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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Jason T's picture

population, productivity and aggregate hours worked.  Japan at least had strong productivity.  


The West is heading up shits creek without a paddle. 

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.

tmosley's picture

Brown people put horse meat in my frozen dinners!

Temporalist's picture

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.

trav777's picture

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

BailoutBandit's picture

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.

trav777's picture

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.

Temporalist's picture

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.

trav777's picture

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.

malikai's picture

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.

Jack Burton's picture

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!

olto's picture


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-----

trav777's picture

so from this I can infer that you ARE in the habit of being wrong a lot

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

swiss chick's picture

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

Diplodicus Rex's picture

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.

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

trav777's picture

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.

otto skorzeny's picture

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?

trav777's picture

what is this downvote you speak of?

Pseudolus's picture

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?









kennard's picture

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

FrankDrakman's picture

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?

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.

Bastiat's picture

It's those velvetty noses . . .

medium giraffe's picture

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....

otto skorzeny's picture

when the SHTF a nice rump roast off of Mr Ed will cost you a shiny gold eagle.

medium giraffe's picture

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!

cxl9's picture

I find it much more disturbing that they put cheddar cheese on lasagna.

Yen Cross's picture

 Someone give those limey bastards some guns and ammo.

EscapeKey's picture

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.

LongBallsShortBrains's picture

Like many a truck driver has said.....

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

Canucklehead's picture

... 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!

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.

OpenThePodBayDoorHAL's picture

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

otto skorzeny's picture

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

zuuma's picture

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.


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:


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..

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..

FrankDrakman's picture

Down arrow for you because you're a stupid shite who posts his drivel twice.

Frozen IcQb's picture

Just like we did in WW2 with gold bullion as payment.

DoChenRollingBearing's picture

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?

BigJim's picture

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.

DoChenRollingBearing's picture

+ 1

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

Vashta Nerada's picture

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.

PUD's picture