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| UK Economy Shrinks | |
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| Tweet Topic Started: 23 Oct 2009, 11:13 AM (186 Views) | |
| Ryan | 23 Oct 2009, 11:13 AM Post #1 |
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Intellectual
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Well at least the UK can't lie to itself and say it's recovered, now if only we can just do the same. |
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| Benthamus | 24 Oct 2009, 05:53 AM Post #2 |
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Intellectual
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I believe I saw an article in the Telegraph (UK) that stated Italy's economy has overtaken Britains or something along those lines. The Italian economy seems to be in shambles on a regular basis so if this article is true Britain will need a Prime Minister who is revolutionary in ideas to fix the problem. By the way Britain is in a worst position that what it was in during 1979. |
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| Lundymaphone | 24 Oct 2009, 07:09 PM Post #3 |
Intellectual
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Yes well hopefully this will force the UK to dissemble its nanny state...god I hope it does, then the EU is the next big challenge. |
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| Alexander L. Roosevelt | 24 Oct 2009, 07:23 PM Post #4 |
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Intellectual
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All Indicators I know of tell me that we are on the upswing. But up is just the reverse of the way you came, so of course its still going to look bad at the moment. If we spiked quickly back up, that means something is REALLY wrong. Disclaimer: I have no real experience with economics, but analyists I trust both in the Media and among people I know have told me that we're out of the worst. The second part is just common sense. Edited by Alexander L. Roosevelt, 24 Oct 2009, 07:23 PM.
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| Richard | 24 Oct 2009, 09:35 PM Post #5 |
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Minister of Love
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A lot of the normal indicators don't really apply in this case, I don't think. I won't trust them until all the emergency subsidies and bail out money goes away. |
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| Benthamus | 24 Oct 2009, 09:57 PM Post #6 |
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Intellectual
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From the news and information I've gathered most of the industrialised world is in recovery (Australia being in one of the best positions), however the UK is in recession. They have been hit really bad from the GFC, but I believe their economy wasn't going so well beforehand due to things like Northern Rock (A bank that went under before the GFC). |
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| Lundymaphone | 25 Oct 2009, 02:22 AM Post #7 |
Intellectual
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Well one thing to remember is that the UK relied on the worlds' financial system far more then any other major industrialized nation so they have been the hardest hit and will be the last to come out of it in the end. Like Ben alluded too countries like Australia and Canada are in the best shape simply because neither had major bank failures hell most Canadian banks made a profit last year, albeit a substantially smaller one...The UK has many long term economic issues such as that massive public debt (which is the highest in the world per/cap I believe). Frankly the UK seems too be on the path to a rocky 20-30 years. |
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| Benthamus | 25 Oct 2009, 05:57 AM Post #8 |
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Australia's banks made profits as well if I recall correctly. I remember in my economics lecture it was because they weren't allowed to get involved as deeply in dodgy loans like what US banks were essentially forced to do. |
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| Lundymaphone | 25 Oct 2009, 08:03 PM Post #9 |
Intellectual
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Yes canadian banks were largely not allowed too participate in the American lead debacle. But really what saved Canadian banks was that the banking "culture" up here is far more conservative in it's lending/purchasing of assets. Ya that massive regulation in the 90's is finally starting to burn. |
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9:25 AM Jul 11