I1L2T3 Posted October 2, 2011 Share Posted October 2, 2011 Curiously George Osborne has just been describing the worsening global economic crisis as a "global debt storm". Claire Perry, Tory MP is saying much the same thing. So in the minds of the Tories 2008 was not global, it was about Labour spending too much on public services. Now Tory spending is going through the roof, it's global. I think the poor loves are a bit confused. Bless em. Link to comment Share on other sites More sharing options...
Tony Posted October 2, 2011 Share Posted October 2, 2011 You miss a small but important detail; this is the same 'crisis' that began to manifest in 2007. It didn't go away in May 2010. Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 2, 2011 Author Share Posted October 2, 2011 You miss a small but important detail; this is the same 'crisis' that began to manifest in 2007. It didn't go away in May 2010. Thanks Tony. I didn't miss that at all It's the same global crisis that conveniently just became global for the Tories now their own spending is out of control. They can't help themselves though - they still talk as if all our debt is caused by Labour spending on public services. Link to comment Share on other sites More sharing options...
Tony Posted October 2, 2011 Share Posted October 2, 2011 Political sound bites aside, it's certainly becoming more global, such is the severity of it. It originated around the North Atlantic among nations who were spending beyond their means and finding any convenient excuse for carrying on. The contagion has become real - even China might be having issues. Make no bones, it was always going to get worse before it got better. The mess is THAT big. Link to comment Share on other sites More sharing options...
MrSmith Posted October 2, 2011 Share Posted October 2, 2011 Curiously George Osborne has just been describing the worsening global economic crisis as a "global debt storm". Claire Perry, Tory MP is saying much the same thing. So in the minds of the Tories 2008 was not global, it was about Labour spending too much on public services. Now Tory spending is going through the roof, it's global. I think the poor loves are a bit confused. Bless em. Global debt was caused by countries over spending and borrowing, the UK is one of those countries that spent beyond its means, so you are correct Labour didn’t cause the global problems they just caused the UK problems which when added to the rest of the countries that overspent made it a global problem. Link to comment Share on other sites More sharing options...
chem1st Posted October 2, 2011 Share Posted October 2, 2011 Too much money wasted on property specualtion, rent seeking and bailing out the indebted. The crisis is coming. The debt's will be inflated away/renegotiated. Printing paper does not an economy make. It's just killing off people's savings. Wave goodbye to your pensions! Your house ain't worth as much as you thought. Time to start investing in productive business again, and put an end to this madness. Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 2, 2011 Author Share Posted October 2, 2011 Global debt was caused by countries over spending and borrowing, the UK is one of those countries that spent beyond its means, so you are correct Labour didn’t cause the global problems they just caused the UK problems which when added to the rest of the countries that overspent made it a global problem. No, the global debt is made up of a number of things: 1. personal debt 2. government debt 3. corporate debt Underpinning the "debt storm" (I love that) is a globalised and largely unregulated banking sector that has leveraged just about all the assets in the world to a value of £500trillion, effectively laying claim to ownership of just about everything on the planet. It couldn't have happened without the banks. Sorry. Edit: just to say laying claim to everything on the planet between 38 and 70 times, depending on whether you believe the Wall Street Journal or ultra-lefty banker bashers. Link to comment Share on other sites More sharing options...
Wildcat Posted October 2, 2011 Share Posted October 2, 2011 It goes a bit deeper than borrowing and spending, something Gordon Brown kept below 40% both as Treasurer and Prime Minister. Public borrowing has nothing to do with it, it is a useful scapegoat in the US because of George Bush's spending (high like all republicans), but in the UK it makes no sense at all, it is repeated simply because it is convenient, it helps facilitate those responsible getting away with it so they can do it again... http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405 Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 2, 2011 Author Share Posted October 2, 2011 Too much money wasted on property specualtion, rent seeking and bailing out the indebted. The crisis is coming. The debt's will be inflated away/renegotiated. Printing paper does not an economy make. It's just killing off people's savings. Wave goodbye to your pensions! Your house ain't worth as much as you thought. Time to start investing in productive business again, and put an end to this madness. I fully agree. What we have been seeing since 2008 is merely the prelude. The big reset is coming. Pensions destroyed. Savings destroyed. Collapsing asset prices. This isn't called a "global debt storm" for nothing. Link to comment Share on other sites More sharing options...
Rich Posted October 2, 2011 Share Posted October 2, 2011 The Tory Party, Masters of stating the flippin' obvious! Link to comment Share on other sites More sharing options...
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