UK Karting - Notice Board (General Karting) : Re: euro prices

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Re: euro prices
Posted by 'SimonS' on 27 May 2012 @ 20:37

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SimonSJoined: December 2004
Total Posts: 4
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"We had borrowed more than we could afford to pay"

We had not. At the time we were making enough money to pay off the loan charges. What we had failed to do was to recognise that a lot of our income came from sources that were less than reliable, so when trouble happened, that money dried up, then we were unable to service all our debts.

"The American fiasco siply triggered it, here! "

the American Fiasco was, to a great extent, manufactured in Britain. The world might have weathered the Lehmans collapse, it was the failure of AIG which really triggered the panic, if only because AIG had been writing the insurance paper on most of the loans. AIG wrote over $200 billion in paper instruments through the UK office (generating large incomes for the UK which in part the UK relied on to service their other debt. They wrote the paper through the UK because it would have been illegal for them to have written that paper through the US.

In some ways it's very like the "Dog shoots man" stories one finds from time to time. Sure, it may have been the dog that twitched the trigger, but if the man had not been climbing over the fence carrying a shotgun, or had unloaded the gun before climbing the fence, or had not cocked the gun or had had the safety catch or if the bird hadn't flown over so the dog pulled on the lead etc etc.

The incident was predictable as being likely to happen at some time, predicting that it would happen then, that was a different matter.

Of course, we pay politicians to recognise that crossing a fence, with a cocked and loaded gun in one hand and a young and inexperienced dog on a lead in the other is risky, but they always claim that they have done it lots of times before without incident, so why should this time be different.

Message Thread:

The euro by 'joe9o' (24 May 2012 @ 22:39)

Re: The euro by 'John' (24 May 2012 @ 23:04)

Re: The euro by 'BanzaiBoy' (25 May 2012 @ 0:24)

Why Germany has been funding the Euro! by 'itpro' (25 May 2012 @ 0:27)

Re: Why Germany has been funding the Euro! by 'mini60matt' (25 May 2012 @ 1:30)

Re: Why Germany has been funding the Euro! by 'MattScott' (25 May 2012 @ 7:39)

Re: Why Germany has been funding the Euro! by 'itpro' (25 May 2012 @ 10:18)

Re: euro prices by 'kai' (25 May 2012 @ 12:00)

Re: euro prices by 'joe9o' (25 May 2012 @ 21:35)

Re: euro prices by 'itpro' (26 May 2012 @ 0:24)

Re: euro prices by 'QuickOldTimer' (26 May 2012 @ 21:32)

Re: euro prices by 'mini60matt' (27 May 2012 @ 0:43)

Re: euro prices by 'QuickOldTimer' (27 May 2012 @ 10:01)

"No more boom and bust".... Mr Brown. by 'itpro' (27 May 2012 @ 1:38)

For completeness..... and to avoid doubt! by 'itpro' (27 May 2012 @ 1:46)

Re: For completeness..... and to avoid doubt! by 'TanglerTKM' (27 May 2012 @ 9:47)

Re: For completeness..... and to avoid doubt! by 'itpro' (27 May 2012 @ 19:29)

Re: by 'QuickOldTimer' (27 May 2012 @ 9:54)

Re: euro prices by 'SimonS' (27 May 2012 @ 10:14)

Re: euro prices by 'mini60matt' (27 May 2012 @ 18:45)

Re: euro prices by 'itpro' (27 May 2012 @ 19:35)

Re: euro prices by 'SimonS' << You are here!

Re: euro prices by 'itpro' (28 May 2012 @ 0:09)

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