tag:blogger.com,1999:blog-7886665353929413928.post3040492370064980220..comments2023-07-04T16:18:31.584+01:00Comments on Broad Oak Money: The terrifying truth about debt - and inflationUnknownnoreply@blogger.comBlogger5125tag:blogger.com,1999:blog-7886665353929413928.post-7849003560087989512010-12-26T15:04:14.676+00:002010-12-26T15:04:14.676+00:00Hi, Norman. We may get away with printing more of ...Hi, Norman. We may get away with printing more of our own money for a while - I understand that more of our foreign debt is in long-term bonds than is the case with the USA - but surely it must catch up with us eventually.Sackersonhttps://www.blogger.com/profile/17284329249862764601noreply@blogger.comtag:blogger.com,1999:blog-7886665353929413928.post-79608212048599644332010-12-26T13:04:40.342+00:002010-12-26T13:04:40.342+00:00I believe the UK is squandering it's privilege...I believe the UK is squandering it's privilege of owing it's own currency. It's behaving like Greece who really does need to borrow in a foreign currency, yes...the euro. <br /><br />It's foreign to Greece because Greece cannot print it, it must borrow as California must borrow dollars from tax payers. The UK can print pound sterling (and I do not mean irresponsibly and with reckless abandon.) <br /><br />The UK very wisely held onto it's sovereign currency for a very valid reason. Have they forgotten why? This emphasis on debt reduction should take a back seat to aggregate demand and employment. Otherwise, the deficit will rise despite attempts to reduce it as tax revenues fall (Deficit=Spending-Taxes) <br /><br />We are already seeing this happen and the pound is suffering despite austerity. This is the opposite effect when Greece restructured it's debt. Why is that? It has everything to do with the nature of having a sovereign currency. <br /><br />Greece can rightfully be rated by a credit agency because it actually has credit extended to it in euros. The UK does not, unless the mix of foreign currency reserves dictates otherwise. Tell the credit agencies to get lost, the UK (and the US) have no threat of default in it's own currency, anyway.Normehttps://www.blogger.com/profile/03026605082726077080noreply@blogger.comtag:blogger.com,1999:blog-7886665353929413928.post-65945694446672097462010-05-17T13:10:02.843+01:002010-05-17T13:10:02.843+01:00But this paper (http://www.guardian.co.uk/politics...But this paper (http://www.guardian.co.uk/politics/2010/may/17/liam-byrne-note-successor) <br />says: <br /><br />Byrne said the message was meant as a private joke. "My letter was a joke, from one chief secretary to another," he said. "I do hope David Laws's sense of humour wasn't another casualty of the coalition deal."<br /><br />... or is it one of those "I was only kidding" things you say when you figure the other man's going to hit you?Sackersonhttps://www.blogger.com/profile/09410040031410954403noreply@blogger.comtag:blogger.com,1999:blog-7886665353929413928.post-81459824101215434832010-05-17T13:07:03.640+01:002010-05-17T13:07:03.640+01:00Oh, boy.
Nice to hear from you again, Gary.Oh, boy.<br /><br />Nice to hear from you again, Gary.Sackersonhttps://www.blogger.com/profile/09410040031410954403noreply@blogger.comtag:blogger.com,1999:blog-7886665353929413928.post-74358695487012378452010-05-17T11:53:05.974+01:002010-05-17T11:53:05.974+01:00‘There’s No Money Left,’ U.K. Minister Learns From...‘There’s No Money Left,’ U.K. Minister Learns From Predecessor <br /><br />http://www.bloomberg.com/apps/news?pid=20601087&sid=azCbhNNMdg98Garyhttps://www.blogger.com/profile/01904446704748470736noreply@blogger.com