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Donkeyman
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Donkeyman is offline
Melton,United Kingdom
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19-06-2019, 12:24 PM
1

Is the UK bankrupt?

I recieved the summer edition of HAVE YOUR SAY from
Leistershire county council yesterday, where they put out
for discussion all the facts & figures etc concerning council
funding and spending!
Reading through the booklet it became clear that Leicester-
Shire is in for more cuts and austerity despite governments
statments to the contrary!
Allready this county is the only council not in reciept of any
extra funding from central government? and the outlook is
pretty grim for this county!
If this situation is the same for the rest of uk, as appears to
be the case? Then it begs the question IS THE UK BANKRUPT!

Regards Donkeyman!
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19-06-2019, 12:34 PM
2

Re: Is the UK bankrupt?

It is my belief that we have been bankrupt or on the verge of it for many years now. We like to give it the 'Big I am' and pretend to 'Lead the World' but in reality we can't lead anything and we have no one capable of leading. The reason we are first to have the National cheque book out is to pretend that we can afford it plus it probably helps us trade with rubbish countries.

Just my opinion of course.
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19-06-2019, 12:40 PM
3

Re: Is the UK bankrupt?

Wouldn't you have run away inflation if you were bankrupt? (like Venezuela)

I don't think you are bankrupt though, as I have said before, I do believe Britain is a broken society.
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19-06-2019, 12:45 PM
4

Re: Is the UK bankrupt?

Originally Posted by Bruce ->
Wouldn't you have run away inflation if you were bankrupt? (like Venezuela)

I don't think you are bankrupt though, as I have said before, I do believe Britain is a broken society.
You are right there, it's full of miserable old burgers!
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19-06-2019, 12:47 PM
5

Re: Is the UK bankrupt?

Welcome back Purwell.
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19-06-2019, 01:07 PM
6

Re: Is the UK bankrupt?

Bankrupt, no. That is a particular legal status, but insolvent then definitely yes.

It's only financial services which form the invisible exports but aided by continued issuing of Gilts (borrowings) together with the laying off of mortgage debt to release money into the economy as private debt that is redeemed by people servicing their mortgages that prevents the equivalent of bankruptcy.

When the combination of insufficient export earnings and increasing issuing of Gilts that result in "Stagnation" that result in ever increasing devaluation, increases in the cost of imports that impose rationing by wholesale price and --- well trouble big time which is what Maggie faced.

The UK was quite literally within days from being unable to import oil, food, in fact all of the essentials that we rely on because our credit was junk.

It's why the actions that she took were absolutely essential and even seeing the recovery program in place bought us enough time for the essential steps to take effect.

Goodness knows who will be her clone when the clustermuck that Corbyn and his cabal do what they are promising to do to the delight of his supporters.

Then the UK will not be insolvent, it will be very much worse.
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19-06-2019, 02:06 PM
7

Re: Is the UK bankrupt?

Originally Posted by The Artful Todger ->
Bankrupt, no. That is a particular legal status, but insolvent then definitely yes.

It's only financial services which form the invisible exports but aided by continued issuing of Gilts (borrowings) together with the laying off of mortgage debt to release money into the economy as private debt that is redeemed by people servicing their mortgages that prevents the equivalent of bankruptcy.

When the combination of insufficient export earnings and increasing issuing of Gilts that result in "Stagnation" that result in ever increasing devaluation, increases in the cost of imports that impose rationing by wholesale price and --- well trouble big time which is what Maggie faced.

The UK was quite literally within days from being unable to import oil, food, in fact all of the essentials that we rely on because our credit was junk.

It's why the actions that she took were absolutely essential and even seeing the recovery program in place bought us enough time for the essential steps to take effect.

Goodness knows who will be her clone when the clustermuck that Corbyn and his cabal do what they are promising to do to the delight of his supporters.

Then the UK will not be insolvent, it will be very much worse.
From youre answer Todgy what l got wrong was my ldea
of what bankruptcy is, l stand corrected, the UK is in fact
insolvent! Bankruptcy means you are unable to, or are unwilling
to pay your bills? I understand that now, thank you!
But surely the effects of both are largely similar?
The only disagreement l have with the rest of your post is
about Maggie Thatcher and the actions she took?
She forced us to become totally dependant on theINVISIBLE
EXPORTS by allowing our captains of industry to dispose of
their assets in exchange for capital, hence we are where we
are now with no capacity to generate capital by exporting!
Our whole economy now depends on consumption! Which
Imo equals stagnation?

Regards Donkeyman!
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19-06-2019, 02:21 PM
8

Re: Is the UK bankrupt?

Originally Posted by Bruce ->
Wouldn't you have run away inflation if you were bankrupt? (like Venezuela)

I don't think you are bankrupt though, as I have said before, I do believe Britain is a broken society.
To have runaway inflation Bruce, the masses need to have
money to spend, we have a situation in uk where the masses
have no readies in their pocket to spend! But they do have
easy access to medium term credit!
Imo this scenario will eventually lead to runaway inflation!
I do agree with you about being a broken society!

Regards Donkeyman!
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19-06-2019, 02:28 PM
9

Re: Is the UK bankrupt?

I don't think the country is bankrupt, but I do believe we are getting poorer and poorer as a nation. We have less in the way of resources and/or the means to create them. We now have two generations of people who have grown up believing themselves to be "entitled" without having to put in much effort. They expect to be taken care of so the incentive to look after themselves has never taken root. It's a sad state of affairs, but I don't see it getting any better. Our country's day as a leader is fast coming to an end - other nations are waiting for their turn. It is how things are naturally going for this country, but very painful. Best for our children to emigrate now to one of the "new" countries - Canada, Australia, America, New Zealand. There, they and their children, may have the chance that their energies could be well utilised if they are willing to work and use their brains. Opportunity in this country is fast disappearing down the plughole.
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The Artful Todger
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19-06-2019, 02:47 PM
10

Re: Is the UK bankrupt?

Originally Posted by Donkeyman ->
From youre answer Todgy what l got wrong was my ldea
of what bankruptcy is, l stand corrected, the UK is in fact
insolvent! Bankruptcy means you are unable to, or are unwilling
to pay your bills? I understand that now, thank you!
But surely the effects of both are largely similar?
The only disagreement l have with the rest of your post is
about Maggie Thatcher and the actions she took?
She forced us to become totally dependant on theINVISIBLE
EXPORTS by allowing our captains of industry to dispose of
their assets in exchange for capital, hence we are where we
are now with no capacity to generate capital by exporting!
Our whole economy now depends on consumption! Which
Imo equals stagnation?

Regards Donkeyman!
The UK is unable to compete in terms of physical exports are concerned other than maybe, and it's a very big maybe in small niche markets that simply wouldn't make a dent in the invisible export value.

Heavy industry was already a dead duck before Thatcher came into office, same with the car industry, aircraft manufacturing was not viable because of political aspects that were totally outside our control quite apart from technology, coal cost more to take out of the ground than it could be sold to the marketplace, shipping was a dead duck because of Far Eastern competition and political non-tariff barriers in Europe, so what were the holders of capital to do?

After all most holders of capital weren't individuals but corporate shareholder such as venture capital funds, insurance funds, churches, councils (yes, really!) and so forth.

BREXIT is going to be interesting. There is no doubt that the finance sector is not going to survive as is but on the plus side there will be very lucrative opportunities open up in particular as a centre for tax efficient fund management and also as a low, or very low tax centre for non domicile individuals, corporations, and businesses such as Amazon.

Interestingly there are steps being taken to clean up the crown dependencies that act as tax havens or as hubs to serve tax havens.

It's gonna be fun! Dirty, of marginal legitimacy, very doubtful morality but so what. The game isn't 'bout how it's played, it's about winning.
 
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