Journal tqft's Journal: UK finances - how bad it is going to get 4
The other week http://slashdot.org/~Jeremiah+Cornelius/journal/276240 JC was giving the poms a good kicking.
As an Australian I can't let anyone beat us at pommie bashing
So from the old country itself
www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/9031478/America-overcomes-the-debt-crisis-as-Britain-sinks-deeper-into-the-swamp.html
Has pics and links and things
Mind you it looks like France has an ugly reckoning coming too.
Aye. (Score:2)
It's all been a global looting, with nary a care for tomorrow. The .0001 percent have goten an order of magnitude richer, by playing a shell game with debt.
The happy sing-a-long about Bernanke and monitary policy in this peice is usual Central Bank fairy stories, 'tho.
David Stockman talked with Bill Moyers the other day. Quite a good insight to the manufactured US "crisis" which was just a correction of value in the financial speculation sector - exploited to subsidise the losses.
http://dailycapitalist.c [dailycapitalist.com]
Re: (Score:2)
A thing that would've helped Main Street out would be student loan forgiveness, and that would've cost less than the TARP and Bride of TARP bailouts. But that would be evil soshulism.
Re: (Score:2)
The truth of compound interest? Ultimately these debts lead to forgiveness or consequeces.
The consequences are either massive inflation/devaluation or complete financial collapse. Actually, these are identical in destination - if not route.
Re: (Score:1)
The Fed could have bought mortgages as well as student loans and cancelled them.
But too many people have a hand in the till as the money goes round for that idea to get traction