UK Government Bails Out Less Indebted Liberia
Guido gets Treasury press releases, yesterday one caught his eye:
Alistair Darling went on to boast about how great this was for Liberia, which he described as a "HIPC", a Heavily Indebted Poor Country. The 3 million inhabitants of Liberia have a government debt of $4.5 billion dollars, some £2.3 billion pounds or £767 per head.
Yesterday the ONS added £52 billion to the PSBR for Northern Rock taking the government's admitted debts to 42% of GDP, busting Gordon's already fiddled 40% golden rule. Gordon claims government debts stand at £536 billion, add in his off balance sheet fiddles like £725 billion of public sector pensions, £110 billion in payments due to companies in the next three decades under PFI and £18 billion of debt held by Network Rail and the figure is nearer £1.4 trillion, which is well over 100% of GDP. Now add on the private debts of credit card maxed-out Britons and the total debt is something like £2.7 trillion. Over £100,000 per household in Britain.
Which makes it seem very odd that Alistair Darling is bailing out the heavily indebted poor Liberians who have a tiny fraction of the debts that Labour has run up for Britons.
UK helps Liberia take big step towards debt clearance
The UK today assisted Liberia in taking a big step towards poverty reduction by helping it clear the arrears on debt it owes....
Alistair Darling went on to boast about how great this was for Liberia, which he described as a "HIPC", a Heavily Indebted Poor Country. The 3 million inhabitants of Liberia have a government debt of $4.5 billion dollars, some £2.3 billion pounds or £767 per head.Yesterday the ONS added £52 billion to the PSBR for Northern Rock taking the government's admitted debts to 42% of GDP, busting Gordon's already fiddled 40% golden rule. Gordon claims government debts stand at £536 billion, add in his off balance sheet fiddles like £725 billion of public sector pensions, £110 billion in payments due to companies in the next three decades under PFI and £18 billion of debt held by Network Rail and the figure is nearer £1.4 trillion, which is well over 100% of GDP. Now add on the private debts of credit card maxed-out Britons and the total debt is something like £2.7 trillion. Over £100,000 per household in Britain.
Which makes it seem very odd that Alistair Darling is bailing out the heavily indebted poor Liberians who have a tiny fraction of the debts that Labour has run up for Britons.
36 comments:
we all know how this ends dont we. a collapse of sterling on teh exchanges. I encourage anyone with savings to get them into a foreign currency ASAP. the country is bankrupt already and the downturn hasnt even started yet.
I don't think these cunts have ever actually had to manage a household budget, have they? If they'd learned the value of money, and how you can only as a maximum spend what you can earn, perhaps they wouldn't have spent well beyond the nation's means.
If I did this on my credit cards and bank loans people would rightly call me feckless. So do we have a feckless Government, or a feckless public for allowing them to spend until we're all up to our eyeballs in debt?
When the economy finally gives up the ghost we are all well and truly grade-A F.U.C.K.E.D.!
I'm off to Brazil, see ya!
Perhaps the Archbishop's Sharia proposals are not so off the mark - the Saudi's might be good for a couple of trillion!
Believe me Guido, this is the line you want to be going down. The economy will bring an end to this government and it may not be too far away.
If international investors take fright that, far from being a first world country we are a banana republic, international investors won't take any further gilts at ridiculously low coupons -they won't want 4%, they'll want 8%+. And with it will go general interest rates, the hosuing market and private business, too.
The economy has been run by this muppet for over 10 years. He did what every Labour chancellor has done for time immemorial - f**ked it!!
"Britain has chipped in 20 million pounds as part of an international effort to clear debt arrears owed by Liberia to multilateral lenders, the government said on Thursday."
A whopping £20millions. How charitable.
Why are we bailing out a colony set up by the Yankee's?
They have responsibility, so let the bloody White House pay off their debts, not us.
In principle I am agin any of these bloody HIPC's being let off a penny of interest or principal, they borrowed the firkin money, they will bloody well repay it. I'm damned if my taxes are going to support these bloody aliens, who all seem to want to come over here anyway.
I don't see the government allowing British citizens to abrogate their debts.
Useless shower of mendacious, corrupt, fuckwits...Darling and the rest need to be eviscerated and hung out to dry.
From the Telegraph:
"This [UK economy] is approaching Banana Republic status," said Albert Edwards, global strategist for Société Générale.
"Allowing economic growth to be based on unsustainable asset price bubbles was always going to be a recipe for disaster because the snapback can be vicious. This is a mess of the policy-makers' own making."
Yes, but surely to have a 'fair' like-for-like comparison you would have to tell us how much the Liberia debt is worth as a percentage of their GDP ? It might be over 42% of Liberian GDP for all we know !
Lies, damned lies, statistics - and then there are Guido back-of-a-fag packet 'failed o-level' figures...
People on this side of the Atlantic haven't cottoned onto the deficit trick yet.The media talked about Brown pinching our pension pot - ten years too late - but that put the idea in the public's imagination.There was an ITV prog 'repossession,repossession,reosession' that will similarly put personal debt into the mainstream public imagination.PFI is a con and that's the next nail to be hammered home.Brown is toast but he's what the Left have so they'll back him 'till forced to sack him.It won't be so long now.He admitted to Marr a few weeks ago that he would borrow more again.The 'Golden Rule' applies over a cycle (which he determines)so it's all downhill with no brakes.
I do think the £ is going down . we could be getting into a repeat of the 1930's competitive devaluations game before too long . The Euro bankers have just signalled that they are going to cut interest rates . Where to put your lolly ? Obviously not the dollar or £ or Euro .
The yen is keeping a low profile and is as hard as nails .
British national debt - this is the debt of entire UK - if the split between the component countries goes much further then attention will focus on the national debt . So far not a thing but one day there will be a sudden run on the £ and on British goverment debt as the debt markets take fright .
Brown will be furious with Darling. Handing out other people's money to Africans (ideally grinning ones under the age of eleven) is HIS job.
Don't forget the £2 billion of tax-payers' dosh used to bail out that PPP basket-case Metronet this week. Ruth Kelly is so generous.
Oh well. It's only public money. Not real money then.
Guido,
If you want to up that figure, you could always add in the unfunded public sector pension liabilities, which come to another trillion or so: this brings the total up to some £3.4 trillion.
DK
@anonymous 11.36
Lies, damned lies, statistics - and then there are Guido back-of-a-fag packet 'failed o-level' figures...
A tad like the NuLiebour back-of-the-fag-packet (all lies, in any case) manifesto, you spawny-eyed cunt.
i see house reposessions rose 25% last year with further increases expected this year.
i wonder how many are nrock mortgages?? anyone know how to find out??
Buy Liberian Dollars, and clean up.
Then retire to Liberia to avoid living in a bankrupt Third World country..
Have we not thrown tax payers money at India and Pakistan,who have got enough to run a nuclear arms race,and sell it to others.
Typical Labour - always bailing out the feckless.
as the picture emerges of just how incompetant , deliberately wreckless and diviseive nu labour have been , i can only wonder at what point gordon will go.
what sort of nutter does not admitt that his own ecnomic and even the lack of authority in his controlling bodies , can spell anything other than his incompetance .
he can blame it on world ecnomic conditions all he likes, the point is we should be in far better position to weather the market cycle. yet he still ponies around "we are helping liberia because it is right to do so" looking like some great communist benefactor (cough i mean philanthropist that label wants ungluing from communist pretty fast).
what do we in the uk get from our great leader , silence and oppresion , hes not just a ditherer , hes a deserter of the public right to know .
i was reflecting on the british council and the kinnochios winter palaces , its just all begining to stink of somthing really slimey and decietful , grand fraud , gerry mandelson , a sort of fake defunct intellectual nutcase ideology . like tarting up belsen before a red cross visit . burnham typifies it , childlike view of the world , gordon and mandelson saying now hurry up children we havent much time. thats right follow the benefits.
for any fans of the matrix 1
revist the bit where morpheus is getting broken , and agent smith (more like agent sith) is explaining why the first matrix failed .
its agent sith , thats we weve got
grand fraud auto.
Note to Labour MPs:
(cc BBC News Desk)
Whatever you do keep harping on about the UK having the lowest inflation in the industralised world; 10 years of sustained economic growth; record low unemployment;inflation running at 2.1%; oh and remember we owe it all to Gordon, the most successful Chancellor of his generation(gloss over his record as PM as quickly as possible)
P.S.
Whatever you do DON'T mention Northern Rock or we're all f8cked!
That's bollocks and you know it is.
Face the facts, Guido, you're economically illiterate. You did a good thing dropping GlobalGrowth.org in favour of sleaze and scandal. Stick with the programme, why don't you?
If only it was as bad as you say and not worse. You see, the thing is that our GDP itself is made up of debt. About two thirds of it is driven by debt in the system. Debt related to housing is measured as bank assets and construction company income. This is why we have GDP growth but at the same time we have a contraction in real output leading to a trade deficit.
Its like having a real income of £30,000 a year and a credit card debt of £100,000 a year, but counting a further £60,000 of new credit card debt as "income". Clearly someone that had started to consider their spending on credit cards in the same way as they consider the rest of their income would become insolvent very quickly. But this is what the UK has been doing since 2001 and sadly we are now insolvent - but the rest of the world hasn't realised it just yet because up until now we have been able to roll-over our debt. Now we can't roll-over the debt anymore so our insolvency will soon become apparent. Unfortunately this will lead to a slide in the £ and asset values declining as the lack of real money in the system will make it impossible to liquidate our assets. Once this happens those with money will move in and buy the assets at low prices - the Arabs, Chinese, Singaporeans.
Basically the country is fucked and arguing over who will run it after G. Brown will be pretty academic as our homes will be owned by the Saudi royal family and their hangers-on.
Still, every cloud has a silver lining. Nobody will ever vote Labour again.
Is Albert Edwards from the same SocGen that allowed one of its dealers to bet 50bn Euros on red - just the man to lecture us on financial control!
Get that miserable bitch J.K. Rowling to knock out a few more books. She's the only one exporting anything in the whole fecking country!!
Around 250,000 people were killed in Liberia's civil war and many thousands more fled the fighting. The conflict left the country in economic ruin and overrun with weapons. The capital remains without mains electricity and running water. Corruption is rife and unemployment and illiteracy are endemic. The UN maintains some 15,000 soldiers in Liberia. It is one of the organisation's most expensive peacekeeping operations. Nice eh?
A chilling preview of the way dear old Blighty is headed with the snot gobbler at the helm!
Whist I agree with Penfold in principle I don't understand why he lets all these fucking cunts off so lightly. I suppose £20 milion to bail out a whole country, no matter what kind of stinking shithole it is, teeming with maraudng gang rapists, when we spunk up £87 millon in mp's expenses, is cheap as chips. But why not use it to preserve British jobs and send these unruly twats a few million packets of those hygenic wet wipes, you know those things that sting your arse but prevent skiddies, god knows the fuckers must stink with all the inevitable clong-ons or winnets.
They're no different from the British now or, better put we're no better than them becuse we're both skint.
at least they have some prospects
According to the managing-director of Liberia's National Port Authority, Togba Ngangana, Chinese investors have signed a memorandum of understanding to build a manufacturing zone outside the southern port of Buchanan which would produce 50,000 jobs. This is in addition to an undisclosed amount of low-interest loans, debt relief and other incentives. Fucking sooner them than us they'll soon tire of these workshy fractious minging arsed twats. Arseholes - that sums it up.
Darling is a cunt who looks like one, talks like one and smells like one, so I'm told.
Liberian GDP $2.5Bn. Debt $3.5Bn
Apparently Chinese are in there with loans and stuff. Perhaps they are after securing natural resources like iron ore?
So it might be that the debt bit is about competing with the Chinese, or more likely being played off against them.
Was not Liberia one of the biggest flags of convenience?
Nah, it all just stinks.
Surely Broon is just trying to set a precedent that heavily indebted countries qualify for relief so that a year or two along the road when the UK government debt becomes so large it can't be financed he can ask for a similar hand out.
So they can GIVE away 20 million or so but will happily pick a fight with the Police over 30millions.
I don't know about putting fluoride in our water but some cunt must be putting acid into downing street's supply!
these fuckers are off their heads.
Just a thought, if we didn't give bundles to the EU, the third world and every other international organisation, we'd be in clover.
Obviously with a cunt like Brown in charge he could blow the entire wealth of the world and still end up in debt. Repeat after me. Gordon is a moron etc etc
Brown's some sort of mad Christian missionary, he's giving £825 million to India as well the stupid one-eyed bastard. A few last piss takes before the markets close the circus down.
What an absolute AAA rated cunt.
It's ONLY money ...
If/when the economy tanks and we are all reduced to looting and cannibalism do you think if we tortured to death all labor Mps anyone would care?.I would particulaly like to recreate that scene in hannibal where that twats brain is sliced and fried while he is alive on GB and lets face it it would be low calorie.
And what pray is wrong with bailing out Librarians? Some of us have very stressful working lives dealing with delinquent OAPs not bringing their books back on time.
I shall look forward to getting my £767 soon.
With regards to what many bloggers have referred to above, 'the debt crisis' which has struck the UK, it appears to me that a great many of us as individuals are significantly culpable.
I have a credit card bill, not huge but still a burden, and many of us will be the same. The problem is that fiscal and monetary policy has made it easy for us to do so. We have been encouraged because that spending has fuelled the economy. I'm sure that when they started this policy they did not expect to be in power long enough to face the consequences of it. After all, we soon forget that no Labour government had been elected for more than 2 terms, and only one (Wilson's) for that long.
We have been truly misled about the true value of our assets (homes), and have reacted in the way government expected us to. In the end, the money will run out, for govenment as for the populace and then the solution may be the same as the last time..cap in hand to the IMF as the lender of last resort.
We are in a sorry state, and we are all a little guilty. We lived high on the hog while times were good, and voted in a government that would spend and promise miracles.
Payment is now due.
we the brits are bloody nuts we let the govment do what they bloody well wont to do even to selling our country from under our feet but they will always line there own pocket first and sod the rest of us they are nothing but crocks and shit on it own people shame they cannot but it own subjects first and but there own house in order as well the french had the best idea got rid of the lot and started again
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