Grandad.Malky Posted June 7, 2010 Share Posted June 7, 2010 It comes to something on this forum when the likes of Malky are the only ones talking sense on a thread! I don’t know which way to take that I have often said take each thread on its merits, just because you argue on one doesn’t mean you can’t agree on another. Link to comment Share on other sites More sharing options...
Tony Posted June 7, 2010 Author Share Posted June 7, 2010 It comes to something on this forum when the likes of Malky are the only ones talking sense on a thread! Some people seem to be getting quite hysterical when talking about the national debt but the fact is that there always has been and always will be a national debt running into billions of pounds. It would only ever become an issue if the people we owe the money to suddenly asked for it back. If there really is no money, why has the government just given £19 millon to Israel? Why do we throw billions a year at African countries in the name of "aid" when it just disappears into corrupt dictators' pockets? Why do we spend millions "fighting climate change" when "experts" can't even agree as to whether global warming exists? All that will happen is that some people in the public sector will lose their jobs. A few products we buy in the shops will go up by a few pence. People on benefits might finally be forced to start looking for work. Society won't collapse. The NHS won't be dismantled, education will still be free. Your pension will still be there. We do love a good panic over nothing, don't we? Interest payments GB, interest payments. The interest payments under Labour's plan are predicted to extend to £1.4 trillion in 10 years, and still not a penny of it paid off. 20 years? Link to comment Share on other sites More sharing options...
spinac Posted June 7, 2010 Share Posted June 7, 2010 We do love a good panic over nothing, don't we? Crisis? What Crisis? http://vrijspraak.files.wordpress.com/2009/02/crisis-what-crisis.jpg We've lived with debt for long enough. We've gotten so used to it we've forgotten about the imperative of paying our way in the world. We know the term Balance of Payments Deficit but have never heard the term "Balance of Payments Surplus". Countries as well as individuals cannot live on borrowed money forever. It's unsustainable and rather than in-fighting between left and right, public services vs private enterprise, we need to rebalance the economy in the national interest. That means painful decisions no matter who is in power. It means that taxes will have to rise and services will have to be cut. Or, we could all sit around blaming the "other side" while arguing to be exempt from the financial "hangover" that's just begun. Partying on with "hair of the dog" mentality will lead to even more pain in the future ... Link to comment Share on other sites More sharing options...
JFKvsNixon Posted June 7, 2010 Share Posted June 7, 2010 It comes to something on this forum when the likes of Malky are the only ones talking sense on a thread! Some people seem to be getting quite hysterical when talking about the national debt but the fact is that there always has been and always will be a national debt running into billions of pounds. It would only ever become an issue if the people we owe the money to suddenly asked for it back. If there really is no money, why has the government just given £19 millon to Israel? Why do we throw billions a year at African countries in the name of "aid" when it just disappears into corrupt dictators' pockets? Why do we spend millions "fighting climate change" when "experts" can't even agree as to whether global warming exists? All that will happen is that some people in the public sector will lose their jobs. A few products we buy in the shops will go up by a few pence. People on benefits might finally be forced to start looking for work. Society won't collapse. The NHS won't be dismantled, education will still be free. Your pension will still be there. We do love a good panic over nothing, don't we? Okay, so we can just about pay the interest, so how do we go about paying the debt back? What happens if there is another crisis that the country has to find money for? Link to comment Share on other sites More sharing options...
Tony Posted June 7, 2010 Author Share Posted June 7, 2010 The interest payments are based on today's interest figures. If the debt increases and the UK's financial standing deteriorates (as it is doing) the interest % rate will go up. Link to comment Share on other sites More sharing options...
GordonBennet Posted June 7, 2010 Share Posted June 7, 2010 The interest payments are based on today's interest figures. If the debt increases and the UK's financial standing deteriorates (as it is doing) the interest % rate will go up. Alternatively if the debt decreases and the UK's financial standing improves (as it probably will do after the budget) the interest % rate will go down. Isn't economics complicated? Link to comment Share on other sites More sharing options...
sccsux Posted June 7, 2010 Share Posted June 7, 2010 What happens if there is another crisis that the country has to find money for? We may find out shortly if the impending cuts force us into yet another downturn:(. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted June 7, 2010 Share Posted June 7, 2010 Crisis? What Crisis? We've lived with debt for long enough. We've gotten so used to it we've forgotten about the imperative of paying our way in the world. We know the term Balance of Payments Deficit but have never heard the term "Balance of Payments Surplus". . From my earlier link, if counties like these two have a national debt what are people whittling about. 53 United Arab Emirates 47.20% GDP 102 Saudi Arabia 20.30% GDP Link to comment Share on other sites More sharing options...
spinac Posted June 7, 2010 Share Posted June 7, 2010 From my earlier link, if counties like these two have a national debt what are people whittling about. 53 United Arab Emirates 47.20% GDP 102 Saudi Arabia 20.30% GDP "... what are people whittling about?" Is your message that we should carry on borrowing and not attempt to remedy the underlying problems with the economy? Regardless of our position in the league table of debt, does it not worry you that there is a lack of concern over spiralling debt? Debt is only a problem when you can't make the repayments and the lender wants their money back. That time becomes much sooner if the borrower shows no responsibility in the way the borrowed money is spent. Link to comment Share on other sites More sharing options...
Grandad.Malky Posted June 7, 2010 Share Posted June 7, 2010 "... what are people whittling about?" Is your message that we should carry on borrowing and not attempt to remedy the underlying problems with the economy? . My message from the start was to keep things in prospective, everyone knows the western world runs on debt what surprised me was Japans debt and even that of the oil rich countries. Debt as to be controlled unless you want to become the next Zimbabwe but thankfully most people can see straight through the profets of doom and gloom that would have us think that the UK is some kind of a “basket case” Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.