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[Le Stu]

http://www.marketoracle.co.uk/Article14040.html

Check it out, even the guys who claim to be levelling with us are just £7 billion less full of shit. We're spending that in less than a month...

[Carrots Gladstone]

I'm no expert in politics or economics, but was it a really really bad idea that we didn't join the Euro?

[Le Stu]

Originally Posted by Carrots Gladstone

I'm no expert in politics or economics, but was it a really really bad idea that we didn't join the Euro?

That's debatable. It would force fiscal discipline on our government but we'd be unable to allow a natural devaluation of the pound which would benefit our export sector and reign in consumer spending on imports.

Also, the ECB are ruining the Euro, just not half as much as we're debasing Sterling.

[Tubthumper]

Originally Posted by Le Stu

That's debatable. It would force fiscal discipline on our government but we'd be unable to allow a natural devaluation of the pound which would benefit our export sector and reign in consumer spending on imports.

Also, the ECB are ruining the Euro, just not half as much as we're debasing Sterling.

I always knew cricket was shit.

[Le Stu]

Originally Posted by Tubthumper

I always knew cricket was shit.

Never been a fan of it myself but this is one hell of a sticky wicket and all our bowlers seem to be shite.

[Cloud]

Originally Posted by Le Stu

Also, the ECB are ruining the Euro, just not half as much as we're debasing Sterling.

If anything, they've shown that they're actually handling it well - the Euro hasn't suffered at all during the crisis, and they've shown restraint in letting new members into the 'club' - I thought they would try and accelerate the entry of the places like Estonia and Lithuania, but clearly not.

They've also managed to keep places like Ireland in the Euro when it looked like they might end up having to leave - so as far as I can tell, so far, so good.

[Le Stu]

Originally Posted by Cloud

If anything, they've shown that they're actually handling it well - the Euro hasn't suffered at all during the crisis, and they've shown restraint in letting new members into the 'club' - I thought they would try and accelerate the entry of the places like Estonia and Lithuania, but clearly not.

They've also managed to keep places like Ireland in the Euro when it looked like they might end up having to leave - so as far as I can tell, so far, so good.

The problem the central banks have created will manifest itself a little further down the road, once we get through this initial deflationary phase. The excessively loose monetary policy adopted by virtually every central bank in the wake of last year's bust is going to result in price increases when the velocity of money picks up. That's when the ECB is going to come under pressure to raise rates and they're going to have to do it very aggressively. That's when Ireland is really going to buckle under the strain.

My point was that just because the ECB has been a little more reserved then the US Fed or the BoE it just amounts to them being only half crazed.

[Pierre Von Mondragon]

*Chants*Eur-O, Eur-O, Eur-O.

Its the bit about the economic 'death spiral' that I find amusing/fear horribly.
Cameron's dud options | David Blanchflower | Comment is free | The Guardian

Sorry to quote the Grauniad again.

Fuck it, no I'm not.

[Le Stu]

Originally Posted by Pierre Von Mondragon

*Chants*Eur-O, Eur-O, Eur-O.

Its the bit about the economic 'death spiral' that I find amusing/fear horribly.
Cameron's dud options | David Blanchflower | Comment is free | The Guardian

Sorry to quote the Grauniad again.

Fuck it, no I'm not.

I swear J M Keynes is spinning in his grave. His whole deal was that the government should deficit spend on public works and services to support industry in times of crisis.

We don't have any industry.

Therefore, we're just pissing money up the wall to make our GDP look better so that these bastards stand a chance of getting re-elected. The real danger is that the Chinese are gonna figure this out before the boneheads in Westminster do and pull the fucking plug on us. That is my fear and it'll make £50 billion a year spending cuts seem like Christmas.

[Pierre Von Mondragon]

I read recently that the UK is still 6th or something in the world list of manufacturing powers, according to some social inadequate/MP. Probably making dildos out of old plastic bags or somesuch, not anything cool, that shit got well shut down.

Here it is, I haven't read it all, as my insomnia is under control.House of Commons Hansard Debates for 09 July 2009 (pt 0014)