An article in today's New York Times captures the mounting fear and loathing with which the UK economy is regarded. Here's how it begins:
"LONDON — An island nation that bulked up on debt and lived beyond its means. A plunging currency. And a financial system edging toward nationalization.
With the pound at a multidecade low and British banks requiring ever-larger injections of taxpayer cash, it is no wonder that observers have started to refer to London as 'Reykjavik-on-Thames.'
While that judgment seems exaggerated, there are uncomfortable parallels between Iceland’s recent financial downfall and Britain’s trajectory. Equally important, news that widening bank losses in Britain have necessitated another round of government life support provides a stark example to the United States."
And the New York Times isn't the only prominent American voice to raise the spectre of Reykjavik-on-Thames today. As the FT's Alphaville points out, Nouriel Roubini - the economics professor whose pessimistic, but accurate, predictions for the US economy have earned him the nickname "Dr Doom" - wrote on his Twitter feed earlier: 'Is the U.K. an Iceland 2? Nouriel is in London to find out.' Hardly makes you think we're best placed to weather the economic storm, as some would still have us believe...
An apt title Conan and very appropriate. My thought was to do another "Helpful Household Tips including How To Be A Labour Politician". Wouldn't be a lengthy tome, a page at most :-)
Oh, Cathy, the cutie curvy one, whatever happened to her??
ReplyDeleteRight, it's settled then - we keep the oil revenues and you can have independence if 98% of all Scots vote for it!
Shure and begorrah, my support for the IRA was "blown up" of all proportion!
I want to be the new doctor eevil........
ReplyDeleteplease sir. can I have the job........
I am Nesiferatu, look into my eyes, the arc of insolvency starts and ends in Scotland, repeat after me.
ReplyDeletesomepeople call me the space cowbhoy.oohhhhh . some calll me the gangster of luv........
ReplyDeleteMost people call me a sell out wee creep.....who'll change his tune for anything........
"Which way's Scotland again?"
ReplyDeleteThanks for your contributions all. Interesting how we've translated the picture with similar satire.
ReplyDeleteAh'll git that wee bastard Salmond nae matter whit it takes.
ReplyDeleteOOH - I knew i shouldn't have ate those beans.
ReplyDelete"What did Gordon tell me to say again?"
ReplyDeleteEspecially for Murphy
ReplyDeleteBasket case Britain
Peter Hoskin 2:51pm
An article in today's New York Times captures the mounting fear and loathing with which the UK economy is regarded. Here's how it begins:
"LONDON — An island nation that bulked up on debt and lived beyond its means. A plunging currency. And a financial system edging toward nationalization.
With the pound at a multidecade low and British banks requiring ever-larger injections of taxpayer cash, it is no wonder that observers have started to refer to London as 'Reykjavik-on-Thames.'
While that judgment seems exaggerated, there are uncomfortable parallels between Iceland’s recent financial downfall and Britain’s trajectory. Equally important, news that widening bank losses in Britain have necessitated another round of government life support provides a stark example to the United States."
And the New York Times isn't the only prominent American voice to raise the spectre of Reykjavik-on-Thames today. As the FT's Alphaville points out, Nouriel Roubini - the economics professor whose pessimistic, but accurate, predictions for the US economy have earned him the nickname "Dr Doom" - wrote on his Twitter feed earlier: 'Is the U.K. an Iceland 2? Nouriel is in London to find out.' Hardly makes you think we're best placed to weather the economic storm, as some would still have us believe...
Hellooo SLab Murphy, hellooo, anybody home?
"I can see clearly now that Blair has gone,
ReplyDeleteI can see all obstacles in my way"
Oh f*** it's the SNP
No where did I leave that thingummyjig, that thingy, dooby, whatchacallit?
ReplyDeleteOh yeah, I've got it
mandate...
Hello polaris. I particularly like the mandate one even though it sounds a bit like me - on a bad day of course :)
ReplyDeleteOh Caption! My Caption!
ReplyDeleteHis lips are pale and still;
My caption does not feel ef all, he has no pulse or will...
Conan,
ReplyDeleteNice one, lol.
Thanks Conan. When's your book of verse being published? :) I'll buy it.
ReplyDeleteThank you subrosa;-)
ReplyDeleteI'm thinking of calling it "Thieves of Gas"and dedicating it to the Westminster Government...
An apt title Conan and very appropriate. My thought was to do another "Helpful Household Tips including How To Be A Labour Politician". Wouldn't be a lengthy tome, a page at most :-)
ReplyDelete'To flee, or not to flee?'
ReplyDeleteThat is the question.