apr 22nd, 2009
http://www.economist.com/daily/news/displaystory.cfm?story_id=13525219&fsrc=nwl
atlanticist, the phrase you're searching for is "we're screwed".
good, finally all the ill-gotten gains from 200 years of thievery and exploitation in india are no longer enough to sustain limeys' high standard of living.
i do hope limey-land collapses as spectacularly as iceland did.
i say this even though i have some holdings in limey pounds.
1 comment:
UK is deservedly in deep hole. 15 years of economic mismanagement is bound to show. Labour party of UK is just like communists of india, i.e. tax and spend.
The trouble is that a lot of people , even in good times, were living the life on government dole (a smart thing to do in Rue Britannia) even when the economy was booming....based on debt.
Unfortunately for the crooks in limeyland, capitalism is much more stern in collecting its due.
Ideally the banks with stinking balance sheet should have been allowed to fail. But the zoo capitalism of modern finance demands protection from failure and bankruptcy and government dole in bad times even as its votaries are loathe to reduces robinhood style remuneration. e.g. the dolt who ran RBS into ground ended up with millions in guarunteed pension.
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