The Budget

[serrac]

1 hour ago, oowee said:

As a nation we need all sorts to make a country. That said we rely on high earners in a relatively small group to pay for the lifestyle the majority enjoy. 

But what sort of lifestyle will the majority enjoy under the 4th industrial revolution?

Hint:  "We are in a global situation where we can distinguish between an elite population which will have the benefits of the Fourth Industrial Revolution and at the lower end we have what you call the proletariat" - Klaus Schwab

[oowee]

12 minutes ago, serrac said:

But what sort of lifestyle will the majority enjoy under the 4th industrial revolution?

Hint:  "We are in a global situation where we can distinguish between an elite population which will have the benefits of the Fourth Industrial Revolution and at the lower end we have what you call the proletariat" - Klaus Schwab

Unfortunately as part of that global market place we have chosen to remove much of our protection against competition on price. In open competition we will see an erosion of living standards in UK. 

[Mungler]

58 minutes ago, oowee said:

Unfortunately as part of that global market place we have chosen to remove much of our protection against competition on price. In open competition we will see an erosion of living standards in UK. 

 

Ah of course, Brexit, that decade old gift that keeps giving, apparently.

And of course all the while it's remained tickety boo in the European Land of milk and honey.

 

 

 

 

 

 

[oowee]

1 hour ago, Mungler said:

 

Ah of course, Brexit, that decade old gift that keeps giving, apparently.

And of course all the while it's remained tickety boo in the European Land of milk and honey.

 

Not from where i am standing. Nothing it's perfect. 

[Mungler]

Lots of business confidence reports out and in the papers - it’s official, the budget has tanked the economy.

My prediction:

1. worst retailer Xmas on record 

2. Economic in recession by end of Q1 next year.

3. Keep an eye on inflation - if anyone thinks those NI hikes are going to be absorbed by the likes of Tescos, you’re dreaming. And if we have a really cold winter and the price of energy is not stable. Well, it’s all going to fall over pretty quickly.

 

[oldypigeonpopper]

12 minutes ago, Mungler said:

Lots of business confidence reports out and in the papers - it’s official, the budget has tanked the economy.

My prediction:

1. worst retailer Xmas on record 

2. Economic in recession by end of Q1 next year.

3. Keep an eye on inflation - if anyone thinks those NI hikes are going to be absorbed by the likes of Tescos, you’re dreaming. And if we have a really cold winter and the price of energy is not stable. Well, it’s all going to fall over pretty quickly.

 

good post 👍

[Vince Green]

Don't take your eyes off America. National Debt now one and and a half times GDP and still rising almost exponentially. China has been buying dollars since the 1970s and now holds an unknown amount but almost certainly its a very large figure. If China wanted they could tip all those dollars onto the world currency market in one go.

That would cause the value of the dollar to crash and then China could buy them back at the lower price. Sending the US economy into a massive recession.

It's a very dangerous time in the world.  USA close to the edge, EU close to the edge, and China getting stronger all the the time. Now we have a Labour Government peddling retro socialism and Trump wants to impose import tarriffs.

[old man]

31 minutes ago, Mungler said:

Lots of business confidence reports out and in the papers - it’s official, the budget has tanked the economy.

My prediction:

1. worst retailer Xmas on record 

2. Economic in recession by end of Q1 next year.

3. Keep an eye on inflation - if anyone thinks those NI hikes are going to be absorbed by the likes of Tescos, you’re dreaming. And if we have a really cold winter and the price of energy is not stable. Well, it’s all going to fall over pretty quickly.

 

It's certainly giving the impression of a drunk already?

8 minutes ago, Vince Green said:

Don't take your eyes off America. National Debt now one and and a half times GDP and still rising almost exponentially. China has been buying dollars since the 1970s and now holds an unknown amount but almost certainly its a very large figure. If China wanted they could tip all those dollars onto the world currency market in one go.

That would cause the value of the dollar to crash and then China could buy them back at the lower price. Sending the US economy into a massive recession.

It's a very dangerous time in the world.  USA close to the edge, EU close to the edge, and China getting stronger all the the time. Now we have a Labour Government peddling retro socialism and Trump wants to impose import tarriffs.

As we all know, it's impossible to control lunatics at any level?

[amateur]

I await oowee's positive take on this with bated breath.

[7daysinaweek]

17 minutes ago, Vince Green said:

Don't take your eyes off America. National Debt now one and and a half times GDP and still rising almost exponentially. China has been buying dollars since the 1970s and now holds an unknown amount but almost certainly its a very large figure. If China wanted they could tip all those dollars onto the world currency market in one go.

That would cause the value of the dollar to crash and then China could buy them back at the lower price. Sending the US economy into a massive recession.

It's a very dangerous time in the world.  USA close to the edge, EU close to the edge, and China getting stronger all the the time. Now we have a Labour Government peddling retro socialism and Trump wants to impose import tarriffs.

https://www.usdebtclock.org/

I have posted this up in the past. Makes for eye watering visuals.

The interest payments alone on the national debt was about a trillion dollars in the last year, which has doubled in the last decade or so, set to treble to 3 trillion  a year by 2030.

The money printer go brrrrr!

 

 

[12gauge82]

2 hours ago, 7daysinaweek said:

https://www.usdebtclock.org/

I have posted this up in the past. Makes for eye watering visuals.

The interest payments alone on the national debt was about a trillion dollars in the last year, which has doubled in the last decade or so, set to treble to 3 trillion  a year by 2030.

The money printer go brrrrr!

 

 

What I'd like to know, who is all that money owed to?

What idiots got the economy into that mess and why? 

[JohnfromUK]

Just now, 12gauge82 said:

who is all that money owed to?

It will be other countries and but mainly the public via  those owning Gov't bonds - which will be all sorts of financial products (pensions, savings etc.) as well as some private individuals.

2 minutes ago, 12gauge82 said:

What idiots got the economy into that mess and why?

A long succession of Presidents (and their respective Gov'ts) - but "Reaganomics" made a substantial contribution.  It had however been gradually growing long before that. https://www.investopedia.com/us-national-debt-by-year-7499291

[7daysinaweek]

30 minutes ago, 12gauge82 said:

What I'd like to know, who is all that money owed to?

What idiots got the economy into that mess and why? 

I wish it was owed to me. 

 

[12gauge82]

57 minutes ago, JohnfromUK said:

It will be other countries and but mainly the public via  those owning Gov't bonds - which will be all sorts of financial products (pensions, savings etc.) as well as some private individuals.

A long succession of Presidents (and their respective Gov'ts) - but "Reaganomics" made a substantial contribution.  It had however been gradually growing long before that. https://www.investopedia.com/us-national-debt-by-year-7499291

Fascinating, thanks for that John. 

 

28 minutes ago, 7daysinaweek said:

I wish it was owed to me. 

 

You and me both 😂

[JKD]

34 minutes ago, 7daysinaweek said:

I wish it was owed to me. 

 

 

5 minutes ago, 12gauge82 said:

You and me both 😂

Think about it,,,, no you wouldn't !!! 🤷‍♂️🤓😂

[JohnfromUK]

7 minutes ago, 12gauge82 said:

You and me both 😂

You are both rather assuming that they will pay up ........

In effect they can only pay up by borrowing more (i.e. bonds that come up for redemption, pensions to be paid out etc.), but if the bond market thinks they are borrowing too much, that represents higher risk, so the interest rate goes up.

[Vince Green]

12 minutes ago, 12gauge82 said:

What I'd like to know, who is all that money owed to?

What idiots got the economy into that mess and why? 

It's a complicated set of circumstances but basically China has been playing the long game. Producing goods cheaper than the home manufacturers can compete with so the home manufacturer goes bust and then China has the monopoly

 

[12gauge82]

All I know is the uk and the West in general is in the worst mess I've seen in my life time and if something doesn't change radically we're done for in the long term. 

Edited December 1, 2024 by 12gauge82

[JKD]

2 minutes ago, 12gauge82 said:

All I know is the uk and the West in general is in the worst mess I've seen in my life time and if something doesn't change radically we're done for in the long term. 

I've had these thoughts since the mid 80's ! Probably why I'm still single and never had any children. It's sad that my personal thoughts/predictions have [almost] come to fruition during my lifetime 😕

[ditchman]

the pain has just begun.....

[Vince Green]

22 minutes ago, JohnfromUK said:

You are both rather assuming that they will pay up ........

In effect they can only pay up by borrowing more (i.e. bonds that come up for redemption, pensions to be paid out etc.), but if the bond market thinks they are borrowing too much, that represents higher risk, so the interest rate goes up.

And what about all the US gold reserves allegedly held by the US in Fort Knox but nobody has seen it for 40 years? The conspiracy theorist believe it has been sold to prop up the failing economy.

Much the same as Gordon Brown sold our gold reserves to fund his mad policies

[JohnfromUK]

6 minutes ago, Vince Green said:

And what about all the US gold reserves allegedly held by the US in Fort Knox but nobody has seen it for 40 years? The conspiracy theorist believe it has been sold to prop up the failing economy.

Much the same as Gordon Brown sold our gold reserves to fund his mad policies

IF it had been sold, there would have been a huge drop in the gold price worldwide.  The conspiracy theorists make it up as they go along and get loads of 'clicks' which brings in the revenue.  People think they are nuts, but in reality many are laughing all the way to the bank.

[Mungler]

Europe is in managed decline for sure. 

[shaun4860]

9 hours ago, amateur said:

I await oowee's positive take on this with bated breath.

I don’t 🤔

[old man]

13 hours ago, 7daysinaweek said:

I wish it was owed to me. 

 

I would settle for 10%. 😃