Wednesday, 3 September 2008

The UK

Saw this as a comment over at Guidos.

Three major war crimes, Serbia, Afghanistan and Iraq, population does not revolt. Two more on the way, Iran and Russia both with the likelihood of nuclear escalation, and no one cares a jot. An economy built on debt. Negligible indigenous, large-scale industrial enterprise. Yet a supposedly rich economy, world's fourth largest.

How can the UK be so rich when it produces so little? The UK makes nothing but trouble. A basic lack of regard for the real value of money and people. Money and life is cheap in the UK.

The UK is amongst the worst, greatest indebted economies/countries in the world. The Bank of England has given the four main UK banks £200 billions worth of Treasury gilts, in plain speaking cash, in the last nine months - the special liquidity scheme. That figure almost matches the total losses to date announced by all the world's banks since the start of the credit crunch last August. The UK banks are more insolvent than the American banks or European banks. The Bank of England has in return for £200 billion cash taken unable-to-be-sold mortgage assets. If any of the UK banks that borrowed go bust in the next three years these assets being held by the BoE on behalf of the UK taxpayer will have to be sold. The current market rate for these assets is firesale or worse. Lehman and Merrills got 20% of face value in sales last week.

Hypothetically the UK taxpayer stands to be on the hook for £160 billion of increased national debt and interest payment from this one bank bailout scheme alone. Northern Rock and its expected multi-billion liabilities are separate to that.The UK is bust. Stamp duty is an incidental.

The UK economy was built on speculation, not real value-adding industry. It's finished, over. The banks own your pathetic country. The banks are too big and powerful to go bust. The banks' owners own the politicians. The Bank of England will roll over debt due for repayment and increase the liquidity schemes further as the housing bust increases. The pound will become utterly worthless as more and more gilts are issued. Zimbabwe looms on the horizon.

You, the people of the UK, can moan and kick about Labour this, Conservative that. It's immaterial. You consciously/semi-consciously as a nation decided years ago to sell your soul/nation to the devil for the short-term good times. You convinced yourselves that making things, industry was passe. You believed that cutting hair, nail bars, coffee shops were real wealth creation, and most ridiculous of all that a place to live and raise good families was secondary to 'investing' and making a quick buck. Live by the sword die by the sword.

Some good may come from this pauperisation of the vast majority of the UK. They may draw in their horns and finally realise that even if they still wish to play the world military power and policeman, invading and destroying other countries, there is no more money to pay for it.

Eventually, it may be hoped that like the majority of most other countries without a colonial, world-power past the actual important thing is to live in one's own country and make the best of it for the generations to follow. Build up its industry, its education and preserve its natural resources. Until the UK and its people get to that stage it will continue to be regarded as a ridiculous shell-economy that has an addiction to interfering militarily in other people's affairs.

Cracking stuff


FormerTory said...

It only needs the bit adding about how it is we don't make big heavy iron things any more because the rest of the world did it cheaper and better and no bugger was stupid enough to buy our low-quality, high-priced output; not because the banks decided it was passe. We don't have a coal industry any more because the Chinese could dig higher quality coal, ship it halfway round the world, and still sell it cheaper than Scargill's assholes could manage.

In other words, it's a highly selective piece of near-nonsense.

Remember British cars? British motorbikes of the 70's? British Steel? Scottish shipbuilding? Shite, shite, shite and more shite. All of it. Black holes for taxpayers' money.

Guthrum said...

Thats because everybody is watching Jeremy Kyle ! They can just about handle that

Anonymous said...

Have to agree with Former Tory.

I suspect that the poster at Guidos is an embittered old Labour throwback.

idle said...

Apparently we have a very good service industry.

Every time I need service I end up discussing the correct batting order for the Indian test team with a bloke called Sanjay in Bangalore.

Anonymous said...

Can we just rename it Golgafrincham and start building an ark?

Old Holborn said...

Actually I do remember British cars

Triumph TR-4
Jaguar E & S type
Metro 6R4
Rolls Royce
Cooper S
Austin Healey
Aston Martin

Go on, tell me they were shit, produced by lazy marxists.

They weren't. They were produced by ENGINEERS. Just like the Germans and the Swiss still are.

killemallletgodsortemout said...

Ah, yes, engineering...British bikes were great, too. Norton, Triumph, Rudge, Brough, Velocette, Ariel, Excelsior ad nauseam......

I noticed several years ago that even the French - the French, for fuck's sake - view our tiny nation as a pathetic joke, and a blot on the European landscape.

Cuntie Blair and all his dashing back and forth to suck George Bush's cock were viewed by the French as totally pathetic. The bulldog turned poodle. how right they were.

We're doomed, Captain, we're all doomed. Bring on the revolution.

Anonymous said...

British industry has been starved of investment by the banking sector, much better to speculate on non productive land and property.
These wankers have been raping the economy for the last 25 years, now all thats over for the time being they've wiped their cocks on the curtains and put out their hands for the cab fare home.

FormerTory said...

I think you’re exhibiting some symptoms of selective memory, and dare I say, even of confusion.

Triumph: dragged down by lazy, feckless Marxist arseholes who sank BL – and yes I include the incompetent management in that statement.
Jaguar: still there, albeit a Ford Mondeo. Taken over successively because those engineers could make a lovely product, but couldn’t do it at a price people were prepared or able to pay.
Lotus: Ah yes. Dear old Lotus. Founded by a man as mad as a box of frogs but what a talent. Company still there, and still the preserve of people who want to spent £35000 on a plastic rollerskate of mediocre build quality. But oh yes, it goes round corners. Thank god for Toyota engines, huh? Tiny niche manufacturer.
Metro 6R4: Remember it well. Cut-down Rover (Buick!) V8. So fecking dangerous it was banned from international competition after indiscriminately killing drivers, navigators and spectators alike. I’m sure the engineers were lovely chaps, though.
Cosworth: still there. Still world-class. Still in their little tiny niche.
Daimler / RollsRoyce: The epitome of Britishness. Good and bad. Exquisite engineering let down by lack of adaptation and a belief they never needed to change.

Look. I could go on. The fact is that all those enterprises had glorious starts, swept the world, and were completely and utterly unable to adapt to new competition. That’s the British story, unfortunately, with big heavy iron things. We do it, do it better than anyone else, and then believe because we’re better, we don’t need to worry about competitors – and then they sweep past us and we sit there shaking our national head in disbelief. But as a services provider, we’re world class. And we make more money from it that we ever could from big iron stuff.

FormerTory said...

British industry has been starved of investment by the banking sector, much better to speculate on non productive land and property.

Absolutely! That's it! It wasn't that much of British industry was run by managers who got to manage because they were awfully nice chaps (but couldn't actually manage), and because much of the workforce wanted to sit around behind the packing cases all day playing cards and getting paid for it! It wasn't because they didn't achieve respectable returns on capital employed; it wasn't because they failed to innovate and contain costs; it wasn't because their ability to compete was strangled by successive governments (where the companies had the nous to compete in the first place) and their friends in the Trades Unions.....

Oh no. It was the Banks! Yes, that's it... the Banks! Nasty bastards, in business to make profits, not act as charities... Jeez. Why didn't we all see that. We could all *still* be driving round in Morris Marinas if somebody had just controlled those awful bastard banks and made them save BL instead of turning off the money tap.

Bastards. I am so cheated. A Morris Marina? Oh yes baby......

Anonymous said...

Mr Toryman it now appears the banks are indeed charities, they must, be why else are they getting large amounts of taxpayers money?

Parasitical cocksuckers.

FormerTory said...

Mr Former-Toryman to you, please. I take it you'll have withdrawn your pension scheme's funds investment from the parasitical cocksuckers?

Old Holborn said...

I run my own pension fund.

Up 318% in less than two years

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