Re: Monti gov't: IT news :)))))
- From: Dennis <tsalagi18NOSPAM@xxxxxxxxxxx>
- Date: 18 Nov 2011 08:09:25 GMT
Andrew Swallow wrote:
On 17/11/2011 18:03, William Black wrote:
It is also fundamentally a different problem. Spain, like Ireland,
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?
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.
These were the loans Britain used to pay for the Napoleonic War
including the war ships. Some of these gilts are still around.
.... just like we've still got a few Civil War pensions. It figures.
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