Great Britain Joins the "STUPID"

February 10, 2010 (LPAC)—Britain has joined the "STUPID;" this is the new acronym on the trading floors that has replaced the PIIGS (Portugal, Italy, Ireland, Greece, Spain). "STUPID" stands for Spain, Turkey, United Kingdom, Portugal, Italy, Dubai. (One wonders whether the "I" stands for Ireland instead of Italy, since like Spain, Portugal, and Dubai, Ireland is an direct outgrowth of the City of London.) The Reuters wire that reports this today, appears in the Daily Telegraph as "breaking news." The rest of the article is a plea for the U.K. to urgently take measures to distance itself as soon as possible from the rest, primarily through producing a "credible budget" to bring down its "STUPID"-like deficit.

Another Telegraph article, by assistant editor Jeremy Warner, says that Great Britain "need not fear a Greek tragedy," and that the British economy can not be compared to Greece, because it has its own currency and it can afford to pay higher interest on its debt. Nonetheless he quotes former George Soros partner Jim Rogers as saying, "sell all sterling you might have. It's finished," and Bill Gross of Pimco, who says, "The U.K. is a must-avoid. Its Gilts are resting on a bed of nitroglycerine." He also cites Simon Johnson that the U.K. should be seen in the same category as Greece and Spain. With misplaced optimism, he concludes, "Sterling isn't finished, and the U.K. is certainly not in the same category as Greece and Spain, but they will be without more credible deficit reduction plans."

The Telegraph also reports that a collapse in retail sales has raised fears of a "double-dip recession": January sales fell by 0.7%, the most since this statistic was first recorded in 1995. Retailers expected a 0.5% increase.

As for British Treasury bonds, the government managed to sell a £2 billion offering of Treasury bonds today, despite fears that it could take a beating since the Bank of England halted its policy of buying them. While the sale pushed down the interest rate a bit, the success of the sale is attributed to a report claiming that British housing prices have increase a little, something that could reverse very quickly. And £2 billion is a small fraction of the £225 billion that Britain must raise over the course of the year.

http://www.larouchepac.com/node/13503

HOW THE BRITS STOLE THE GOLD FROM FORTH KNOX !

Watch both parts.

GOOGLE VIDEO THE MONEY MASTERS Part 1 and 2 

 

http://savethepeopleoficeland.com/

# 4,066:

8:34 pm PST, Feb 9, Name not displayed, Pennsylvania
Hey Iceland, I'm here for you. Don't give up. You're a wonderful country, after all, and certainly not a terrorist like UK says. I've noticed that a lot of problems are caused by either money or greed. Do the right thing and stand above these evils. Go ahead Island, and show the UK and Netherlands that you care about your children. Icelanders should not be impoverished to pay for the reimbursement of private investors, whether foreign or not. As a disclaimer, I do not intend to offend the children of UK and the Netherlands. No individual citizen should be blamed for the mistakes of his or her country. Together, we can save a beautiful nation from falling.

# 4,065:

8:06 pm PST, Feb 9, Megan Jones, Australia
I spent a month in Iceland last year, and, while I realise people did collude in creating some of the problem, it is obvious that the people have been generally cheated and can not afford to pay- nor should they pay- the Icesave debt. It is a wonderful country, and this will destroy it.