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…


229 Comments

  1. 1
    Jimmy Greaves says:

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

    Like

    • 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…

      Like

      • 151
        Dh says:

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

        Like

      • 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.

        Like

        • 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!

          Like

          • 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.

            Like

          • 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 !!!

            Like

          • Tell it like it really is says:

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

            Like

      • 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.

        Like

        • 198
          Tell it like it really is says:

          Apologies for being such a twat!

          Like

          • 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.

            Like

          • Tell it like it really is says:

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

            Like

          • 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.

            Like

          • 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!

            Like

          • Tell it like it really is says:

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

            Like

      • 224
        Mad Jock McGinty says:

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

        Like

    • 115
      Lady Virginia Droit de Seigneur says:

      I suspect food prices will become an issue as well.

      Like

    • 159
      looters/socialshits says:

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

      Like

    • 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).

      Like

  2. 2
    Keynes says:

    Surely it is more than a trillion by now?

    Like

    • 4

      £4.8 trillion.

      Like

      • 8
        Groucho says:

        ‘kin ell

        Like

      • 15
        Dick the Prick says:

        Check yer calculator buddy.

        Like

      • 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…

        Like

      • 22
        AC1 says:

        Didn’t the TPA calculate 7 Trillion?

        Like

      • 81

        We’ll never find that money.

        Like

        • 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.

          Like

      • 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.

        Like

      • 189
        Tim Yates says:

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

        Like

    • 9
      Mines a Pint says:

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

      Like

      • 12
        Cassandrina says:

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

        Like

      • 20
        Bob says:

        It might lighten OUR mood…

        Like

        • 42
          Michael Jackson says:

          Blame it on the Boogie!

          Like

          • 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.

            Like

      • 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!

        Like

        • 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…

          Like

          • Jibbajabba says:

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

            Like

      • 120
        Lady Virginia Droit de Seigneur says:

        She does behave as if she has permanent PMT.

        Like

    • 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 ?

      Like

    • 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.

      Like

  3. 3
    Vimeiro says:

    First

    Like

  4. 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.

    Like

  5. 7

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

    Like

  6. 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.

    Like

  7. 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.

    Like

  8. 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.

    Like

  9. 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

    Like

    • 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.

      Like

      • 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.

        Like

      • 101
        Jimmy says:

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

        How long is he going to keep it up?

        Like

        • 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?

          Like

        • 127
          smoggie says:

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

          Like

      • 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?”

        Like

  10. 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.

    Like

    • 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.

      Like

    • 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?

      Like

  11. 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.

    Like

    • 29
      lobotomised lefties says:

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

      Like

      • 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.

        Like

    • 71
      stun says:

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

      Like

      • 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’

        Like

      • 187
        George Monbigot says:

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

        Like

  12. 21
    Synic says:

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

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

    Like

  13. 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.

    Like

    • 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.

      Like

  14. 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

    Like

    • 49
      Engineer says:

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

      Like

    • 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?

      Like

      • 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 !!!

        Like

  15. 26
    opportunity knocks says:

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

    Like

  16. 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.

    Like

  17. 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!

    Like

    • 62
      Mr Plum says:

      Bet his nickname is cowpat

      Like

    • 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.

      Like

    • 69
      Nigel Singh says:

      Murray’s always good value.

      Like

  18. 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!

    Like

  19. 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?

    Like

    • 45
      Figgley, D says:

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

      Like

      • 55
        gentleman rioter says:

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

        Like

        • 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.

          Like

  20. 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 !

    Like

  21. 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 !

    http://www.newstatesman.com/blogs/laurie-penny/2010/11/young-scary-future-riot-crowd

    Like

  22. 50
    Anonymous says:

    Does this number include public sector unfunded pensions?

    Like

  23. 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.

    http://notayesmanseconomics.wordpress.com

    Like

  24. 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.

    Like

  25. 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?

    Like

  26. 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%.

    Like

    • 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.

      Like

    • 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 http://ftalphaville.ft.com/

      Like

      • 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.

        Like

        • 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.

          Like

  27. 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.

    Like

  28. 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?

    Like

    • 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

      Like

  29. 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 !

    Like

  30. 100
    Afghanistan Banana Stand says:

    ….but if Gordon had won the election…

    Nightmares indeed.

    Like

  31. 116
    smoggie says:

    Where’s tat? Is ChuckleVision still on?

    Like

  32. 121
    not Krugman or Blanchflower says:

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

    Like

  33. 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?

    Like

  34. 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”

    Like

    • 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.

      Like

  35. 132
    petuniabean says:

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

    Like

    • 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.

      Like

      • 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.

        Like

      • 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?

        Like

  36. 137
    Anonymous says:

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

    Like

  37. 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.

    Like

  38. 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.

    http://www.facebook.com/pages/Welcome-to-La-La-Labour-Land/115356108524076

    Like

    • 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.

      Like

    • 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.

      Like

  39. 147
    Phil Woolas (ex MP) says:

    Question time should be good tonight!

    Like

    • 149
      Anonymous says:

      I very much doubt it.

      Like

      • 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.

        Like

  40. 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…

    Like

    • 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.

      Like

      • 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.

        Like

        • 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.

          Like

  41. 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.

    Like

  42. 155
    Jockinese capitalist libertarian says:

    Watching it. Brilliant.

    Like

  43. 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.

    LOL

    Like

    • 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?

      Like

    • 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

      Like

  44. 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.

    Like

    • 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.

      Like

  45. 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.

    Like

  46. 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.

    Like

  47. 178
    Anonymous says:

    Jesus Fucking Christ this is scary.

    Like

  48. 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.

    Like

  49. 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.

    Like

  50. 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 ?

    Like

  51. 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?

    Like

  52. 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

    Like

  53. 194
    Anonymous says:

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

    Like

  54. 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.

    Like

  55. 197
  56. 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.

    Like

  57. 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

    Like

  58. 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?

    Like

  59. 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.

    Like

  60. 211
    Hector Heathcoate says:

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

    http://www.channel4.com/programmes/britains-trillion-pound-horror-story/4od#3139408

    Like

  61. 221
    Nick2 says:

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

    http://www.guardian.co.uk/tv-and-radio/2010/nov/12/britains-trillion-pound-horror-story-tv-review

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

    Like

  62. 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!

    Like


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