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Where is it all coming from?
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By (user no longer on site)
over a year ago
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"The government keep pledging money but where on earth is it all coming from x"
This government has contributed its policy of borrowing money. At a higher interest rate too, since we lost out AAA rating after the refarendum to ruin the economy. |
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By (user no longer on site)
over a year ago
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"So at this time of less than truthful myths there is no magic money tree..?
"
The national debt is increasing - currently £1.78 trillions and costs us £48bn in interest payments alone! This could be spent on the NHS - tell them to fuck off we not paying nothing  |
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"The government keep pledging money but where on earth is it all coming from x"
It's coming from projects and policies that are being dropped or delayed. It's coming from a pot of money that should be being spent on education and health, care and welfare |
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By (user no longer on site)
over a year ago
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"The government keep pledging money but where on earth is it all coming from x
This government has contributed its policy of borrowing money. At a higher interest rate too, since we lost out AAA rating after the refarendum to ruin the economy."
I wonder why all the credit agencies haven't taken into account our BREXIT dividend when down grading us between 1 & 2 notches  |
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By *ara JTV/TS
over a year ago
Bristol East |
"The government keep pledging money but where on earth is it all coming from x"
The Government keeps borrowing money.
In fact, two Conservative chancellors since 2010 have borrowed more money from the City of London than every single Labour chancellor in history combined.
It’s why there is a seat reserved in the House of Commons for the City of London. |
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By *ara JTV/TS
over a year ago
Bristol East |
"So at this time of less than truthful myths there is no magic money tree..?
The national debt is increasing - currently £1.78 trillions and costs us £48bn in interest payments alone! This could be spent on the NHS - tell them to fuck off we not paying nothing "
It is what Iceland did. Cancelled its own debt. And sent the bankers to jail for crimes against the people. |
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By (user no longer on site)
over a year ago
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"So at this time of less than truthful myths there is no magic money tree..?
The national debt is increasing - currently £1.78 trillions and costs us £48bn in interest payments alone! This could be spent on the NHS - tell them to fuck off we not paying nothing
It is what Iceland did. Cancelled its own debt. And sent the bankers to jail for crimes against the people."
Bet they are a nation we could get an FTA with quickly |
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By *ara JTV/TS
over a year ago
Bristol East |
At a guess, I'd say the Government spending comes 80/20 from taxation/borrowing.
Interests rate are so low the Government can invest to save.
This is the Labour thinking.
Borrow money, invest in infrastructure and the benefits will flow to Treasury through taxation on economic growth.
Either way, we are in hock to the city for a long, long time.
It took us 200 years of taxation to pay off the borrowing arising from the Abolition of Slavery Act.
The compensation paid to the "owners" who invested their gains in the fine architecture of cities like Bristol, Glasgow, Liverpool and London, amongst other things.
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By (user no longer on site)
over a year ago
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"So at this time of less than truthful myths there is no magic money tree..?
The national debt is increasing - currently £1.78 trillions and costs us £48bn in interest payments alone! This could be spent on the NHS - tell them to fuck off we not paying nothing
It is what Iceland did. Cancelled its own debt. And sent the bankers to jail for crimes against the people."
Was it government debt or (some) personal debt ? |
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"At a guess, I'd say the Government spending comes 80/20 from taxation/borrowing.
Interests rate are so low the Government can invest to save.
This is the Labour thinking.
Borrow money, invest in infrastructure and the benefits will flow to Treasury through taxation on economic growth.
Either way, we are in hock to the city for a long, long time.
It took us 200 years of taxation to pay off the borrowing arising from the Abolition of Slavery Act.
The compensation paid to the "owners" who invested their gains in the fine architecture of cities like Bristol, Glasgow, Liverpool and London, amongst other things.
"
I believe we still owe the US money for their economic and material aid in and after WW1... |
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"At a guess, I'd say the Government spending comes 80/20 from taxation/borrowing.
Interests rate are so low the Government can invest to save.
This is the Labour thinking.
Borrow money, invest in infrastructure and the benefits will flow to Treasury through taxation on economic growth.
Either way, we are in hock to the city for a long, long time.
It took us 200 years of taxation to pay off the borrowing arising from the Abolition of Slavery Act.
The compensation paid to the "owners" who invested their gains in the fine architecture of cities like Bristol, Glasgow, Liverpool and London, amongst other things.
I believe we still owe the US money for their economic and material aid in and after WW1..."
I should have Googled first.
We paid the last bit of that off in 2015. But it's ok, we still owe them for WWII... |
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"So at this time of less than truthful myths there is no magic money tree..?
The national debt is increasing - currently £1.78 trillions and costs us £48bn in interest payments alone! This could be spent on the NHS - tell them to fuck off we not paying nothing
It is what Iceland did. Cancelled its own debt. And sent the bankers to jail for crimes against the people."
That's not quite what they did but even if it was, if we did the same, our credit rating would rapidly slip a lot lower than our current rating of Aa2.
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"At a guess, I'd say the Government spending comes 80/20 from taxation/borrowing.
Interests rate are so low the Government can invest to save.
This is the Labour thinking.
Borrow money, invest in infrastructure and the benefits will flow to Treasury through taxation on economic growth.
Either way, we are in hock to the city for a long, long time.
It took us 200 years of taxation to pay off the borrowing arising from the Abolition of Slavery Act.
The compensation paid to the "owners" who invested their gains in the fine architecture of cities like Bristol, Glasgow, Liverpool and London, amongst other things.
I believe we still owe the US money for their economic and material aid in and after WW1..."
Not any more. The last payment for that was 31/Dec/2006
|
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"At a guess, I'd say the Government spending comes 80/20 from taxation/borrowing.
Interests rate are so low the Government can invest to save.
This is the Labour thinking.
Borrow money, invest in infrastructure and the benefits will flow to Treasury through taxation on economic growth.
Either way, we are in hock to the city for a long, long time.
It took us 200 years of taxation to pay off the borrowing arising from the Abolition of Slavery Act.
The compensation paid to the "owners" who invested their gains in the fine architecture of cities like Bristol, Glasgow, Liverpool and London, amongst other things.
"
 All Labour have to do is listen to Diane Abbott |
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By *ara JTV/TS
over a year ago
Bristol East |
"
Was it government debt or (some) personal debt ?"
In Iceland, the banks were too big to save.
Their debts were enormous by comparison to the size of the country.
The banks were allowed to collapse.
(Inquiries later revealed just how rotten the system had become and several executives went to prison.)
The stock market was wiped out and most island businesses were declared bankrupt.
New banks in public ownership replaced them.
Citizens with the greatest debt - those who owed more than the value of their property - were protected and had their debts reduced.
A special agency was established to consider personal cases of indebtedness, with the power to wipe them out.
The Government did some remarkable things in a very short period of time.
Growth is now among the highest in Europe and unemployment among the lowest.
Their approach to the financial crisis was very very different from that of the UK or the US.
Essentially, instead of trying to repair a rotten and corrupt financial system, they shredded it and rebuilt.
The collapse and recovery of Iceland has been truly remarkable.
There are some very good analysis to be found on the internet.
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By *ara JTV/TS
over a year ago
Bristol East |
"
Was it government debt or (some) personal debt ?"
In Iceland, the banks were too big to save.
Their debts were enormous by comparison to the size of the country.
The banks were allowed to collapse.
(Inquiries later revealed just how rotten the system had become and several executives went to prison.)
The stock market was wiped out and most island businesses were declared bankrupt.
New banks in public ownership replaced them.
Citizens with the greatest debt - those who owed more than the value of their property - were protected and had their debts reduced.
A special agency was established to consider personal cases of indebtedness, with the power to wipe them out.
The Government did some remarkable things in a very short period of time.
Growth is now among the highest in Europe and unemployment among the lowest.
Their approach to the financial crisis was very very different from that of the UK or the US.
Essentially, instead of trying to repair a rotten and corrupt financial system, they shredded it and rebuilt.
The collapse and recovery of Iceland has been truly remarkable.
There are some very good analysis to be found on the internet.
|
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By *ara JTV/TS
over a year ago
Bristol East |
"So at this time of less than truthful myths there is no magic money tree..?
The national debt is increasing - currently £1.78 trillions and costs us £48bn in interest payments alone! This could be spent on the NHS - tell them to fuck off we not paying nothing
It is what Iceland did. Cancelled its own debt. And sent the bankers to jail for crimes against the people.
That's not quite what they did but even if it was, if we did the same, our credit rating would rapidly slip a lot lower than our current rating of Aa2.
"
To view what happened in Iceland through the credit rating system of the financial sector is to view it through the eyes of what Britain did.
Britain sought to save the financial system from collapse. Iceland did not. It allowed the banks to fail.
Iceland took a radically different approach.
The sovereign credit rating today is A and stable.
|
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By (user no longer on site)
over a year ago
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"So at this time of less than truthful myths there is no magic money tree..?
The national debt is increasing - currently £1.78 trillions and costs us £48bn in interest payments alone! This could be spent on the NHS - tell them to fuck off we not paying nothing
It is what Iceland did. Cancelled its own debt. And sent the bankers to jail for crimes against the people.
That's not quite what they did but even if it was, if we did the same, our credit rating would rapidly slip a lot lower than our current rating of Aa2.
To view what happened in Iceland through the credit rating system of the financial sector is to view it through the eyes of what Britain did.
Britain sought to save the financial system from collapse. Iceland did not. It allowed the banks to fail.
Iceland took a radically different approach.
The sovereign credit rating today is A and stable.
"
At least some of their bankers went to prison - none of ours did.
Iceland is quite a small economy compared to the British - but I think RBS should have been allowed to fail - like Leeman Bros in the US. A message would have been sent and the Billions the taxpayer has paid in would have been saved.
My original comment on defaulting was tongue in cheek btw. |
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By (user no longer on site)
over a year ago
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"So at this time of less than truthful myths there is no magic money tree..?
The national debt is increasing - currently £1.78 trillions and costs us £48bn in interest payments alone! This could be spent on the NHS - tell them to fuck off we not paying nothing
It is what Iceland did. Cancelled its own debt. And sent the bankers to jail for crimes against the people.
That's not quite what they did but even if it was, if we did the same, our credit rating would rapidly slip a lot lower than our current rating of Aa2.
To view what happened in Iceland through the credit rating system of the financial sector is to view it through the eyes of what Britain did.
Britain sought to save the financial system from collapse. Iceland did not. It allowed the banks to fail.
Iceland took a radically different approach.
The sovereign credit rating today is A and stable.
"
From my brief reading it was absolutely levelled (currency, stock market etc). It’s now an insular country relying on tourism. While it’s growth looks good measured from their POV (eg in their currency) in dollar terms it’s still way off where it was. Likewise pay. And no multinational wants to be based there.
I think Iceland worked for Iceland which is a small country trying to make moves in the international world. I fear for this approach for more established countries. |
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