Oh......Its £500 Billion, not £50 Billion!

[Mega]

Silly me:-
http://www.telegraph.co.uk/finance/f...scue-plan.html
Mike

[Supercilious]

Re: Oh......Its £500 Billion, not £50 Billion!

Silly me:-
http://www.telegraph.co.uk/finance/f...scue-plan.html
Mike

Yup. Eventually a bailout by the Fed may be needed ;)

[The Outback Oracle]

Re: Oh......Its £500 Billion, not £50 Billion!

I hear he was aked where the money was coming from and he said "borrowing". Now excuse my real ignorance here...borrowing from where?

[Guest]

Re: Oh......Its £500 Billion, not £50 Billion!

Darling Quote: "This is not a time for conventional thinking or outdated dogma but for the fresh and innovative intervention that gets to the heart of the problem," he said at a Downing Street news conference.

The resultant stunner insight: The potential liability of £500 billion amounts to more than a third of the annual value of the British economy and is approaching the almost £600 billion of total government spending.

[The Outback Oracle]

Re: Oh......Its £500 Billion, not £50 Billion!

Yeah Lukester...so where the hell does it come from? They borrow it from where? From the BOE who prints it? Another lovely euphemism?

[Guest]

Re: Oh......Its £500 Billion, not £50 Billion!

Outback - Yes, my post was intended to highlight the absurdity. It's nice for us Yanks to know we have company on the long slide down the chute to the trash bins. We can have a warm glow knowing the British are going to accompany us for that ride.

[c1ue]

Re: Oh......Its £500 Billion, not £50 Billion!

Actually, more like the UK will be the feather cushion at the end of the fall.

The US' personal fall mitigation device.

Or "skating to hell on Britain's bare naked butt"

[GRG55]

Re: Oh......Its £500 Billion, not £50 Billion!

I hear he was aked where the money was coming from and he said "borrowing". Now excuse my real ignorance here...borrowing from where?

From metalman and $#* of course. They're the only two still solvent...

[metalman]

Re: Oh......Its £500 Billion, not £50 Billion!

From metalman and $#* of course. They're the only two still solvent...

post-crash definitions

diversified:

then:
5% cash
2% short term gov't debt
33% investment grade bonds
3% high yield
9% emerging market stocks
32% large cap us stocks
9% mid cap us stocks
7% small cap

now:
20% 13 wk t-bills
60% cash spread around as many banks as needed to stay under the latest FDIC limit
20% gold

[The Outback Oracle]

Re: Oh......Its £500 Billion, not £50 Billion!

I must be getting too old for this s..t....my mind just can't quite handle the magnitude of the mess!!!!!! I mean I "knew' it but the experience is a whole different ball game! LMAO...they're now all used to talking in billions and trillions....so even if it got to hyper-inflation (contrary i know to EJ's thesis) I'm not sure it would bother the b....rds! They's just start talking in hundrreds of trillions...ot thousands of trillions! No problem!!!
The Naomi Wolfe quote jumped into my mind the other day for some reason
"The US (AUS, GB ) is at that difficult stage. It's too late to do anything about it; and it's too early to shoot the bastards" Given that the quote is now a few years old, I reckon enough time might have passed!!!:rolleyes: (Mind you...enough ammo would be a problem.)

[*T*]

Re: Oh......Its £500 Billion, not £50 Billion!

Pithy, metalman.
These quantities are making my head spin.

As we're in an exponential world, I propose we abandon the linear naming system for money and work with something more like the dB scale, i.e. powers of ten. Easily calculated by pressing the log10 button on your calculator.
I immodestly christen it the 't' scale ;):

$1 - 0t
$1000 - 3t
$1m - 6t
$1bn - 9t
$1trn - 12t
$1quadrln - 15t

Much easier to get our heads around. And when we are up in the 20-30t range, we will have run out of regular words. Also note the currency doesn't really matter, for instance 3t in sterling is 3.24t of dollars.