The Economy Post Virus

[Robin.Hood]

Aye, those that are willing to bend the most will be least likely to get their arse booted out the door, longevity and ability will have little significance. 

However it's been capped now for redundancy as quite a few of them used to work for WM Low

[Detournement]

33 minutes ago, beefybake said:

I've never really seen what the problem might be with saying  that Scotland might use the euro, except call it the Scottish pound. 

Similarly, in Ireland they could return to the punt, the euro in disguise

In France the franceuro..

Gemany..., the Reichmark, sorry.., the Deutchmark etc.

We still wouldn't have control of our currency. 

Greece, Italy, Portugal and Spain are currently begging for bonds to be issued by the EZ to fight this crisis. Germany, Holland and Finland are refusing to let it happen (although they are looking at it again in two weeks time). 

[Guest Moomintroll]

With specific reference to landording and the homeless 99% of the ghoulish comments are going to come from one end of the political spectrum.

Yeah, thats true.

[D.A.F.C]

Can someone explain how and why the uk can suddenly pull all the cash out of thin air?

As I understand there is no physical gold standard anymore so how is this possible during austerity?

We were already on our knees with the banking crisis which was caused by the banks printing money they didn’t have and a speculative bubble.

What is the longer term effects? So the government has printed money it doesn’t have and will this mean that interest rates go up or inflation? Will house prices go down, mortgages worth less than the house? 
 

From what I’ve looked at it seems taxes will go up, guessing not for rich people though?

The FIAT system seems like cooking the books.

[D.A.F.C]

6 hours ago, Granny Danger said:

Of course we in Scotland do have an alternative.

Do we really though? We would still be answerable to all the debt. Leaving the uk wouldn’t change any of that aspect would it?

[Alert Mongoose]

There will come a point where people don’t have the money to buy the shite these companies that have laid everyone off produce. At that point there will be cultural movement.

Edited March 29, 2020 by Alert Mongoose

[Sergeant Wilson]

4 minutes ago, D.A.F.C said:

Do we really though? We would still be answerable to all the debt. Leaving the uk wouldn’t change any of that aspect would it?

If we ignore creditors , all letter and calls, the debt gets written off after 6 years. We'll be laughing.

[101]

19 minutes ago, Sergeant Wilson said:

If we ignore creditors , all letter and calls, the debt gets written off after 6 years. We'll be laughing.

Close the curtains and pretend we are out?

[Sergeant Wilson]

Just now, 101 said:

Close the curtains and pretend we are out?

I'm not sure the planks on here could cut it though. They're squealing like pigs after a week. Wouldn't last 5 minutes in a war.

[101]

9 minutes ago, Sergeant Wilson said:

I'm not sure the planks on here could cut it though. They're squealing like pigs after a week. Wouldn't last 5 minutes in a war.

Very true, how about we just keep the nukes and release them for a couple of billion pounds

[yoda]

43 minutes ago, D.A.F.C said:

Can someone explain how and why the uk can suddenly pull all the cash out of thin air?

As I understand there is no physical gold standard anymore so how is this possible during austerity?

We were already on our knees with the banking crisis which was caused by the banks printing money they didn’t have and a speculative bubble.

What is the longer term effects? So the government has printed money it doesn’t have and will this mean that interest rates go up or inflation? Will house prices go down, mortgages worth less than the house? 
 

From what I’ve looked at it seems taxes will go up, guessing not for rich people though?

The FIAT system seems like cooking the books.

Try and read some actual reputable sources, and don't watch videos on YouTube. That'll answer most of your questions but some things to consider:

1) financial crises happened under the gold standard too; there's a weirdo section of the internet that has a hard-on for the GS, don't be like them

2) recent history doesn't suggest that we'll see significant inflation as a result of all this spending and "printing money"

There's a really strange take from people that "all this has to be paid for". As these spending plans get phased out, the deficit will fall. Who gives a f**k if the government debt increases? The UK isn't going to collapse into a debt crisis like Greece did.

[tamthebam]

24 minutes ago, 101 said:

Very true, how about we just keep the nukes and release them for a couple of billion pounds

Ukraine gave up their nukes voluntarily when the USSR broke up. Probably wishing they'd kept them now..

[Musketeer Gripweed]

1 hour ago, Alert Mongoose said:

There will come a point where people don’t have the money to buy the shite these companies that have laid everyone off produce. At that point there will be cultural movement.

I agree, but at the same time, when this eases off a bit, and it will sooner rather than later, they will need to give more incentive for people to go out and spend money, to keep the economy going.

To me, this is our war, we've been very lucky not to have lived like our older generations had to. I've held that belief for a long time. Post war scenarios to me will mean full employment, albeit we won't be as well off as we once were.

The world in general will be different though, hopefully it will mean less entitlement in general. It won't though.

[D.A.F.C]

25 minutes ago, yoda said:

Try and read some actual reputable sources, and don't watch videos on YouTube. That'll answer most of your questions but some things to consider:

1) financial crises happened under the gold standard too; there's a weirdo section of the internet that has a hard-on for the GS, don't be like them

2) recent history doesn't suggest that we'll see significant inflation as a result of all this spending and "printing money"

There's a really strange take from people that "all this has to be paid for". As these spending plans get phased out, the deficit will fall. Who gives a f**k if the government debt increases? The UK isn't going to collapse into a debt crisis like Greece did.

If there’s no real consequence then why did we bother to bail the banks out and suffer austerity?

Quite clearly printing money and offering daft mortgages led to a massive global recession. Printing money will lead to wage freezes and more debt for people that can’t afford it while the banks and top echelon cream off the money from it.

As for daft videos on YouTube the only one I’ve watched was four horseman which features former top level banking staff and professors. It won many awards. 
If I was to print money it would be called counterfeiting, if an accountant did it would be called cooking the books. Banks can legally do it and it’s basically a scam. The government uses bonds, they need to be paid back in 2025 don’t they?

[D.A.F.C]

1 hour ago, 101 said:

Close the curtains and pretend we are out?

Get Salmonds lawyer. 
It was a prank bro.

[ayrmad]

37 minutes ago, yoda said:

Try and read some actual reputable sources, and don't watch videos on YouTube. That'll answer most of your questions but some things to consider:

1) financial crises happened under the gold standard too; there's a weirdo section of the internet that has a hard-on for the GS, don't be like them

2) recent history doesn't suggest that we'll see significant inflation as a result of all this spending and "printing money"

There's a really strange take from people that "all this has to be paid for". As these spending plans get phased out, the deficit will fall. Who gives a f**k if the government debt increases? The UK isn't going to collapse into a debt crisis like Greece did.

They're is a price to pay for all that, Westminster has basically ripped the pish out of the population for 10 years now. 

[paul wright scores]

25 minutes ago, D.A.F.C said:

If I was to print money it would be called counterfeiting, if an accountant did it would be called cooking the books. Banks can legally do it and it’s basically a scam. The government uses bonds, they need to be paid back in 2025 don’t they?

What banks are you referring to?

[invergowrie arab]

4 hours ago, Detournement said:

That's great until another virus hits and the independent Scottish Government have zero fiscal tools to fight it. 

Boris and Sunak can create as many pounds as they want at a keystroke to pay everyone's wages. Holyrood couldn't do that using Sterling. 

Just as well SNP policy is a separate Scottish currency then 

[yoda]

33 minutes ago, D.A.F.C said:

If there’s no real consequence then why did we bother to bail the banks out and suffer austerity?

Quite clearly printing money and offering daft mortgages led to a massive global recession. Printing money will lead to wage freezes and more debt for people that can’t afford it while the banks and top echelon cream off the money from it.

As for daft videos on YouTube the only one I’ve watched was four horseman which features former top level banking staff and professors. It won many awards. 
If I was to print money it would be called counterfeiting, if an accountant did it would be called cooking the books. Banks can legally do it and it’s basically a scam. The government uses bonds, they need to be paid back in 2025 don’t they?

We didn't have to suffer austerity. We could have bailed out the banks and not suffered austerity. I think the rough calculations is that the net loss of bailing out the banking sector was ~£30 billion, but that'll be paid back at some point: the majority of the bailout money has been paid back to the government.  Austerity was a political decision (the economics of which were ultimately based on dodgy Excel work, no really). It made no sense to cut spending to reduce the debt, and plenty of folk tore into the government for that, but the British public bought the silly wee "the government must be run like a household!" analogy.

I broadly agree with some of your points: there's been a stagnation in real wages since the 1970s, and households are increasingly using credit to fund a basic standard of living. Those are problems that go deeper than "but the banks, man".

Saying "if i print money it is fraud, but it is o.k. when banks do it, how come?" is silly and gives off a strong libertarian manchild vibe. It's not a scam. Honestly, pick up a book or do some basic level of research. Here's a link with an interesting paper: https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy

Some bonds will be paid back in 2025. But not all of them. We've had a public debt since the 1690s (#staunch), it's been significantly higher as a share of GDP. It's not a problem.

Edited March 29, 2020 by yoda

[D.A.F.C]

Since the 90s it’s went from 30 to 90%. That can’t be good can it?

thanks for the link, will check it out.