UK Chancellor admits economy facing Worst Crisis in 60 Years

UK Chancellor admits economy facing Worst Crisis in 60 Years

news.bbc.co.uk
(visit the link for the full news article)

...unless they are regular on ATS. (Especially the 'Global Meltdown' forum.)

The fact that even people like this are admitting the situation is dire is a serious setback to the nay-sayers.




news.bbc.co.uk
(visit the link for the full news article)

Just read this article, it seems Mr Darling really doesn't want to see any consumer confidence any time soon!

If he's right, and we have no reason to assume he isn't, then it's time to batten down the hatches and enjoy the depression we at ATS have have been expecting for so long.

[Edit for spelling]

[edit on 29/8/2008 by GrooveCat]

Lets face it, these are engineered events just like wars just like everything else, all are connected. We are led to believe its just market forces etc. which is a pile of horse dung, its the fact that there are a few very powerful groups on this Planet who control everything including us.

Well, well, well, lets all state the obvious.

Maybe I should become a politician and read all the ATS threads about the economy. Then I can stand up like Mr Darling and give everyone the benifit of my experience.

Yes, we are in a recession and yes, we will still be in it in 2 years time.

There is only a recession in the UK because the Govt imposes and increases taxes. Reduce fuel tax for a start, up the basic rate on earnings before tax is applied. The politicians don't give a damn about the "workers", they award themselves salary increases to cover any eventuality in the economic downturn.
The morons (politicians) were imposing house building conditions last year, they wanted 2/3 million homes built by 2015 to house "new citizens" from the enlarged EU. Now we have the building industry holding back because they can' sell what's already on the market.
And as for that idiot Darling talking about circa 1948 ( 60 yrs ago).. just shows what a grip he has on the situation.

reply to post by alien life uk

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I have no doubt your post reflects the anger of many people. The banking crisis must also be in mind, which is a systemic issue.

When Barack get's in there will be a few changes and by the look's of it he will be a world leader in the true sense of the word. As for the British government, although they are good, they still can't seem to grasp the word greed and looking after your own first! Inevitably people at the top still get away with blue murder, yet the poorest of familie's will get the debt collectors around if they can't afford their council tax.
As i said once before Blair was ok at home, but on the international stage he was a jelly. Brown for some reason seems to hide behind the invisable curtain and similarly like Neil Kinnock, use's long word's and terminology the public are never going to understand. So the idiot's will vote for the party, they think they can understand... and guess what mamby pamby party that might be? It's a scarey thought, but i don't think Barack will have much in common with diddy Cameron, the guy with the Scotch name who is'nt Scotch! or is he? Like Bush did with Blair, if sadly it did come into fruition, Barack, like Bush did with Blair will laugh his socks off at the mere thought of having a meaningful conversation with Cameron. I will cringe if Cameron and his bunch of half wit's ever get into power in this country. Then again, we have to be careful because half wits can be very dangerous... look at the ditruction and misery caused by Bush!

Reply to happiness

I agree, neither of the two parties has much to offer. (It becomes glaringly obvious at times of crisis - wouldn't you agree.) I only hope you aren't hinting in the direction of the L(S)Ds!

In any case I don't hear any party talking about full-scale reform of the banking system and the entire economy - which is what is really required to avoid the mega-bust that is knocking at the door.

As for Obama I'm reserving judgement. He looks like a man of stature. Let's just hope he has real substance.

Brown and Darling need to at least address the nation and tell us what they think is going on! We know everyone is blaiming them for thinking that their policies have caused the so called 'credit crunch', but they have got to get their heads together and reassure us that ' thing's can only get better' and that thet will when the American's sort themselve's out. The Government should be talking tough and think about renationalising the power companies and not having more backbone in the crucial area's of our lives, with the banks and the fat cats in general.
Obamas acceptance speach last night was outstanding and i think we could do with a dose of him over here in UK. I think we should try and patch things up with Europe in the meantime, because Barack won't have time for us in the near future! Good luck to him, the man is great!

Reply to happiness




All Brown ever says is 'these are global issues that are out of our hands'. He repeats this mantra so often he's certainly convinced himself it is true. All I can say is it doesn't inspire confidence.

Sure - the systemic failures in the banking system were not directly of their making, but they have a significant say in the regulation both of banking as a whole and of the city, both of which have a lot to answer for.

It reminds me of kids in the playground. We all know who's to blame, but they won't admit it. The big bullies in the playground. If Brown was honest and said it's the greedy banks and American foreign policy, i'd bet there would be a big sigh of relief. At the moment Brown and Darling seem to be playing a little guessing game with the British public and instead of coming clean we get all this poppycock! Well they're playing with fire, because the British voting public are very fikkle and very easily led and very thick! Suffice to say they should know that, so they should be working out how to deliver policie's in pigeon English, so that no one can say any different. I think Brown could take a leaf out of Baracks book and the poor bloke has'nt even started yet!

reply to post by pause4thought

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!!!!!!!Stop the press!!!!!!!!!!!! is nothing wrong with the UK economy because the America economy is doing great see US have something called the GDP and it said we are growing!!!!!!!!!!!!!!!.

So UK can not e doing so bad just ask some of the members in ATS that will fall flat on their butts telling you that nothing is wrong with the economy

Seriously here in the US we just got two more banks fall out in one week making it now a whooping 10 banks in the US that are closing for business.

But still is people out there, "that knows people in the wall street" that say everything is a liberal lie.

More food for thoughts, Integrity Bank Becomes 10th U.S. Failure This Year .

www.bloomberg.com...

[edit on 2-9-2008 by marg6043]

Considering the state of the world economy Britain is'nt that badly off. With the sanctioning of all the new housing by Prescott and by letting the developers have the upper hand and carte blanche to do what they want has got them in to trouble. As soon as the word 'recession' is mentioned the fat cats pool in all their resources and cry 'we've gone bust!'
In reality they have just sacked everyone and made their remaining staff have wage cut's and religate to the minimum wage! As usual greed got them all going and now we have a surpluss of housing that no one is interested in. Maybe the government should slap compulsary purchase orders on them and give them to the poor sods who are being repossessed at this time!

Saw channel 4 news earlier, and we're predicted recession by the OECD or somebody, but a weighty bunch. We're faring worse than France or Germany, apparently over the next six months, with ours getting worse with time and theirs improving.
Tellingly, with regard to this stamp duty raising to 175,000 measure, Norman Lamont, Chancellor 90-3 so who knows about it mentioned that his government had raised the stamp duty to 250,000 and it did nothing.......the market is falling and 1% saved is not up to 10-20% more lost.

I don't understand why people think in such economic short-terms...this was all predicted at the beginning of the last century by Russian economist Nikolai Kondratieff




It's all just a long-term cyclical 'wobble' and has long been anticipated by those who have ears to listen

[edit on 2-9-2008 by citizen smith]

So why aren't these geniuses predicting future k waves rather than giving a 2000-?. That is even worse than Nostradamus, at least he didn't leave his one prediction with a ?

Quite possibly because Kondratieff was executed during Stalin's purges before he could finish his economic reasearch

You've really got to give one prediction to a neutral audience....... preferably a few more.......