UK Economic Crisis Reality Check

Discussion in 'Economics' started by parapauk, Mar 28, 2009.

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  1. V.Cable is a really sensible man.Like many people,I have a great deal of time for him.He was once a senior economist at Shell,rather than a former academic.He lives in the real world IMHO.
     
  2. Meanwhile since he wrote that - another Bank/Building society failure, and Jackie Spliff is still claiming expenses for her porn movies.

    Cable is a wise man, however does tend to flow with the wind, and being a liberal does not need to formulate real policies, because they are never going to be put to the test of actually being used.
     
  3. I agree with your bit about Cable. He looks "wise" now, but was as big a deregulator as anyone. At least he saw what was coming and changed his mind.
     
  4. I like the idea of getting everyone on the dole working towards the common good.

    Some may say it is similar to adolf and 1933, but despite his other naughty acts, he DID turn Germany from a bankrupt nation in to the military-industrial power house that conquered most of Europe in 1939.

    If there is a skilled person on the dole, then they should be employed in that skill, and paid the dole.

    We need houses built and maintained, we need trains sorted.

    Those with no required skills can dig out conservation areas and pick up litter.

    It would even generate more "public non jobs".... "doley works supervisors".
     
  5. Could you give some examples?
     
  6. Flight

    Flight LE Book Reviewer

    The only people who are claiming that we're bankrupt are US investment houses, they're entitled to their professional opinion.

    As the title suggests it's a crisis, a bad one. I don't think we need a reality check to see that the future looks a bit grim. You have to bear in mind that the PFI debts hidden from the balance sheet will be rather difficult to cut. You can axe public services and spending but binding contracts with third parties which are due to run for 35 years are a different matter. We can't stop paying pensions either, though those who were thrifty enough to save for their futures have far less than they should have due to a tax grab which was little more than an obscenity.

    The banks may have assets, most of which are devaluing at a rate of knots, but if they had enough to cover their expenditures they wouldn't need a bail out.

    We have enough to pay the interest. Marvellous. No crisis then, we'll just spend a grand proportion of our GDP on interest payments and live with the debt. Doable, except that we're still sliding more into the red and tax revenues are looking to fall, possibly drastically if the figures from January are anything to go by.

    Cable has merely confirmed everything we know and left some of the bad things out. It isn't reassuring in the slightest.
     
  7. Despite the dire state of the UK's finances, bizarre and totally meaningless jobs keep being created in the public sector. Here's a 30 grand a year position for a "scrutiny officer"
    http://jobs.guardian.co.uk/job/841026/scrutiny-officer/

    There are hundreds (yes hundreds) of similar non-jobs advertised in the Guardian jobs pages. Walking development officer? It appears most councils in the UK have a walking development department.

    http://www.east-ayrshire.gov.uk/item_detail.asp?Letter=W&UIN=3157

    There was me thinking that walking was simply a case of putting one foot in front of the other and moving off, but in nulabours world we need officers and managers to make sure we're doing it properly. Google it, councils from south Wales to the Highlands employ walking development officers. Mental, and we're paying for it!
     
  8. Flight

    Flight LE Book Reviewer

    There does seem to be large discrepencies between the estimates for PFI debt. Why are they estimates for a start? These matters should be known to the nearest penny.

    Does anyone know whether quangos can set up PFI deals? Funding for quangos has always been a bit murky, if they can access the PFI trough then it might explain why they aren't quite sure how much we owe... Of course a lot of quangos are themselves funded by PFI deals.

    Partnerships UK seems to be a hub for various PFI projects. The following article raises more questions than it answers..

    More snouts in the trough
     
  9. Blah blah blah, all you squaddies in your safe high paying jobs. Make about 100,000 of you redundant, that'll sort it out
     
  10. I'll see your £30k scrutiny advisor and I'll raise you a Head of Cornwall and Scilly Isles NHS Low Carbon Programme on £64k per year.

    NHS at it's finest. Sod the patients, we've gotta save all those polar bears.
     
  11. Make 100,000 squaddies redundant?.That's virtually the whole army.

    You sound like a politician talking out of somewhere the sun does not shine from.
     
  12. Mostly cos the contracts are so badly written no one is going to know what UK Plc got screwed for till the end, if there is an end. Private Eye did once mention a PFI contract that didn't have an end date on it for the maintence side of the contract, meaning the owning PCT could be paying £500 a light bulb even if the building built under the PFI was closed down and demolished (in theory)....
     
  13. OK then, make em all redundant and then use the foreign legion or someone on a contract basis.

    That'll sort it.