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Post by jonren on Jan 28, 2009 14:55:19 GMT
"World economic growth in 2009 will be the lowest since 1945, with the UK faring worst among advanced nations, the IMF says" news.bbc.co.uk/WITH THE UK FARING WORST AMONG ADVANCED NATIONS. WELL WELL WELL EXPLAIN THAT CLUNK or even Omni.  |
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Post by tarrant on Jan 28, 2009 15:02:15 GMT
Strange.
Just read the article and it says nothing about the UK faring worse thatn other nations.
It does say : the worst contraction among advanced nations.
But doesn't specify what it means by Advanced Nations.
Probably journalism speak for, Let's see if we can fiddle with the words to make this seem a bit more alarming than it really is.
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Post by joliet on Jan 28, 2009 15:06:38 GMT
Strange. Just read the article and it says nothing about the UK faring worse thatn other nations. It does say : the worst contraction among advanced nations. But doesn't specify what it means by Advanced Nations. Probably journalism speak for, Let's see if we can fiddle with the words to make this seem a bit more alarming than it really is. I really wish we could recommend posts again. 'Cos I'd recommend this |
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Post by jonren on Jan 28, 2009 15:08:44 GMT
World growth 'worst for 60 years'
"World economic growth in 2009 will be the lowest since 1945, with the UK faring worst among advanced nations, the IMF says.
Global job losses 'could hit 51m'
Protectionism haunts economy
Debt burden 'will last 20 years'"
That is cut and pasted from the article. There are now two pages with the second being slightly different. Have another look. I can only assume that they may 'disappear' the first page, perhaps at the request of Downing street.
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Post by omnipleasant on Jan 28, 2009 15:08:56 GMT
"EXPLAIN THAT CLUNK or even Omni."
Pretty straightforward. 10, 15, 20 long years of rightwing, free market, Tory economics.
Highly liberalised credit markets. Lightly regulated financial markets. Not enough red tape and state control over the economy. A resultant overinflated housing market and hgh personal debt. And of course a refusal to join the Euro.
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VikingHumpingWitch
New Member
"My philosophy in life is keep dry and keep away from children. I got it from a matchbox."
Posts: 8,018
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Post by VikingHumpingWitch on Jan 28, 2009 15:11:17 GMT
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Post by flatandy on Jan 28, 2009 15:12:48 GMT
Got to say Omni is right.
UK is more screwed than other countries because
(a) we don't use a reserve currency
(b) too much Thatcherite free-marketeering and de-regulation meaning manufacturing is gone and we're entirely reliant on the financial sector
(c) way too much credit and an economy driven on borrowing against house-price growth, our own separate tulip-economy added to the world's tulip-economy of futures and derivatives.
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Post by jonren on Jan 28, 2009 15:13:02 GMT
"Debt burden will jast twenty years"
Omni asked yesterday what I meant by saying we have debts your grandchildren will be paying.
There is his answer. Of course he may argue that the IMF talks nonsense. Not a good iidea as we will shortly be asking them to bail us out AGAIN
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Post by omnipleasant on Jan 28, 2009 15:16:33 GMT
The "debt your grandchildren will pay" is glib nonsense, Jonren. It's not, really, the way public debt works. If we want to reduce debt back to 40% then it might mean increased levels of tax for many years, but that's as far as it goes.
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Post by jonren on Jan 28, 2009 15:19:33 GMT
Please tell me we are not going to hear about eighteen years of Tory misrule. That is a broken record.
Would you like me to outline the balls ups Labour made every time in power since the 1945 election. My god, they bankrupted the country and had to go cap on hand to the IMF. Try reading some unbiased political history. If you can't be bothered, I will fill you in. In the nicest possible way of course.
Omni, as we say in Glesca "Yer bum is oot the windae"
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Post by jonren on Jan 28, 2009 15:28:04 GMT
Omni, would you care to hazard a guess at what these tax levels would have to be.
80% for those earning in excess of £100K 50% over £35K. Rude Eric would love that. Do you remember a bloke called Woy Jenkins. He talked about figures like that and he said that the rich should be defined as anyone earning more than £34K. His pal said "I'll tax them 'till the pips squeak". What do you earn, Omni. Would you like your pips to squeak. You see, people like Rude Eric say, tax to the hilt but not me.
Socialism as per Dennis Skinner. When you leave, remember and switch out the lights.
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Post by jonren on Jan 28, 2009 15:41:56 GMT
Oh dear, I'm all alone. No answers to Socialism exposed for what it is. An equal sharing of misery. That is not original but remains true.
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Post by policecar on Jan 28, 2009 15:45:34 GMT
80% for those earning in excess of £100K 50% over £35K.
This would destroy the wealth creating element of society forever as we all emigrate and the UK would slip into some post credt crunch apocalyptic civil religious hellhole with marshall law struggling to contain an increasingly fracturing and bloody society.
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VikingHumpingWitch
New Member
"My philosophy in life is keep dry and keep away from children. I got it from a matchbox."
Posts: 8,018
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Post by VikingHumpingWitch on Jan 28, 2009 15:56:23 GMT
How many people would emigrate to avoid a bit of tax, seriously? The mega wealthy can do it easily but for an average family selling up and sodding off (not to mention finding work in another country) is really hard.
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Post by jonren on Jan 28, 2009 15:57:07 GMT
Quite correct, PC. These were some of the madder Labour proposals of Heally and Jenkins
I await Omni refuting my claims.
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Post by tarrant on Jan 28, 2009 16:01:12 GMT
The country isn't b****ed up. The world economy isn't crippled.
We're in a recession.
Perfectly normal. We've had them before. They are part of the economic cycle and a very necessary part.
We'll get through this and a new boom period will take its place when more mistakes will occur and there will be another recession.
All perfectly normal.
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Post by omnipleasant on Jan 28, 2009 16:05:00 GMT
No, this one is very very different Tarrant. We've got an entire economic system in turmoil, not just a usual downturn inherent in the system.
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sushimo
New Member
One tequilla, Two Tequilla, Three Tequilla - Floor.
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Post by sushimo on Jan 28, 2009 16:07:53 GMT
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Post by tarrant on Jan 28, 2009 16:09:20 GMT
Yeah??
Sounds exactly the same as was said during the 80s recession, and the 70s recession.
Political poisturing.
Recessions happen.
Governments can do silly things to make matters worse, such as Wilson in the 70s. But like all these silly mistakes, eventually lessons are learnt and recovery takes place.
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Post by omnipleasant on Jan 28, 2009 16:12:56 GMT
Oh absolutely, recovery will happen. But this is not just a normal part of the business cycle - the whole system is changing.
Sushi - wouldn't make too much out of the "WORST IN THE WORLD!!!!" type headlines. We're not actually MUCH better nor worse than anyone else in the world.
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