Oh god, oh god we're all screwed

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Oh god, oh god we're all screwed

Postby Morganlefay » Tue Jan 12, 2010 5:58 pm

Yeap ...thats how they do it here Ontario.
And now they have the gall to shorten the hours of operation to save money because of the recession. :roll:

I always thought drinking increased during economic downturns....as well as spending on entertainment...

but hey we have some real brainiacs in our government---just look at how our PM has shutdown our national government ...
to "recalibrate" :pleasantry:

Bunch of fookin wankers I tell ya

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Re: The beer thread

Postby Aspman » Tue Jan 12, 2010 6:08 pm

Canada is being touted as the model of how to get through the banking crisis.

If you think Canada has fooked it we're really in the shite.
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Re: The beer thread

Postby Morganlefay » Tue Jan 12, 2010 7:08 pm

Yeap..that is our banking policies ...which were in due to the practices of our previous Liberal government...where we had a budget surplus also

Now on to our current Progressive Conservative government ...which has exhausted the 50 billion dollar surplus...and added a 50 billion dollar deficit...while chipping away at our social programs.....

and now they prorogue government for 2 months....while we are in this economic crisis...,and facing allegations of complicity to torture in the handling of prisoners in Afghanistan...not including the devastation to our manufacturing sector and high unemployment. ...dont even get me started about the environmental issues involving the tar sands :shock:

and our government is "recalibrating" :pleasantry:

taxation without representation...........

Pisses me right off....

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Re: The beer thread

Postby Egaladeist » Tue Jan 12, 2010 7:23 pm

Canada is being touted as the model of how to get through the banking crisis.


The main reason for that is because we don't have the open privately-owned banking system the US has. So it's virtually impossible to lose all your investments and savings in a Bank unless the Country itself goes bankrupt.

Unlike a US bank, where if it goes so does everything with it.

Our banking system is run far more efficiently, and has a lot more checks and balances, than our government.

Our government...hummmmmm...that's another story entirely :mrgreen:
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Re: The beer thread

Postby Aspman » Wed Jan 13, 2010 9:56 am

Morganlefay wrote:
Now on to our current Progressive Conservative government ...which has exhausted the 50 billion dollar surplus...and added a 50 billion dollar deficit...while chipping away at our social programs.....


MLF


:rolf6: 50 billion CAD. Oh what a wheeze. Our official deficit is £758 billion.
BUT if you take into account all the stuff TBB (That Bastard Brown) has hidden off the balance sheet (private funding for schools and hospitals and banking bailouts) it's actually around £2.8 Trillion (4.7 Trillion CAD).

That's £2,800,000,000,000

<edit> split from beer thread.
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Re: Oh god, oh god we're all screwed

Postby Morganlefay » Wed Jan 13, 2010 2:57 pm

holy moly...are your guyz ever in shit :shock:

I finally figured out why our government is "recalibrating" :pleasantry: :roll:

they are slimy cowards ducking accusations which are part of the current inquiries in the UK

I am not fond of politicians...where is John Lennon when you need him.....how come we dont have a new one of him!!!

Power to the People!!!
Power to the People!!!
Power to the People!!
Power to the People right on...!!

geez....I wish he was here

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Re: Oh god, oh god we're all screwed

Postby Egaladeist » Wed Jan 13, 2010 5:27 pm

Internal debt is managable fairly easily and isn't a major factor, it's like owing yourself...what matter is external debt... :paranoid1:

At the last recorded time according to Wikipedia

What we owe to others and how much of our GDP does it cost us to maintain:

The US leads with $13,773,000,000,000 which amounts to 95% of GDP
The UK comes in second with $9,191,104,000,000 which amounts to 365.44% ( :shock: ) of GDP ( quick call a paramedic ) :D
Canada comes in 13th at $962,632,000,000 which amounts to 59.69% of GDP

China is the big surprise coming in 20th at just $363,000,000,000 and at a meager 5.11% of GDP - geeeez

http://en.wikipedia.org/wiki/List_of_co ... ernal_debt
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Re: Oh god, oh god we're all screwed

Postby Aspman » Wed Jan 13, 2010 5:36 pm

I thought China was holding everyone else debt?

Who is in credit?
Anyone?
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Re: Oh god, oh god we're all screwed

Postby Egaladeist » Wed Jan 13, 2010 5:42 pm

I thought China was holding everyone else debt?


A lot of Countries owe them but they owe practically no one...I guess they're on the verge of becoming the next economic Superpower :paranoid1:

Who is in credit?


I think a couple small island Countries are :mrgreen:

Monaco seems to be the worst with their external debt eating up a whopping 1843.70% of their GDP :shock:
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Re: Oh god, oh god we're all screwed

Postby Egaladeist » Wed Jan 13, 2010 5:50 pm

To pay off our ' external ' debt

Americans owe $42,343 each

Brits owe $150,673 each ( is there a Doctor in the house :mrgreen: )

Canadians owe $23,325 each

Chinese owe $271 each :rolf6:
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Re: Oh god, oh god we're all screwed

Postby Morganlefay » Wed Jan 13, 2010 5:55 pm

Man...you brits are fooked

I guess things arent so bad here...

Could be worse.....we could all live in Haiti :(

I am gonna just go back to my job now...and be grateful I have one...and live in a country such as Canada.

I still dont like my PM though...the lazy SOB

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Re: Oh god, oh god we're all screwed

Postby rapier57 » Wed Jan 13, 2010 7:10 pm

Egaladeist wrote:To pay off our ' external ' debt

Americans owe $42,343 each

Brits owe $150,673 each ( is there a Doctor in the house :mrgreen: )

Canadians owe $23,325 each

Chinese owe $271 each :rolf6:


That doesn't show the _real_ debt, though.

Americans owe $13,055,744,219,000

Brits owe $919,105,300,000

Canadians owe $768,673,350,000

Chinese owe $362,045,738,043

And, of all these nations, China is the one least able to afford the debt. No they will not be an economic superpower in the near future.

Even with the massive load of debt on the US, the country's ability to recover and generate wealth will grind that debt level down much more quickly than China. Even with its population, it doesn't have the capability to generate wealth at the rate necessary to grind down that debt. You have to be able to innovate and invent, not just steal. In 10 years, I would speculate that the US will be still in debt, but China will be facing an economic disaster.
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Re: Oh god, oh god we're all screwed

Postby Egaladeist » Wed Jan 13, 2010 9:05 pm

Well..let's hope so... ;)
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Re: Oh god, oh god we're all screwed

Postby Aspman » Thu Jan 14, 2010 9:48 am

Possibly my grasp of economics is a bit naive, but..

If all these major countries are in debt they must be in debt to a creditor.
Who are the creditors to these massive debts?

Or is it a really stupid situation like Eg owes me $10 and I owe him $10. Instead of letting the debt cancel itself out we both charge each other interest during the time it take to repay the $10 to each other over 50 years.

Of course it's all electronic money anyway so the whole system is abstract and has been since the gold standard was dropped.
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Re: Oh god, oh god we're all screwed

Postby Egaladeist » Thu Jan 14, 2010 10:56 am

External debt is only the debt you owe to other Nations or their institutions...the debt everyone in the Country owes to outside sources.

1. government
2. corporations
3. public

so if you personally borrowed money from a bank in China that too would be part of the total external debt owed.

It is ' all ' the money that everyone in the Country owes to outside sources.

External debt is considered lost money...internal debt is circulated and is therefore inconsequential...for instance the government gives you a rebate check for $500, it's issued to a population of 50 million people, this costs the government $25,000,000,000, and everyone goes on a shopping spree to Walmart, pays their electric bill, puts a few bucks in the bank, etc...this money is circulating and helping the economy...it's going from your hands to your landlords, to the store, being invested by the bank, etc...it isn't lost...it's floating around in the Country being used and therefore is benefiting the economy...creating more revenue for the government virtually every time it changes hands...

external debt however is not being circulated, not benefiting the economy, and not creating more revenue for the government...it's just owed money that has no extended benefit, and has on top of it external interest payments that siphon even more money outside the Country.

Don't know if I really answered your question but I tried :mrgreen:
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