Some of you may scoff at the idea that a country like the UK with over 61 million inhabitants could end up in the same debtors prison as Iceland with it's population only about the size of Coventry at about 300,000 people.
But every day that passes with our glorious unelected Leader at the helm, laughing in the face of the raging fiscal storm like some demented Captain Ahab on the Pequod, the chances of him steering us onto the rocks becomes greater.
To understand better this threat facing us, I recommend you make a nice hot beverage, and pop over to read Willem Buiter's piece on the FT blog.
Back again?
Perhaps a drop of the hard stuff is now called for as you realize how close we are to running aground on that reef!
The reef made up of the rocks of a banking crisis, a currency crisis and a sovereign debt default crisis.
Tuesday, November 18, 2008
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4 comments:
Don't remind me of it.
In the vague possibility that I may just sell my house conflated with the less than vague possibility that we may well see a revaluation of the pound, I am sure going to be a master of sparkling conversation at the Christmas parties.
In a previous career I sold life insurance.
I remember being less of a pariah when I worked in the fish factory in Shetland during my student days.
Did you understand all that stuff young merkin?
I was wading thru it, making hard work of it, but I think basically he is saying don't put your life savings on UK in the 2:30 at Newmarket!
I understand it fairly well.
The more I understand, the more worried I get.
Frightening!
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