Thread: Britain on pace for 7.4% contraction of GDP

Quote from Otis the Sweaty

The British GDP will shrink by 7.4% this year assuming that the economy continues to deteriorate at the same speed it has in the first quarter. While it is true that the rate of decline may slow down it is also possible that it will actually speed up. Even if it doesn't, if economic decline continues at this rate until mid 2010 then Britain's economy will have shrunk by 10%, a real Depression!

The US is still holding up remarkably well. Our (official) unemployment rate is only 8.5% and annualized GDP negative growth is expected to be under 3% for the first quarter. I predict that unemployment will ultimately peak at 14% in late 2010 but hopefully my place of work will go under by the Fall.

Do you have a source of this information about the shrinking British GDP?

Quote from Tyrael

Do you have a source of this information about the shrinking British GDP?

yeah, it's from the Financial Times. It's probably on their website but I'm too lazy to look it up.

The economy actually contracted 1.9% and that is what was reported, but that translates into an annualized pace of 7.4.


In America, the gov only reports the annualized number, not the actual number. Britain does the opposite, apparently.

Neither of the two countries have sound economies and eventually things will get ugly. Obama's stupid spending keeps things at bay for a while, but eventually it will make businesses go under and the dollar destroyed.

Just think of it this way... The stimulus money comes from somewhere and that's other kind of business - the private sector - through taxes or everyone through inflation. The governments can keep up spending and loaning from other countries for a while, but after years the same principles that people have will apply.

Quote from RebelliousVanilla

The stimulus money comes from somewhere and that's other kind of business - the private sector - through taxes or everyone through inflation.

It's hard to inflate when the rest of the world keeps buying the debt that we will obviously never pay back. It is really starting to piss me off. The rest of the world is buring money to keep this ponzi scheme going. How much longer am I going to have to stay in this shitty job just because the rest of the world is scared of seeing a complete financial meltdown? What about my right to not work?

Quote from Otis the Sweaty

It's hard to inflate when the rest of the world keeps buying the debt that we will obviously never pay back. It is really starting to piss me off. The rest of the world is buring money to keep this ponzi scheme going. How much longer am I going to have to stay in this shitty job just because the rest of the world is scared of seeing a complete financial meltdown? What about my right to not work?

Nobody is forcing you to work, silly. Quit. lol. Just don't expect others to maintain you.

And yes, I'm pretty amused at how others are buying the debt when it's obvious the US will never pay it back. The Chinese don't even vote in the US elections. Why would a president care about the paying back? I picture Obama tomorrow with the speech... "You remember all my campaign promises? Well, forget about them. We need across the board tax hikes. Forget about social security, medicare and medicaid - we don't afford them. The Chinese are wanting their money back!" lol

Quote from Otis the Sweaty

yeah, it's from the Financial Times. It's probably on their website but I'm too lazy to look it up.

When you start a thread about such things you should always provide a link to the source and if possible an excerpt for credibility.

Please post a link here.

Quote from RebelliousVanilla

Nobody is forcing you to work

the "system" forces me to work

Quit.

my mom would get mad if I did that.

Just don't expect others to maintain you.

once the government stops taking over a quarter of my earnings and stops forcing rents/property values and medical care sky high with their stupid policies and crushing taxes, I will stop expecting them to take care of me. But until then, I am their responsibility.

I picture Obama tomorrow with the speech... "You remember all my campaign promises? Well, forget about them. We need across the board tax hikes. Forget about social security, medicare and medicaid - we don't afford them. The Chinese are wanting their money back!"

Obama might actually be able to sell that. He's a damn good speaker.

Quote from RebelliousVanilla

Nobody is forcing you to work, silly. Quit. lol. Just don't expect others to maintain you.

And yes, I'm pretty amused at how others are buying the debt when it's obvious the US will never pay it back. The Chinese don't even vote in the US elections. Why would a president care about the paying back? I picture Obama tomorrow with the speech... "You remember all my campaign promises? Well, forget about them. We need across the board tax hikes. Forget about social security, medicare and medicaid - we don't afford them. The Chinese are wanting their money back!" lol

so are the Yanks going to default on the bonds issued or inflate their $$ and pay back debt in monopoly money

Quote from shaazam

so are the Yanks going to default on the bonds issued or inflate their $$ and pay back debt in monopoly money

Probably. All the idiots who keep buying their bonds is like you coming with more money in a Ponzi scheme to secure the money you already put it in it. It's retarded. And we all know that in a Ponzi scheme there are no losers as long as there are idiots buying into it. The problem is that other countries are sacrificing prosperity in order for the unproductive USA have it and this will come to a stop and those countries will cut their losses leaving the US no choice but default on the bonds and pay back with printed money.

Quote from shaazam

so are the Yanks going to default on the bonds issued or inflate their $$ and pay back debt in monopoly money

default. No question. They won't hyperinflate.