The British 1ST to default?

[Mega]

http://www.prudentbear.com/index.php...w?art_id=10307

GOD i hope so!!!!!
mike

[hayekvindicated]

Re: The British 1ST to default?

I used to take Martin Hutchinson seriously but I don't do that any more. His reasoning is often inconsistent and extremely slipshod.

This article is a classic case in point. Britain's public debt is low? what about all the "off balance sheet" liabilities through PFI, the massive debts of banks that are effectively now the taxpayer's liabilities etc etc? He also says that default is not likely for very long. How does he come to this conclusion? Default could occur in three years - and arguably the economy is already past the point of no return. What will the balance sheets of the banks look like when the property market (which is still massively bloated and overvalued) finally crashes a good 30-40 percent (what will Lloyds TSB which bought HBOS look like when that happens)?

Hutchinson has no answers for these things. At one time some two years ago he wrote very blithely that gold will retreat back to $400 an ounce by 2012 and oil will stay below $50!!!! Just another bald assertion without actually looking at all the facts - even though he himself noted that both Greenspan and Bernanke are money printers. He's terrible.

I do agree though that Britain is much more likely to default than the US or Japan. Even a blind man can see that.

[BigBagel]

Re: The British 1ST to default?

http://www.telegraph.co.uk/finance/c...t-America.html

Ambrose Evans-Pritchard lays out the case for Japan's default.