£250,000 Prize Christmas Cryptic Challenge
It is a fact of life that they stop manufacturing news over Christmas, which is why the papers are filled with even more dross than normal. Double-page jumbo cryptic crosswords help you while away the time between Christmas lunch and the turkey sandwiches. Guido has something equally as cryptic but far more rewarding…
If you can figure out how a Eurozone state can leave the Euro you could win £250,000. Guido isn’t joking, the Wolfson Economics Prize will be awarded to the person “who is able to articulate how best to manage the orderly exit of one or more member states from the European Monetary Union.”
You have a month until the deadline for submissions on January 31, 2012. So instead of snoozing in the armchair after lunch dreaming of escaping to sunny lands dream of rich sunlit post-Euro uplands. According to the Wolfson Prize announcement the detailed issues that exiting the Eurozone raises include:-
- Whether and how to redenominate sovereign debt, private savings, and domestic mortgages in the departing nations.
- Whether and how international contracts denominated in euros might be altered, if one party to the contract is based in a member state which leaves EMU.
- The effects on the stability of the banking system.
- The link between exit from EMU and sovereign debt restructuring.
- How to manage the macroeconomic effects of exit, including devaluation, inflation, confidence, and effects on debts.
- Different timetables and approaches to transition (e.g. “surprise” redenomination versus signalled transitions).
- How best to manage the legal and institutional implications.
- A consideration of evidence from relevant historical examples (e.g. the end of various currency pegs and previous monetary unions)
The Wolfson Economics Prize, worth €286,000, is the second biggest cash prize to be awarded after the Nobel Prize. It aims to ensure that high quality economic thought is given to how the Euro might be restructured into more stable currencies. Guido is read widely in City dealing rooms, crammed with bond market vigilantes and Phd wielding economic analysts. Given the paucity of bonuses this year, best get your thinking caps on…
Full details from the website:
policyexchange.org.uk/WolfsonEconomicsPrize
Oh eck?
It is going to be messy, but has to be done.
This is the sort of quality that Woolfson is no doubt looking for! Well done!
A simple goodbye is sufficient. Then work through the rest of the mess. There will a lot of junk that was hidden or disguised that we were not aware of.
In respect of France a simple fck you.
Nuke em. Job done
Sorry TT . Billy syndrome . Trying to get in early. Lessons will be learned
This is all speculation as I will not allow this to happen. I have also instructed my Karachi Miliband poodle to change his image by appearing more family friendly. It doesn’t seem to be working as my spies are reporting back reactions such as fits of hysterical laughter and uncontrollable bouts of vomiting.
“hysterical laughter and bouts of vomiting”
That’ll be the nononotthattwatagain virus then?
The BBC (as of today’s Today) is pushing Miliband as just the sort of “really brainy” chap this country needs. Something to do with Rubiks cube.
There’s this
http://www.telegraph.co.uk/news/politics/ed-miliband/8972383/Ed-Milibands-Rubiks-cube-record-makes-him-strategist-or-copycat.html
and then again there’s this:
To be more loved, he could appear with a seemingly intelligent dog, eat more cheese and profess his love of invention.
’bouts of voting ?
“Diverse” looter scum nicked:
http://www.flickr.com/photos/metropolitanpolice/sets/72157628514541487/
http://www.dailymail.co.uk/news/article-2077381/Guns-Shanks-gang-stabbed-pupil-death-outside-school-caged-76-years.html
Re looter scum nicked.
Is Darren GERVAIS related to Ricky?
2012′s gonna be a blinder! No, literally. Can’t wait for the bombing of Syria and Iran to get underway over the Christian (spit) Xmas as planned, the full thermonuclear exchange with China and Russia that follows and all the plebs seeing the nuke flash and being incinerated.
Happy Hanukkah!
You can almost hear Billy’s overtaxed neurons short-circuiting as he tries to understand the question…..
No, it does not have to be messy. Eire could switch from the euro, not to a new punt, but to the USA dollar (or less likely, the pound sterling). The economy of Eire is too small for the change over to seriously affect the value of either the euro or the dollar if it did so. Consequently there would be no panic driven devaluation of Eire’s “new” currency. Creditors and debtors would not lose out.
The main advantage to Eire is escaping the inappropriate German-centric deflationary straitjacket of the euro. After a few years when this crisis has passed, Eire could revert to the punt or, if it is feeling suicidal, go back into the euro.
Easy – one iro (Irish Euro) = one $
With one bound they are free and prosperous ??? !!! ???
Actaully no.
Better to switch to using renminbi and offer Cobh as a base for the Chinese Navy Atlantic Squadron
Err …. the point is to switch to any already established major currency to save the Irish (and their creditors) the problem of an immediate devaluation of the “new” punt. The dollar makes most sense because of the extensive connections between Eire and the USA.
All solvent countries could be allowed to adopt the pound.
But never France under any circumstances.
What a fucking idiot you are Billy.
What a waste of a keyboard !
Come on Billy. You can do it.
I’ll even start it off for you:
You hold a Europеan song contest. You bring back Katy Boyle (still around but retired before you were born).
Each country starts off with No points kneel pwa.
Luxembourg is not allowed any points at any time.
The panels vote for the country to be chucked out of the Euro first. We cannot be chucked out because we are not in.
Belgium will be the first to be chucked out, not because their finances are that bad but because they are unpopular with both British and French.
Germany ends up on top.
*Come to think of it, that’s what’s already happening. So do nothing.*
Can’t we just say “Up Yours,
DelorsSarkozy” ?Stop being dozy, Sarkozy.
As soon as we’ve finished the never-ending round of Beeb parties, we’ll submit our winning entry.
Plebs.
This is a job for the towering intellect that is Billy Bowden. After winning the t-shirt in the caption competition, he is ideally placed to continue his winning streak and pull off the big one. I for one have no hesitation in stating categorically that he should not be excluded from the prize just because he is a prevert gayboy.
I can answer this one immediately: threaten a low yield nuclear strike against Brussels.
Job done.
A winner so early.
Problem is, the prize is in euro so will be worthless by the time they award it to the winner…
There had to be a catch, didn’t there?
We short the euro before we send the threat!
You may have to flesh out some of the details.
Let the nuke do the talking.
After a nuke most flesh has disintegrated.
Believe you are thinking about the Japanese destruction following Little Boy and Fat man.
Gordon and Balls parachuted in together would suffice.
Extra underwear though is a must
Little boys, a fat man, and lots of KY is Guido’s recipe for happiness at Yuletide!
The English circus ??
There are no “low-yields” in the Eurozone (apart from Germany).
Boom-boom!
I think a return to the long term average yields (8%) will be inevitable…
That some think this is high is a sign of just how bubbled* the economy is.
* a synonym for FUBAR.
Bubbled? As in bubble and squeak = greek?
We’re not there yet, but if Comrade Crow has his way…
Can I sign the nuke before you drop it?
Yehaaaaaa! Brussels here i come
Turn the eurozone into a theme park , you know , like euro disney . A fantasy place you can visit with your children that has no bearing on reality , but where the money you spend there is a calculated & affordable . Protect your exposure in the same way as Germany , France , USA , china , India , ect do . God forbid labour didn’t leave or allow the the uk to be exposed just so their polotitians could have a career
I heard about this at least a month ago and have sent various methods, all short sharp ans sweet (well, some not so sweet)
I’ve been sent this joke and, in the Christmas spirit, share it with you all . . .
Hans, a middle-aged German tourist on his first visit to Orlando, Florida,
finds the red light district and enters a large brothel. The madam asks him
to be seated and sends over a young lady to entertain him.
They sit and talk, frolic a little, giggle a bit, drink a bit, and she sits
on his lap. He whispers in her ear and she gasps and runs away! Seeing this,
the madam sends over a more experienced lady to entertain the gentleman.
They sit and talk, frolic a little, giggle a bit, drink a bit, and she sits
on his lap. He whispers in her ear, and she too screams, “No!” and walks
quickly away.
The madam is surprised that this ordinary looking man has asked for
something so outrageous that her two girls will have nothing to do with him.
She decides that only her most experienced lady, Lola, will do. Lola has
never said no, and it’s not likely anything would surprise her. So the madam
sends her over to Hans. The sit and talk, frolic a little, giggle a bit,
drink a bit, and she sits on his lap. He whispers in her ear and she
screams, “NO WAY, BUDDY!” and smacks him as hard as she can and leaves.
Madam is by now absolutely intrigued, having seen nothing like this in all
her years of operating a brothel. She hasn’t done the bedroom work herself
for a long time, but she’s sure she has said yes to everything a man could
possibly ask for. She just has to find out what this man wants that has made
her girls so angry. Besides she sees a chance to teach her employees a
lesson.
So she goes over to Hans and says that she’s the best in the house and is
available. She sits and talks with him. They frolic, giggle, drink and then
she sits in his lap.
Hans leans forwards and whispers in her ear, “Can I pay in Euros?”
Make Fred Goodwin the Chancelor of said country and Brussels will drop said country like a hot potato
Well worth 250k
Invade Poland, dear?
I will pass, just reading the question gave me a headache, I doubt my CSE Grade4 in Maths will help……
What the fucks that ??
Maths is short for mathematics, which is to do with numbers. A grade 4 CSE qualification was not highly regarded in its time and essentially meant that the candidate showed up for the examination, managed to write his name at the top of the paper, and may even have fluked a couple of the answers by scrawling random letters and numbers over it in places.
Thirty years of “trendy” teaching methods mean that it is the equivalent of a degree today.
Dear Gooey,
Those of us who were inflicted with Shirley Williams’ brain wave of the “qualifications” for the little people known as the CSE would be aware that there were actually 6 grades. 1 was top and 5 was bottom with ‘ungraded’ as the one where you turned up and wrote your name and date on the paper before nodding off for the rest of the exam.
The CSE was obviously such a good idea that they continued it until………
Oh, Shirley Williams, that barking old slag with the ratty hair? Always looks as though she’s slept in a hedge? Didn’t she have something to do with fucking up a perfectly decent education system?
1. All Greek banks ownership is transferred in entirety to the ECB. There are now no greek banks.
2. The greek banks still function in a Northern rock type way. The aim being to either rebuild them or sell the retail arms at a later date.
3. Drachma is printed ready. Drachma is set at rate it was when entering the EU.
4. Date for change from Euro to drachs is set. Same as when countries join the Euro only in reverse.
5. On Dr5achma day The Greeks just leave. All existing Euro zone treaties are null and void. New treaties are then signed for trade agreements etc, using the British model as a template.
Alternatively ..Merkel sends in the Panzers again and Greece becomes just Crete.
The mainland just becomes the toxic debt dumping ground for the rest of the Eurozone.
I thought we hadn’t heard much from Ed Balls lately….
I bet the Buffty frae Kirkcaldy is already rubbing his grubby mits as he anticipates his crayon scrawled submission coming first.
Guido
Its like asking how to fix the hole in the Titanic while it is on the bottom of the ocean.
The only way i can see is the a power grab back from Brussels and nation deciding it wants self rule ( and resposnabilty) and wants to live within thier means, it means adopting thier own currency again.
but it needs a leader with balls that can take his country with him/her.
Hungover btw
insightful stuff
Take this person off benefits NOW !!
we have the most insightful & forward thinking
BRAIN on the planet !!.
IN THE NAME OF GOD PAY THE TWAT !!!!!!
Don’t get Balls involved, whatever you do.
*pa DOOM poom!*
Glad you said hungover.
I would have been left wondering otherwise.
Good comment – well worth typing.
“but it needs a leader with balls that can take his country with him/her.”
You are hungover aren’t you!
Please don’t mention that arsehole here…
Wow this is more fun than the caption compettiton.
1. You denominate the whole lot in the new currency.
2. If the contracts are in euros they’ll stay in euros. That’s the nature of contracts.
3. Very unfortunate. Loads of banks will go bust.
4. No need for restructuring. See answer 1.
5. Nothing to manage, the markets will give you as much devaluation as you want, and more besides.
6. You do it over the weekend, without telling anyone.
7. The Maastricht Treaty, you mean? Long ago torn up and consigned to the waste bin. You can piece it together with sellotape, if you’re really bothered.
8. Black Wednesday,1992. Yay! Go for it Italy!
I’ll take the prize money in Sterling, if you don’t mind.
i’d prefer gold myself . . .
I’d push fro Matebele Gumbo Beans.
‘coloured’?
Would you like a wheelbarrow with that? I particularly liked your #6.
3. Very unfortunate. Loads of banks will go bust.
Screw the bondholders (and shareholders). Debt for equity swap. Print money for depositors, fire sell off debt. Banks open as usual.
I like the cut of your jib.
Prize money would come in handy for Armalite rifles & Semtex.
Armed insurgency is the only way any free people are escaping from the EU_SSR & economic slavery to the German Fourth Reich.
I dream of the pavements outside the Foreign Office resembling Ceausescu’s final moments – all those civil service traitors pleading for their miserable lives.
+1
A nice mental xmas present.
Democratically that is exactly what MP’s try to avoid !!.
PS i remember the Armalites !.
Was this not a song by Desmond Dekker – The Armalites.
No, it was “Me ears are alight”!
Simple. Suppose a country like (say) Greece wishes to exit the Euro then Greece simply declares all debt, savings, contracts etc will now be honoured in the new currency -the Greekeuro – on a one-for-one conversion. This new currency will, by a show of hands, be declared legal tender at one-for-one for all debts, savings, pension obligations etc etc.
The new currency will be printed in sufficient quantities to ‘honour’ the savings and stabilise the Greek b*nks. Naturally this will result in an effective devaluation of about 75% and the new currency will float freely at those rates. But if you are an overseas debtor or bond-holder and want repaying in Euros then you’ll be handed Greekeuros on a one-for-one basis.
The result will be that the Greeks effectively default on 75% of their debts and can then manage their economy and pay their pension obligations etc etc at a more manageable level.
The Greeks won’t starve since they are largely an agricultural economy anyway and their tourist economy will get a huge boost. There’ll be a period of adjustment for Greek train-drivers as they come to terms with not being paid as well as German do*ct*ors but – you know – fuck ‘em. The Germans who lent them the money to buy all their Mercs and BMWs and stuff will just have to be more ca*reful about who they lend to in future.
This isn’t very fair, is it?
Why shouldn’t Greek agricultural labourers be paid the same as the CEO of Siemens?
They should be paid more. His company gets a fair bit of its work by bribery and corruption.
Siemens maintain most of, if not all, the traffic lights in this country and also install them.
That is why the number of traffic lights has more than doubled in Portsmouth in the last ten years. Boaz.
That all sounds good to me, jgm2. But could you not weave a pre-emptive strike using low-yield nuclear weapons into your solution? No real reason, but the thought of Brussels, Strasbourg and Berlin going *poof!* is the undeniable ‘must have’ cherry on the top for any self-respecting solution to the EU’s problems.
I’d go easy on using words like *poof*. You never know nowadays what they’ll try to bang you up for. Emma West feels the same as I do.
WTF is it with these low-yield devices? No point hedging your position, your only options are a derivative like a neutron device, or you fill up the helicopter and nuke from orbit — that’s what I call a total return swap.
I assumed ‘low yield’ nukes are more environmentally-friendly than your run-of-the-mill high-yield “shockwaves going round the planet three times” thingies.
Use Anti-matter. It’s self cleansing.
‘mum smacked me’,lesson learnt !.
Environmentally friendly! – we don’t want your lefty green tree hugging types round here
Know three graduates of LSE. Ask em a simple question…no idea.
LSE graduates are trained to follow the asshole directly in front of them in the sheeple herd they are in as the human race march leftwards toward utopia-thinking is for headbangers-socialism is wonderful-think of the pension
When I was at the LSE, thanks to Blair and Mandleson, I ordered someone else to do all of that.
Easy. Everyone hit Ctrl-Z on their computers until we get back to the late 1990s.
I got it Guido!!!!
Send Gordon to save the Eurozone.
Job done.
Hurrah
More comments please Billy
SO obvious Billy IS Guido !!
drops the occasional fart to get it going again
In relation to Greece. Request a ship load of Yen from the Chinese and hand over economic policy to the Chinese Government. Since they are the lender of last resort they effectively own the country anyway and have a fairly good record of turning a socialist state in to a capitalist country. Democracy has already gone so no worries there.
Can I claim my £250m now so I can buy Crete.
Japanese have Yen, Chinese Yuan.
Ahh Thats why they wouldn’t accept my Yen in beijing
Very pedantic Guido although informative, .
I believe even yen tend to chink in ones pocket.
A pedant is one who prefers his currencies to be correct.
Bertrand Russell
Are currant problems at Christmas raisin hell?.
Well, if they are, just use plum, puddin’.
A currency is no more than the faith it carries.
Not every bird likes monopolly money.
Pedantry is something up with which I shall not put.
Ask not what pedantry can do for you, but what you can do for pedantry.
Is pedantry legal in the US Navy, yet?
Disambiguation:
Pederasty: What is practised in the navies of the world
Pedantry: Doing disambiguations
(Note from wife: Brian has had a frontal lobotomy at my insistence, done by NHS. He is still compulsive, but more succinct, at least for now– fingers crossed.)
I can tell you are joking because you claim you had an operation done by the NHS!
& the exchange rate MF ?
Renminbi?
Thought it was renminbi, whatever the fuck they are?
China is a house of cards, economically.
Wait for their bust soon – this will be truly supersonic.
While we have been spending our national wealth on diversity co-ordination, they have been tooling factories, educating their people, acquiring assets, building roads and infrastructure. Even if hit by a serious fiscal snafu, they still have stuff to show for their efforts. We have zip.
And they’ve been digging tunnels under America.
Beginning with those through the Rockies for the transcontinental railways.
Well, we’ve been spending a fortune on Ejookayshn, building shiny new schools that win prizes, and just look at our pass marks! Can’t see we’ve a problem here!
Wahay They’ve got masses of buildings (with no-one in, or likely to ever rent them).
China uses mal-investment to cover up their problems of unemployment (caused by them exporting wealth for NOTHING in return).
They’re the dumbest government on the planet.
Here, have a load of numbers to store in a computer for your goods.
If you need some more numbers, I can generate them for you any time.
Shhh!
The Chinese might catch on…
Simple. Suppose a country like (say) Greece wishes to exit the Euro then Greece simply declares all debt, savings, contracts etc will now be honoured in the new currency -the Greekeuro – on a one-for-one conversion. This new currency will, by a show of hands, be declared legal tender at one-for-one for all debts, savings, pension obligations etc etc.
The new currency will be printed in sufficient quantities to ‘honour’ the savings and stabilise the Greek b*nks. Naturally this will result in an effective devaluation of about 75% and the new currency will float freely at those rates. But if you are an overseas debtor or bond-holder and want repaying in Euros then you’ll be handed Greekeuros on a one-for-one basis.
The result will be that the Greeks effectively default on 75% of their debts and can then manage their economy and pay their pension obligations etc etc at a more manageable level.
The Greeks won’t starve since they are largely an agricultural economy anyway and their tourist economy will get a huge boost. There’ll be a period of adjustment for Greek train-dr*iv*ers as they come to terms with not being paid as well as German do*ct*ors but – you know – fuck ‘em. The Germans who lent them the money to buy all their Mercs and BMWs and stuff will just have to be more ca*reful about who they lend to in future.
It’s the international transactions that are the problem. I don’t think conversion is legally enforceable unless the EU is in the loop. Operationally it is a nightmare as it requires a new clearing system.
The international transactions are only a ‘problem’ for international companies who have debts with Greece. Now some companies will have debts owing but then they’ll just have to take a ‘hit’ and/or decide if they want to renegotiate the contracts for the future or pull out.
As for a clearing system – I dunno how they operate but if they’re dealing with multiple currencies already on a daily basis then I’d have thought a line of code introducing a new currency – the Greekeuro – would take care of that.
May I humbly suggest the new currency should be called the “marble”.
Greeks have been losing them for years
The clearing system for the Euro is TARGET 2. In theory the existing Greek system which forms part of this can be disaggregated but if that happens any € payments into or out of Greece will fall over. It is eminently possible to set up systems to cope with this but my point is that it takes time and will send a red flag to the markets.
As you say elsewhere the Greek government could basically say fuck you and allow Greek companies to repay Euro obligations in new GDR but the legal cases will go on for ever and if the loans/derivatives/fx trades are written under laws other than Greek law ( quite likely particularly for derivative transactions then those court cases will not be heard in Greece but in London, Frankfurt and Paris.
Those cases can be heard wherever they bloody well like but if there’s no hope of enforcement or if there’s no money then they’re a complete waste of time, money and effort.
How can you enforce a judgement if there simply isn’t the money to pay?
The cases will be against individual companies and banks by individual companies and banks. Failure to pay means bankruptcy.
The Greek government can tell the world to go fuck itself but there are consequences that are exceedingly unpleasant. A sovereign default is one thing but forcing most of your international companies into bankruptcy is quite another.
It is one of the most pernicious offshoots of the whole Euro project. The countries are locked in a death grip where continued membership condemns the Mediterranean countries to slow death but disengagement condemns them to short term catastrophe (even if Germany comes out the short term consequences of a rapid revaluation of the new DMK on its prolific export sector is pretty nasty)
Simpler: merely redefine who has legal standing. Better: a framework document for redefining legal standing.
So that is why all the Greek ship-owners have already moved to London, along with all their assets
As to the legality or otherwise without the EU being in the loop. Fuck them (the EU). If a country doesn’t have the money then no amount of laws and well-argued representations and EU resolutions is going to conjure the money out of fresh air.
What are the EU going to do?
Invade and occupy?
Good luck with that. You can’t get blood out of a stone.
I can.
As for the clearing system currently in use,it can take up to six weeks to clear a euro bank draft-hence the astonishing amount of Nigerians buying goods in Ireland while based on continental Europe
Well that will “no win no fee” lawyers the
I can’t see why it is so complicated. All that is needed is to define a currency, perhaps Reichsmark, define a rate of exchange between that currency and the Euro. Then carry on using Euro coins and notes until the new currency can be produced but the rate of exchange will drift.
Many small countries seem to manage to use US Dollars without being part of the USA.
Should leave this one to Balls!
His solution should keep us laughing well into the new year
His solution will involve borrowing more money.
Lots more money.
Guaranteed.
Debt is not a problem.
No use looking in City Dealing Rooms Guido unless you wait for the cleaners to arrive.
Needs the following using Greece as an example:
- overnight announcement.
- temporary capital controls to prevent capital flight.
- new currency – let’s say the new Drachma to be legally enacted straight away and immediate re-denomination of Greek issued Euros – by which I mean those Euro notes are effectively the new drachma at whatever rate is convenient. It doesn’t actually matter which rate you use 1:1, 100:1 or 1000:1 it will devalue straight away. 1:1 is easiest if you want to use Greek € notes.
- redenomination of domestic savings into new currency, similar for domestic loans, money market transactions etc.
The two tricky bits are the operational bits and “international” transactions. A German bank lending a Greek business is not going to want its loan to be re-denominated and I don’t think the re-denomination would be legally enforceable unless the agreement was EU-wide. Even domestic re-denomination will probably mean the Greek banking system requiring massive support.
Operationally the Greek government would have to create a new clearing system for the currency rather than use the Euro one (Target IIRC). I think this is the real killer as the preparation time is time consuming and needs to be right otherwise the effects will reverberate right through the Euro area. It would need to be in place at the time of change. It is the sort of thing fundamental to the operation of a currency and its banking system that is largely hidden from public view. For this reason alone the transformation is very difficult to execute – if the time is taken to set it up properly (as happened when the Euro was created) then this will inevitably get into the public domain money will leave Greece at a great rate of knots and the economy really will collapse. If Greece leave without this in place then domestic payments will fall over and the economy will also collapse.
It is going to be very very painful in the short term.
No Pain. No Gain. How soon can we exit the eu?
Exiting the EU will be painful but for countries exiting the Euro it is worse.
Yes and I do feel sorry for the real people like the ordinary Greek people ho are already suffering because of this doomed euro experiment gone predictably wrong.
They are having to barter for food, have had their energy supplies cut off and are just about to be hit by winter snows. Yesterday apparently some ‘greek’ technocrat minister appointed by france/germany went out onto the streets to try and calm the rioting only he had to be surrounded by the army or the people would have lynched him.
This crisis is just beginning thanks to the rumpypumpy’s of brussels,
Yeah, it would be awful if we had to tear up all those volumes of regulations. They are really thick, even Geoff Hastings would struggle.
Free trade with all. Not that painful, really.
We have a world-recognised currency that we can print at will. Life will be far easier for us than some of our Euro-monkey friends.
The Banks are ready for the collapse of the (puke) Euro Dollar,
the last six years they have been engineering & planning for
this very scenario !!.
From the constant bail-outs , propping-up of the banking system &
cozy ‘chats’ it is so so clear,the financial institutions are waiting
to grab everything that is not nailed down.
Let’s face it the elected twats have no idea !!
Why not do what Mahathir did in Malaysia during the Asian financial crisis in (?)1998, which was to get somebody to show the IMF creeps, who wanted to take over the country’s finances via expensive loans, the way back to the airport, declare with immediate effect the Ringgit a non-tradeable currency outside the country to stop all speculation, and then set a fixed rate of exchange of RM3.8 to US$1. That worked a treat and Malaysia was not thereafter really affected like Thailand and a few others and managed to sort itself out without outside “assistance”.
If it is Greece in the spotlight, same thing – with effect from Monday morning drachma is the official currrency and fixed rate is x drachmas to the US$ (NOT the euro!!). Then let the banks and the companies and the ma*kets sort themselves out without allowing the Commissars from Brussels to interfere. Would take most of them a month at most. The probable result will be that Greece suddenly becomes much more attractive for tourists and for those who would like to buy a holiday home by the sea. Business would pick up quickly and their ouzo and olives also become more affordable; and the euro millstone is removed from round their necks.
What’s not to like?
If the EUSSR send in the troops, the entire nature of the project will be revealed for what it is and can then be dealt with appropriately.
My first thought is that Greek-printed Euro notes circulate freely beyond that nation’s borders at par with notes printed by/for the Germans, Dutch, French etc. (even if some individuals are already unwilling to accept ‘Greek euros’ as payment).
Transforming them into New Drachma would leave a lot of people outside Greece (perhaps most obviously in Cyprus) suddenly holding devalued paper. I hope that I’ve misunderstood your attractively simple plan.
In terms of the paper currency I’m not sure there is any alternative.
This competition is asking the wrong question.
There is no need to discuss countries leaving the Euro.
It would be much better to ask “How do we get the remaining 196 world countries to join the Euro?”
Naff off. That’s our game.
1) The European country in question would have to hide from all the others.
2) Everyone in the country then gets their Euros out and crosses out ‘Euro’ with Sharpie pens and writes ‘Zimbabwe Dollar’ on them.
Job done.
Bye the bye, when it all goes tit’s up, should we let the likes of traitors richard corbett
http://www.richardcorbett.org.uk/home.htm
von rumplelstiltskins ‘advisor, and McGoon’s mole mzz baroness ashton, back in the country, after all they and others have done their best to neuter the British.
Just revoke his passport and let him rot over there. As long as we don’t pay anything towards his salary, who cares? Maybe the Germans can employ him. I hear they may need more people to clean out the monkey house at Berlin zoo.
Whats the odds on Edd Balls to win with his brilliant mind on economics,
“There’s no money left”
Give Ed Balls the Exchequer job in they Eurozone country of your choice. The resulting guaranteed tax flight and exodus by any wage earner or saver will trigger a desperate plea to IMF within weeks. Job done. A bonus will be extermination of any banks. However the country will look like a dog’s arse for years.
My son, who has been studying advanced economic theory, assures me that
the inevitable monetary breakup of Europe can be explained thus,
the country should just leave and those who want to trade in Euros can continue, those who don’t, use the new currency
It is a slow day in a little Greek village.
The rain is beating down and the streets are deserted. Times are
tough, everybody is in debt, and everybody lives on credit.
On this particular day a rich German tourist is driving through the
village, stops at the local hotel and lays a €100 note on the desk,
telling the hotel owner he wants to inspect the rooms upstairs in order
to pick one to spend the night.
The owner gives him some keys and, as soon as the visitor has walked
upstairs, the hotelier grabs the €100 note and runs next door to pay
his debt to the butcher.
The butcher takes the €100 note and runs down the street to repay his
debt to the pig farmer.
The pig farmer takes the €100 note and heads off to pay his bill at
the supplier of feed and fuel.
The guy at the Farmers’ Co-op takes the €100 note and runs to pay his
drinks bill at the taverna.
The publican slips the money along to the local prostitute drinking at
the bar, who has also been facing hard times and has had to offer him
“services” on credit.
The hooker then rushes to the hotel and pays off her room bill to the
hotel owner with the €100 note.
The hotel proprietor then places the €100 note back on the counter so
the rich traveller will not suspect anything.
At that moment the traveller comes down the stairs, picks up the €100
note, states that the rooms are not satisfactory, pockets the money,
and leaves town.
No one produced anything.
No one earned anything.
However, the whole village is now out of debt and looking to the
future with a lot more optimism.
The problem with that scenario is that somebody in there will not owe anybody any cash and so will not pass on the 100 Euro. Or will simply nick it and renege on their debts to the next person down the line.
See! thats how to run the economy, Gordon will love it!
No. The problem with that is that the only person who has still not been paid is the hotel chap (who had to hand the note back to the tourist, so it is no longer in his pocket) and there is nobody he can claim the cash back from.
No the real problem is in the real world the 100euro note would be haircut by VAT,corporation tax and income tax and would after the butcher received 40 odd euros have needed a trip to the bookies to replenish the fund-well thats what ed balls told me!
Good point. Well spotted. You have seen through the fatal flaw in that scenario.
The tourist is unnecessary to that chain of transactions. If all debts and amounts were as stated, then everyone had provided value and there was effectively no debt. There was no liquidity either. That was provided by the wealthy German tourist stumbling in and out.
If Europe’s and the UK’s finances were that good, we would be in relative clover. Problem is …
A neat solution when both the debtor and creditor are for equal amounts and the “loan” from the German is interest free. Unfortunately reality then intrudes.
Didn’t Rossminster operate schemes like that?
I heard of one where a cheque was produced, passed around a table and then removed – resulting in 20 tax scams…
Also you forgot the harmful problem caused by transaction taxes.
It’s like “the system” is geared up to favour us being in debt (and thus paying bondholders for existing)…
Of course the biggest issue to be addressed is how on earth will the kinnochios live without access to the euro gravy train. They’ll starve!!
Every cloud …
LOL. Christmas is brighter this year. And 2012 is looking very hopeful.
Believe the Kinnochios will have to revert to their old hobby of beachcombing sadly missing when he tried to walk on the water at Brighton.
Lava Bread
Wonderful stuff made from seaweed, a pastime sadly being take over by the Scots. Why do you think Gordon is kicking up such a fuss about radiation in his parrish
parish
Always believed vicars and priests appreciated a surfeit of Rs
Not at your age, I’m afraid.
Being in one’s youth is a phallusy.
Typical missionary position.
Laver breasd. Lava is slightly more indigestible.
Fuck it. “Bread”. Why do you only notice these things one microsecond after clicking Submit?
Not if you use the Welsh dictionary boyo. My Mumbles, is better than yours
Laver Bread. Bread made from lava would be a bit too crunchy.
Believe the Welsh tried that spelling and the consequent pronunciation.
Unfortunately the Australian tennis federation was not amused
We could donate them some lead like the grateful people of Romania gave to the Ceucescus.
It’s simple.
Put the Greeks in charge of the Rating Agencies.
Job done.
Who really wants to win 250K tho?, that is nothing compared to winning the Order-order caption contest and t-shirt
What a creep!!
It was a fake what won it
No it wasnt.
Yes it was.
Billy, you have been stealing posts from other blogs and posting them here as your own for a long time. Are you now claiming credit for the work of one of your fakes?
I thought your year could be summed up as being “one prize and seven new arseholes”, but now it looks like you just had seven or so new arseholes torn and no prizes. Better luck next year.
Billy are you alone for Christmas?
There is no question to which the answer is not “more government spending.”
+1
+1
+1
+1
Investment, surely? Spending is what the evil Tories do.
What about “what fucked the British economy totally?”
If Mandelson and the Kinnocks gave up their Euro Pensions then the Euro bail out would have more than enough money to end the crisis.
So just telling them to “Fuck off” won’t cut it?
No but Arkell v Pressdram would be less offensive
I didn’t think anyone would be offended by me using the phrase “Won’t cut it” !!
Any issues resulting in offence should be referred to my legal advisor Mr Justice Cocklecarrot c/o Sue, Grabbitt and Runne.
I’d give Sue a miss if I were you.
Why would private contracts need to be altered?
Because there’s no money left.
Following last week’s hugely successful Magi comment, I do believe Jimmy is beginning to see the case for smaller government.
I’m quite prepared to accept that some things are better left to the private sector. Those who agree may wish to express their support for the proposition here:
http://epetitions.direct.gov.uk/petitions/18914
The country could take out a superinjunction and then issue Green Shield stamps as the new currency. Dust would settle in days.
Possibly we could use the leaf as the new currency…
Whatissixtimesseven
this is simple:
you take the gate at the top of the driveway, turn left and keep on going until you reach a set of traffic lights. Carry on through them and at the next set of lights turn right, proceed a further 400 metres then take a sharp left into the main high street. Stop off at OneStop for a packet of fags and then continue along the main highway, with the coast to your right. The scenery is magnificent as you drive along the main thoroughfare on to the coast road …… free at last, free at last
they think they have a month to work this out?
queen having problems, has to raise cash as ‘austerity’ bites ….
http://www.thisislondon.co.uk/standard/article-24023921-queen-hires-out-garden-to-russia.do
gotta larf hasn’t one???
It must be meet the Fokkers time.
The time to really start worrying is when Her Maj and family climb aboard their private jumbo jet and seek sanctuary in Canada.
That’ll be a great day. As long as they don’t try and loot the country of its artworks and pay their back taxes on exit, they ought to be free to leave, if the Canadians are willing to have them
The answer is socialisim!
socialism internationally is dying. It’s just taking a rather long time about it.
It is very busy in the booth today – lots of trucks in an out in the Christmas rush – not a good day to be hungover – thank goodness there are many threads to comment on today
I mean “are not many threads” – hangover must be worse than I thought
Breaking up for Christmas tomorrow lunchtime Bill?
Billy. Hoping to add a bar to your recent Caption Contest Medal does not mean frequenting the Westminster Arms every night on the off chance it might be Guido and Neo’s favourite watering hole and put you ahead of the game.
I don’t go every night, only every now and again, and I dont disturb them when they are there.
Trucks stop at 3 pm on Friday – but i dont get off until the walking around guys have checked everywhere is locked – should be quick tomorrow I hope.
Power to your elbow Billy. Just watch out for dirty glasses [my excuse for a hangover the following day]
Work hard, play hard is the key to success.
With all the work that I put into this blog, there is not much time for play but thanks for the thoughts. It is nice to be so appreciated by people I lick.
Is that the re-arrange your brain cell booth?
Well capitalism ain’t working is it?
Silly boy, do you re*ally imagine for one moment we have a free market, capitalist economy? What the hell do they te*ach people at schools these days?
Must have been a really stupid question then.
What is this nonsense?
Probably used all the Maximum Imbeciles AirMiles gained from his globe-trotting lecture c*areer. And his regular trips to London to app*ear in Parliament.
Sarah, now listen up. Nobody is interested in what you have to say or you do. Go away!
You must realise there are more important people that we want to listen to, err like Piers Morgan, Simon Cowell, any of the x factor contestants, Lord Sugar, Lard arse Prescott, Ed Miliband, Ed Balls (especially Ed Balls).
If you had travelled to Australia for xmas and then tweeted that comment might have made some literary sense.
Transparently so?
Silly woman.
Hi Sarah, has Gordon fixed your Brother up with a friendly “Cleaner” yet ?
how old are you ffs 12 ?
Imagine having McDoom as your brother-in-law. Hasn’t she worked out why they went to Oz in the first place?
There was a young lady from Norway
Who hung by her toes from the doorway
She said to her man
Get off that divan
I think I’ve discovered one more way
Sarah is upside down? Well, her legs are anyway.
I see. Blow off the first weekend of summer to travel halfway ’round the world to spend Christmas in Scotland, of all places, with Gordon Brown, of all people. He must really love his sister. That, or he’s as mental as his brother-in-law.
jesus fuckin wept! has she no grip on reality
Who cares about the bloody economy!
The dismantling of the anti-democratic EU is the first step in reinstating proper democracy in Europe.
You seem confused.
Liberty and capitalism are synonyms.
And knee-deep powder on the slopes
deeper than that…
That is deep!
For a computer man…
I wish Billy Bowden a long and happy life.
If I had a plan for an orderly withdrawal of a €urozone country from the single currency I’d be looking for a bloody sight more than a meagre quarter of a mil for it. Bidding would start at a billion, cash. Not in €uros either.
Your avarice shows the right spirit. The prize is denominated in GBP (pounds sterling); the conversion into EUR (euro) is presumably given on the assumption that the winning solution will emanate from those deepest in the sh@t, within the eurozone.
As mentioned above, you might want to negotiate for payment in gold, wheat, or into a numbered Swiss account.
I used to do a lot of transactions in many different currencies, and I would help out in this instance, but after a shellacking I took in jail I don’t remember jackshit.
http://news.yahoo.com/judge-weighs-whether-allen-stanford-fit-trial-184330326.html
Well if you told me you were drowning
I would not lend a hand
If Ed told me he was drowning, I would reply “that’s because I’ve got my foot on your head.”
An updated version:
If Ed Miliband fell into the Thames= misfortune;
If anyone rescued him= calamity.
I think the Euro should be taken outside and shot!
It is shot, what’s the point of wasting bullets on a corpse.
Come on its very simple. Launch 1000 bombers at Berlin until Angela Merkel shoots herself in a bunker.
A bit old fashioned. Why not just push the red ‘delete’ button on the PM’s desk and.. no more Berlin?
(Of course, it’s the EU that’s maintained peace in Europe for 65 years. Not anything so mundane as a nuclear deterrent that would squash Germany like a bug if it tried to get up to its old shit again.)
Or NATO for that matter.
Anyone remember the BAOR?
Don’t they know it is Christmas ??
http://www.bbc.co.uk/news/world-middle-east-16297707
No, they don’t celebrate it anyway and besides Iran wont keep its fuckin’ nose out.
WTF ?? They don’t know it’s Christmas???
Time for Bob Geldof to help out !!
Time for him to destroy the farming industry in Ethiopia again?
Keeping people dependent on aid is what we need
pip pip 
Be nice you nasty lot, wish me a merry Christmas and a happy new year or I’ll demand you pay even more in to my IMF tit.
*suckle suckle*
http://twitter.com/tom_watson/status/149416937745694720
What an odious kHunt,all those years in power he ate and slept like a lardarse hog oblivious to all the shenanigans being stroked by a then pliant labour friendly media,that fatty was negligence
Now is not the time to view yourself as a moral crusader fatty, that time was when you had the ear of all heads of departments through your ministerial comrades
You failed fatty
just do one ya throstle choker
In the spring there will be growth.
Peter Sellers – Being There
It is spring now by the looks of it…
Same here CRMM.
Sunbathing on the roof on Christmas day should put a spring into everybodies step.
It may be winter outside, but in my heart it’s spring
Time for another uprising perhaps ?
Britain’s economy showed unexpectedly strong growth of 0.6 percent in the third quarter. AFP (or FAP if you are Billy
)
AFP? FAP? FFS you have lost me
Agence France-Presse
There you are. You made me look it up. I’ve known of them for ages but never knew what the initials stood for – bleeding obvious when you see it.
Thank f8ck for that, I thought it was Australian Federal Police or Armed Forces of Philippines
Perhaps I should clarify that I have been away for some six months and have returned to this site to find more Billys than in Johanna Spyri’s Heidi
My reference to dyslexia was directed at the original Bowden who app
ears to have won the caption contest. One is inclined to think that standards here have slipped rather… a microcosm of trends in the UK.
… but I don’t use mine as a rule.
No need to take the suggestion litterally. Just curling up in the sun somewhere is usually sufficient for most creatures at this time of the year. Besides. Winter solstice occurred this morning. [Always the optimist!]
Nor mine! But a cat-nap is something I have just enjoyed…literally.
My shadow chancellor is with the maximum imbecile right now working on this. We could do with this prizemoney in the Labour coffers.
scribble** scribble ** Borrow from the markets ** scribble** MASSIVE PFI scheme to buy up Ireland over 30 years at 200 times its value. ** scribble ** no deposit – nothing to pay for two years * scribble scribble ** I saved the world —
hang on! This isn’t a pencil! Its a carrot?
organise a charity Christmas single. Use proceeds to pay off world’s debts.
I’ll organise as I’ve already been on America’s got Talent.
Lets see… Who’s available who’s been in the news..
Ed Miliband
Dave Miliband
Steve Milliband
J.K. Rowling
Eddie Izzard
Alex Fergusson
Sue
Baroness Ashton
Piers Morgan
Fred Goodwin
Rebekkahaha
All those women in the M&S advert. Women’ll do anything once they’re past 50.
Ed Byrne
Lady & Lord GaGa {aka Lord Prescott & Pauline}
Co-op is a shite bank, pompous tits and their ethical banking…..
The Co-op Independant Financial Advisors were even worse.
The Co-op is to banking what Primark is to haute couture.
why are you calling lovely Laura ‘pompous tits’?
Bet they don’t sag!
I reckon she has those nice little fried egg tits that have symmetry on a horizontal axis at nipple level – perfection!
*chews wrist*
Sit on my face Laura and I’ll downgrade you for free.
That is disgusting….. go to the naughty step !!
He’ll have to wait until I get off it first…(will attempt to clear up any ambiguity as soon as I have finished.)
I intend to keep stealing others tweets until I have an original thought of my own. If you don’t lick it, please take a full refund and fuck off (and all my other trite lines).
Excellent. If Co-op go bust then the Labour Party will have no ban*ker. Perhaps they could sell me the Labour Party’s debts at (say) 10p in the pound and then I could take them to court and ba*nk*r*u*pt the fuckers.
The Co-op are holier than thou, but actually are useless, failing, like the rest of the High Street banks to provide adequate access to basic bank accounts and micro credit to millions, and providing a wide-open market for bloodsucking pawn shops and payday loan scammers.
Some Greeks have turned to gold for survival!
http://www.google.com/hostednews/ap/article/ALeqM5jbV4YAIv3bTP_TrCqcpGWNmcYGtg?docId=8ca30f5ccc004123b1d9260f33bbffe4
Anyone care to join me for a rendition of the “Horst Wessell” ??
I would prefer Kay Burley asking for my grosse bratwurst
We beat them
Who ? surely not the Iraqis??? the Royal Navy raised the white flag to the Iraniiiiiians
Which Anglo-Afghan War are you referring to? The 1839 one? The 1878 one? The 1919 one? Or the present 2001 fiasco?
When will our politicians stop interfering in other countries, so that young squaddies who sign up in their foolhardy ignorance stop getting pointlessly killed?
Cause said armies being at home makes for dangerous observers of the Governments dealings.
Ever notice how Governments make even more power grabs on the domestic population as each war comes along……
But I feel so much safer with the Government looking after me. Unfortunately those nice policemen kill the occasional innocent, but the IPCC can be relied upon to investigate and report months after I’ve forgotten the incident.
One of those slightly uncomfortable moments when you walk in on some one saying something deep and meaningful and then you ralise they are on there own.
He was probably referring to the latest “police action” in Afghanistan.
It is not a war.
As I said in January 2006, British troops troops would leave that place “without a single shot being fired.”
Admittedly, by 2008, 4 million bullets had been fired by the British armed forces, but that’s easy to say in hind-sight.
.. as opposed to pointfully killed?
has Tom Watson burst his car?
His big end gone again?
Or looking underneath looking for the bell end ?
http://www.tom-watson.co.uk/2011/12/swiftcover-theyre-not-very-swift
Tom Watson calling someone not swift. Pot, meet kettle.
Tom Watson, leaving the goal mouth wide open as usual.
No mean feat, considering how much of it he takes up.
Hi! Look..I’d like to help out. But not with my own cash.
How about if I organise a Christmas single sung by a choir made from widows of the dead British soldiers of my many wars?
How about if we organise a firing squad?
Where’s that sexy French girl gone?
She is just pissing by your window.
For God’s sake man.
I have only just this second clicked the new keyboard into place on my lappy.
Ah there she is!
Back in 10 minutes
I would take the full half hour with her.
I suspect that hag Flint thinks she looks like Alizee, but she dances more like this one…
200th!
You have to be quick to beet Billy
That was clever, Sweetie.
And you got THAT wrong too. You must be in charge of the soup sandwiches at the Houses of Parliament.
If only your forecasts were only 0.5% inaccurate when you were ru(i)ning the economy
It has been suggested to have a two tier euro, creating a second weaker currency to push the runt economies into.
I suggest a creation of a new 2nd Euro the EuroMark a stronger currency with very very strict entry requirements which will actually be adhered to this time.
The Neuro?
The Pleuro? Or won’t people cough up for that?
Neuro. From the German “Neu”, meaning “new” and “euro”, meaning “completely crap currency”.
Every note should be printed on unicorn skin.
You couldn’t make it up. Alan Hansen has had to apologise for calling black footballers “coloured”.
That is f*cking disgusting….. he should be charged with, with, with something !! Then sent to prison, who does he think he is ??
Very soon we’re all going to have to communicate by facial expression,
grunts and mime. Pretty much like chimps. Some of us will take to
it very easily.
Yes, and I think I can guess the hand-gesture we’ll use for “politician”.
The appropriate hand gesture for ‘politician’ is the same one the infants’ school choir were not allowed to use during ‘Twinkle twinkle little star’, in case it offended a hypothetical deaf person. (and if they were deaf, why go to a carol service FFS?
And some of us won’t, and this is the sort of thing that happens when a chimpanzee is misunderstood.
http://articles.cnn.com/2009-02-17/us/chimpanzee.attack_1_charla-nash-chimp-attack-sandra-herold?_s=PM:US
Motty ought to apologise for calling Giggs “the Welshman”. He never called anyone “the Englishman”.
I agree with the French police decision to interview Aiden Burley and the other people at the party. Just a shame Labour never interviewed Ed Balls about dressing up as an SS soldier.
EVERYONE HATES ED BALLS
http://bit.ly/dLfpyo
Now that you mention it, it becomes clearer why Labour don’t support marriage.
WHYYYYY DO PEOPLE DETEST ME ??
Even Ball’s school teachers didn’t like him.
Where’s Guido? In the pub?
No new topics?
How about tube train drivers striking on Boxing Day?
And why aren’t they working on Christmas Day? Half the population of London is Muslim or Sikh or Hindu.
“Where’s Guido? In the pub?”
Is the Bear Catholic?
Does a pope shit in the woods?
Is Rowan Williams Christian?
Said the actress to the Bishop…
Now see here, there’ll be no bashing the Bishop on this blog!
*pa DOOM poom!*
(Low-hanging fruit, I know; you come up with something clever.)
butteruby mitre bin.
No. You must have a reason for asking. Would you share it with us?
Is Christian Slater ?
Steve Kean for labour leader and Ed miliband for Blackburn rovers boss.
New England Patriots gaffer, more like.
http://www.mirror.co.uk/news/politics/2011/12/21/ed-miliband-revealed-at-home-with-the-labour-leader-and-his-family-115875-23650215/
That Christmas tree looks like they borrowed it from a furniture warehouse. Most families have more decorations from that built up over their years of committment together…
Jeezus. What a pile of steaming, sycophantic ordure, positively nauseating. A pity the photographer didn’t surreptitiously rearrange the alphabet bricks to read ‘loser.’
I’d like a nice snot sandwich.
Nurse! Where’s my rocking horse?
The street of Shame there is a journo with a mobile phone
Of every ‘sleb he’s had the pleasure to know
And all the famous that come and go
Featured in Hello
On the corner is a Banker with a Ponzi Scheme
A massive hole the size he hides behind his back
And the banker plots with Freddie Mac
It’s a risky game
Very Strange
Street of Shame
With cops your ears, corrupted eyes
There beneath the blue suburban skies
A bung and meanwhile back…..
We invest all our money in the Euro our country goes bust and then we
install an unelected prime minister to tell us the error of our ways
The European union come to our rescue and then we prosper
What do you mean that won’t work ?
George Michael released from hospital to enjoy a last christmas.
Please tell us whether you are an ambitious young constable of enviable proportions, or merely a strap-on accessory for the WPcs
“Last Christmas i gave you my arse”
and the very next day you said your not gay
This year because your not queer
i’ll give it to someone special
The obnoxious little prats that used to be Special Constables have morphed into Community Support Officers. Still require processing by Cressida’s tool however.
Remember To Vote For Billy Bowden – BBC Sports Personality Of The Year BBC1 tonight
How many times should I be voting, isn’t it ?
I’m voting for Alastair Cook– I’ve always loved his Letters from America!
Oh– Alastair Cook the cricketer!
(Never mind.)
Alistair Cooke ? Cricket ? Ashes ?…emmm Im sure there is ajoke in there somewhere
Unfortunately for Mr. Cook the cricketer, he shares a name different in spelling but identical in sound to that of the revered television and radio personality, whose post-mortem arrangements were, shall we say, handled rather dodgily, at a minimum. It is also Mr. Cook the cricketer’s misfortune, so to sp**k, to play a sport an important Test Series of which is called “the Ashes.” The confluence of these facts is a gruesome coincidence, to be sure. But the “joke,” as you put it, is understood to be the fact that “Emily Litella” is a classic comedy character (from American TV of the 1970′s) who was liable to go off half-cocked into a rant, based on a mishearing of something broadcast on television (she was a woman of about sixty years old who was beginning to need a hearing aid), unless someone quickly corrected her, whereupon she would meekly excuse herself. You can hear the audio of one of her sketches here (pick it up at about 0:15):
No disrespect meant to Mr.Cooke the broadcaster’s memory or living family.
Fuck off already!
Convert all euro debt to equity – let it trade a while and let’s see who is owning these countries and institutions?
STFU!
Do you still have your dad’s Panzer uniform?
There was no news today.
The economy didn’t get any better. Hansen didn’t go all Clarkson on MOTD.
The ECB didn’t bail out every bank in the Europe in case the cash points went off over Xmas and caused total Europe wide anarchy as shoppers unable to access money for the boxing day sales rioted.
No..nothing happened today at all.
Goodnight.
Sleep tight. Don’t let the truth bite..
BBC 1 . New political comedy.
“Life’s too shit.”
Pygmy politician Ed Miliband gets into all sorts of hysterical scrapes and mishaps and ends up living in Jacqui Smith’s sister’s spare room after losing his job, his party and even his second house.
His depressed and suicidal, hopeless accountant {Played convincingly by Gordon Brown} has made a huge error as his ‘spend the way out of debt’ policies have bankrupted the labour party and the nation.
Little Ed, once liked by the public but now long since ignored, tries to get help from his old comedy pals Steven {Brendan Barber} and Ricky {Ed Balls with a goatee,} but with ever diminishing success.
Sun rating – ** stars.
Am I seeing double?
What …what ?
What four? … What four? … What four? … What four? …
Here’s a sneak preview:
Hope you like it!
BBC 1 . New political comedy.
“Life’s too shit.”
Pygmy politician Ed Miliband gets into all sorts of hysterical situations and mishaps and ends up living in Jacqui Smith’s sister’s sp/are room after losing his job, his party and even his second home.
His failing and suicidal, useless accountant {portrayed convincingly by Gordon Brown} has made a huge error as his ‘spe/nd the way out of debt’ policies have bankrup-ted the labour party.
Little Ed, once liked by the public but now long since ignored, tries to get help from his old comedy pals Steven Merchant-Banker, {Fred Goodwin} and Ricky Gerbilface, {Ed Balls with a goatee,} but with ever diminishing success.
Sun rating – ** stars.
Am I sееing double?
All that effort to beat the mod and the bot goes and publishes.
It must be full of Christmas cheer.
Is this arithmetical progression or geometrical?
Is this arithmetical progression or geometrical?
Is this arithmetical progression or geometrical?
Is this arithmetical progression or geometrical?
What what ?
It seems that Bill’s postal vote program may have hit a glitch.
I understand that there is now financial assistance from central funds over this. To back up the Short money, MPs may claim Overs money.
Twice in Bradford.
Why are we still on this when Labour are making massive political capitol on this Aidan Burley story
The nazi collaborators The French are threatening to prosecute him for being at that party even though he was not the one wearing the uniform !
Labour Shit heads in his constituency are saying people are coming up to them saying he should go
Even though sky news could find nobody with the same opinion
Whilst all this is going on their second in command the loathsome Creep Ed Balls is sat there in full knowledge that he chose to actually wear a Nazi uniform at a party he went to Below is the picture of Ed Balls in his Nazi uniform can you please all send a copy to your MP or to the BBC complaints page
http://1.bp.blogspot.com/_lYENdXKR_LA/SN6VDtKy3ZI/AAAAAAAAC7c/CbttgDtgoag/s1600-h/ed+balls+in+nazi+uniform+looking+at+his+mates+false+arse.jpg
And that is why poor little Eddie Balls will never be labour leader.
Fortunately, any Labour leader will be irrelevant for many years to come.
OK so we all know that aidenburley, like edballs is a complete idiot lacking any common sense.
More ‘amusing’ is why the french are getting their nickers in a twist over one stupid man wearing a fake na z i uniform. If that uniform is so offensive to them why didn’t they make a stand against it when hundreds wearing that uniform invaded their country in 1939/40 ? Instead of which they ran and hid and let us fight their battles for them.
OMG the french! what a shower!
In a recent survey of Norwich High street, 3 and a half people said, bleeeuuurgh bla bla gagga arrrrrgh plop plops….poo
Norwich. the UEA HQ of globalwarmingscam? What makes you think any of them would talk any sense?!!
reminds me of the day octogenarian yank arrives at paris airport absentminded he walks through customs ,, is pulled up by french customs man ‘ere sir i must see your passport .. yank replies” back in ’44 on omaha beach, i why could’nt i find any fucking french Hunt like you to ask for my passport
I would get out of bed and do it for 250 million at least. It’s not like the ECB aren’t already printing behind the scenes anyway so another couple of zero’s doesn’t mean much in the grand scheme of the Euro.
“Ladies and gents.”
That concludes our tour of the toilets.
I think you mean “gents and boys” Billy.
I’m gonna adopt a black babie for new yer! I’m so exercited!
I see Iraq is now nice and safe since the yanks pulled out 5 days ago
give it a month and the extremists will have the country back (and the oil)
Safer there than Blackburn!
Funny you should say that
I found this on you tube yesterday ignore who made it but this is the high street in Wembley
It is an eye opener !
Coming soon to a high street near you!
(are they really allowed to broadcast their religious crap over tannoys like that? No wonder all the British have moved out.)
Get back to Wales!
I could direct you to a fine *Indian* restaurant in Rusholme. (In fact I have before – He is Pаkistani – not Indian.)
http://www.spicy-hut-rusholme.co.uk/
Sheps runs it and I would count him as one of the best Englishmen I have ever met and a true friend of mine. A better Englishman than I consider myself to be.
He was awarded for his bravery by The Ross McWhirter Foundation, no lefty organisation. You can find the details on the net but they are interesting.
Unfortunately, we hear about the all to many bad ones and seldom about the good ones. I simply wanted to redress that balance. I wish he had a branch here by the Adriatic.
Blackburn is a shithole as you well know.
seldom the good ones eh.
and the reason is . . .
Bad news travels fastest
Generalisations only work so far?
Listen to the man/woman then decide?
Be fair and harsh?
Remember that our own country folk don’t always match up? (Wish they did.)
Etc., etc..
Don’t have many people of the dusky variety where you are I should imagine CRMM.
+1 CRMM
Like with all, most are not talked about because they do good, only bad ones bring headlines.
We all know you like the occasional black bum Billy, so hardly an impartial judge IMHO.
Oops, sorry. Forgot you aren’t a giver but a taker.
@white flight wallah
True. But I would have Sheps living next door and would eat at his restaurant far to much, if he did! So draw your conclusion.
Judge the man.
@Billy. Agree with the principle. Perhaps differ with the percentages. Too many of a certain type of immigrant do not condemn the problem makers and thereby passively condoning them. A pity that they do not think things through a little bit further. I am grateful for your support however (I shall wear it every day – OK, I’ll get me coat.)
@CRMM
The people that run local takeways/papershop etc (round my way) are decent and polite people, then you see english chavs…….
Yeah, why don’t you move to somewhere like Wembley or Luton, I’m sure there’s plenty of Shep like people down there you can test your tolerance against?
@whіtе flіght wаllаh
Yоυ аrе bеіng rаthеr tіrеsоmе nоw, аrеn’t yоυ? І dоn’t lіvе whеrе І dо fоr еxclυsіvеly pоlіtіcаl rеаsоns. І lіvе hеrе bеcаυsе І lіkе іt, І knоw іt fоr оvеr thrее dеcаdеs аnd bеcаυsе І fееl аt hоmе hеrе. Vеry mυch аs І іmаgіnе thаt yоυ dо (υnlеss yоυ аrе еvеn mоrе аnаl thаn yоυ аrе pоrtrаyіng yоυrsеlf.)
Whаt dо yоυ wаnt mе tо bе? А BИP sυppоrtеr? А Nаzі (lіkе Tоny Blаіr)? Wеll sоrry оld chυm. І аm nоt gоіng tо оblіgе yоυ.
Rеmеmbеr Bеrnаrd Mаnnіng? By nо mеаns my fаvоυrіtе cоmеdіаn, bυt аn іntеrеstіng аnd mіsυndеrstооd оnе. Hе hаd а Pаkі dоctоr lіvіng nеxt dооr tо hіm. Mаdе jоkеs аbоυt hіm tоо. Bυt rеspеctеd hіm – whіch wаs rеcіprоcаtеd.
І dо nоt thіnk yоυ аrе stυpіd. Qυіtе thе оppоsіtе. Sо yоυ knоwn dаmn wеll whаt І аm sаyіng.
@ Bіlly.
І dо nоt dоυbt yоυr еxpеrіеncеs. Yоυ hаvе tо bе cаrеfυl оf drаwіng gеnеrаl cоnclυsіоns frоm spеcіfіc cіrcυmstаncеs. Hоwеvеr, І аdmіrе yоυr аpprоаch whіch іs brоаdly cоrrеct ІMHО.
@CRMM
I treat people how i find them, there are white people i wont mix with and colored people i wont mix with, everyone should be judged on merits
@Billy. In my travels around the globe, I have been intrigued by the people of The Gambia. They have a semi-derogatory term for white people there; Tubab.
When I am there, I sometimes refer to myself as a Tubab. It makes them laugh and always breaks the ice. I do not feel hurt by it (which is exactly how English law is very wrongly framed now.)
Sticks and stones. But I’ll tell you something. I always pay the local’s taxi fare instead of the Tubab’s. I get my accommodation and meals at local’s rate. I am accepted as a local. I wonder why?
@CRMM
When in Rome ? etc
When in Rome it is more difficult not to be a lion’s lunch.
“І dо nоt thіnk yоυ аrе stυpіd. Qυіtе thе оppоsіtе. Sо yоυ knоwn dаmn wеll whаt І аm sаyіng.”
What a tedious, patronising, pompous wanker. Just piss off FFS.
Pompous?.
You always end up using that adjective. It means nothing – apart from the fact that you are defeated in argument, yet again – and you know it.
If you don’t like what I say, try LabourList. I rarely post there. Curiously, when I have done, I have never been flamed.
Eh?
redress the balance ,,, ya fuckwit arsehole look up met police website to check ethenticity of perps that torched london igave up all semblance of balance after page three you are one fucking weapons grade knob end
Time for your meds.
crmm is that it ya pretentous fucking smug Hunt go on arsewipe givous a spelcheck(you sound like one of them gaudinanista fuckers ) are you ?
Comical, the way you change your *style*.
Selectively choosing NewLab spelling, but when anything difficult or complex crops up, you can spell it very well.
I really do think you need help … even more than I do. That is saying something.
Good night!
So you are ok with calling yourself and being called a twat or taub to and by ni99ers but become apoplectic when white trash call you one.
Don’t you hanker for the old days of semi-educated trolls?
This one clearly made up his answer before I last replied so, not having an original thought in his head, he had to use it. I had even made a joke at my expense to show that I was not really bothered.
He probably didn’t even write all of it himself. It was on a crib sheet he had been given by his HQ.
Note 1) his racism versus 2) his ability to spell apoplectic. It’s what the left call a composite statement. Made with two left hands.
So who educated said troll, I wonder ? It obviously can’t have received a Labour education.
One left hand definitely did. The other possibly didn’t.
I don’t use my left hand for that though.
Labour in Cannock Chase Saying that people are coming up to them in the street saying they are appalled and that Aidan Burley should resign !
Sky news say they have been there all day and haven’t yet found anybody with that point of view !
Labour Liars and Fools
127 million billion people logged-on to the Labour Party’s website today to express their sympathies after hearing that our Dear Leader Ed Miliband has caught a cold.
We are naturally grateful for the concern, but would like to assure everyone that Comrade Miliband is impervious to any illness and is, in fact, immortal.
His armoured train will be passing a station near you soon. Make sure that there is an adequate supply of lobster, cognac and Rubik’s cubes in the waiting room.
If you want a bit of a laugh, have a look at the comments from the public about a Labour councillor in Waltham Forest who has recently been given the MBE. (And these are the ones that have NOT already been censored by the lcoal paper.)
http://www.guardian-series.co.uk/news/9429878.WALTHAM_FOREST__Councillor_made_MBE/?ref=mr
My kinda guy.
I may be a useless fat anti-social cunt, but you is all racist. Give me more money. Give it to me NOW! This is my country now. You racists.
No doubt a word in the ear of these people would work wonders :
http://www.walthamforest.gov.uk/index/legal/anti-fraud.htm
Some historical perspective
http://menmedia.co.uk/manchestereveningnews/news/s/62/62520_proud_moment_for_languagerow_councillor.html
Does this mean that your Council could actually be run from Zimbabwe or North korea ?
Maybe they are.
Its a different Liaquat Ali. The one in Waltham Forest is a mate of David Miliband’s. He is also on the board of the London Fire brigade, despite some properties he’s ‘possibly/allegedly/maybe not’ associated with being potential death traps illegally constructed without planning permission and filled with people believed to have no known immigration status in the UK. A raid on them was cancelled before the last general election to accommodate him and has since mysteriously not taken place. Rmours abound about his dodginess and those of his relatives.
One effect I haven’t seen mentioned is that Euro notes will become a premium means of exchange within Greece giving the country have two economies, much like now. If you need urgent help and offer the new currency you won’t get a call back, but offering Euros gets you immediate attention.
In Argentina currencies other than their own are treated like drugs with sniffer dogs checking travellers, which isn’t so easy with Greece having a land border and an established problem already with strangers coming and going by sea.
Technically it’s possible, but the resulting consequences are hideous to consider, and will create even more problems without doing much to solve the current crisis. This is one crazy fairground ride you’re strapped into until the end.
How would you feel if Boeing told you mid-flight that they hadn’t planned how to land the plane they’d built ? It’s what our Euro financial boffins in brussels have done. Their only solution is to keep pouring money into it, like an engine gushing oil. Even a marsupial could come up with a more effective solution.
Banks created the problem. Governments lend money to banks at giveaway rates. They loan money to broke governments and make a fortune – and so the wheel turns. Making a hamster run faster and faster inside a wheel – result ? – the hamster eventually dies.
The original problem is that governments chose to defy the first law of Capitalism – losers shouldn’t prosper.
No.
Governments regulated the volume of debt into existence.
Governments need debt to simulate money velocity.
Why is money velocity low? We tax the wrong things (like work, saving, spending, investing and employing).
An old drinking buddy of mine was in Bulgaria back in the bad old days. He was paying for everything in Bulgarian doohickies (or whatever the currency was in them days). He had got them before he left Blighty but just in case he had some USD in his sock. When he ran out he apologised to the manager of the hotel and produced a one dollar bill and he was immediately treated like a king from then on and he got all sorts of things for a quarter of the usual price.
BFT: Yes, I had a similar experience travelling in Algeria in the late 1960s. I had not changed quite enough pounds into the local money to cover an overnight hotel stop out in the sticks – and in those days hotels had no authority to accept anything other than local stuff, plus foreign currency in the hands of the locals could result in them being in serious doodoo . However, an understanding local came to my rescue and happily paid the quite small (to me) balance of the bill. When we got outside I gave him a couple of packs of fags and a fiver. Happily he was not one of their undercover snoops – or, for all I know, he was but was quite happy with our little unofficial ‘arrangement’. We both went happily on our way and I changed more money when I arrived in Algiers.
Want a new car? Simps
Stuff yourself till you weigh over 25 stones, claim incapacity benefit, then Mobility Allowance, then Motability Car. Better still get you sister to mirror your behaviour
and she can drive you and you can drive her. Where to? To Primary Care Trust Physiotherapy because your joints will no longer support you.
Who pays for the food, car and physio? Guess.
Me?
I’m doing you taxpayer mugs a favour really. I’m high cost while alive, but my life expectancy is reduced so you don’t have to pay my pension solong. Hang on, I forgot that I bred the next generation of skivers before I achieved my current obscene physique. So I’ll still be costing you after I’ve overloaded the crematorium equipment.
My people, thith ith your Dear Leader. I mean, leader of the oppothition. I hope you all have a very merry ramadan and eid. Thith time next year, Rodderth, we’ll be millionaireth. Thorry, I mean, I’ll be your prime minithter, provided we can get enough fraudulent pothtal voteth. Oopth, did I thay that bit out loud?
Standard & Poor’s has cut Goldman Sach’s credit rating from AA- to A+.
As long as they haven’t been arrested.
GS’s rating should down where it and their operatives belong – dans l’oubliette!
Are these ratings agencies the same people who graded toxic sub-prime mortgages AAA ?
It’s wrong to try and roll shit in glitter with mortgages by your logic, but it’s ok to lend some burger flipper or other dead end no hoper job 100k to buy a house without calling a spade a spade and admitting the truth that these people are the bottom rung and shit stains of society no matter how you try and dress it up and make them feel special and try to make them vote for you.
And you wonder why the mortgages turned out to be junk? Low and behold the people who where being leant them are the junk of society. BUT WE CAN’T ADMIT THAT NOW CAN WE……..
You can thank Bill Clinton for over-inflating the American property market. Over here it was ‘No boom, no bust’ McMental who pumped up the housing market. Remember Northern Rock’s 125% self-cert mortgages ?? Bet they got sliced, diced and repackaged with the ratings agencies stamping ‘AAA’ on them.
McMental tells me he feels he is becoming a god, same as Caligula. Hasn’t the boy done well?
Not quite….Yet.
It seems that Standard & Poor’s hasn’t downgraded Goldman Sachs after all. They just accidentally said that they had on their website. Again!
Mervyn King just wished everyone at the press conference a merry christmas and a “systemically stable 2012″
As the great econemist Derek Draper said “debt is not a problem”
Ah – Derek Draper, the man to whom can be attributed the modern etymology of the word “berk”. Los Angeles rhyming slang – “Berkley People’s Front = Cunt”.
Soon to be eclipsed in that regard by a return to London, as “Bercow’s an affront (to the office of Speaker) = cunt” replaces the transatlantic formulation.
Of course, the above derivations may be a complete load of Billy Bowden.
It’s all very simple, and I claim my 250K.
Using Greece as an example:
If there a gazillion euros in circulation in Greece, you print 4 gazillion drachma (4 to 1 seems about right as a first stab)
Anybody earning , say 250 euros/month, now gets 1,000 drachma instead.
If I am an English company selling to Greece under a contract denonimated in euros, I will now get get four drachma per one euro under the contract; these four drachma, I will sell to the Huns for one euro, which I will immediately sell for US dollars.
Anyone buying from Greece, if such a person exists, will now pay four drachma for every euro, the said drachma having been bought from the Huns for one euro.
I would imagine that this furore having been boiling for so long, any new contracts over the last few months will have been denominated in sterling or US dollars, so the issue must be gradually fading anyway.
This process proceeds for all the countries in the eurozone in turn, in an orderly
manner, until all the euros are in Hun hands, which they now rename Deutschmarks.
If there is anyone out there with the temerity to disagree with this masterly analysis, send me your address so that I can come round and kick your head in.
Fancy working for me when I’m Chancellor of the Exchequer ?
The Fourth Reich wins. Much easier than the last attempt. By the way, thanks for all the useful personal data you’ve been shovelling into cyberspace, it will make the next stage of our plan so much easier.
Today that Mrs Macaulay woman took away all my sweeties and fizzy pop and told me that Santa wouldn’t visit unless I put the baby jesus back in his crib. I keep trying to tell the stupid woman that I saved the world, not Jesus! Please can I have a new carer, this woman is very beastly to me.
Have you had you head in the sand or stuck up your arse these last few years Gorgon? We don’t print money any more, we just press a the enter button on the keyboard and Quantitatively Ease the stuff. How much would you like Santa to provide for you? Another 275 billion quid? Why not a trillion? (Tony and Cherie could do with a top-up of expenses no doubt)
I know I’m only a simple engineer, fit only for ensuring that chemical plants don’t blow up or fall down in earthquakes, and thus totally unqualified to comment on matters of international economics, but I’m not going to let ignorance be a barrier to holding an opinion.
Some years ago, several nations ceased to use their own currencies and adopted the Euro. If one or more wish to cease using the Euro and readopt their own currency, they should dust off the instruction manual they used last time, and apply it in reverse.
There may, of course, be consequences in the markets to the readoption of their old currencies. The Central Bank of the nation in question should carry out risk analyses before taking action.
It might be a good idea to get on with this pretty damn soon, especially in Greece, Ireland, Spain, Portugal, Italy and Belgium. France, Germany and the rest might like to undertake stage two above, just in case.
With you Eng. I too was once a keeper of the Reynolds No. An orderly entrance was made, so an orderly exit must be achievable. They have had plenty of notice.
+5 × 10^9
A pittance – that’s what my gas bill is for November.
Bottled? Again?
+10. Well said.
Question : “How does a country exit the euro ?”
Answer : “That is what the Christmas weekend is for.”
I’ve been watching the aidenburley nonsense with amusement.
The more labour keep trying to focus media attention on the idiot burley the more people keep remembering that bulllyballs did the same thing.
It’s almost as though militwit’s goon squad is generating the media embarassment for bullyballs through the burley scandal in the hope of having a reason to get rid of the unwanted shadow chancellor.
Oh conspiracy theories I love them!
Well tyhat’s interesting I’ve been modded.
Was it militwit goon squad conspiracy scandal or bullyballs?
The USA together with the UK should run the Eurozone. A new currency is created from their merged currencies, the Dollerling.
Greeks would be enslaved, their estates being divided amongst the new Anglo-Septico aristocracy, while the former are put to work running and manning the world’s shipping.
The Germans are allowed to keep their country but are closely monitored, since it was they who broke the original eurozone fiscal rules. They are tasked with making sure the euro engineering projects are brought in with requisite quality and timeliness. Under no circumstances are they allowed to produce food, but they are encouraged to produce beer.
The French are allowed to remain producers of food providing they keep their fucking mouths shut. Their estates are confiscated but they are allowed to consume a reasonable % of what is produced on them.
The Spanish, Portugese and Italians are merged into a new country to be called Dagosia. They will specialise in hair-dressing and the production of cheap wine for British consumption.
Ireland will be merged with Romania and together will specialise in the production of vegetables.
Scotland will be twinned with a small unheard of island off the northern coast of Finland and forgotten.
I am totally out of touch with the modern Euro world.
Why can a man go to jail for taking part in a piss take of the Nazis?
For fucks sake dressing up in fancy dress SS uniforms has been done since the war ended. Ask Ed Balls
Why do modern day judges think this sort of piss take illegal?
I HATE the modern day EURO THOUGHT CONTROL
It’s the French. They have a bit of a complex view on WWII, since so many of them collaborated with the Nazis.
Any reflection on the history of the period is thoroughly frowned upon – and if you look at Shortarzy’s paternal ancestry, you will find Hungarian collaboration there too.
Still, when in Rome and all that – dressing up in an SS uniform in France is even sillier than doing the same at Oxford, so fuck ‘em.
Quite agree.
It’s a bit like sex.
What you do within your own house and with whom (within obvious limitations) is your own business.
What you do out in the high street is totally different.
What you do on Suq al-Alawi, Jeddah, is different again.
What is difficult about understanding that?
The only thing to understand is that everyone intimately involved in politics or law-making is a public sector parasite who should be gassed immediately.
That’s it.
That is even more enlightened than some front bench members of the Liberal Democrat Party, a party which is currently neither liberal nor democratic.
Vat iss all ziss, zen? Ver ve lucky ve did not get done for vearing zeez costumes? Ze verld iss run by ze Grand Order ov zer Dumpykofs, nein?
Steady on, lad. It’s only obedience training
If the state pisses on you and tells you it’s raining
Meekly get out your brolly and wellies and mack
But whatever you do you must never talk back
Slovenia has just been downgraded by Moody’s to A1, from Aa3
What a strange world we now live in. To debate the past is made illegal and to dress up as the past is made illegal.
What could Cherie do with this Winterval?
I could depress the fuck outta ya…
Oh Fuck its this boring blowhard again. Christ imagine getting stuck with him at a party .
1 Open door
2 stap outside
3 breath fress invigourating air of political and fiscal freedom
Too much Christmas cheer dear?
Dear Santa.
Last year I asked for some policies, but I only got a voucher for nose surgery.
This year could you please bring me a personality.
Love ..Ed.
PSL If you really know who’s been naughty and who’s been nice then don’t give anything to Ed Balls who’s been a right little shit.
Hey!
I heard that.
David Mills, husband of Tessa Jowell, admits being a fucking liar in order to dodge tax on $600,000.
http://www.telegraph.co.uk/news/worldnews/silvio-berlusconi/8974317/David-Mills-invented-Silvio-Berlusconi-bribe-claims.html
Did she admit to being a fucking liar in order to screw the whole country?
And what was her pay-off for the 2005 Gambling Act?
Shit – the new fragrance by david beckham
Ed Swivel-Eyes doing his impersonation of a chameleon again :
http://www.guardian.co.uk/politics/2011/dec/22/ed-balls-labour-economy
It’s only a hot flush while Yvette’s giving him a Christmas Special.
A lesson in Gordonomics.
If I have 10 pounds and you have nothing – then our joint wealth is 10 pounds
If I loan you 10 pounds – then our joint wealth is 20 pounds as you have ten pounds and I have your debt of ten pounds as an asset.
It’s called ‘double your money’.
Governments (bust) loan banks (bust) money to loan to governments (bust).
The prime purpose of governments lending to banks at rock bottom rates is to buy government debt, and with pressure on banks to improve their capital ratios I note this comment
“Gilmore referred to a regulatory quirk known as a “Basel Committee” rule. That assigns a zero risk-weighting to sovereign debt for the purposes of gauging a bank’s capital adequacy ratio, and is seen by many as a key original cause of the euro zone’s problems.”
Now – it was the incorrect assignation of AAA ratings to junk security that got us where we are. This wheeze has infected the market at the highest level, and if banks are effectively being obliged to improve their capital ratios by buying junk government debt – the problem is getting worse, not better.
The solution is to stop borrowing – not borrow more and more until the system blows up because it’s gorged itself on toxic debt.
Why do you think the ECB’s 1% loans were going like hot cakes this week? Shoring up those capital ratios for when the Eurozone tries to bugger around with more bits they don’t understand, that’s where most of the money went…
It’s the pork they use to feed the pigs.
Funny, I have not heard that expression for years so I Googled it as a complete string and then as a part. No trace.
Even with the interwebs, things can disappеar.
No,no,no !!! We’ve got to borrow our way out of the economic downturn.
Keep borrowing and spending, spending and borrowing.
This is a fundamental principle and is my own economic theory. It’s complete Balls.
A miserable Christmas for Labour wonks.
They were rubbing their hands at the prospect of a downwards revision to Q3 a while ago but the pesky thing adjusted itself upwards.
Never mind. They have Ed. (They need his Ed on a plate really.)
Simples!
How did they enter the Euro? Same issues the other way around.
Simply reverse what was done to enter the Euro….et voila!! At the very least the model can be used as a framework.
Where do I collect my prize?
It’s ready waiting in the parallel universe where time flows backwards — and rpentant socialists can undo their f–k-ups
My pants has just been downgraded by Mrs Moody from clean to poopy.
Hold on Gord. The Public Sector Social Services Emergency Arse Wiping Team (including Work Experience Youth Trainees) are on their way. Just bend over and wait for your comeuppance.
The evidence…..
http://bit.ly/rYpXjs
No they’re not. Hunts have a practical use and some are attractive as well. The BBC is neither.
Euro= whatever currency we signed to get out of, if you don’t like it fck u too, were in deep doo doo, exit visas will be issued, no foreign transfers of bank accounts allowed, it starts immediatly, the Euro will be phased out, if you don’t like it we will have an election in 6months and you can sort out the mess, all uncivil servants will be shot if they breath a word to the MSM, the rest as the above comments.
499?
500
Go on! How long did you have to sit by the screen waiting for that one?
Oh, just a moment. You did a testing above. That is not cricket, Sir.
(Or Madam
)
For as long as toxic debt is being unrealistically rated, and banks are being lent money to buy it, we are riding a Ponzi scam in to oblivion.
As soon as those who trashed their financial institutions were protected from their folly, this was inevitable. The rule books and common sense were set aside for the economic gymnasts to take centre stage.
A leveraged bail out fund ? Need I say more ?
Hello,
“CORPORAL CAMERON and CORPORAL CLEGG” are Fascist Rock Suckers,we had all this rightwing s–t under Thatcher, why do we Hve to suffer more??????????????
hello,
We had all this Fascist s–te under Thatcher,Why Do CORPORAL CLEGG AND CORPORAL CAMERON think we will suffer more.
I have a Haynes Manual that might help. It’s entitled “How to remove a Eurozone state from the Euro”.
The book has just one line in one chapter.
It reads: “Removal is a reversal of the entry procedure”.
How about Greece splits from the euro the same way that The Czech republic and Slovakia split their currencies?