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The U.S. and UK Are on the Brink of Debt Disaster

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posted on Jan, 25 2009 @ 07:22 PM
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The U.S. and UK Are on the Brink of Debt Disaster


www.alternet.org

The United States and the United Kingdom stand on the brink of the largest debt crisis in history.

While both governments experiment with quantitative easing, bad banks to absorb non-performing loans, and state guarantees to restart bank lending, the only real way out is some combination of widespread corporate default, debt write-downs and inflation to reduce the burden of debt to more manageable levels. Everything else is window-dressing.
(visit the link for the full news article)




posted on Jan, 25 2009 @ 07:22 PM
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The article paints a grim picture of debt to GDP for both the UK and the USA.

I know last week The Royal Bank of Scotland (the Queens bank I believe) came seriously close to default and was propped up by the government.

We are at the beginning of this crisis not the even close to the end and the experts really aren't sure what will happen!

Personally I blame Reaganomics. You know those "fiscal conservatives" that refuse to tax yet never hesitate to borrow from our children and grandchildren and then proudly assert how conservative they are while criticizing the "tax and spend" liberals.

The latest is "conservative" George Bush stealing probably 2 trillion dollars from our future while again hammering those liberals. I see the same thing on ATS. The conservative never fail to criticize liberals while ignoring their own parties borrow and spend credo! Disgusting!

www.alternet.org
(visit the link for the full news article)



posted on Jan, 25 2009 @ 07:29 PM
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Here are a couple of interesting graphs from the article.





Here is a link to a graphic making all to clear the nature of the problem.

From Reuters



[edit on 25-1-2009 by Leo Strauss]



posted on Jan, 25 2009 @ 07:31 PM
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Oh, they just noticed?

Ladies and gentlemen, the chickens are comign home to roost.

We were only deluding ourselves, we can't live off of credit forever.



posted on Jan, 25 2009 @ 07:37 PM
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This is much worse than they have been reporting. MSM just eats up anything they are fed with out question. This is true on almost any issue, war and economy alike. Anyway, I have noticed slightly more doom and gloom since Obama took office. I am sure they will try to blame Obama and/or the Dems for all of this. Disgusting really. We are not just on the edge of a depression, we have waded in waist deep and are still trying to pretend we are dry.



posted on Jan, 25 2009 @ 07:44 PM
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I think lots of factors caused it but the main causes in my opinion were changes in society and globalization. People stopped buying goods produced in their own countries as much as before, built up too much personal debt, companies shipped too many jobs over seas, too much was spent on social programs, increased illegal immigration and immigrants getting more benefits, the maintenance of a gobal empire and large military and the final straw as we know was the banks being forced to give high risk home loans.

[edit on 25-1-2009 by Jacob08]



posted on Jan, 25 2009 @ 07:46 PM
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On the "brink?"

Uh, it's too late to claim 'on the brink' as if we could avoid it.

When you're about to lose your head, worrying about your beard is pointless.

The transnational banking corporations have stabbed us in the back repeatedly. The only thing to wait for now is the obligatory extortion to 'solve' the crises.

However, mankind has survived this sort of despotism before, and we will again. It's just a shame that they cause all this pain in their futile attempts to 'control' the world. They never seem willing to accept that it can't be done; and manufactured consent, or spurs of fear are merely transient contrivances; distractions at best. We are our own worst enemy. Pride is the keystone of their weakness.



posted on Jan, 25 2009 @ 07:48 PM
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Originally posted by Leo Strauss

I see the same thing on ATS. The conservative never fail to criticize liberals while ignoring their own parties borrow and spend credo! Disgusting!


The liberals never fail to criticize conservatives while ignoring their own party's borrow and spend credo! Disgusting!

Like a tracer, that argument points both ways.



posted on Jan, 25 2009 @ 07:52 PM
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reply to post by WSPfan
 


America is truely ruined if people see this as a problem caused entirely by one political party or another. I'm not Democrat or Republican or even American but I have researched this crisis enough to know both parties played large roles in the policies that caused it (the same is true in the UK) because many of the policies that caused it were supported by both parties.



posted on Jan, 25 2009 @ 07:57 PM
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Yep, both parties have played a role. Yet they still point fingers at each other like one side is more innocent than the other...like it even matters.

Democrats/Republicans may have different agendas, but the results are the same. Spend spend spend, more government, more war.

It's all over the threads here...the nitpicking as if one side is more righteous than the other. I see through the BS. I think many others are as well.



posted on Jan, 25 2009 @ 08:02 PM
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reply to post by Jacob08
 


OF COURSE both parties are to blame. I can absolutely agree with that. I am just pointing out what I am perceiving as a change in tone. Bottom line is that we are all screwed. MSM media has failed us, our government has failed us, and our people have failed us. I think enough people are starting to wake up now though. Maybe we can find a solution that is more than just a change of semantics.



posted on Jan, 25 2009 @ 08:09 PM
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As soon as we realize both parties could give a rats A$$ about the public we can get beyond this stupid blame game. Until then we are doomed to replay and repeat these events. We will never overcome as long as we defend these scumbags!



posted on Jan, 25 2009 @ 08:13 PM
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reply to post by WSPfan
 


Yes both governments and it's good you also recognise the failure on the individual level. It's easy to blame the government but they aren't the only ones to blame. The choices each of us make effects our entire nations. Do I try to avoid paying taxes? Do I exploit government handouts? Do I buy cheap goods produced by people with very poor working conditions in foreign countries or goods made at home? Do I plan my budget well and not borrow too much? ect.



posted on Jan, 25 2009 @ 08:18 PM
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You might want to look closely at the graph which shows that when Reagan and the Republican revolution took control just watch that little red line go straight up like a rocket. You can blame that on the dems and unions and labor if you like but if you do you are part of the problem. You've been had and are still defending your party or blaming "everyone"! NAFTA GATT WTO all bright ideas of the conservatives in power. As we know Wall St isn't exactly a liberal bastion and they just handed you a trillion dollar bill and somehow managed to get your conservatives to give them this money with no oversight!

You think everyone is a criminal if you can't look honestly at your own party and how you have been deluded. Go for it...it's probably too late anyway. It just has got to be those pussy liberals fault. Pride proceeds the fall. All you little Babbits in your McMansions. Bwahahahahaha!

[edit on 25-1-2009 by Leo Strauss]



posted on Jan, 25 2009 @ 08:37 PM
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I find humour in how everyone on ATS is an automatic economist...

Even then, the US and UK are in comparatively better shape than Japan is in a debt to GDP ratio.

[edit on 25-1-2009 by West Coast]



posted on Jan, 25 2009 @ 08:39 PM
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Liars and thieves. I find it ridiculous and insulting that ATS and a hand full of economists have been warning about this for so long...And now it makes it to the news? No it gets attention? Now they notice what the REAL problem is?


Give me a break.



posted on Jan, 25 2009 @ 08:41 PM
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Originally posted by Leo Strauss
You think everyone is a criminal if you can't look honestly at your own party and how you have been deluded. Go for it...it's probably too late anyway. It just has got to be those pussy liberals fault. Pride proceeds the fall. All you little Babbits in your McMansions. Bwahahahahaha!


Hey, homeslice. You might want to read a newspaper. It's a Democratic Congress right now. They seem to be pretty keen on grabbing as much money as they can along with the "evil" Conservatives you have your panties in a bunch over.

Bwahahahahahahahah!!!!!!



posted on Jan, 25 2009 @ 08:52 PM
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401K's were designed to destroy pensions. You see the problem with 401K's is that they are savings accounts. Once your savings account runs out you are up sh*ts creek without a paddle. However pensions covered you till the day you passed on. Another conservative idea. How many of you lost half of your 401K in the past months??? Remember when the conservatives wanted to privatize Social Security and put it into the hands of our Wall St friends? Oh just imagine what would be happening right now with that brilliant plan!!!

Franklin Roosevelt saved capitalism from itself and was hated by his own class.
Not to mention guiding our country through the Great Depression and WWII.

The elite should be grateful and yet they hate the man. Pathetic!

We need a strong middle class in our country! That is what works!



posted on Jan, 25 2009 @ 08:54 PM
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Originally posted by Leo Strauss
Franklin Roosevelt saved capitalism from itself and was hated by his own class.
Not to mention guiding our country through the Great Depression and WWII.


Evidence now points that FDR's New Deal programs actually extended the Great Depression.



Originally posted by Leo Strauss
We need a strong middle class in our country! That is what works!


You got that right!!



posted on Jan, 25 2009 @ 08:55 PM
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Originally posted by West Coast
I find humour in how everyone on ATS is an automatic economist...

Even then, the US and UK are in comparatively better shape than Japan is in a debt to GDP ratio.


Yes they have more public debt but about 5X less external debt. If you have the means to pay it back taking out a loan isn't a problem, in fact it's good for the economy. It's only when people without the means to pay it back borrow money that you get something like the sub prime mortgage crisis.



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