UK Vs France: You Decide Who Is Worse

Tyler Durden's picture

The latest scandalous childish spat in Europe is not between some hardcore religious fanatics in the former Yugoslavia, but between the two countries that traditionally (at least in post-war Europe) have been at the forefront of sense and stability: France and the UK, where things got out of joint after David Cameron vetoed the recent G-27 attempt to bailout French and German banks on the taxpayer's dime, quickly followed up by a media war, and culminating with the idiotic announcement by Bank of France head Christian Noyer who said it is not France who has to be downgraded, but the UK. For our thoughts on this ridiculous statement, which merely confirms how clueless Europe currently is, see here. We will say no more about who is more hopeless between the two - it is pretty clear that in a global coordinated ponzi, everyone is only as strong as the weakest link, especially among the AAA-club: the fact that a central bank head does not, is grounds for great concern... so instead we will leave it up to our readers. Below, courtesy of Reuters, we present a tableau of the key economic dataseries for the two countries, and benchmarked against Europe's strongest economy: Germany. So is Cameron right in saying he is protecting the UK taxpayers by keeping them isolated from the European maelstrom, or is Noyer correct when he says that the UK is far worse off? Readers decide.

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hedgeless_horseman's picture



Where the food is ugly and the women taste badly.

Manthong's picture

OT but interesting:

CNBC: Gold Sheds 'Can't Lose' Status: Now, No One Wants It
That’s the word from the mainstream so it must be true.

Reptil's picture

Excellent. My truck will be backing up in januari. Please keep up the efforts and continue the fairy tale please?

Really... I'm all for correct information, but if people still believe this shit, they WANT to believe it.

Financial death becomes then financial suïcide. Not my problem.

trav7777's picture

well, shit that didn't take long.  So the shoeshine boy is gonna say sell gold now?

Problem Is's picture

Jamie & Lloyd: Amerika's Shoeshine Boys

If it wasn't for fraud and theft as Wall Street's business model... Jamie 'n Lloyd would be shining shoes...

Gimme a shine, Jamie...

sqz's picture

Both UK and France will be downgraded, though for very different reasons. It is also irrelevant, at least in the case of the UK, until after Eurozone breakup and the short/medium-term consequences!

BigJim's picture

I was under the impression (too drunk to look it up now) that the UK's debt is of much longer maturity... that must count for something.

It's having to roll over the short-duration debt that's crushing the PIIGS, is it not?

Mr Shush's picture

The longer maturity on UK debt is a factor, but I would say it's less important than the demonstrated willingness of the BoE to print, print, print, as compared to the ECB's reluctance. The weakness of the UK position will manifest itself in high inflation, not a default, and that's beyond the remit of the ratings agencies, who explicitly judge only the likelihood of a "credit event".

Between the devil and the deep blue sea, it may be best to stick with Norway.

pine_marten's picture

Time will tell.  Gold at 700 is a possibility.  Lots of real wealth lost in that event. 

He_Who Carried The Sun's picture



Ze Celts, William ze Conquerer and ze Anglos and ze Saxons had it all wrong.
They should've stayed away from Barbaria!

Non Passaran's picture

IMHO it is unlikely that we'll see serious shortage of money as long as socialist Euro-democracies exist.. I remain long PMs and miners, in fact I added to my positions 2 days ago.
I expect some kind of QE in the US by end of January.

Pegasus Muse's picture

Hhmm.  Wonder if their stats are any less manipulated than ours?

He_Who Carried The Sun's picture



Desolee monsieur Cameron, mister Noyer is right.

Osborne 0 : 1 Noyer

King_of_simpletons's picture

So this is what we have become asking ourselves "whose shit smells better".  All of us are swimming in shit. Relax and enjoy the implosion whereever you are.

RMolineaux's picture

Goldman did the biggest manipulation of all times with Greece.

slaughterer's picture

HH, that is completely disgusting.  

hedgeless_horseman's picture



Which one?  Cuisine Anglais like spotted dick (below), or cunnilingus anglais?

Dugald's picture

That is NOT spotted dick, aka rolly poley pudding...looks like cake with custard.....God damn..if we can't have truth in pudding, then fuktus cactus we truely are....

hedgeless_horseman's picture



...yet, maybe there are some areas where it is better to not claim expertise?  At least you did not say, "That is NOT true...Winehouse snatch tastes like butterscotch!"

mutt's picture

bread pudding; a claimed speciality by jamaicans, brummies, welsh...

creme anglais done proper-like is a real nice sauce

Hard1's picture

UK macro numbers look a bit worse (both are fucked up), but consider the following:

-Cost of aiding your Euro neighbours:  2-3 Trillion Euro

-Having your own currency and the ability to monetize your debt:  Priceless

TK7936's picture

The Eurozone can monetize there debt they just havent done it yet.

Mr Shush's picture

But France isn't the Eurozone, and the Germans really don't like the idea of monetization. We know the BoE will print if it feels slightly bored on a Thursday lunchtime; the ECB, not so much.

johny2's picture

the argument of the currency devaluation being better than default on debt makes little sense, like two drunks arguing who is going to have worse hangover tommorow. They are both the same thing, as both british and french people are going to find out more or less at the same time.

tarsubil's picture

Germany? Meh, I give up!

James-Morrison's picture

The Three Stooges seems appropriate.

Mo seems like Germany, Larry is France and Curley is Great Britain.


LARRY:  All for one!

MOE: One for All

CURLEY:  Every man for himself!

Alien Invader's picture

Let's see the US of A for comparison, oh wait forgot we are comparing AAA nations.

RMolineaux's picture

Who is worse?  The UK, of course.  Those snobs don't know how to cooperate with anyone until you threaten to remove their genitals.   There is no reason for them to have anything to say about it anyway, since they refused to join the euro in the first place.

huanjo's picture

Sorry, it's in our nature. We've been doing it for the last 600 years or so. Europe has constantly been trying to force their ways upon us, but we have the best "don't take no shit" attitude in Europe, so that has never happened.  

RMolineaux's picture

And when you get into a jam with that attitude, you could always come crying to the US.

huanjo's picture

Well, 300 years ago the US was British, and today you have inherited that trait of the British culture - the US don't take shit either.

trav7777's picture

the UK:  where white people have so little balls that they strip down when black people riot.

Where is Napier's "cultural sensitivity" program when you need it?

smiler03's picture

RMolineaux - Putain!

Concorde & Eurotunnel?

RMolineaux's picture

It is probable that Noyer knows exactly what the true situation is, but like all central bankers, he makes these statements in an attempt to reassure the public.  The French public, understandably, has a built in skeptism about anything the conceited Brits have to say.

I think I need to buy a gun's picture

aig lehman brothers mf global madoff



Mountainview's picture

The UK has it's own Sterling-France is using something called EURO... ça c'est la différence..

tocointhephrase's picture

no because if one goes so do them all

bob_dabolina's picture

They both look like shit

gjp's picture

Definitely the UK.  Take away the fraudelent City of London and what's left?  At least the French have some industrial companies and wine and cheese.  What does England export exactly?  I can't believe their current account is in balance.  Must be something fishy there ...

JustObserving's picture

and Haggis.  Which more than cancels the Scotch. 

"Haggis is a dish containing sheep's 'pluck' (heart, liver and lungs), minced with onion, oatmeal, suet, spices, and salt, mixed with stock, and traditionally simmered in the animal's stomach for approximately three hours"