Is that image supposed to be
http://www.bypassfirewall.com/browse...wZw_3D_/3D/b0/
Are you trying to dodge the Corporate firewall?
---------- Post added at 17:56 ---------- Previous post was at 17:39 ----------
In other news,
here's a nice thought.
Quote:
Britain emerges in the BIS paper as an arch-sinner. The country may have entered the crisis with a low public debt but this shock absorber has already been used up, exposing the underlying rot in the UK's public accounts.
Tucked away in the BIS report are charts and tables showing that Britain faces the highest structural deficit in the OECD club of rich states, with a mounting risk that public debt will explode out of control.
Interest payments on the UK's public debt will double from 5pc of GDP to 10pc within a decade under the bank's 'baseline scenario' before spiralling upwards to 27pc by 2040, the highest in the industrial world. Greece fares better, and Italy looks saintly by comparison.
The BIS said the UK's structural budget deficit will be 9pc of GDP next year, the highest in the advanced world. A primary surplus of 3.5pc of GDP will be required for the next twenty years just to stabilize the debt at the pre-crisis level.
The paper said that Labour's plan to consolidate the budget deficit by 1.3pc of GDP annually for the next three years is not nearly enough. Such a gentle squeeze will let public debt climb to 160pc of GDP by the end of the decade, accelerating to 350pc over the following twenty years as the compound interest trap closes in.
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But hey, what do we care, give us our public services and welfare
now, don't be cutting just because we aren't paying for it and we just have to keep it going for a few more years and we simply won't be able to pay for it.
This to me is the centre of the economic debate. The problem as I've repeatedly said though is that so many people are so greedy and selfish (yes those same attributes that people whine about when having a go at bankers and businesses and 'typical Tories') that they couldn't care less what it's costing or how it will affect the country so long as it doesn't affect them right now. Just even hinting at actually taking serious action makes people jump up and down.
Jeeze people we're spending as much money on public services as Sweden, the cuts to the deficit are minimal and debt interest will be taking a serious toll well before the deficit is gone, and that's where it should be,
gone. Barring emergencies like the credit crunch if we don't have it we shouldn't be spending it, and as soon as the emergency is over we should be paying it back.
Fiscal and personal responsibility, both on life support thanks to the current government.
EDIT: Oh yes, for those saying why don't we just tax our way back into the black, wouldn't work as it would
reduce economic growth and make companies go elsewhere. You think it doesn't happen?
The country’s entrepreneurs were moving offshore – and taking their companies with them ..... Two of Sweden’s largest companies, IKEA and Tetra Pak, a food packaging company, had already moved overseas in protest of the estate tax. Other major companies threatened to follow, draining Sweden of entrepreneurial talent, capital, and jobs.