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British Double Dip Accelerates Following "Terrible" GDP Data

Tyler Durden's picture


If the UK was desperately hoping for a "terrible" economic print, it got it this morning after preliminary Q2 GDP printed 0.7% on expectations of a -0.2% decline, following a -0.3% drop in Q1, cementing the country's double dip collapse. Reuters explains: "The Office for National Statistics said Britain's gross domestic product fell 0.7 percent in the second quarter, the sharpest fall since early 2009 and a bigger drop than any of the economists surveyed in a Reuters poll last week had expected. The figures confirmed that Britain is mired in its second recession since the financial crisis, with the economy shrinking for a third consecutive quarter. It will add pressure on Osborne to get the economy growing again after a crisis that has left many Britons poorer as rising prices and higher taxes ate up meager wage increases. Sterling hit its lowest in nearly two weeks against the dollar after the data, and government bond prices rallied on speculation that the Bank of England may have to provide more economic stimulus than expected. Earlier this month the BoE has announced another 50 billion pound program of gilt purchases with newly created money to soften a grim economic outlook, but Wednesday's data is likely to add to market speculation that it may cut interest rates later this year. "This is terrible data. Frankly there's nothing good that comes out of these numbers at all," said Peter Dixon, an economist at Commerzbank. "The economy looks to be badly holed below the water line at this stage. It's a far worse period of activity than we'd expected."" Amusingly, according to Goldman "It is difficult to reconcile the weakness of today’s official
GDP data with any other indicator of economic or labour market activity."
We knew the peripherals were doing all they can to sabotage their economies and be eligible for more aid and bailouts. But the UK?

Surely this, together with the big German IFO miss, which came at 103.3 on expectations of a 104.5 print, and down from 105.2, which also proves that the European recession is engulfing Germany, is why futures have lifted 11 handles overnight and are now solidly in the green despite Apple and everything else.

Some more on UK GDP from a shocked Goldman:

BOTTOM LINE: According to the ONS’s Preliminary Estimate, UK GDP fell 0.7%qoq (-2.8%qoq annualised) in Q2 (Consensus -0.2%qoq; GS -0.1%qoq). The data is difficult to reconcile with any other indicator of economic or labour market activity and is likely to be revised higher over time.


1. The additional Jubilee holiday in June reduced Q2 GDP by 0.3%-0.4%qoq, on our estimates. But this distortion was factored into forecasts and, relative to expectations prior to the release, the surprise was substantial (Chart 1). The biggest misses in the sectoral data – relative to our expectations – were in Construction (which fell 5.2%qoq (not annualised) in Q2) and Transport and Communication (which fell 1.4%qoq; Table 1).


2. The ONS suggests that today’s Preliminary Estimate is subject to “greater uncertainty than usual” because of the additional Jubilee holiday and the effect of unusually bad weather in the quarter (it was the wettest second quarter in the UK since records began in 1910). The 'usual' uncertainty surrounding the ONS’s early GDP estimates is already pretty substantial: in the 10 years to 2010—the latest year for which fully-reconciled data are available—the average revision to the first release has been +0.1%qoq (+0.4%qoq annl.) and the average absolute revision has been +/-0.43%qoq (+/-1.8%qoq annl.). There have been seven quarters in the past 10 years (i.e., 18% of the time) when the revision to the original Preliminary GDP estimate has been 0.7ppt or larger. The largest revisions to GDP data typically occur 2/3 years after the initial release.


3. It is difficult to reconcile the weakness of today’s official GDP data with any other indicator of economic or labour market activity. Employment rose by 182k (or +0.6%) in the three months to May, unemployment fell from 8.3% to 8.1%, and private sector surveys – such as the PMIs – were consistent with GDP growth of around 1.0%-1.5%qoq annualised. Our UK Current Activity Indicator (CAI) – which is designed to distil information from a wide range of activity indicators and is distorted to a lesser extent by the additional holiday than the official data – has been consistent with GDP growth of around 1.0%-1.5%qoq annualised (Chart 2). In our view, the UK economy is sluggish, but it is not in recession.


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Wed, 07/25/2012 - 06:37 | 2648302 gojam
gojam's picture

More QE on it's way.

Wed, 07/25/2012 - 07:54 | 2648407 EconSammie
EconSammie's picture

The trouble is that all this QE hasn't done any good as pointed out below.

Regular readers will be aware that I am a critic of all the monetary expansion and never expected it to work. But nonetheless we are getting more of it- another £1 billion of Gilt purchases by the Bank of England today alone- as the Bank of England ploughs ahead regardless. We are also getting more and more hints that they are thinking of further base rate cuts. This seems to ignore the obvious fact that if you cut by 4.5% (from 5% to 0.5%) and it does not work what is the likelihood of another 0.25% or 0.5% working?
Actually I have been surprised that the Monetary Policy Committee hasn’t reduced base rates further. The more cynical amongst you might attribute this to the fact that the Bank of England makes a theoretical profit via the fact that it charges for the money for Quantitative Easing at the base rate! So whats 0.5% of £334 billion annualised?

And I notice the author has the courage to call it what it is, an economic depression.

Wed, 07/25/2012 - 08:33 | 2648497 economics9698
economics9698's picture

Printing, allowing the elites to outbid the peasants for goods and services for over 200 years during the worst of times.

Wed, 07/25/2012 - 09:25 | 2648798 mspgrandi
mspgrandi's picture

I do not understand ZH. what is the website agenda? is any bad news to be cheered upon?

So on one side you criticse the PIIGS adn the US govt for spending above their limits... adn on the other side you critcise UK govt. for bringing austerity and try live within our means.


the Numbers arent pretty, but if we sort our finances now we will bein a much better place thna many other countries in 3 years time.


Finally can you pls provide me some light on the positions you all have ?  am pretty sure your equities shorts and PM  longs are doing really well in the last 18 months

Wed, 07/25/2012 - 11:21 | 2649438 EmileLargo
EmileLargo's picture

"Austerity" in the UK? What planet are you living on?

Wed, 07/25/2012 - 08:18 | 2648457 kralizec
kralizec's picture

Everybody's printing now
Come on get those presses churning now
Go on a money-printing spree with me!


Wed, 07/25/2012 - 08:34 | 2648509 economics9698
economics9698's picture

Yes they are.

Wed, 07/25/2012 - 08:34 | 2648510 Muddy1
Muddy1's picture

Go long on paper, ink, assorted other printing supplies.

Wed, 07/25/2012 - 08:26 | 2648474 timbo_em
timbo_em's picture

QE is surely on its way. But I don't think that it's going to be that old-fashioned QE where the BoE buys government bonds. I think buying FTSE etfs is next on their agenda to save the Kingdom.

Wed, 07/25/2012 - 06:38 | 2648303 valley chick
valley chick's picture

and how is this bullish??? all i see is the futures green...oh..thats right...bad is good?

Wed, 07/25/2012 - 06:40 | 2648307 doomandbloom
doomandbloom's picture

Olympics will solve all problems....

Wed, 07/25/2012 - 06:47 | 2648318 TrainWreck1
TrainWreck1's picture


Bullish on World harmony

Wed, 07/25/2012 - 06:52 | 2648320 HungrySeagull
HungrySeagull's picture

They left out Condoms.

Wed, 07/25/2012 - 06:43 | 2648312 1fortheroad
1fortheroad's picture

Well that explains the 100 pip rip on the eur/usd

Wed, 07/25/2012 - 06:44 | 2648313 negative rates
negative rates's picture

I stayed up all night once cementing in my double dips.

Wed, 07/25/2012 - 08:33 | 2648503 jez
jez's picture

Ouch. I've never done that.

I did laugh all the way to the bank once. Just to see if I could. God, my jaw was aching by the time I got there.

Wed, 07/25/2012 - 06:44 | 2648315 Coffin Dodger
Coffin Dodger's picture

I live in London and most people I know realise that something is terribly wrong with the system, but it's difficult to get people to think about it when the government continues using centuries old policies and the mass media are shit-scared to rock the boat.

I think we've reached the point where only major social discourse or a generalised collapse will focus the populations attention on the radical adjustments we all need to make to our lives.

Wed, 07/25/2012 - 06:52 | 2648322 BandGap
BandGap's picture

It is slowly becoming that way here in the states so I think it is a common psychological response to what we are experiencing. I almost feel sorry for those who appear catatonic in the face of the inevitable.

The rub here is that the governments DO see what is happening and ARE bracing for what they believe is the proper response to what has to happen. When this much angst and insecurity is just below the surface it will be manifested in a monumental fashion when the bubble does burst. Many are waiting for this event, big or small, that will push the masses past the breaking point.

Something at the Olympics, perhaps?

Wed, 07/25/2012 - 08:29 | 2648487 economics9698
economics9698's picture

Coffin if you want a good economy you have to understand sound money and unsound money.  There is  a book written by Salerno that explains it.

Basically England, America China, Japan, need to go back to 100% reserve banking with gold or silver. 

England and America need to stop the extinction of the native race by importing the rest of the third world into their country.

Wed, 07/25/2012 - 07:09 | 2648337 EscapeKey
EscapeKey's picture

I'm down in Surrey, and you get two types here;

There's the type who stays militantly ignorant, and any attempt to point out the dire state leads to some suggestion that "you're always negative".

Then there's the alert type, who generally knows something bad is happening, but doesn't understand how one should prepare accordingly.

I've got 3 months worth of food stocked up, 3 currencies, and precious metals. My girlfriend thinks we should get seeds, etc, but what's really the use if we reach a worst-case scenario? Your self-supply will be raided by hungry neighbours in no time.

Wed, 07/25/2012 - 07:11 | 2648343 fonzannoon
fonzannoon's picture

I am in the Northeast US and I would say out of every ten people I speak to I get ten similar responses: "you're always negative"

Wed, 07/25/2012 - 07:16 | 2648352 ParkAveFlasher
ParkAveFlasher's picture

I'm in NYC, even the whole "don't be negative" is getting old.  People are starting to follow the "prime defectors".

Wed, 07/25/2012 - 07:54 | 2648406 sessinpo
sessinpo's picture

Society has been conditioned to believe that things will always work out (i.e. the government will intervene and fix things). That has been the conditioning for about 100 years. They know nothing else. Most can't comprehend another economic depression. After all, we are so technologically advanced and smart now. That type of hubris is what will get many killed.

Wed, 07/25/2012 - 13:00 | 2649861 Totentänzerlied
Totentänzerlied's picture

Intentional conditioning is not even required. Living in a human society, really any human society, provides all the conditioning necessary for this super-bias to take hold.

“Everything's fine today, that is our illusion.”


Wed, 07/25/2012 - 07:15 | 2648350 BandGap
BandGap's picture

I have stopped talking to certain people, it is of no use. Funny, but the surreal disregard has nothing to do with education or position in life. But I do find people who are more liberal leaning to be the most likely to be turning a blind eye. I have a circle of friends who understand.

Water is more importatnt than food at this point.

Wed, 07/25/2012 - 07:24 | 2648361 EscapeKey
EscapeKey's picture

If there's one thing I don't worry about in the UK, it's water!

Sheesh, with the exception of the past few days, it's been raining every day since... what, 1993?


Wed, 07/25/2012 - 08:01 | 2648425 Coffin Dodger
Coffin Dodger's picture

...except that our ability to capture and store that water is so shit, our infrastructure so strained at the seams, that until the last deluge we were in a fucking drought! A drought! In the UK!

Wed, 07/25/2012 - 07:51 | 2648400 Inthemix96
Inthemix96's picture

Escape key.

I'm above you in Northumberland, and you're words here resonate with what I have found, I am always the negative one, always getting it in the neck because others choose not to see>  Sick of it mate, I have tried, even my own family including my own bloody brothers think I am mad as a march hare???

I will do what I can though, when I can, wish you luck in the future mate......

Wed, 07/25/2012 - 07:54 | 2648405 Coffin Dodger
Coffin Dodger's picture

I agree with your gf, get the means to produce in the event of empty supermarket shelves. Also, sharing your seeds with hungry neighbours will make life a lot more tolerable. It won't be a case of 'what's mine is mine' any more, we'll have entered a whole new paradigm of 'working together to survive makes bloody good sense'. It's actually the way that the majority of the third world works.

I have a vague hope that when the new leaders emerge they will be honest with us and have a clear vision of what needs to be done. We badly need some people in power to trust/respect that sound credible and that we can agree with.

Wed, 07/25/2012 - 09:48 | 2648526 LULZBank
LULZBank's picture


I have a vague hope that when the new leaders emerge they will be honest with us and have a clear vision of what needs to be done.

In a nutshell, whats wrong with us humans. We cant be bothered except to hope that someone will come along and give us what we deserve. And they actually do.

Wed, 07/25/2012 - 08:05 | 2648433 negative rates
negative rates's picture

I have an extra 3 months worth of fire wood for sale, should you need it to go with your food.

Wed, 07/25/2012 - 07:10 | 2648340 LawsofPhysics
LawsofPhysics's picture

Sadly, you are probably correct. Supply lines will break first as contracts are broken and essential items become harder to find and more expensive. Even then the sheeple might not wake up.

Wed, 07/25/2012 - 13:31 | 2649964 Totentänzerlied
Totentänzerlied's picture

Bullish for New Deal 2.0, now with much more redistribution to far fewer beneficiaries. American feudalism? There's an app for that.

They will demand the government use all necessary means to "do something". It will be the neo-Keynesian's finest hour.

Wed, 07/25/2012 - 07:50 | 2648396 _underscore
_underscore's picture

I'm not sure why there is such a fuss made about this. The 'West' (i.e. primarily US,UK,EUR, CAN, AUS etc.) have been living high on the hog to the detriment/cost of the rest of the planet for several hundred years - based on exploitation of cheap labour & natural resources.  Simple fact is for the past 20-30 years we've financed this by borrowing (since the rest of the world woke up & started making their own stuff &selling natural resources at a better price) but this is coming to an end. What we're seeing isn't an aberration of 'failure of policy' of some kind, it's no-one's fault really (bar maybe locally, in some instances, but not at the macro/societal level) - just the new reality.

 Whether in one quarter or another we build more houses or do each others hair more often or buy more plastic garden furniture makes not a jot of difference to our overall real wealth or real inflation-adjusted GDP.

My guess is that falling living standards will be masked by nominal improvements in an inflating currency, even though our own eyes will tell us differently. For Indians/Chinese/Africans/whomever  to get richer, we have to get poorer, there's just not enough cheap natural resource to go around anymore. The old nostrums & Keynesian 'remedies' of fiscal/monetary adjustments just won't work without (the implied) unlimited cheap power/oil/raw materials.

Get used to it - protect what wealth you can by becoming as a-fiat (i.e. PM rich) as possible, cut down your external dependencies as much as possible, store useful stuff, eat less meat, grow more veg.



Wed, 07/25/2012 - 08:03 | 2648427 overmedicatedun...
overmedicatedundersexed's picture

underscore: wrong about so much, sooo wrong you must read al gore..but right about protecting wealth, no one is always wrong (excpt krugman), so one out of ten is the way most over educated (brain washed) score. sorry most of your post is on par with save the polar bears from sun burn.

Wed, 07/25/2012 - 08:16 | 2648453 _underscore
_underscore's picture

Well, OMUS, if you care to post any sort of cohesive point(s) / rebuttals, rather than simple nay-saying, I'll gladly respond.  

Wed, 07/25/2012 - 09:48 | 2648928 blunderdog
blunderdog's picture

(Psst: dude hasn't gotten a leg over in years.  He's grouchy.)

Wed, 07/25/2012 - 09:42 | 2648891 blunderdog
blunderdog's picture

Yeah, that's about right, but the standard of living doesn't HAVE to drop to Third-World levels--we could preserve living standards and still reduce resource footprint and cost of living by improving efficiency.

In the US, efficiency improvements have been made, but it's always only by people being dragged kicking and screaming into it.  No one's ever tried to articulate a coherent vision of how a less resource-intensive society could remain comfortable and luxurious.  Or if they have, they've been drowned out by the dead-enders who can't tolerate listening to anyone talk about change.

Wed, 07/25/2012 - 10:19 | 2649064 _underscore
_underscore's picture

Yes Bd - agree entirely in the greater efficiency argument. On a  trip  to Phoenix, Arizona (in summer 2000, so things may have changed now) I was struck by by the constant background noise of flat-roof mounted house aircon systems - I wondered why more solar panels weren't used (in fact, I wasn't aware of any..) in the almost guaranteed sunshine for that part of the year. The great advantage I see the 'West' as having, is a mostly-built infrastructure with a more or less efficient housing stock. One thing that did impress in the USA was the quality & robustness of the engineering in 2000 - things looked built to last (much like H-D motorcycles) & I thought of the low cradle-to-grave eco-footprint well built things make.  I personally eschew any Chinese built crap - difficult sometimes, but if you search you can find quality alternatives if you look (c.f. the old Jewish proverb, 'you buy cheap you buy twice').

I personally estimate I can reduce my (new) resource requirement by 30-40% without feeling particularly hard done by (i.e. subjectively living at the same standard as before) by careful thought & forward planning.

One trivial (though telling) anecdote - my niece, who pleads constant poverty, has a house filled with plastic toys (probably produced in China for pennies..) that each cost more than their weekly food costs - yes, they eat cheap high fat/sugar crap because "'s so expensive..", and probably develop insipient heart disease in the process. It's a crazy, damaging & wasteful mis-allocation of resource & commonsense.


Wed, 07/25/2012 - 11:08 | 2649389 blunderdog
blunderdog's picture

Air conditioning is truly a perfect example of something which can be improved dramatically.  You can easily power a swamp-cooler with solar-panels, and running one in parallel with other systems would make a huge difference.  Similar things can be done with water heating. 

Wed, 07/25/2012 - 08:51 | 2648572 jez
jez's picture

Yeah. Another contributing factor (amongst many) may be that there aren't many people around any more who can remember what life was like during the Great Depression.


Time passes, lessons are forgotten, succeeding generations grow up ignorant and overconfident. It is assumed that tomorrow will be much like today.

Wed, 07/25/2012 - 06:51 | 2648321 marz929
marz929's picture


Wed, 07/25/2012 - 06:55 | 2648328 CunnyFunt
CunnyFunt's picture

He's in his bunker, counting his gold eagles and cleaning his rifles.

Wed, 07/25/2012 - 07:56 | 2648409 sessinpo
sessinpo's picture

Counting money, yes. Cleaning rifles, I doubt he even knows how, much less shoot one. He would make great cannon fodder.

Wed, 07/25/2012 - 06:53 | 2648323 Freebird
Freebird's picture

Just sit back & have a nice cup of tea.

Wed, 07/25/2012 - 06:55 | 2648327 Byte Me
Byte Me's picture

Don't worry, "Big Society" will save the day for Camerosbourne.

Personally, I always thought much more of one of his predecessor's  "Cones Hotline" as a policy tool.

Wed, 07/25/2012 - 07:00 | 2648332 aleph0
aleph0's picture



Exactly as I was expecting :

CB manipulation ... the GBP is too strong , so they bring out some bad news.

It's all about the "Central Planned" Fiat Economy  ... keeping them (EUR) on a paar that doesn't cause panic.


Wed, 07/25/2012 - 07:08 | 2648336 New_Meat
New_Meat's picture

"... it got it this morning after preliminary Q2 GDP printed 0.7% on expectations of a -0.2% decline,..."

... er ... is that a -0.7%?

- Ned

Wed, 07/25/2012 - 07:08 | 2648338 koaj
koaj's picture

come on fans of Man U. break some windows!!! you guys need some GDP growth

Wed, 07/25/2012 - 07:10 | 2648341 giggler123
giggler123's picture

The next announcement will be a forced merger of the UK into the euro, dumping sterling - perhaps not next but its on the cards for sure.  They cannot obtain their new world order objective unless all members join.


It's obvious from reading blogs and web news that the UK would have been part of the euro back when it started; it's just the likes of goldman couldn't hide our dwarfing debt ponzi like they did for poor little greece and meet individual member state entry requirements.  They'd of had to publish detailed information about the UK's real debt burden + shadow banking that would of been met with laughter.


People talk of double dip but I can only speak of on the ground and the picture from that I've seen is that we never left the first recession, just another game of smoke and mirrors, my next door neighbour, a builder has had little to no work for 2years and has moved a lot of his belongings to Spain to sit it out; his wife lost her job a year ago, thankfully now employed and myself out of work for a half a year.  Wages have not increased, 8years I earned the same daily rate, accept now it doesn't buy as much.


Speak to most common folk on the frontline of life and I'm pretty sure they'll echo the same words, but ask MSM to comment or a politician and they'll say there are green shoots everywhere, probably mentioning the olympics, along with how much business it will create.

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Wed, 07/25/2012 - 07:26 | 2648358 IToldYouSo
IToldYouSo's picture

Ingenious yet strangely very annoying at the same time.

You clearly got ZH mixed up with ebay - easy mistake for a moron I suppose

now fuck off you freek

Wed, 07/25/2012 - 07:12 | 2648346 Inthemix96
Inthemix96's picture

Hello peeps, I am up here in the north of UK, and let me give you my two cents.

Gideon Osbourne is gonna fix this fucked country?  Erm message to osbourne, camerlot, clegg, cable and the rest of the fucking inbred cabale.

No you are fucking not gonna fix any problems here boys, you lot are far too inbred to be able to think for yourselves never mind a whole country, now fuck off I have had enough of this shit storm of a game, I want out.

Wed, 07/25/2012 - 07:23 | 2648359 It is a bargin ...
It is a bargin my friend's picture

You sound like the kind of chap who would appreicate this guy

Wed, 07/25/2012 - 07:34 | 2648376 sudzee
sudzee's picture

I think this chap should just let it all out.

Wed, 07/25/2012 - 07:35 | 2648379 Inthemix96
Inthemix96's picture

Nice one mate, hehehehe, never seen that boyo before........

I thought he was going to explode there!!!!!


Wed, 07/25/2012 - 08:40 | 2648527 i-dog
i-dog's picture

I surely do!

" ... get a fucking funnel and stuff fucking chocolate and fizzy drinks into your fat fucking kids!"

ROFL ... Says it all!

Wed, 07/25/2012 - 07:32 | 2648367 LULZBank
LULZBank's picture

Only for you my friend :)

An excellent rant from a comment in the Telegraph (NOT mine) and I dont think anyone can beat it!!!


Well the last two years have gone well. Probably the weather and  Royals fault.

The Big Fat Lie.

“The essential English leadership secret does not depend on particular intelligence. Rather, it depends on a remarkably stupid thick-headedness. The English follow the principle that when one lies, one should lie big, and stick to it. They keep up their lies, even at the risk of looking ridiculous.? Joseph Goebbels, 12 January 1941.”

It was not the picking of your pocket at the petrol pumps, or the deluge of Diamond’s created by the systemic manipulation of interest rates to rob your mortgage; nor was it the banks and their casino business practices paid for by borrowing other people’s pensions.

It is not the idle undeserving rich who own 90% of the wealth despite only paying a fraction in taxes if any at all. Its not the PFI goldmine that changes your PAYE wage deductions into profits for people who don’t pay taxes at all. Its not all our politicians who were bought by big business years ago and deregulated, privitised, asset stripped and privitised public profit with one hand while socialising private loss with the other. Its not the closing of factories and movement of jobs to prisoners on £7 a week that is so good for shareholder value. Neither is it their cheerleading championing of the gambling addicted banks. Its not the media’s corruption and obsequious brown-nosing of their neo-liberal masters, nor their rapacious pursuit of the poor, downtrodden, disabled, the Dowler’s or a derelict dunderclass.

No the Big Fat Lie is that it was YOUR fault people. You are lazy, addicted to welfare, demotivated to take up the hundreds of thousands of full-time high paying jobs that employers have to offer. Its often the immigrants fault because they are easy to spot on the whole and even easier to scapegoat as 20th century history warns us. The fact that patriotic knight-hooded business is systemically driven to cut costs and that makes immigrants cheaper than you is ignored (as is the link between cheap labour in our prisons and youth unemployment). No, you would be cheering their good economic sense if you were a shareholder.

However, if you are in work, caught in the poverty trap of low pay and reducing housing benefit, making the rational economic decision that you are better off on benefits, it is a scar on YOUR soul not a shaming testament to the poverty wages paid by your non-dom boss.

What is more too much red tape and health and safety rules are preventing our glorious ascension into neo-liberalhood. We don’t need rules! Look how the lack of rules have empowered our papers to spy on you and have allowed our banks and financial services to use Adam Smith’s invisible dead hand to pick your pocket. No Rules for Business!

No people the Big Fat Lie is that it is you are ENTIRELY at fault little people. Your benefits are far too high, we need to drive them down to third world levels to make you competitive in the global market place. Also you voted for - insert party you hate here - and they have destroyed our economy with their - insert your very own cretinus world view here. Blame the other side when all are culpable.

Not only that, it is Europe that has beggared us as the French were personally responsible for Lehman Brothers and Bear Sterns. The fact that the German and Scandinavian generous welfare model has not stopped them from becoming the richest countries in Europe is hushed and shushed; it will never work here! What about foreign aid? Well, it does costs a fortune to sell all those arms to dictatorships not to mention the UK aid to the USA via Trident; the Americans want top dollar for those missiles. £130,000,000,000 is on the table; but at least we have saved £2.50 on the Red Button - that’s still in Washington.

And what about the disabled’s unreasonable demands to have access to a job like at Remploy? They need a dose of cold reality to teach them a lesson for their tax draining ways; after all there is plenty of water in drought burdened Britain to put them out when they set themselves alight outside of the Jobcentre. Yes little people, it is your fault and your unreasonable demands for some crumbs from the rich man’s table; now you must pay with your pensions, services, jobs, wages, hospitals and - now that we can read every email/bog/post/text/telephone call - your hard won freedoms too.

No their truth is that we need to funnel even more money from the bottom to the top to pay bankrupt Zombie banks billions in UNSECURED loans so they can stagger on until they have eaten your grandchildren’s pensions too. To achieve this we need to stop the poor from going to university or receiving training (EMA). We need to make the disabled compete “on a level playing field” in the job market, scrap funding for libraries and council run crèches. Stop the unemployed and 8 out of 10 housing benefit receivers who are in employment from living in social housing, push them into the landlord’s greedy hands rather than capping the inflated “what the market will bear” rents. Once upon-a-time if you were looking for work you got on your bike until you found some, now you have to work for your dole and sleep under a bridge.

We have our Trident at least with all those weapons pointing at and protecting us from umm? Erm? Err? What’s more our military industrial complex needs your taxes to invade foreigners and stealth bomb them from the Medieval back into the Neolithic. We have been at war forever it seems. War on communists, war on the Vikings over some Cod, war on drugs, war on Argentineans, War with Serbs, war with Iraq, Libya, Afghanistan (again), war on terrorists, war on wedding parties for some reason; and more to come because the poisoned wells of the

Holy Land are still thirsty for more blood for their oil. Welfare is too expensive! But death from above is not cheap either. Still its so far away we can forget about it can we not? 10 years in Afghanistan. No more public funerals, just shuffle the fallen off to their (soon to be private PFI) scrounging council subsidised resting places.

And what about those scrounging public sector workers with their gold-plated pensions? Retired Dinner Ladies striding the earth like titans; there coffers creating a cacophony of clinking cash. Care assistants retiring to the South of Italy to live la dolce vita. Ambulance drivers downsizing to Devon to open a cheese farm. Don’t forget to spit in their faces and tell them how they have ruined Britannia as the Paramedic scrapes you off the pavement; the surgeon who saves your life, the nurse who knows your needs, who mops your brow. Tell them you want to go private. And if BUPA don’t do an ambulance, make sure a clause is put into your will saying all mourners must slag off the bejewelled, gilded gravediggers as they lower you into the deep cool earth. No little people! Close those newly bankrupt hospitals, make expensive teachers redundant, pay for a two week elite sport money pit to keep the rich entertained as they have all the VIP seats and VIP roads to get to them quickly - you can always watch among the dog turds in the park.

So, why do they lie? Because the problem is not us its the systemic failure of capitalism. Because it is based on greed and exploitation. Because they know the price of everything and the value of nothing. Because they are a class of rich expensively  educated out of touch toffs who profess to be sympathetic to ordinary people but nurse a deep antipathy to anyone who dare question their self serving oligarchy. Actually they are afraid that we will wake up and flex our democratic rights and vote them all into oblivion. So afraid they want to read every Tweet, email, blog, telephone and anything else they can get their hands on and jail you for a bad airport joke. If you steal a bottle of water its HMP Scumsink (sponsored by G4S) if you rob millions it’s a knighthood and a place in the Royal Box at the Olympics.

So little people, don't be old, don't be ill, don't be a reader, don't be unemployed, don't aspire to improve yourself physically and mentally, don't live in your own place, don’t send your kids to a comprehensive in fact don't have kids - especially disabled kids - as you can't afford them under the Condems. Do go to public school, do use off-shore accounts to defraud your neighbors, do clear the streets of scum in London so you can get to the Olympic stadium quicker, do buy private medicine, do blame Europe, immigrants, Labour, lefties, the unions and scrounging feral council house skanks. Its their fault that we lost the money, yes its their fault that we lost the money; yes definitely, unquestionably, its YOUR fault people that we lost all the money. Thus goes the numbskull doublethink chant from the dumbskull tongues of our media and political masters.

Why do our politicians and media have no answers? Where is the dissent? The dialectical argument? The counter point in the press? The equitable exchange of ideas for improvement?

No. None of that please. Shut up at the back!


They are struck blind; reduced to repeating and rehearsing old lies to themselves in the dark; drunk on the delightful dull-dazzel of their own devious, demonic, diatribe. Their mouths are so stuffed with neo-liberal gold that they are speechless; dumb; duped and deranged. When they do manage to spit and curse at us for our spendthrift, wasteful ways, all they have to offer is lies, lies, self serving lies…..


·  The poor have sometimes objected to being
governed badly. The rich have always objected to being governed at all.”
– G. K. Chesterton (1874-1936)


·  ”Real rich people figure out how to dodge taxes.”
George W. Bush, 2004

·  ”We don’t pay taxes. Only the little
people pay taxes”
Cuba grew by 2.1%Leona Helmsley, property heiress

Wed, 07/25/2012 - 07:43 | 2648389 Inthemix96
Inthemix96's picture

Cheers LULZ my good man,

That was fucking epic mate, there is no way on gods earth that could be said any better.

To the author of that rant +1 mate, mixy agrees 100%

Wed, 07/25/2012 - 08:11 | 2648442 konputa
konputa's picture

Fantastic rant! Thanks for sharing. I feel motivated to go outside and yell at people now.

Wed, 07/25/2012 - 09:11 | 2648661 i-dog
i-dog's picture

Grrrrrrr ... disgusting, divisive, NWO propaganda!

Fuck, people are dumb. I don't even know where to I won't. Junk away, whiners!!!

Get off your fucking knees and start making your own changes in your own life!!

Wed, 07/25/2012 - 09:52 | 2648952 LULZBank
LULZBank's picture

There's a difference between a rant and whining. Rants have entertainment value and whinings even more so if you're a sociopath! lol

Wed, 07/25/2012 - 07:14 | 2648348 overmedicatedun...
overmedicatedundersexed's picture

one more economy down the shitter, no one could of seen this coming, no one.

the solution: bigger bailouts for BK banks that's the ticket!

IN the USA..the gov is just buying more Ammo, millions of case the sheep get restless.

Wed, 07/25/2012 - 07:34 | 2648375 TrainWreck1
TrainWreck1's picture

us gov is rushing drones into service (30,000 of em) - sure as hell not to watch the border.

Plus the pilots are a lot easier to control when they are lined up at flight consoles in a military base.

All governments at this point are obsessed with COOP & COG (continuity of operations and continuity of government). In short, they realize things are a mess, they are feathering their nests at the expense of everyone and everything else. No rules anymore (do you see Corzine in jail? ha!)

The UK is even more paranoid. A chicken in every pot and two cameras in every flat.

How any country can prosper under such relentless 'watchfulness' is mystifying.


Wed, 07/25/2012 - 07:52 | 2648402 ghenny
ghenny's picture

Lets cut the hyperbole please.  Just because the stats are showing a less than 1% drop in UK GDP is no reason to call it a disaster.  First the stats are probably wrong and will be revised up.  Second, less than 1% drop hardly seems worrying about.  Its a drop in the Ocean.  Lets grow up and act like our parents rather than our kids.   They had much worse things to worry about such as a depression and a world war.  

Wed, 07/25/2012 - 08:21 | 2648463 Paul Atreides
Paul Atreides's picture

How's that normalcy bias working for ya? Most of Europe is in a depression and world war but a match strike away.

Wed, 07/25/2012 - 12:24 | 2649730 Sandmann
Sandmann's picture

£1,500,000,000 * 0.7%  = £10,500,000  or  £10.5 billion which is equal to all Alcohol Duties collected in UK annually - and around 40% Council Tax revenues.


For ghenny this hardly seems worrying about  which suggests he is a Banker  - Innumerate and Careless with OPM

Wed, 07/25/2012 - 07:31 | 2648371 Sandmann
Sandmann's picture

Living through this mess is increasingly stressful and frustrating in that it was all so predictable. Osborne has sunk the ship and has no idea how he did it. It is the more stressful the farther you are from London and its Bubble Economy to see empty shops, abandoned factories, de-stocking in retailers and lots of males wandering about all day. Having seen this in the 1980s it seems as if there is a Secular Cycle of Decline punctuated by Credit Binges and with the huge load of extra passengers imported into Britain over the past decade - and continuing - it is hard to feel sanguine when you are packed like sardines in highly congested urban areas.

For some reason this country prefers to elect Plastic Politicians with androgynous features rather than MEN with Experience and Backbone


Wed, 07/25/2012 - 08:20 | 2648459 orangegeek
orangegeek's picture

More devastating news.   And the FTSE is up this morning.  Go FTSE!!!

Wed, 07/25/2012 - 08:25 | 2648469 FiatFapper
FiatFapper's picture

The solution is oh so simple:


  1. Impose Glass-Steagull with immediate effect
  2. Give FSA judicial power and access to a database that logs all bank trasactions. Prefix every transaction with either 'R' for retail (Grandma Smith paid £50 into her grandsons account) or 'I' for investement.
  3. Make it illegal for all banks to charge any interest, instead they're only allowed to charge 5% admin fee on loans.
  4. Cull all central banks and give financial authroty to g'ment, whom atleast have a pretese of accountability with the illusion of elections.

I'm a lamen, but their fiat fraud is fast becoming exposed.

Wed, 07/25/2012 - 08:26 | 2648475 citrine
citrine's picture


Isn't it negative 0.7% print?

Wed, 07/25/2012 - 08:43 | 2648546 onebir
onebir's picture

On math strong young Tylwalker may be. On proofreading the Force with young Tylwalker sometimes is not.

Wed, 07/25/2012 - 08:31 | 2648494 terryfuckwit
terryfuckwit's picture

My friends and associates in MI6 tell me the security spooks are all over the big banks like a rash. Deals are already being done to take illgotten gains back from the swiss banks and various offshore entities. Thousands of arrests are being planned as we speak agreed and sanctioned with obama and other european leaders. Harfdly a day will pass next year without a high profile arrest on TV. Many of the Ponzi's higher echelons believe they are picking the scapegoats and will only find themelves dragged in eventually.

David Csmeron has apparently let it be known ... the middle class must no longer be bled to death in providing for the 1% whilst also paying for the safety net for the poor. The security services will act for the people that pay their wages not those that steal their wages and hide it in swiss banks.

Such is the severity of the coming crackdown..the gold price will plummet.. as our politicians and security services rapidly bring faith back to the fiat currencies..

You simply couldn't make this shit up.. but I just did...put that in your pipe and smoke it!!

Wed, 07/25/2012 - 09:05 | 2648656 onebir
onebir's picture

Notice the big -ve quarterly contributions to GDP were in transport and construction (and to a lesser extent agriculture). All these are pretty seasonal. This could largely reflect an unwind of a Q1 boost from warmer than usual weather...

This would still mean 2 quarters of underlying -ve growth though.

Interested parties should also check the NIESR monthly GDP estimates for Q2. (I would if I gave a shit.)

Wed, 07/25/2012 - 09:20 | 2648774 Flakmeister
Flakmeister's picture


small typo in the article, it should read -0.7%  

Would not point it out but it is central to the article...

Wed, 07/25/2012 - 09:24 | 2648794 mspgrandi
mspgrandi's picture

I do not understand ZH. what is the website agenda? is any bad news to be cheered upon?

So on one side you criticse the PIIGS adn the US govt for spending above their limits... adn on the other side you critcise UK govt. for bringing austerity and try live within our means.


the Numbers arent pretty, but if we sort our finances now we will bein a much better place thna many other countries in 3 years time.


Finally can you pls provide me some light on the positions you all have ?  am pretty sure your equities shorts and PM  longs are doing really well in the last 18 months

Wed, 07/25/2012 - 09:44 | 2648874 terryfuckwit
terryfuckwit's picture

Metal precious white or yellow..physical only, paper promises are exactly that "paper promises" and look at the last 10 years history for validation.

All banks, politicians, accountants and corporates are lying bastards..

I hope Tyler doesn't mind me speaking for us all in this respect...

Wed, 07/25/2012 - 10:35 | 2649191 _underscore
_underscore's picture

I think you're missing something msp.  Even though there is austerity, borrowing is still increasing & (nominal) GDP is still going down - GO/DC by their own words & forecasts, foretold that private enterprise would have revved-up by now & would mop up the unemployed & GDP would be increasing - wrong, wrong & wrong.

 The Keynesian levers don't respond, nor does the cat-o-nine-tails (austerity) approach stimulate an economy based on fear of unemployment & over personal indebtness.

Wed, 07/25/2012 - 09:59 | 2648985 EmileLargo
EmileLargo's picture

The intellectual heart of Keynesianism is completely fucked. That will not, of course, do anything to discredit Keynes. The theories will live on like witchcraft still survives in large parts of the world. Human irrationality is hard to eradicate even after national bankruptcy and total financial ruin.

Wed, 07/25/2012 - 13:54 | 2650030 Totentänzerlied
Totentänzerlied's picture

Germany in the 20th and 21st centuries is a shining example of 'fool me again and again and again and again'. Greece too. Oh and Spain.

Wed, 07/25/2012 - 10:29 | 2649152 memyselfiu
memyselfiu's picture

extinction of the native race? Haven't they all been shunted into reserves by now? Oh wait, you mean the WHITE race.....and you're right, the islanders should have driven the romans off the island centuries ago

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