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Guest Post: Britain's Greatest Depression

Tyler Durden's picture


Via John Aziz of Azizonomics blog,

This is just a disaster — and more prolonged than the depression of the 1930s:

GDP to January 2013

And even more of a disaster when we consider the impact this has had on youth unemployment, which has climbed far above the EU and OECD averages (although nothing like as badly as Spain or Portugal):


This is not just a failure of government austerity, although that in itself has totally failed to ignite any kind of growth or recovery. The fiscal trajectory is important (not least for business expectations) — and trying to cut public spending and raise taxes during a severe depression in private activity has been shown repeatedly to just exacerbate the private slump — but it’s just one aspect of a greater problem — the failure to create a favourable business environment that can attract capital and growth to the UK.

Lending to UK business remains severely depressed:


Given that the British government owns the bailed-out commercial banks, it’s a shock that they haven’t leveraged this power to reignite lending to business, and particularly to business startups. So long as businesses are allowed to either succeed or fail on their own merits, it would not be a malinvestment of time, energy or capital to use publicly-owned bailed-out banks to break through the lending freeze.

It is something of a chicken-or-egg problem to say exactly how much of the problem is austerity, and how much of it is a weak business environment. But either way, we are on the wrong track. Business confidence levels are still deeply depressed — lower than they were when Cameron and Osborne came to power:


We’re now half of the way to a Japanese-style lost decade. If we carry on on the same track, we may end up with exactly that.

If British businesses don’t have confidence in Cameron and Osborne’s policies, if their policies don’t lower unemployment, don’t create growth, don’t boost imports and exports, don’t result in recovery, and don’t even result in less borrowing  (their stated aim), why do they continue to pursue them?


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Fri, 02/08/2013 - 13:15 | 3226196 Jason T
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population, productivity and aggregate hours worked.  Japan at least had strong productivity.  


The West is heading up shits creek without a paddle. 

Fri, 02/08/2013 - 13:19 | 3226217 Texas Ginslinger
Texas Ginslinger's picture

No wonder the POMEs are depressed - horsemeat in their lasagne;

Fri, 02/08/2013 - 13:20 | 3226221 trav777
trav777's picture

fuckin britain pursued multicult and it has only destroyed their society and increased their crime rate

They're not learning from THAT either and in fact, lots of people will CHAMPION it even on this forum.

Fri, 02/08/2013 - 13:24 | 3226242 tmosley
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Brown people put horse meat in my frozen dinners!

Fri, 02/08/2013 - 13:56 | 3226389 Temporalist
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Yes and it's definitely brown people that commit fraud for Anglo-saxon bankers in London and they've been doing it for hundreds of years unbeknownst to everyone.

Fri, 02/08/2013 - 15:58 | 3226835 trav777
trav777's picture

see what I mean, sure enough here are two idiots to do it!

Fri, 02/08/2013 - 16:51 | 3227084 BailoutBandit
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I'll be the third idiot. If trav is jesus preaching the racist gospel I'll be the anti christ. I'll go out on a limb and say the UK' s problems have more to do with bankers than multiculturalism. Historically, ' greenhorns' are very thrifty and hard working, despite being maligned by the locals.

Fri, 02/08/2013 - 20:15 | 3227666 trav777
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of COURSE you would!

There's always a traitor in every group to deflect things and point fingers elsewhere.

You're right of course, the bankers commit all that violent crime.

Greenhorns, LOL.  What the fuck ever....this isn't history.

I'm not going to defend the banking clan that has parasited on GB for centuries.  No way; neither am I going to IGNORE the multicult FAILURE that is repeating itself EVERYFUCKINGWHERE.

You pull in africans and arabs you end up with a place like where they came from.  PERIOD.  Night follows day.  2+2=4.

Fri, 02/08/2013 - 17:11 | 3227170 Temporalist
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I didn't "champion" multiculturalism in anyway I am illustrating your typically stupid bigotry and hypocrisy.  Was multiculturalism responsible for causing European nations to fight against one another for thousands of years?  I guess before multiculturalism there was no violence in any country in Europe?  Perhaps monarchs killing whole populations, political rivals, their own kin; civil wars, rebellions, revolutions; mercantilism, colonialism, empire buliding, slavery don't count or they are peaceful expression in your demented mind? 

For someone so smart you say the dumbest shit imaginable sometimes (thought this time is not the worst).

Race and multiculturalism is not and has never been the problem it is always human stupidity, insecurity, ego, jealousy, greed, government, over population, narrow mindedness, shortsightedness, megalomania, psychosis.  It's the human condition not exclusive to any group.

Humans are violent trav.  People are stupid.  Humans like to label themselves, segregate into cliques of like minded, similar looking people of the same socioeconomic status so they can find reasons to hate and fight.  Religion, class, race, nationalism, sporting teams, school colors, neighborhoods, political affiliation...whatever the reason they will find the excuse to fight.  The strong will almost always attack the weak because the strong seek to exploit the vulnerable.

I won't disagree with you entirely because the term multiculturalism is just a political idea, a tool to get votes, to suck taxes from dimwitted people who think they gain more than they lose, but it's not the mixture of people, not their race or place of origin, it's the amount of people and their mindset to get something for nothing that is the real problem.  White people are not immune to this somehow.

In your twisted world are people better off being segregated and to never learn about another culture, to keep their minds closed and never explore different ideas?  Sharing of culture, and food, music and dance most specifically, brings people together more than anything else I can think of.  Wouldn't the world suck if there were just one type of food, one type of music (I know you like banjo music trav but you don't listen to it exclusively I bet) and one dance move called the white man's overbite?  Do you eat only hotdogs every night? I can't imagine a world witout beer and wine but only tea.

Variety is the spice of life.  Humanity would never have made it this far if that were not the case; inbreeding causes birth defects and mixing DNA often increases the chance of survival.

Fri, 02/08/2013 - 20:23 | 3227681 trav777
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BWAHAHAHAHAHAHA...I just LOVE it when someone calls me a bigot...oh noze you might hurt my feelings.

ONLY a white person would ever do something so stupid.

So let's tick down through the standard shit you traitors use...ancient history of violence in europe, check.  the crusades, check.  slavery, check.  the Spanish Inquisition, check.  I mean, fuck it's like a laundry list.

Then some abstraction shit about closed minds and DNA or something. if we need african genetics to avoid inbreeding...LOL.  Wow, that's fuckin...stupid.  Variety, spice, hahahaha.

Motherfucker, GO LIVE IN DETROIT.  Come back and talk to me if you're ALIVE in a month.

You are fucking DELUSIONAL.  People like you KEEP SAYING THIS SAME SHIT, "oh waaah the problem is closedmindedness and humans like to segregate and people are violent."

Can you say something that ISN'T a tautology?  Sing me fucking Lennon's "Imagine" while you're up too, you stupid fool.  People like YOU are the problem because you're fucking DELUSIONAL.  You cannot ACCEPT that nature doesn't give a FLYING FUCK about your stupid pie in the fucking sky dreams.

Yeah, man, wouldn't it be AWESOME if we could all get along?  WELL WHO GIVES A FUCK, because we CAN'T!  And REALITY is that mass concentrations of black people DESTROY SHIT.  And there aint' a GODDAMNED thing you can do to change that.  No amount of strenuous wishing, hoping, daydreaming or any of this bullshit you spout is gonna change that.

And why is that?  because blacks are more violent by you get that?  The problem is NOT ego, it's BIOLOGY.  You simply are too arrogant to GRASP that nature is WAY MORE POWERFUL than you are.  It doesn't care about your goddamned hopes and dreams you stupid, self-absorbed human.

People are happier segregated...haven't you effing figured out why they DO IT INVARIABLY?  Look around you and open your eyes...pull your head out of your ASS for a second and actually LOOK at reality and tell me what you see.  If you can't live with reality, I got bad news man...nature doesn't give a shit.  Don't cry if reality doesn't do you the favor of conforming itself to your wishes.

Fri, 02/08/2013 - 22:21 | 3227919 malikai
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The #1 most successful immigrant group in Britain is the Indians, who not only outnumber all other immigrant groups, but also tend to focus on family, education, business, etc.

The #2 most successful, which I am a part, is the Americans.

The #1 most failed immigrant group is, the Portuguese, who for some reason tend to stratify in low income, government subsidized housing (odd because they're not black).

Perhaps there is more to the whole importing black/brown -> becoming black/brown thing.. I look around in Britain, and I don't quite see India. Although I definitely know where to score a wicked curry.

Fri, 02/08/2013 - 13:29 | 3226264 Jack Burton
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I'm not in the habit of agreeing with trav777 alot, but on the issue of multi cultural Britain and it's Open Borders policy for decades I do agree. While government in the UK still crows about the great new multi cultural society in Britian and British Liberals are bragging that they have created a great new Britian by the open borders to all policy, in fact, it is a fucking nightmare disaster. Britian is gone, it is becoming a vast world slum for all the refuse of the world. Perhaps many don't believe me, but if you remember Britian 30 years ago, and compare it to now, you can see that the rot is setting in and is growing worse by the day.

Soon more hords of benefits seekes from Eastern Europe will flood into the UK, bring crime and welfare dependence. Those that will work, will drive wages even further down, pissing off the Poles who came in over the last decade and drove wages down, now the new comers will put the Poles out of work and drives the pay scales lower. A Race To The Bottom!

Fri, 02/08/2013 - 23:09 | 3226378 olto
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If one thinks of it as 'reverse colonization', it is a little more palatable; it is hard to swallow, but with the idea of 'justice' as a sweetener it is not really all that bad.

My people couldn't wait to get out of england in the eary 1600's, and I think we got out in time-----

Fri, 02/08/2013 - 16:02 | 3226848 trav777
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so from this I can infer that you ARE in the habit of being wrong a lot

Fri, 02/08/2013 - 19:39 | 3227564 olto
olto's picture

trav 777,

I gave you a green for all of the trees you are planting. Anyone who cares for the planet enough to reforest gets a free pass-----iow, I don't care what political positions you hold, your reforestation work shows that you truly care about the habitat

Mon, 02/11/2013 - 07:08 | 3232508 swiss chick
swiss chick's picture

Pretty much the same is going on in Switzerland!!!!!

Fri, 02/08/2013 - 14:07 | 3226442 Diplodicus Rex
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It was much, much worse than just pursuing a simple multicult policy.It was a deliberate policy designed to permanently shift the culture of the UK to the left. Andrew Neather is one who needs to hang for that policy.

Fri, 02/08/2013 - 14:16 | 3226465 otto skorzeny
otto skorzeny's picture

good news USofA-in 10 years we'll resemble GB but will be crawling w/ Mex gang bangers instead of surly muslims. at least we're still armed-for now. OT-the MSM is playing up the fact that that ex-cop in LA has a .50 cal Barrett rifle

Fri, 02/08/2013 - 16:07 | 3226866 trav777
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obama wants to import even worse dregs from africa...somalia, haitians.  I mean it's a total fucking moral IMPERATIVE to bring the population overflow from Haiti to here right?

I mean, those haitians had the deck stacked against them on that island.  Nobody could have survived and prospered on that island.  It's totally barren.  Because of racism. 

Expecting anyone to build any kind of economy on that island is just absurd.  It's a fucking could never have had, say...half of it populated by a different ethnic stock that actually did build some sustainable economy that, while not spectacular, is a far cry from total denuded catastrophe.  And it could have never been that this island was the crown jewel in a colonial empire, producing vast agricultural riches before african rule.  That sort of shit is racist.  It was a fuckin ISLAND, 'nuff said.

Fri, 02/08/2013 - 14:12 | 3226454 otto skorzeny
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come on Trav-the world's problems can only be solved when we all admit that everyone is exactly the same and we all join hands and sing ku-bay-ya under the watchful eyes of a pretty blue UN MRAP. why so many down votes for Trav-was there a link to ZH from HuffPo?

Fri, 02/08/2013 - 16:09 | 3226876 trav777
trav777's picture

what is this downvote you speak of?

Fri, 02/08/2013 - 14:48 | 3226551 Pseudolus
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As to the article, I can only echo CD - Theyre NOT trying to fix anything

The author should be quesitoning that assumption: why do they persist with these policies? Cui bono..follow the money Mr Aziz, its easier then

As for Trav - this is Shavian LSE (either one) Fabianism in action, against the Secret People

UK Policy is to export the comfortable, working and educated and import poverty, dependency, crime and social ills

(the page links will be slow to load as theyre to a Web1.75 site & you need JS on)

Now tell me where else we can see that?









Fri, 02/08/2013 - 15:40 | 3226751 kennard
kennard's picture

What period do these figures cover? The site does not indicate this.

Fri, 02/08/2013 - 16:03 | 3226852 FrankDrakman
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Diversity is the biggest sack of *** out there. It's destroyed Canada's largest cities. There's no sense of "pull together" when you have nothing in common with the people who live next to you. Immigrants come to Canada, and they have no respect for our laws, our religions, our code of conduct (e.g. pushing past you to get in a bus instead of queuing politely), or our political process. They want to change everything so it's "more like back home". May I kindly suggest that you go back there, if that's your wish, and stop trying to change what was a successful society into the PofS hellhole that you escaped from?

Fri, 02/08/2013 - 13:29 | 3226262 EscapeKey
EscapeKey's picture

oh ffs, please don't remind us. it's literally ALL OVER the media at the moment.

it's not even like it's a big fucking deal, in the grand scheme of things. oh boohoo, i can't eat horse meat because horses have prettier dna than cows or pigs.

Fri, 02/08/2013 - 13:45 | 3226335 Bastiat
Bastiat's picture

It's those velvetty noses . . .

Fri, 02/08/2013 - 13:51 | 3226344 medium giraffe
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I quite like horsemeat.  Surprises, not so much.   

Just shove something like "Tesco Value Beefburgers*         (*70% Horse)" on the label and crack on.  UK supermarket zombies rarely worry about the content of all of the fatty carcinogenic DDT laced shite they call 'dinner', they won't read the label. 

During the the BSE and foot & mouth disease episodes we barely skipped a beat.  Having more horsemeat will probably lower our chances of contracting CJD anyway.

Headline: Processed meat is bad! Globalmegacorporations involved in morally dubious practices to sell you more shit! Consumers shocked and appalled!


This post isn't Britain's Greatest Depression, the Greatest Depression is actually having to fucking live here.  Soooooooo close to packing my little suitcase and perma-bailing....

Fri, 02/08/2013 - 14:17 | 3226470 otto skorzeny
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when the SHTF a nice rump roast off of Mr Ed will cost you a shiny gold eagle.

Fri, 02/08/2013 - 14:54 | 3226576 medium giraffe
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No doubt, but the real Tzu Szu moment comes when you choose horsemeat not only for it's flavour and nutrition, but because it comes pre-packed in a getaway vehicle, thus leaving you free to spunk your eagle on essentials like drugs and prostitutes :) win!

Fri, 02/08/2013 - 14:18 | 3226471 cxl9
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I find it much more disturbing that they put cheddar cheese on lasagna.

Fri, 02/08/2013 - 13:16 | 3226197 Yen Cross
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 Someone give those limey bastards some guns and ammo.

Fri, 02/08/2013 - 13:20 | 3226220 Texas Ginslinger
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...and some decent food....

Fri, 02/08/2013 - 13:30 | 3226269 EscapeKey
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food is actually pretty good in the uk these days. it used to be bad, but it has improved significantly.

also keep in mind that gordon 'fucking' ramsay and jamie oliver have probably improved british cuisine for the better. although jamie should be ashamed of his "italian" restaurants, they're absolute shit.

Fri, 02/08/2013 - 13:45 | 3226334 LongBallsShortBrains
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Like many a truck driver has said.....

"it's all what you get used to, driver."

Fri, 02/08/2013 - 14:24 | 3226488 Canucklehead
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... Ah, the Moodys of the Restaurant Industry.

... What they say must be true...  The world, when given a chance, clamours for French food.  French food outlets are springing up all over the developing world.  French food feeds the masses.  Those American Fast Food Stores had better look out!

Fri, 02/08/2013 - 15:07 | 3226640 medium giraffe
medium giraffe's picture

Yep, there are some really good restaurants about now, but we've embraced this as only we Brits really can - as something else to be snobby elitist twats about.

Dislike them or hate them, at least the French appreciate good food without recourse to such classist snobbery.

Fri, 02/08/2013 - 14:05 | 3226431 OpenThePodBayDoorHAL
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that's because it's a big improvement from the bottom of the pile. I mean how many British restaurants do you see around the world? Thai, yes, Italian, French, Vietnamese, Japanese, Mexican, Indian etc...but very few British, or Swedish, or Danish, or Dutch

something about that part of the world: awful food

Fri, 02/08/2013 - 14:18 | 3226473 otto skorzeny
otto skorzeny's picture

does IKEA count as Swedish food-is it even food at all?

Fri, 02/08/2013 - 14:26 | 3226490 zuuma
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got a couple in Milwaukee area.

Meaty pies. Bread puddings. Faggots & Gravy (yum!)

and of course, variations on the "fish & chips" theme.

Eel (in season) too.


Fri, 02/08/2013 - 16:48 | 3227064 EscapeKey
EscapeKey's picture

I don't think you've been to "that part of the world", because what you say is absolute nonsense.

The reason you see lots of foreign restaurants in the UK is because lots of people immigrate here. Scandinavia and the Netherlands are countries with relatively low populations, high standards of living, and consequently, low levels of expatriation. Having said that, as I felt like fact checking - there are lots of Scandinavian restaurants in London:


Fri, 02/08/2013 - 13:54 | 3226382 DeficitAlchemist
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Decent food hahaha from the FatNation whose foood exports is Mickey D's, Burger King, KFC, Krispy Creme and everything else toxic high in sugar and refined white breads. I wnet to the US was bloated and constipated the whole trip could only stomach the Japanses eatiries..

Fire away with the down arrows, but for Gluttonsized, sugar & glutenfests, the land of the unfree is the place to be bar none..

Fri, 02/08/2013 - 13:54 | 3226383 DeficitAlchemist
DeficitAlchemist's picture

Decent food hahaha from the FatNation whose foood exports is Mickey D's, Burger King, KFC, Krispy Creme and everything else toxic high in sugar and refined white breads. I wnet to the US was bloated and constipated the whole trip could only stomach the Japanses eatiries..

Fire away with the down arrows, but for Gluttonsized, sugar & glutenfests, the land of the unfree is the place to be bar none..

Fri, 02/08/2013 - 16:07 | 3226867 FrankDrakman
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Down arrow for you because you're a stupid shite who posts his drivel twice.

Fri, 02/08/2013 - 13:22 | 3226235 Frozen IcQb
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Just like we did in WW2 with gold bullion as payment.

Fri, 02/08/2013 - 13:16 | 3226201 DoChenRollingBearing
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Indeed, why continue such policies?  The UK ought to be pursuing, you know, classic conservative principles like low corporate tax rates, cutting regulation, etc.


What would Maggie do?

Fri, 02/08/2013 - 13:45 | 3226332 BigJim
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The British pols are caught in the same cleft stick as everyone else in the West. Because of artificially cheap credit, asset prices (housing, in particular) have gotten out of whack with reality.

What should happen is house prices collapse, banks go bust, over-leveraged consumers go bust, and we start again with prudent savers and investors having enough dry powder to buy up the distressed assets.

But no, we couldn't possibly have anyone going bankrupt now, could we? Everyone's private pensions would get whacked, the British would see their favorite 'investment' - bricks and mortar - return to being what it should be (a roof over their heads, as opposed to a personal goldmine) and the politicians would get thrown out en masse.

Expect more of this kind of hamfisted kludging until the BoE finally destroy the pound.

Fri, 02/08/2013 - 13:52 | 3226374 DoChenRollingBearing
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+ 1

It is DEFINITELY worthwhile to observe how Japan and the UK show OUR future.

Fri, 02/08/2013 - 17:07 | 3226485 Vashta Nerada
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I grind my teeth every time I hear that 'austerity' programs have failed.  I have yet to see a true austerity program, where spending is cut before any tax increase is proffered. 

What passes for austerity in recent times is a tax increase coupled with a spending increase, which of course will drive the economy further under.

Fri, 02/08/2013 - 13:18 | 3226206 PUD
PUD's picture


Fri, 02/08/2013 - 14:48 | 3226550 moonshadow
moonshadow's picture

i feel bad for the newbies on ZH. the amount of sarc is getting so high that they will be so lost lol

'rocket surgery' haha good one pud

Fri, 02/08/2013 - 13:20 | 3226209 DavidC
DavidC's picture

What business in its right mind is going to borrow now, when interest rates are at ALL time lows, with the greater potential for going up. And if rates go from say 3% to 4% that's a 33.3% increase, not quite as nice as going from 4% to 3% (which in itself is only a 25% decrease).

Coupled with that, in the US at least, borrowing in an inflationary environment where the consumer is being hammered and the work hours are falling, wages haven't risen in real terms for the last thirty odd years, and despite what we're told, employment is going up (witness the participation rates each week, and initial claims still stuck in the 300 odd thousand each week, yeah, right, small businesses are going to be clamouring to borrow.

Oh, and of course, again in the US, mandatory employer health insurance for anyone working ove 30 hours.


Fri, 02/08/2013 - 13:19 | 3226213 Kreditanstalt
Kreditanstalt's picture

Obviously an absolutely unreformed, unrepentent Keynesian writer.   Wants MORE spending, HIGHER deficits and NO "austerity"...

So much for "live within your productivity"...


Fri, 02/08/2013 - 13:22 | 3226231 EmileLargo
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Agreed. Not sure what this guy is smoking. UK Government spending is through the roof in the last three and a half years since this government took office.

Fri, 02/08/2013 - 13:33 | 3226279 EscapeKey
EscapeKey's picture

uh, no, it isn't. the damage was done by that moron brown.

Fri, 02/08/2013 - 14:08 | 3226445 El Viejo
El Viejo's picture

Maybe it was political-season adjusted. ~  (It's Friday)

Fri, 02/08/2013 - 14:12 | 3226452 DavidC
Fri, 02/08/2013 - 16:28 | 3226965 EscapeKey
EscapeKey's picture

Your link is a calculation of gross debt. It's not even delta-based, which means there is no information in here about when this debt was created, and hence who is responsible.

So, assuming of course that these numbers are even correct - what does this have to do with the budget?

Fri, 02/08/2013 - 14:32 | 3226460 medium giraffe
medium giraffe's picture

The greasy sack of dung.  I wish we could offload him like we did with Piers 'Moron' Morgan - the only decent export we've made for over half a century.  Thanks for making us look so pathetic on the global stage GB. Oh, and for caving to US pressure to sell off our gold for about 300 per oz to bail out US banks because the US didn't have enough gold to do it themselves, you spineless oik.  Yeah, nice one. 

Fri, 02/08/2013 - 13:21 | 3226226 Wile-E-Coyote
Wile-E-Coyote's picture

Britain will be OK, it will bleed the USA via the FED like a suckling pig.

Fri, 02/08/2013 - 13:21 | 3226229 Ham-bone
Ham-bone's picture

Time to bring back Gordon Brown?

Fri, 02/08/2013 - 13:35 | 3226288 bubbleshooter
bubbleshooter's picture

yes, he can sell the other half of our gold, that will do the trick. 

Fri, 02/08/2013 - 13:36 | 3226290 EscapeKey
EscapeKey's picture

i hope you're joking. that baffoon inflicted horrible damage to the uk's finances.

"oh it was all because of a global recession" - my fucking arse. debt/GDP rose by 14% on average during his time. he presided over a giant bubble, and when it blew up, he predictable said it wasn't his fault despite claiming to have "abolished boom and bust".

Fri, 02/08/2013 - 13:48 | 3226351 BigJim
BigJim's picture

No, no, he said he'd abolished TORY boom and bust.

Which was true!

Fri, 02/08/2013 - 13:49 | 3226352 bubbleshooter
bubbleshooter's picture

your right, we dont need Mr no more boom and bust back. i forgot he did save the world.

Fri, 02/08/2013 - 19:33 | 3227552 smacker
smacker's picture

He shouldn't even be alive today.

Fri, 02/08/2013 - 13:22 | 3226234 Inthemix96
Inthemix96's picture

Do a little reading up on these two inbred blueblooded pricks.

Cameron is related to his wife, and both are related to the queen.  Do the fucking maths folks.  These simpletons are mere pawns in a game, a one where we dont get invited.  Like Brown and B.Liar the war criminal before them, they do as they are TOLD, and fuck whats good for the bloke on the street.

Cunts. Each and every last one of them.

Fri, 02/08/2013 - 13:23 | 3226239 Yardfarmer
Yardfarmer's picture

controlled demolition.

Fri, 02/08/2013 - 13:26 | 3226247 Neethgie
Neethgie's picture

Sorry but John you are a million miles off credible, you call this our greatest depression out unemployment is lower than the usa's the problem is not the myth of austerity it's that we have not undertaken any yet .
We have a 10bn foreign aid budget a ridiculous welfare bill, in sure your solution is to spend more typical leftist, the fact is in the uk you are better off out of work than in work that's how great the social system is, we can't cut taxes because we need to cut spending first I notice you failed to mention uk employment has grown to the highest level ever.
Fixing the uk requires actual cuts an tax cuts too not spending more cash on the never never which you and krugman. Might advocate.
If you want to see what's wrong with the uk get down from te ivory tower and observe, any GDP growth we get with austerity is real. You just want a juiced up born to fail lance Armstrong economy

Fri, 02/08/2013 - 13:37 | 3226301 EscapeKey
EscapeKey's picture

welfare + NHS are the biggest entries in our budget, followed by education.

when education was cut (ie tuition fees raised), it caused mass demonstrations.

good luck cutting either the NHS or welfare.

Fri, 02/08/2013 - 13:51 | 3226364 BigJim
BigJim's picture

Yes, people really don't like seeing their 'free' lunches getting axed... even if it's their own pockets are the ones being picked to pay for them.

Fri, 02/08/2013 - 13:56 | 3226395 Neethgie
Neethgie's picture

Neccesaary is never easy

Fri, 02/08/2013 - 13:27 | 3226248 Yen Cross
Yen Cross's picture

  I'm going to miss Merv the swerve. He retires in June 2013. He's good for 1-2 hundred pips every time he opens his mouth.(gbp/usd downside)

Fri, 02/08/2013 - 13:58 | 3226390 medium giraffe
medium giraffe's picture

Heh heh, had some mileage from that one too.

"Merv's speaking? Fantastic! Where do you fancy going on holiday love?"

Fri, 02/08/2013 - 13:27 | 3226249 JustObserving
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The British spend $200 million a year on their royalty and in return they get sparkling wit:

”I want to be reincarnated as your tampon.”  Prince Charles to Camilla Parker Bowles

If Charles were to become a tampon,  UK taxpayers would save $50 million a year. Everyone would win.

Fri, 02/08/2013 - 13:48 | 3226347 DoChenRollingBearing
DoChenRollingBearing's picture

But, maybe Price Charles would be better than President Obama.  Hmm, that's a toughie!

Fri, 02/08/2013 - 14:09 | 3226447 Temporalist
Temporalist's picture

£38.2 million is what the royal family costs (from 09-10) which is less that £1 per citizen.  Not that they deserve it but it even went down per citizen that same year (62p per).

Fri, 02/08/2013 - 14:35 | 3226511 JustObserving
JustObserving's picture


202.4 million pounds or about $360 million.



The total cost of the monarchy is greater than or equal to the annual cost of:

 9,560 nurses

 8,200 police officers

 Ministry of Defence spending on food (£195m)

 Oxfordshire County Council's annual social care budget (£198m)

 Department of Health spending on the Cancer Drugs Fund (£200m)

 central government support for medical research charities (£200m).

Sat, 02/09/2013 - 06:51 | 3228385 Kiwi Pete
Kiwi Pete's picture

At least she's not a bought and paid for enabler for the Military Indstrial Complex. Given the cost of the wars that your leaders have dragged you into I'd say the Queen was bloody good value.

Fri, 02/08/2013 - 14:14 | 3226464 Diplodicus Rex
Diplodicus Rex's picture

 Whilst I'm certainly not going to defend the Royal family we have to get things in perspective. £200m is a rounding error in the fraud that the banksters have perpetrated. You'd need to put them both on a logarithmic scale even to see the royals.

Fri, 02/08/2013 - 14:41 | 3226528 medium giraffe
medium giraffe's picture

”I want to be reincarnated as your tampon.”

Come on, you can't blame a fella for wanting to improve himself a little and provide some benefit to others.  A bit misguided though, perhaps if he was reincarnated as a brown paper bag for Camilla his utility might be even futher extended...

Fri, 02/08/2013 - 13:28 | 3226260 LongSoupLine
LongSoupLine's picture

Start by burning all fucking British bankers....that's a good fucking start. I'd say to fucking eat them, but their fucking meat is rancid.

Shit ass sticking fucks.

Fri, 02/08/2013 - 13:46 | 3226342 No Euros please...
No Euros please we're British's picture

Nah, I've heard they make a mean lasagne.

Fri, 02/08/2013 - 17:17 | 3227200 shovelhead
shovelhead's picture

That's horseMEAT lasagna, not horseSHIT.

Fri, 02/08/2013 - 13:31 | 3226270 jmcadg
jmcadg's picture

No business wants to borrow. No bank wants to lend.

Past that the bottom line here in the UK is a total dependence on property prices. That is it. Everything is determined by that.

As such, we are fucked, because property in the UK property is AT LEAST twice what it's worth.

We haven't had the crash you have had yet!!! Think about that, we're fuckin' 4 years behind y'all.

This government sucks, but so do the alternatives.

Fri, 02/08/2013 - 13:32 | 3226275 goldenbuddha454
goldenbuddha454's picture

Britain can come out of this if they would just fix that damned printer-Sincerely, BEN

Fri, 02/08/2013 - 13:40 | 3226313 bubbleshooter
bubbleshooter's picture

i thorght i read some where we had undertaken more QE than Ben

Fri, 02/08/2013 - 13:33 | 3226278 AnAnonymous
AnAnonymous's picture

If British businesses don’t have confidence in Cameron and Osborne’s policies, if their policies don’t lower unemployment, don’t create growth, don’t boost imports and exports, don’t result in recovery, and don’t even result in less borrowing (their stated aim), why do they continue to pursue them?
Quite easy.

'Americans' know no other ways than the 'american' ways. 'Americans' can not stop being 'americans'. They cant do otherwise.

Fri, 02/08/2013 - 14:21 | 3226482 Diplodicus Rex
Diplodicus Rex's picture

'Americans' ? Don't you mean 'Britons' in your invented lexicon?

Fri, 02/08/2013 - 13:34 | 3226284 AnAnonymous
AnAnonymous's picture

Worse depression? Should disqualify any metrics used to measure up that state.

Ah, oh, wait, we are speaking about 'american' economics... That stuff can not be disqualified. It comes from 'americans' and 'americanism', the best thing to ever happen to humanity...

Fri, 02/08/2013 - 13:42 | 3226321 TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous said:

Ah, oh, wait, we are speaking about 'american' economics... That stuff can not be disqualified. It comes from 'americans' and 'americanism', the best thing to ever happen to humanity...

Made me laugh.

Little bird crows the propagandizing song of Chinese citizenism like clockwork.

Must be due to his perch in Chinese citizenist cuckoo clock.

Fri, 02/08/2013 - 13:50 | 3226359 DoChenRollingBearing
DoChenRollingBearing's picture

AnAnonymous is giving chineseism red arrow, hao hop sing!

Fri, 02/08/2013 - 14:21 | 3226408 Yen Cross
Yen Cross's picture

AnAnonymous    Chief of Chinese citizenism, macro farcism CPI,PPI, GDP, disseminator of truthisms.

Fri, 02/08/2013 - 13:35 | 3226286 Sid James
Sid James's picture

The politicians in the UK are totally blinkered. I blame the fucking lasagne.

Fri, 02/08/2013 - 14:04 | 3226429 Diplodicus Rex
Diplodicus Rex's picture

Don't you mean the equine lasagne?

Fri, 02/08/2013 - 13:36 | 3226296 besnook
besnook's picture

things are looking up in the usa. there is an excop in california scaring the shit out of the cops and someone hacked the bush emails, pure black comedy going on. could this be the black swan, the catalyst for some real subversion instead of the occupy fags, the harbinger of the great reset. europe is a ticking nuke with a history of some serious freedom loving dudes. popcorn and beer are appropriate.

Fri, 02/08/2013 - 13:53 | 3226380 balz
balz's picture

This is the end of growth. We are on a finite planet and Peak Oil will make sustained growth impossible in the future. Sorry for cornucopians.

Fri, 02/08/2013 - 13:53 | 3226381 davidsmith
davidsmith's picture

"If British businesses don’t have confidence in Cameron and Osborne’s policies, if their policies don’t lower unemployment, don’t create growth, don’t boost imports and exports, don’t result in recovery, and don’t even result in less borrowing  (their stated aim), why do they continue to pursue them?"

Because the government is a criminal enterprise in a conspiracy with the financial sector criminal conspiracy.  Don't call them "policies," call them acts in furtherance of a criminal conspiracy.  Wake up, dog.
Fri, 02/08/2013 - 14:02 | 3226421 UKman
UKman's picture

strange data re youth unemployment

below data from EU source

Country Latest data Belgium 19.7 Bulgaria 27.4 Czech R 21.3 Denmark 14.2 Germany 8.1 Estonia 17.5 Ireland 29.7 Greece 57.6 Spain 56.5 France 27 Italy 37.1 Cyprus 27 Latvia 31.9 Lithuania 24.2 Luxembourg 18.6 Hungary 29.3 Malta 16.4 Netherlands 9.7 Austria 9 Poland 28.4 Portugal 38.7 Romania 23 Slovenia 23.5 Slovakia 35.8 Finland 19 Sweden 24.8 UK 20.2

Eurostat figures also show youth unemployment and the latest figures suggest the situation has got worse. The youth unemployment rate for November 2012 was 23.7% in the EU, up from 22.2% in November 2011.

The eurozone recorded a youth unemployment rate of 24.4%, up from 24.2% the previous month. Greece and Sp

ain reported the highest rates at 57.6% (September 2012) and 56.5% respectively

Germany, Austria and the Netherlands had the lowest youth unemployment rates at 8.1%, 9% and 9.7% respectively.

The latest release shows that 26.06m people in the whole European Union were unemployed in November 2012 - an increase of 154,000 people on the previous month. Compared with November 2011, unemployment has risen by 2.012m.

Despite the latest release displaying the November 2012 seasonally adjusted rates for most EU countries, there

are still some gaps. The latest recorded figures for Greece are from September 2012.





Fri, 02/08/2013 - 14:03 | 3226423 Diplodicus Rex
Diplodicus Rex's picture


You were doing great until this line:

"if their policies ......., don’t create growth,"

If you understand the maths why do you and others pursue this mathematically unattainable target. The word "growth" means the increase in GDP expressed as a percentage of GDP in the prior period of interest. By defintion it follows the law of compounding interest. In case you have forgotten 1st year high school maths, here's Dr Albert Bartlett to furnish you with a timely reminder:

If a continued, compounding, exponential increase in GDP is what you wish then that's theoretically very easy to achieve (although not for Central Banks it would appear). Since GDP is quoted and measured nominally in depreciating fiat then all you have to do is depreciate the fiat even more. GDP then rises in nominal terms even although economic activity continues at the same real pace. However, in the meantime, you have just stolen the purchasing power of all those who were prudent enough to save. That is fascism.

Next, there is the actual measure of GDP. If the government runs a continuous deficit (until recently, Osborne was 'borrowing' 8% of GDP (AKA Printing it out of thin air). Two days ago the IFS released a report which showed he miscalculated and spending had come in 4% more than he had expected. So he is in fact printing 12% of GDP out of thin air. So real GDP is the quoted nominal GDP minus the amount which is borrowed or printed out of thin air. What does that do to your precious 'growth'? IF you think nominal growth is real growth I have a bridge I'd like to sell to you.

There is one reason and one reason only why perpetual, compounding growth is required at all. The model of our fiat currency is one of being debt-based. Every penny which comes into existence is printed out of thin air by the banksters in the form of a loan. The principle part of the loan is spent into the economy. However, the interest is never printed, but it must be paid back. Therefore, to sustain this model, you need to match the principle and interest repayments with new loans for the same value in order that the quantity of fiat in circulation does not drop. This is nothing other than a wealth transfer mechanism. If it were not for the debt-based model we would not need perpetual, compounding 'growth' and a steady, flat amount of GDP would be perfectly acceptable.

The continuous propaganda from the MSM about how it would all be fixed if we could only return to growth is extremely annoying and pathetic. To see that mantra expressed on ZH is nothing short of astounding.



Fri, 02/08/2013 - 20:48 | 3227757 Mentaliusanything
Mentaliusanything's picture


Now how to get that understanding out there?

Im off to play with some big titties

Fri, 02/08/2013 - 14:13 | 3226456 Son of Loki
Son of Loki's picture

Not so great in the USA either. Sales are plunging in stores and more empty store fronts all over.  Stuff on sale 90% and sits there on the shelf without even a notice by the handful of shoppers wandering around.

Cog describes it perfectly....crumbling vs. collapsing.

Fri, 02/08/2013 - 17:50 | 3227292 falak pema
Fri, 02/08/2013 - 14:35 | 3226512 Jo
Jo's picture

Still suckin' on David Blanchflower dick, eh John?

Fri, 02/08/2013 - 15:12 | 3226657 NoWayJose
NoWayJose's picture

At least they have the Queen looking over their political shoulders, and hopefully she gets around to asking the same questions.

Fri, 02/08/2013 - 16:07 | 3226861 falak pema
falak pema's picture

the trajectory of an oligarchy SURROGATE state, divorced from it people; having delocalised its oligarchs to Virgin islands, having entrenched in the City, the fiat oligarchy slum for all and sundry who has a billion+, having created a ghetto zone for the rest, having made toad in a hole the national menu of the uber fish n chips crowd, drowned in tepid beer, having sold their football teams to the arabs and americans, having sent their rancid expats to LA, having learnt that philosophy is a european disease, now wonder what the future has in store for them?

Maybe they should ask Tony they can't ask that lady who sold UK oil down the drain in one fell sweep.

or read this : 

If you can talk with crowds and keep your virtue,

 Or walk with kings - nor lose the common touch,

If neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man, my son!


Fri, 02/08/2013 - 17:23 | 3227226 shovelhead
shovelhead's picture


Horsemeat lasagna came from FRANCE. Home of haut cusine.

Hollande's revenge for Nigel Farage.

Fri, 02/08/2013 - 19:17 | 3227502 smacker
smacker's picture

The Cameron coalition has been a disaster since May/2010 and shows himself to be a soft-Lefty.

- 99% of what the elites say is bare faced lies. Confidence in the elites is collapsing.

- Cameron is following the same old same old economic policies of the last Layyyybour Govt when the economy exploded. They didn't work then, why now?

- Not one bankster or Whitehall Mandarin has been criminally prosecuted for committing, or conspiring to commit, fraud. So there is no confidence in the "system".

-The claim of austerity is largely bare faced lies. When I see several ministries and several thousand quangos shut down I'll believe they are serious about spending cuts.

- Savers and investors (the good guys) are being crucified to pay the debts of the bad guys.

These reasons and others are why confidence has fallen through the floor and people aren't spending.

Fri, 02/08/2013 - 22:52 | 3228047 dolph9
dolph9's picture

The American decline is sad but expected...we've been on top for so long, and there needs to be more balance in the world.

The British decline is just tragic...why would such a proud island nation self destruct?

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