cause. Had a rioter been killed, they’d be calling for civil war.

  81. 81

    We’ll never find that money.

  82. 82
    stun says:

    Nice picture of the columnist. Wouldn’t touch it with concrete pump’s.

  83. 83
    sockpuppet #4 says:

    EEEh when I were a lad at least half the people were just on the bus to go for a shopping trip.

  84. 84

    Everyone is in hock to everyone. It’s a nightmare!

  85. 85
    Ed Miliband, in hiding says:

    So glad I’m on paternity leave. I don’t have to say anything. I could get used to this paternitly leave lark. Justine? Wanna get up the duff again?

  86. 86
    stun says:

    9.25, but then what’s an extra quarter of a percent ! This is good for following the yields on Euro Govvies, and not behind the FT paywall

  87. 87

    It’s been said before, but,

    UK trillion = uk billion billion
    uk billion = uk million million
    US billion = one thousand million
    therefore US trillion = one thousand US billion times one thousand US billion.

  88. 88
    Kenwood chef says:

    Oh yes you can.

  89. 89
    GORDON (bog eyed) BROWN says:

    I would like to thank all my labour party supporters for demonstrating yesterday
    it is very clear to me that they dont like Mr Cameron andMr Clegg and that they would like me reinstated as leader as soon as possible
    only i can save the world

    nurse ! poo poo !

  90. 90

    Drat US 100 thousand million….. I think.
    Wish I hadn’t bothered…

  91. 91

    Sorry to be pedantic Eng, but 10E12 is in fact 10 to the power 13 – 1E12 is what you were thinking of.

    Hope you rarely build bridges – they’d be a bit on the long side…

  92. 92
    Deep Who says:

    Hear hear

  93. 93

    Nope US one thousand million

  94. 94

    Either way its a, easier in UK and b, dearer in UK…

  95. 95
    Deep Who says:

    Wow you sound similar to that previous post with a better name.

  96. 96
    Anonymous says:

    So if they default/restructure, it buggers us.

  97. 97
    Justine says:

    Fuck off you lisping weirdo. Now I’m done with your sperm you can piss off – shame you’ve got no rights to my money eh Huntchops

  98. 98
    Anonymous says:

    UK billion is archaic usage now. Forget it.

  99. 99
    A Gentleman Rioter says:

    What, balderdash and poppycock sir!

    Is complete and udder tomfoolery to throw ones iPad in such a fashion, a gentleman would turn off his device and leave it at home on such an special occasion such as this. But upon being presented with an unruly oaf in the street a quick explanation of the Marquess of Queensberry rules would suffice before fisty cuffs would commence.

    Good day to you sir.

  100. 100
    Afghanistan Banana Stand says:

    ….but if Gordon had won the election…

    Nightmares indeed.

  101. 101
    Jimmy says:

    So he was only feigning economic illiteracy in order to appear polite?

    How long is he going to keep it up?

  102. 102
    TATS MUM says:

    Usual inane contributions from you TaT under one of your many titles

    my son ! my hero !

  103. 103
    Nursey says:

    Loose bowels are what we get from regulary taking it up the flypipe from Mandy isn’t it Gordy

  104. 104
    F*****g Ramsey says:

    Yes, you f*****g can!
    Now get out of my f*****g kitchen!

  105. 105
    Noughty but Nice says:

    It’s all standardised to US definitions now.

  106. 106
    Engineer says:

    Oops – you’re right. Probably a case of familiarity breeding contempt.

  107. 107
    Jibbajabba says:

    was all that stuff about wanting white men to be a lost species actually true or just made up on the interwebs?

  108. 108
    Mr Ned says:

    In global banking and finance, a UK billion, trillion and quadrillion are the same as the American counterparts.

    Billion = thousand million.
    Trillion = thousand billion
    quadrillion = thousand trillion.

  109. 109
    Gordon Brown says:

    That was my back-up plan if printing money didn’t work. It was Sue’s fault. No Tony’s. No it started in America.

    It was the right thing to do.

    Miss me yet? I once saved the world you know.

  110. 110
    6EQUJ5 says:

    And if the US defaults then China is fcuked.

  111. 111
    stun says:

    One should always pass the fire extinguisher to the left. !

  112. 112
    Engineer says:

    Thanks, stun.

    Good old Beeb. Can’t even get simple numbers right. Confirms my view that BBC news should be regarded as a starting point for further research, and not as the last word.

  113. 113
    Twat on the roof says:

    Er, I was just trying to give him a fright.

  114. 114
    TATS MUM says:

    Or too much fizzy pop !

  115. 115
    Lady Virginia Droit de Seigneur says:

    I suspect food prices will become an issue as well.

  116. 116
    smoggie says:

    Where’s tat? Is ChuckleVision still on?

  117. 117
    Mr Ned says:

    Critics and supporters of Durkin’s programmes have claimed he is closely involved with the Revolutionary Communist Party and its later offshoots Living Marxism (or LM magazine) and Spiked, a magazine and associated political network that promotes libertarian views

    Durkin has denied this, asserting that The Guardian newspaper has accused him of being on the far right, the far left and of being a ‘classic liberal’

  118. 118
    Herman Van Rompuy says:

    By the time we’ve finished with it, you won’t want it back.

  119. 119
    SARAH'S BUSH says:

    My glass eye !
    my ear holes!

  120. 120
    Lady Virginia Droit de Seigneur says:

    She does behave as if she has permanent PMT.

  121. 121
    not Krugman or Blanchflower says:

    The public need an education in Austrian School economics. Tonight’s film may be a start.

  122. 122
    Anonymous says:

    How drole would it have been if the protesters had lit a fire in the building and the twat on the roof got burnt to death?

  123. 123
    TATS MUM says:

    I’m just washing his “Little Man”
    he will be with you shortly

  124. 124
    t w at says:

    The boys are on Celebrity Coach Trip so he’s probably watching that.

  125. 125
    lmao says:

    Or if the fire extinguisher had gone through the thick skull of some NUS/Labour Trot rioting down below.

  126. 126
    Engineer says:

    ‘Economic illiteracy’ – that phrase reminds me of someone. Now, let me think – oh yes – got it. That feller that was Chancellor and then PM recently. Brown, I think his name was. Wouldn’t admit we had a deficit. Thought he’d saved the world. Strange chap – where is he these days?

  127. 127
    smoggie says:

    I doubt he can match the record which stands at 13 years.

  128. 128
    Engineer says:

    Don’t think you’ll get the chance, old chap.

  129. 129
    Gordon Brown says:

    Guido Fawkes

    “In the worst recession caused by bankers since 1930s the coalition targets the unemployed with benefit cuts and let’s the bankers go free”

  130. 130
    stun says:

    Welcome. I work in the field, but don’t want to pay for the best service, Bloomberg, ‘cos it’s a tad expensive. Have, as a result, found numerous free places on the web thingy.

  131. 131
    googolplex says:

    I used to be top dog until some spotty Californians stole my thunder. *Wail*

  132. 132
    petuniabean says:

    Think you will benefit more from Ian Hislop on “Have I got News for You” at 9.00p.m. tonight.

  133. 133
    Herman Van Rompuy says:

    On the contrary, It’s you who won’t get the chance.
    Euroscepticism will soon become equivalent to holocaust denial,

  134. 134
    Ewanme says:

    Wow !!!

    You can learn loads of stuff on here , honey .

    I jus googled ur name , googolplex an , apparently , Carl Sagan the famous astronaut reckons that writing a googolplex in numerals would be physically impossible , coz doing so would require more space than the known universe provides .

    Mind blowin , ain’t it !!!!

    Let’s hope the national debt never gets THAT big .


    E x .

  135. 135
    When in Rome says:

    Oh I dont know about that, most of our victims are long gone.

  136. 136
    Poz says:

    Spiffing, What? Arf Arf

  137. 137
    Anonymous says:

    i thought the bbc didn’t put out stuff like this?

  138. 138
    Engineer says:

    That’s what you think…

  139. 139
    Jed says:

    I’ve just seen an advert by UNISON on Sky News recruiting for new members.

    These public sector union arseholes obviously have too much money if they can afford expensive TV adverts to help their empire building.

  140. 140
    KL says:

    They don’t.

    The programme is on Channel 4 at 9pm tonight.

  141. 141
    Puzzled of Putney says:

    And the forces of the political right were, what – too polite to kick up a fuss?

  142. 142
    Ed says:

    HIGNFY has become just another load of leftie, anti-Tory propaganda like most other stuff on the BBC. Even Hislop laughs along with the endless snide smears against the government.

  143. 143
    Puzzled of Putney says:

    Feel free to share your wisdom with the room…

  144. 144
    Puzzled of Putney says:

    Ed has a valid point on this tired format:

    Coming Soon

    Have I Got News for You – Series 40
    Episode 5

    Jo Brand hosts the popular news quiz, with Paul Merton, Ian Hislop and Sally Bercow.

  145. 145
    Anonymous says:

    So Labour introduced student fees, then raised them, then bankrupt the country to the tune of ONE TRILLION pounds and where were the protesters then? Tories get voted in to tidy up Labours mess (as usual) and suddenly all the lefty scum come out of the woodwork. Clearly Labour activists are at it’s heart, along with the unions to finish the job of destroying Britain that Labour started. Labour are the biggest threat to Britain since Hitler! Protest AGAINST the protesters.

  146. 146
    Grumpy Old Man says:

    “In the worst recession caused by a left-wing idealist with absolutely no knowledge of economics apart from that included in “Das Kapital”, the Coalition is left with the task of mitigating the worst economic situation the United Kingdom has ever known.

  147. 147
    Phil Woolas (ex MP) says:

    Question time should be good tonight!

  148. 148
    Anonymous says:

    There is no economic model proving anything this documentary stated aside from Tory self interest. The band wagon of trillions was in place way before Blair came into the scene, he just put on the finishing touches with the Docklands boondogle giveaways to friends and “supporters”. Mostly the financial industry. Which has since gone bust along with the 65 TRILLION of fiat money created by fractional reserve.

    So… your trillions are not anymore real than the 65 Trillion that just went “poof” as part of it, leaving a shattered shell in its place. Is it any wonder why now they want to try to recreate the docklands into a hightech center of operations now, adjusting the immigration laws and that spin along the way I’m sure…

  149. 149
    Anonymous says:

    I very much doubt it.

  150. 150
    Dh says:

    The irony of Kevin McKenzie believing he has created any wealth astounds me. Most of the people on the programme are in Service wealth draining jobs. People that work in the city do not create real wealth. Pretending Britain was successful in the 19th century without mentioning the empire is ludicrous. We were wealthy through mercantilism and exploiting other countries as well as entrepreneurial endeavour.

  151. 151
    Dh says:

    The wolf is at the door this time. It not the loons saying it anymore.

  152. 152
    Mr Ned says:

    And add to that the impact on ‘The City’ from the fraudclosure crisis in the USA… OUCH!

  153. 153
    Phil Woolas (ex MP) says:

    Well maybe not for deluded socialist tossers like you who finally ran out of other peoples money.
    It took one Scottish chap to make Hong Kong what it is today and dozens of the bastards to make Britain the fucking multicultural broken shithole it is today, death and the pox for all of them.

  154. 154
    Tell it like it really is says:

    I am always interested in your posts Engineer but on this one I think that, uinfortunately, Jimmy Greaves may well be more right. I have followed closely the oil market for over 25 years and there is definately a convergence of pointers to oil certainly going over $100 p.b. IMO and I have lived thro’ previous crises, it will take very little for a “spike” on punting towards $150, even tho’ inital deposits have been raised.

  155. 155
    Jockinese capitalist libertarian says:

    Watching it. Brilliant.

  156. 156
    Dh says:

    If you want evidence I suggest you check the IEA world energy outlook. Conventional crude peaked in 2006. That’s the stuff that costs $10 a barrel to extract. We are now moving on to unconventional that costs $80 a barrel to extract. Historically, the US economy goes into recession with a $90 barrel. Plenty of oil left but most of the easy oil is gone. Not only have we borrowed from our children but we’ve left them with a much depleted resource.

  157. 157
    Phil Woolas (ex MP) says:

    And before you say it! fuck you too.

  158. 158
    Anonymous says:

    Should be compulsory viewing for all Tory MP’s . Any found disagreeing with its central premise that the smaller the government the wealthier we become should be taken outside and shot. All Labour and Lib Dem MPs should be shot anyway.

  159. 159
    looters/socialshits says:

    Just watched the programme – superb. I could hear the sound of marxist teeth grinding throughout the UK. Fucking bastards.

  160. 160
    wolveryeti says:

    The programme mentioned the Hong Kong economic miracle, but not the Monaco or Jersey miracle. No shit, income per capita skyrockets when you become a tax haven for rat fucks who don’t want to pay their dues in the country of their birth.

    I turned off after about 10 mins. Bored to tears by tax cheats and chinless wonders whose daddies’ sent them to Eton trying to convince me that low taxes are good for everyone.


  161. 161
    Pedant says:


  162. 162
    Tron says:

    I’ve never ever seen a program like this on British T. V. before. Wow!
    Well done Channel 4.

    The BBC would never make it.

  163. 163
    Mike Newland says:

    Really excellent programme. Should be compulsory viewing.

    Slight oversimplification since it ignored the claimed benefits of taxing and spending in the form of a Keynesian multiplier but this point was subsumed into pointing out that areas with a large dependency on state spending do not prosper.

    At the end of the current Tory term taxes will be at least as high and debt near doubled. This is not a recipe for economic reinvigoration. It’s a recipe for managed decline like that of nearly every previous government.

  164. 164
    Common Sense says:

    You turned off after about 10 minutes, but you mention the Hong Kong economic miracle which wasn’t talked about until about an hour in. Do I smell a big pile of left wing bull shit?

  165. 165
    Susie says:

    Look on the bright side… Ireland has oysters, Chinese like oyster sauce — or am I clutching at straws here?

  166. 166
    Babel Fish says:

    A quick translation for those not conversant with ‘wolveryetispeak':

    ‘tax haven’ = any society that has has not reached the point of fiscal – and therefore societal – breakdown

    ‘rat fucks’ = anybody who is successful, thrifty and works hard, unlike me and my work-shy, wealth-consuming mates

    ‘their dues’ = me and my work-shy, wealth-consuming mates

    ‘the country of their birth’ = the place me and my work-shy, wealth-consuming mates are looting with the help of our elected placemen

    ‘wolveryeti’ = a functionally and economically illiterate throwback, protected for the time being by his work-shy and wealth consuming mates, but which is only temporarily defying Darwin

  167. 167
    Susie says:

    Murray’s mint! Murray’s mint! — he’s cool, smooth and worries Flint.

    That’s quite good. Do I get a prize?

  168. 168
    Nanny says:

    There, there, little Nonny. Nanny Letat is here. If the big bad truck is frightening you, put your hands over your eyes. If it’s still there when you take them down, there’ll still be time to get out of the way. Nanny Letat will help. Hands up, now.

  169. 169
    Susie says:

    We had the rat man plus terriers at the stables today. I was watching them flushing out the blighters and realised our stable was a microcosm of Britain.

    You hardly ever see the vermin until they’re flushed out and exterminated, then they’re everywhere you look. That’s all that’s happening. It’s cool.

  170. 170
    Herman Von Rompuy says:

    That’s the plan!

  171. 171
    Anonymous says:

    At least the real Phil Woolas got a taste of what his system feels like. Unfortunately it won’t grind him down as hard as him immigration policies ground down some of the best and played to the stupid for votes.

  172. 172
    Anonymous says:


  173. 173
    Rog says:

    Really good prog.

    Shame that CH4 and all the other lefty media didn’t bother to mention the skyrocketing debt whilst Labour were actually pissing all the money away.

    Funny that.

  174. 174
    Anonymous says:

    Sensible comment from beyond the grave. After all, the current fad is to blame GW on the sunshine cutting through the depleted ozone layer. Next, they’ll be blaming it on the moonshine. After that, the ball’s in your court.

  175. 175
    Eric Cantona says:

    You can build a raft from straws, but not potatoes.

  176. 176
    Anonymous says:

    I wish he turned up in Dublin to say “You bunch of brainless Paddies, independence wasn’t such a great idea now was it?”

  177. 177
    Anonymous says:

    Liam Byrne. Another fucking Paddy. Why does England vote in this dangerous confluence of Celts and Socialists to screw over our future?

  178. 178
    Anonymous says:

    Jesus Fucking Christ this is scary.

  179. 179
    Anonymous says:

    This is what happens when you stop making things and sell your tools, that is apart from the tools in government and the finance sector.

  180. 180
    Chop McSuey n Chips says:

    Yes, dear. herewith your Murraymint. Enjoy.

  181. 181
    Chop McSuey n Chips says:

    Ay up! Handbags , er, sorry, er fire extinguishers at 50 paces it is then. See you on the heath at dawn. Choose your weapon: water or foam.

  182. 182
    Tapestry says:

    Debt is not necessarily inflationary. If everyone is competing to pay off debt, demand for cash rises and its value rises while the price of assets all being sold at once falls. If money is printed to cover the debts, that would be inflationary.

    But the collapse in the money supply in the real economy could be so vast that the net effect, even with trillions of QE, could still be net deflationary. In the US, inflation underlying is only 1%, despite $2.6 trillion QE, a fallen currency, record low interest rates, oil and commodities at 2 year highs.

    Don’t always assume that vast debts equal inflation to follow. Prices of things not directly affected by QE are falling – such as property prices. The effects of QE might well be transitory, and bigger and bigger splurges would be needed. Yet politically this might be impossible, let alone that the Fed would not want to deteriorate its own loan book by taking in junk.

  183. 183
    Neil Kinnock says:

    I think you guys are confusing peak oil with peak bullshit…the easy bullshit has run out and govts are now manufacturing synthetic bullshit i.e. pure lies.

    As for peak oil? Well fuck faces, that’s a myth to keep prices high! Wake up and smell the fucking cheese you twats!

  184. 184
    Fees Office Clerk says:

    Nothing is this programme is new.

    We were aware of all the facts well before the General Election. So how come that Labour won any seats in May’s election? The simple answer is that Labour were better at covering up the truth than the Tories were at exposing it.

  185. 185
    BBC changes needed : URGENT says:

    A stale programme that is now well past its use-by date. Please cull immediately and let us have some genuine entertainment.

    What would happen if we have a viewers and listeners strike and campaign for a public-led review of BBC activities and spending?

  186. 186
    Not me, guv says:

    You are right. The BBC believe that Scotland and the north-east of England are ideal models of how to do things. Taxpayers have bottomless pockets to tap.

  187. 187
    George Monbigot says:

    Yes. And based on the emails from the UEA he was more right that even he knew.

  188. 188
    blackbyle says:

    Guido many thanks for the alert about C4 4.8 trillions debt film – nightmare stuff for sure ! No Repeat announced in Radio Times for next week -any idea why ?

  189. 189
    Tim Yates says:

    Rather more than £4.8 trillion according to the Tax Payers Alliance.

  190. 190
    Rev Dr The Big Yin says:

    We got the wrong Scottish Chap!

  191. 191
    Rev Dr The Big Yin says:

    To what extent do people see problems with his theory? How would/could it work in Britain? Could we adopt just parts of his ideas, such as no tax for those earning under £25k with an abolition of tax credits, child benefit, free bus pass at 60, heating allowance given at 60 (for all but the most needing of course) etc etc?

  192. 192
    Anonymous says:

    Nanny you do understand what fractional reserve and fiat currency is don’t you? These FACTS about how THIS economy with fractional reserve were conveniently left out of this dribble of misinformation. In fact, this was the most blatant example of selling bullshit to the stupid that I’ve ever seen on a prime time programme. Where are the questions or the intelligent public asking questions.. Where are the press doing investigative journalism. Where is the economic model or economists backing this up. They won’t be there because this programme was absolute lies to the public.
    Do your own research people, learn what fiat money and fractional reserve is and how the banks were able to escallate the economy here to a fictious multitude of trillions. Then you know why we need to tighten our belts for all the Tory friends with their OFF SHORE ACCOUNTS.

  193. 193
    Carlo Bianchi says:

    It is predictable to see the deficit denying students, trade unionists, Guardianistas and general beneficiaries of Labour largesse trashing the program.

    If even half of the figures are true, we are still in big trouble. Anyone of working age who has the means and the sense is leaving Europe.

    What I thought was the height of hypocrisy was watching Geoffrey Howe, Norman Lamont and Nigel Lawson lecture on how bad it all was, when they happily went along with this 100 year debt financed ponzi scheme. The coalition government is still spending 20% more than it earns, even after the frankly miniscule cuts.

    Just because Blair and Brown took the final cookies out of the jar doesn’t alter the fact that the Tories are just as guilty of buying votes with debt as Labour is.

    It will all end in tears – buy gold

  194. 194
    Anonymous says:

    Excellent programme. We need to shrink the State and we would enjoy huge growth and genuine prosperity. It wont happen. Pity.

  195. 195
    Tell it like it really is says:

    OK Neil Kinnock, in that case you will be more than happy to take out any number of options at say $30 pb (1,000 b per option just in case you don’t know) when do you fancy quoting me delivery? Feb? I’ll be happy to take your money, hope you have deep pockets. By the way, having considered your moniker, I’mnot surprised you talk such imbecilic drivel.

  196. 196
    Anonymous says:

    FACTS about how THIS economy with fiat currency and fractional reserve were conveniently left out of this dribble of misinformation. In fact, this was the most blatant example of selling bullshit to the stupid that I’ve ever seen on a prime time programme. Where are the questions or the intelligent public asking questions.. Where are the press doing investigative journalism? Where is the economic model or economists backing this up? They won’t be there because this programme was absolute lies to the public.
    Do your own research people, learn what fiat money and fractional reserve is and how the banks were able to escallate the economy here to a fictious multitude of trillions. Then you know why we need to tighten our belts for all the businesses and Tory friends with their OFF SHORE ACCOUNTS.

  197. 197
  198. 198
    Tell it like it really is says:

    Apologies for being such a twat!

  199. 199
    Matt T says:

    The students did that this week from the top of the Tory HQ, every little helps lol

  200. 200
    Nick2 says:

    Yes, a lecturer scared us s#1tless in the early 80s with OHPs of when specific elements/oil would run out. According to those OHPs, practically everything would have run out by 2010.

    However, I do take peak oil (and possibly other minerals/elements) seriously. However, all of the doomster projections assume rising demand with existing extraction technology. Given that most (70%) of any given oilfield is left under the ground when the field is ‘exhausted’, increasing recovery rates could change the supply/demand picture radically.

    One final thought however – is it right to extract every drop of crude petroleum that we can? It seems prudent to leave something for future generations, and as an insurance policy just in case of some apocalyptic event (as using oil required simpler technology than for instance building a nuclear power station).

  201. 201
    Nick2 says:

    Informative program IMO – proled down but maybe that was a good thing, since the intention appeared to be to get through to members of the public who could not tell the difference between a million and a trillion when it was plastered across a 40 foot container in glowing letters a couple of feet high.

    Good to focus on Hong Kong & low taxation, and delightful to see lefties like Brendan Barber saying that the public & private sectors ‘complemented’ each other immediately after more financially literate commentators pointed out that the public sector generates no wealth whatsoever.

    Only one real objection – the tightly edited clips purporting to show utter confusion between current deficit and cumulative debt by MPs. It appeared that most were fairly conversant with the deficit figure, and may have known what the cumulative debt was, if by another name. It would have been more interesting to see a couple of the parasites who did know the difference try to justify the huge increase in the national debt over the past 20 years.

  202. 202
    Cream Puff says:

    Can we not bring criminal charges against Blair and Brown?
    It IS their fault, Laboure ARE to blame, there are no excuses acceptable from these scumbags.
    Forget a trial, just take them out and shoot the bastards!
    Im angry at Labour keep denying its their fault, it was Labour under Blair and Brown that kept spending money that we simpley didnt have
    It was these scum bags that made great use of PFI/PPP, the infamous build now, pay through the nose later scams

  203. 203
    visceral labour hater says:

    Glad you have finally realised it. They need to be brought to open trial.

    In Scotland we have had this vermin controlling our destiny for decades. However since Labour is the only thing holding the Union together I am sure they will get the backing of all the biased press, BBC and security services to ensure they form the next government here. Then they will gain strength to have another go at UK level.

  204. 204
    Tell it like it really is says:

    Use your own moniker you welsh dodo. It shows the paucity of your argument that all you can do is post in my name, welsh windbag is so appropriate for you.

  205. 205
    Tell it like it really is says:

    Sorry for the outburst guys…I’m such a twat!

  206. 206
    Macondo Blowout says:

    A Billion Barrels a day and still flowing ….

    Abiotic light brown crude, unlimited amounts, wellhead at over 25,000psi !!!

    Yet still the cartels are want to drive the price to $150 pb so as to slow demand, then they will slash the price to $50 or less to hurt the Arabs again, in theolde gold bar shell/pea game. They have been at this for fifty years at least !!!

  207. 207
    Tell it like it really is says:

    Just ignore what I wrote above please…I was being a twat!

  208. 208
    Macondo Blowout says:

    Albert *Scheuchzeriaceae Gore has the money.
    He has accumulated it all himself or funneled it
    to the banks of his green cronies.

    *monocotyledonous bog herb of the Naiadales order
    of aquatic herbaceous plants having a single embryonic
    leaf in the seed.

    Gore has a single embyonic idea in his brain,
    and that is to make cash appear in his wallet,
    and he doesn’t care how this is achieved. If he
    must direct trillions into carbon slush funds so
    that he can get 1% commission, then that’ll do.

  209. 209
    Neopeitha says:

    Saw the whole programme & found it informative and interesting. I suspect that a great many MPs could have done with watching – the segment showing their ignorance about the national debt was simultaneously hilarious and disturbing. Can we raise a fund to send copies to all 650 (OK, 649…) please?

  210. 210
    Gordoom Brown says:

    Arrest Tony Blair, he is a raving Loony and needs to be sent to Broadmoor during Her Majesties Pleasure. I hope they dinnae send the polis tae Kirkcaldy tae get me, Gordoom Brown fur saying this, cos they wud neid tae sen’ me tae Carstairs State Hospital instead (or even as well). Ma big Heid is fatter than ToeKnees. I too quiver on the floor each day until the great “spirit of the light” enters my unholy carcass, slaver, drivel, waffle & etc.

    Gordoom Brown is aged 11 and a half.

  211. 211
    Hector Heathcoate says:

    The programme can be viewed in the UK for the next 29 days at Channel 4OD.

  212. 212
    Marco Pierre Whyte says:

    You stole my F****** Book you Tur*. Ramsey you Wa**** when I lay my hands on you I wil ******* and ****** with your own *****, you Sh**. !!!

  213. 213
    Hamish McBucketjaw says:

    Durkin was hidin’ in a cellar in Whitehall with the others divvying-up the loot from thebig haul, IMHO

  214. 214
    Peregrine Farquhar Colquhoon says:

    Then there is a whole new sclae for Goldman Sachs.

    It is called the FukTillion

  215. 215
    Peregrine Farquhar Colquhoon says:

    faw faw faw faw faw
    ya okay ya hmm
    righty oh, faw faw faw faw
    whaa whaa chreeb dreeeb faw faw

    okay yah?

  216. 216
    Peregrine Farquhar Colquhoon says:

    Going cheap, at a black market stall near you.

    Ex WTC 9/11 surplus stock: 19 off SS-N-19 Shipwrek P-700 Granit missile.
    Armour piercing nose, heavy armor plated all round, weight 7 Tonnes, speed Mach 2.5. Payload 250/350/500 kT tactical Nuclear or Thermonuclear.

    so we hear in Janes Rumour Mill.

  217. 217
    Peregrine Farquhar Colquhoon says:

    Faw faw faw faw faw
    Heaaah heaaah okay yah, faw faw faw
    Jimmy crack corn, and I don’t care, the master’s gone away !

  218. 218
    Peregrine Farquhar Colquhoon says:

    Tonight your mine completely…..

    Is this a lasting treasure
    Or just a moment’s pleasure?
    Can I believe the magic of your sighs?
    Will you still love me tomorrow?

  219. 219
    Peregrine Farquhar Colquhoon says:

    Original – Image Orthicon Camera and recorded on 2inch RCA tape deck
    in glorious Monophonic valve sound, with free THD and overdrive !!!

  220. 220
    Peregrine Farquhar Colquhoon says:

    Gie iss sum cheep car insurance, Admiral ya bam !!

  221. 221
    Nick2 says:

    Check out the Grauniad review of BTPHS – it reads like something out of Private Eye!

    Patronising, misrepresentative, and ultimately missing the point. So Grauniad. So leftie.

  222. 222
    Nanny says:

    Now, now, nonny. You must learn not to patronise. I never do. Excellent use of punctuation, syntax and spelling, little nonny. Now get some time in you little prat and spread your economic expertise beyond the wikipedia entries of two lovely binomial phrases. Hands up now, nonny, hands up. Nanny’s here.

  223. 223
    Tell it like it really is says:

    Good oh I’ve really rattled you – having to use my moniker, try expaanding your vocabulary before you try to impersonate me again and make sensible comment instead of unreasoned abuse.

  224. 224
    Mad Jock McGinty says:

    Yep to all that Engineer. Peak oil already extended by 3 years surprise surprise…

  225. 225
    Mad Jock McGinty says:

    Make mine a large abiotic oil please bar steward!

  226. 226
    Tell it like it really is says:

    Sorry guys…got pissed in town tonight and didn’t pull a woman…or even a man for that matter! Anyway, I went off on one again…sorry for being such a twat!

  227. 227
    Tell it like it really is says:

    oh and I meant expanding as opposed to “expaanding”…crikey, I’m in proper twat mode!

  228. 228
    steve tea says:

    My grandchild born this week is already in debt to the tune of £77,000. Thanks you Labour for wasting so much money and delivering so little. Gordon Brown I bet your children will have university educations and while you have been fiddling the expense system you children have nice little nest eggs. Labour supposed represent the working class….don’t make me laugh!

  229. 229
    Anonymous says:

    Whatever happened to the Zillions?

Seen Elsewhere

Users of Gay Hook-Up App Grindr Infected | TechnoGuido
ISIS Raising Funds Online Using Bitcoin | TechnoGuido
UKIP’s Youth Challenge | BBC
ISIS Operative: This Is How We Send Jihadis To Europe | BuzzFeed
Shapps Defends Bashir Defection | Seb Payne
Tory Leadership Contenders Jostle Over Europe | Alex Wickham
Cutting Taxes is Good For You | Art Laffer
Suspects Will Now Have to Prove Innocence | Laura Perrins
Labour Cllr: Cops Shouldn’t Stop Petrol Thieves | HandF Forum
Creeping Cultural Acceptance of Anti-Semitism | Eric Pickles
Time For Greece to Leave Eurozone | Allister Heath

Rising Stars
Find out more about PLMR AD-MS

Boris on British Jihadis. Apparently based on MI5 intel:

“If you look at all the psychological profiling about bombers, they typically will look at porn. They are literally w***ers. Severe onanists. They are tortured. They will be very badly adjusted in their relations with women, and that is a symptom of their feeling of being failures and that the world is against them. They are not making it with girls, and so they turn to other forms of spiritual comfort — which of course is no comfort.”

Tip off Guido
Web Guido's Archives

Subscribe me to:


AddThis Feed Button

Guido Reads

Get every new post delivered to your Inbox.

Join 1,717 other followers