Have you seen THIS from the BBC “explaining” the causes of the Eurozone meltdown? Wonderful stuff…
- So what really caused the crisis?
- There was a big build-up of debts in Spain and Italy before 2008, but it had nothing to do with governments. Instead it was the private sector – companies and mortgage borrowers – who were taking out loans
Thank goodness that Governments had NO responsibility and the wicked private sector can stand exposed. Right? Do give it a read!!
I suppose on some level they’re talking about sub-prime loans and too much leveraging in bad debt. But if all those horrible private companies taking out loans was the cause, why are people like Robert Peston and Stephanie Flanders calling for banks to ramp up the loaning again?
On the subject of BBConomics, just how does a music teacher from Sheffield go from teaching music technology at a college to senior economics editor at BBC’s Newsnight, with no apparent core experience apart from financial journalism? Makes the the Tesco graduate scheme look like a wheelbarrow with an exhaust pipe!
PS. Not sure the following story fits with the BBC’s beloved profile of the enriching Muslim. However, it might just explain why this country has such a bloated welfare bill!)
http://www.dailymail.co.uk/news/article-2188075/Jobless-mother-seven-insists-family-deserve-1-25MILLION-taxpayer-funded-home-trashed.html
You note at the end “all the children live at home EXCEPT THE ELDEST SON WHO IS PRISON FOR DRUG DEALING”
These are asylum seekers, here as guests, who now commit crime. Simple you have overstayed your welcome; back to your origins!
Just out of curiosity. How can a Manal Mahmoud be a Palestinian refugee? According to the story she is in her mid 40s and moved to the UK 12 years ago to escape fighting and political problems in her native Palestine.
Which Palestine is that: Palestinian Authority, Gaza or Israel? What specific fighting? Is she a UNRWA refugee, i.e the descendant of someone who left Israel in 1948? Or is she an UNHCR refugee i.e. someone who left “owing to a well-founded fear of being persecuted for reasons of race, religion, nationality, membership of a particular social group, or political opinion, is outside the country of his nationality, and is unable to or, owing to such fear, is unwilling to avail himself of the protection of that country”? Are there other similar Palestinian refugee?
If she is, judging by the time of arrival, a refugee from the Gaza War, there is no longer any danger. Why can’t she be deported?
There’s more to this story than a bad tenant trashing an expensive house.
You couldn’t make it up, you really couldn’t!
So the BBC excitement and continual focus on home ownership/house prices on multiple channels had nothing to do with people taking out mortgages they really couldn’t afford. Not to mention the glee of the last Liebour Govt in wallowing in all the good news about how house prices were rising. Or the same govt involvement in demolishing large numbers of houses to create more housing shortages. All a ploy to gain middle class votes. The BBC zzzzzzzzzzzzzzzzz.
Anyone with even a tiny bit of economic knowledge realised it was all an accident waiting to happen. Personally I suspect more intense pain will follow before the end of this year.
The BBC a truly appalling news outfit. Every single one of the economic “experts” should have been shown the door.
“the BBC excitement”
Just for a moment I read that as “BBC excrement”. Think I was right first time.
Yup typo 🙂
“Personally I suspect more intense pain will follow before the end of this year.”
Certainly if interest rates rise…and guess who they’ll blame?
The curious thing about Spain and Ireland were they got into trouble because of building….too much building of houses no one wanted or could afford.
And yet that is the BBC’s favoured solution (judging by the commentators they invite on….specially selected for their known opinions?)…build our way out of recession paid for by???????
But Alan, don’t you realise that we’re simply ‘cutting too fast and too deep’? lol
Ever since Gordon Brown became Chancellor in 1997 he systematically set about encouraging everyone to borrow. In 1997 the UK’s savings ratio was 10%; by 2010 it was 1.7%, the lowest recorded since 1970 (the end of the last long spell of Labour government).
http://news.bbc.co.uk/1/hi/uk/8608935.stm
So, yes, that is private debt, but with a government stimulating people to borrow more than they could afford.
The BBC has now got a problem because there are riots in France. This should not be happening because France now has a left wing Government and riots only occurr where there is a right wing Government according to BBC. They, after talking about the riots have now left them out of the news. Goodness me, riots in France when they are now left wing, oh dear that’s not good, must be a mistake.
Yes, and when it was reported last nights news@10 huw’s words were accompanied by a brief vid of some “youths”, but very quicky it cut away. Funny that.
Seem’s fairly accurate account except that it glosses over why interest rates were so low and this is the causal link to European monetary and fiscal policy.
I’m waiting to see their explaination for leaving all the off the book debts off their debt figures.
e.g. Civil service pensions are not a debt.
So governments have no role in keeping an eye on their economies – they just allow the private sector to run riot.
Hmmmm, yes – looking at how Labour are leading in the polls I think most of the electorate might just buy that one from the ‘trusted’ BBC.
Don’t suppose endemic corruption in Spain, Italy and Greece had anything to do with the meltdown?
Oo-er, that sounds waycist.
In contrast:
“The case against Europe: MEP Daniel Hannan reveals the disturbing contempt for democracy at the heart of the EU”
Read more: http://www.dailymail.co.uk/news/article-2188453/The-case-Europe-MEP-Daniel-Hannan-reveals-disturbing-contempt-democracy-heart-EU.html#ixzz23bLIeR1M
“DAILY MAIL COMMENT: Democracy, the EU and Britain’s future”
Read more: http://www.dailymail.co.uk/debate/article-2188472/Democracy-EU-Britain-s-future.html#ixzz23bMMa6Tt
Highly recommend some reading on the EU:
“The Great Deception” by Christopher Booker and Richard North.
Just about 90% through it, and it’s superb.
Thank goodness that Governments had NO responsibility and the wicked private sector can stand exposed.
So all this sovereign debt is just made by the Extreme Right.