Re: Monti gov't: IT news :)))))

On 17/11/2011 18:03, William Black wrote:

Why do you think they noticed?

Right now they're fixated on the interest rates Italy is paying.

Anyone else noticed that Spain has avoided all this shit by just keeping
quiet about their economic woes?


It is also fundamentally a different problem. Spain, like Ireland, problem is people defaulting on mortgages. The government is paying the bad bills. When all the bad debts have been paid the banks/building societies will be OK and the government debt will stop increasing. The debt of countries that use the money to pay for everyday expenses will continue to increase.

Ireland, Spain and Britain need to ensure that they raise sufficient taxes to cover normal expenses plus interest on the loans. When everything is stable the loans can be converted into the 21st century equivalent of the long term 3% Consol.
<http://en.wikipedia.org/wiki/Consol_%28bond%29>

These were the loans Britain used to pay for the Napoleonic War including the war ships. Some of these gilts are still around.

Andrew Swallow
.

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