chem1st Posted October 29, 2011 Share Posted October 29, 2011 Consider private debt... in addition to state debt. The picture is clearer, and much worse then. Link to comment Share on other sites More sharing options...
Deltic Posted October 29, 2011 Share Posted October 29, 2011 I wonder how many people pay out 60% of there wages on dept and live happy normal lives? Unless you are planning on paying off the whole debt in one year paying 60% of annual income will not occur. Someone at the start of a mortgage could easily have a debt of 1000% of their income Do you have similar links to the wealth of this country> To clarify the graphs show debt as a %age of National Debt. This gives a more useful comparison of the level of debt. Will any of you bother to add up, government, private and company debt? The situation is dire. Fortunately the money is not real. But can we cope without 'free money'. Those whom use it will face a downturn in living standards, but is that really a bad thing? We must live within our means. The level of non government debt is pretty terrifying. That 'free' or imaginary money (actually credit) was/is largely generated by the fractional reserve banking system, successive governments have reduced the level of deposits required by the banks. When the going is good this accelerates economic growth. When thing go wrong...... take a look around you. Link to comment Share on other sites More sharing options...
pip1943 Posted October 29, 2011 Share Posted October 29, 2011 If the banks start lending again we might have a chance. I can’t sell my business due to ill health (which is very profitable) because although potential buyers have an excellent credit score no one is lending money. Link to comment Share on other sites More sharing options...
chem1st Posted October 29, 2011 Share Posted October 29, 2011 When the going is good this accelerates economic growth. When thing go wrong...... take a look around you. Black market is booming, I am now optimistic. Times are a changing! Link to comment Share on other sites More sharing options...
ElasticMan Posted October 29, 2011 Share Posted October 29, 2011 I wonder how many people pay out 60% of there wages on dept and live happy normal lives? Errmm.. 1. GDP isn't government income. 2. The 60% figure is the total debt, not the amount that is paid back each year. Last financial year around 6% of total spending went on debt repayments - not 60% Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted October 30, 2011 Share Posted October 30, 2011 England as a country could easily get rid of all its debts. England not being a sovereign state, it has no debts. The UK does, however. Link to comment Share on other sites More sharing options...
nightrider Posted October 30, 2011 Share Posted October 30, 2011 England has been in much greater debt, in real terms, than it is now. The present government are vastly overstating the debt so that they can hammer the public sector, as they always do, and make themselves even wealthier in the process. The government is not trying to pay off our debt - the cuts are to reduce the deficit. Link to comment Share on other sites More sharing options...
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