truthlogic Posted February 4, 2011 Share Posted February 4, 2011 I did wonder about that, it is generally considered that 12% of GDP spent on interest payments is the breaking point where a country has to call in the receivers.... with the UK on less than 3% we don't have much to worry about. http://www.ukpublicspending.co.uk/downchart_ukgs.php?chart=90-total&year=1900_2011&units=p&state=UK I note the table again shows Labour was far from reckless with the economy. Even now the proportion of interest payments is less than it was when Labour took over from the Tories. 1997 3.39% 2011 back up to 2.81% compound interest the last time i looked is at 70 Billion a year! i dont think we can keep up with the interest payments at the momentet! Link to comment Share on other sites More sharing options...
truthlogic Posted February 4, 2011 Share Posted February 4, 2011 What on earth are you on about? i suggest you read up about how money is created! and then loaned to western gOVERMENTS!!! Link to comment Share on other sites More sharing options...
epiphany Posted February 4, 2011 Share Posted February 4, 2011 i suggest you read up about how money is created! and then loaned to western gOVERMENTS!!! But you said in your last post that government and the BoE creates money. That's not true. Commercial (high street) banks create new money, some 95% of it. That's where the problem of compound interest stems from. The link in my sig offers a viable alternative to the current system. Link to comment Share on other sites More sharing options...
caparo Posted February 4, 2011 Share Posted February 4, 2011 You have just shown a table with GDP slumping 6%, the opposite of your claim. That slump in GDP was caused by factors outside of Labour's control they were able to mitigate the impact by investment in jobs, VAT reduction, recapitalisation of the banks etc. Investments to stimulate growth, because it is only through growth that we can deal with recessions and pay off debt.... that was the lesson hard learnt in the thirties. Why Ireland and Iceland are suffering so badly today and why growth in the UK since the Tories have started implementing their plans is lower than their forecasts. Compare off your table Q4 2009 GDP +0.4% Q4 2010 -0.5%..... Way to go Monetarists ... you will soon have our economy in ruins at this rate.... No like I said GDP fluctuated just a few points. And like I said YOU CANNOT SPEND GDP. It seems folks like you want it both ways. You applaud Labour achievement of running up massive debt and presiding over the 6% fall in GDP that you seem so keen to push. But then you seem to think its a disaster that GDP has risen sinse the election. However the most significant factor is the FTSE has also risen 15% since May. That's more than half the total increase for the full 13 years of Labour Government. Labours crowning glory was to increase costs on British companies so hundreds of them relocated abroad. So when you buy your Ford Fiesta it is no longer made by British workers, and neither is the steel that it's made from. Link to comment Share on other sites More sharing options...
wednesday1 Posted February 4, 2011 Share Posted February 4, 2011 No like I said GDP fluctuated just a few points. And like I said YOU CANNOT SPEND GDP. It seems folks like you want it both ways. You applaud Labour achievement of running up massive debt and presiding over the 6% fall in GDP that you seem so keen to push. But then you seem to think its a disaster that GDP has risen sinse the election. However the most significant factor is the FTSE has also risen 15% since May. That's more than half the total increase for the full 13 years of Labour Government. Labours crowning glory was to increase costs on British companies so hundreds of them relocated abroad. So when you buy your Ford Fiesta it is no longer made by British workers, and neither is the steel that it's made from. No the engineering steels works which were based largely in the Sheffield area were closed down by Thatcher long before Labour were elected. Would you like a roll call? Link to comment Share on other sites More sharing options...
caparo Posted February 4, 2011 Share Posted February 4, 2011 No the engineering steels works which were based largely in the Sheffield area were closed down by Thatcher long before Labour were elected. Would you like a roll call? I should perhaps have added that along with the exodus of motor manufacturing from the UK under the Labour Government. Steel production also slumped massively. So that in 2010 Britain was responsible for just 0.6 per cent of world steel output, compared with 2.4 per cent as recently as 1996, according to projections from Meps, a steel consultancy. The country’s likely ranking this year – a decline of one place to 18th – puts it below Spain, Mexico and Iran. Thanks for reminding me. By the way. Under Thatcher UK steel production just shed unecononic surplus production and as a result the UK steel industry became competitive after years of decline. In 1997 the UK was producting more steel than it was doing in 1979.. What a shame it went into very sharp decline again after 1997 and production is now just a fraction of what it had been 13 years earlier. Link to comment Share on other sites More sharing options...
wednesday1 Posted February 4, 2011 Share Posted February 4, 2011 I should perhaps have added that along with the exodus of motor manufacturing from the UK under the Labour Government. Steel production also slumped massively. So that in 2010 Britain was responsible for just 0.6 per cent of world steel output, compared with 2.4 per cent as recently as 1996, according to projections from Meps, a steel consultancy. The country’s likely ranking this year – a decline of one place to 18th – puts it below Spain, Mexico and Iran. Thanks for reminding me. By the way. Under Thatcher UK steel production just shed unecononic surplus production and as a result the UK steel industry became competitive after years of decline. In 1997 the UK was producting more steel than it was doing in 1979.. What a shame it went into very sharp decline again after 1997 and production is now just a fraction of what it had been 13 years earlier. This is such a load of rubbish I can't be bothered replying now. Been done many times before. Link to comment Share on other sites More sharing options...
caparo Posted February 5, 2011 Share Posted February 5, 2011 This is such a load of rubbish I can't be bothered replying now. Been done many times before. Which translated into English means. Wednesday1 has been proved wrong again by the figures that show he was posting tripe, and has gone away for a sulk.:hihi: So here are the facts again.. In 2010 Britain was responsible for just 0.6 per cent of world steel output, compared with 2.4 per cent as recently as 1996. Under Thatcher UK steel production just shed unecononic surplus production and as a result the UK steel industry became competitive after years of decline. In 1997 the UK was producting more steel than it was doing in 1979.. STEEL OUTPUT INCREASED IN THE UK UNDER THATCHER. What a shame it went into very sharp decline again after 1997 and production is now just a fraction of what it had been 13 years earlier Link to comment Share on other sites More sharing options...
Conrod Posted February 5, 2011 Share Posted February 5, 2011 You're wasting your time caparo - whatever fact or reason you put to Labour supporters or other left wingers, they will only see what they want to see. Link to comment Share on other sites More sharing options...
espadrille Posted February 5, 2011 Share Posted February 5, 2011 And the people who borrowed money they knew they could and would never pay back. I have to agree with this sentiment. That is why we are all in this together, because we all contributed to the problem in the first place. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.