steviedeluxe

The problem is, a lot of it is banks lending to banks (even when they're being financed by a govt - Northern Rock and RBS are still making losses of billions). Wipe out the bonds, and pensions get wiped out too. If you remember, George Osborne was keen to step in and lend several billion to Irish banks (I don't like it being described as an Irish bale-out as it was the banks that received the money, not the average Irish person). He did that as otherwise UK banks (who were heavily exposed) would have gone under, and with them the UK economy.

Domino

jackytoo

I read that RBS is heavily exposed to spanish debt too...interesting times

bil

My comment wasn't entirely tongue in cheek. You'd have to keep the banks afloat, but if we weren't all crippled with debt, we'd then have money to spend, and that would help kickstart the economy.

Otherwise look what happens. China is rich, we all go bust, the markets collapse and we stop buying chinese tat, if only out of spite.

Domino

according to R4 news reports today they are saying the uk banks have more or less met the targets for lending to small businesses. so where has the money gone.?
ISTR "small business" can be as high as £5m+ turnover

perhaps if they all put their cards on the table and balanced out the money they owe to X with the money owed by X it probably will end up as an even stevens situation.

snikpoh

Karma!

However, let's not get into a debate about what intelligence really is or how it can be measured. Even some of the best minds can't agree on what it is or how it can be measured/compared.

Rosemary

Looking at the FTSE today it may be fun time all over again.

Graham

agoreira

The reality of the euro has exposed the absurdity of many anti-European scares while increasing the public thirst for information. Public opinion is already changing as people can see the success of the new currency on the mainland. (Ken Clarke, 2002)

The euro, despite gloomy predictions from anti-Europeans, has proved to be a success. We cannot afford to be isolated from our biggest and closest trading partner any longer. (Charles Kennedy, 2002)

If we get rid of sterling and adopt the euro, we will also get rid of sterling crises and sterling overvaluations. This will give us a real control over our economic environment. (Chris Huhne, 2004)

The euro has done more to enforce budgetary discipline in the rest of Europe than any number of exhortations from the IMF or the OECD. (Nick Clegg, 2002)

If we stay out, the price we will pay in lost investment and jobs would be incalculable. (Peter Mandelson, 2002)

HBG

We're safe, they're all on holiday, William Hague is looking after the UK, Zapatero has come back to take charge, and Berlusconi has made a speech in Italy.

The Peseta is coming back next year at 350 to the pound. The trouble is, I was on the hot terrace earlier and I distinctly saw a pink pig flying past.

HBG

God knows where you got those quotes from, but they are all totally correct = and totally wrong. I think Gordon and Tony tossed a coin in 1997, and got it right - and wrong.

I personally don't think it would have made a blind bit of difference whether we joined or not.

I hate to say it, but we are such a small player on the world stage nowadays that whatever our glorious coalition decides is utterly irrelevant.

When they decided to sell the Ark Royal for scrap, I finally gave up on the UK.

bomberbob

Is the pound about to rise in value,

Dick Dasterdly

Confirmed, US triple credit rating now downgraded.

Nice to know we're ahead of them in one respect,...for the moment anyway.

Maybe the way forward now is for us to borrow some more money at a cheap rate and lend it on the Yanks at top whack, just as we're doing with the Irish.

Lord knows the US has screwed us for long enough in the past.

On second thought could we ever trust them to pay us back, and looking at the way they are still going downhill it could be about as dodgy as a sub-prime morgage.

Domino

at least we (hope) will get another one - if still around in 10 years time.

if anyone is interested the documents offering for tender of HMS Ark Royal are available at http://www.edisposals.com/is-bin/INT...logCategoryID=

Domino

so now is the time to rewrite the standard down to the US's level

jackytoo

So where i all this money that has been wiped off the stock exchanges this week Billions or even trillions...do they carry it about in carrier bags after they have sold