Britain ruled by banks? (Discuss)

I could understand if Cameron had simply said no, we have our own debts to take care of, we're going through our own period of austerity, we can't afford to lend out money we need here at home. But that's not what the Treasury official said.

He said the UK would be prepared to lend money to the IMF, so being strapped for cash is not the issue. The issue seems to be that the UK doesn't want to give preferential treatment to fellow members of the EU.

I can think of two possible reasons. Either they think the euro is going down the pan (one of the bits I cut out of the above article was a sentence stuck in at the end saying that Britain is making emergency plans to bring home its expatriate population from Spain and Portugal), or they don't think Britain is any more closely allied to other EU countries than it is to the rest of the world.

Are there other explanations for the position set out by the Treasury official?

P.S. By the way, this has been the message from the UK for some time, several months at least.
 
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Grasshopper said:
Indeed, this difference cannot be stressed enough.
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Well said both.

Some on here would appear to relish the prospect of the UK 'getting its comeuppance'

Accusations of megaphone diplomacy, when senior French ministers have openly lobbied for the downgrading of the UK's credit rating, are unbelievable
 
thats bollocks. Bonds are definately not traded on the basis of political considerations
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Of course they are. They are traded based on the liklihood of being fully repaid. Do you think Ireland's 10 year bonds would have only an 8% yield if the market's were not confident of the international community's ongoing support.

With countries like Ireland, Greece and Portugal the international community has the choice whether to support them or let them fail. Letting small countries fail does have far reaching, but managable reprecussions for the bigger economies. An economy the size of Britain's is not just Britain's problem it is a world problem. Most of the UK's debt is financial not soverieign. Unlike in Ireland, UK taxpayers have not yet been called upon to repay it.
 
Very Very Ordinary said:
Well said both.

Some on here would appear to relish the prospect of the UK 'getting its comeuppance'

Accusations of megaphone diplomacy, when senior French ministers have openly lobbied for the downgrading of the UK's credit rating, are unbelievable
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You're being paranoid. Surely the French are engaging in megaphone diplomacy?
 
Some on here would appear to relish the prospect of the UK 'getting its comeuppance'
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Absolutely not. The UK sinking into recession would be worse for Ireland than the UK.

My point is that maybe Clivex should temper his sneering with a little dose of reality about his own country's situation.
 
Melendez. You have asserted that the UK bond prices are low because the UK "mustnt fail"

So which country is the current biggest concern of the "international community"

italy? Italy is most definitely not a small economy

So why are their bonds trading at near critcially high levels? Wheres the mechanism to keep them low ?

You are well wide of the mark.
 
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Just a message from history.

I took to browsing this morning and especially the 'Great Depression timeline'. I was surprised to see that the leading USA elite tried deposing 'Roosevelt', after he announced measures to redistribute wealth, and replace him with a fascist military junta!

I'd never read about that before and needless to say that the 'elite' were not held accountable.

MR2
 
I see you're keeping well abreast of the news, Monty.








(Sorry, someone was going to have to do it, so it might as well be me!)
 
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Actually Kri, I was expecting a rather more chastising response from those who may be more personally affected.

Been a bit surprised by UK governments reaction 'completely safe etc ....', one wonders how much testing they have carried out on a substance designed for matresses.

Maybe, the question asked of qualified 'boffin' - Is silicone safe? - drew the answer 'Quite safe, play with it every night' and thereby the statement given to the press.


MR2
 
Merkel has today admitted that is looks like its all over for Greece. What a disgusting little nation they have proved to be (everyone should read Boomernag by Micheal Lewis, although the irish perhaps not..)

This is the start of the finish. The failed experiment is on its uppers now
 
Which is the 'disgusting little nation' - Greece or Germany? Did you mean Boomerang, not Boomernag? (I know, it's a horse-racing forum, and the subject tends to get into everything!) :D Wossit about, anyway?
 
Greece. The book is pretty high profile and is a tour around Iceland Germany Ireland Greece and california looking at the debt issue in each. Its a perfect piece of funny/tragic. he explains easily and with humour but often very bitingly and caustically (rightly so) hammers a number of targets. Michael Lewis is a terrific writer
 
 
Started on the Irish volume, but will have to leave off for a good, long read later on. That looks very interesting indeed, Gareth. Thanks for taking the time to put them all up.
 
From a year ago:
Following the rant from Dalia Grybauskaitė on Friday about UK and 'our Dave', I would have loved to see the 'Sun' headline: Lith ... who ...ania.

Now the Finnish have popped their heads above the parapit 'Its like waving a best friend good-bye.'

Europe seems full of tiny populations who need to express opinions that count for little.

So, my banned list now includes French wines (overated anyway, Chile and Argentina have overtaken them), Lithuanian beetroot and, Finnish cloudberries.

I'm missing nothing and I'm waving back - MR2
 
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