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Britian Goes Japan?

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October 18, 2008 – Comments (6)

I have been on the deflation side of the debate and there are things that concern me towards inflation, I am still in the deflation camp. 

Well, it seems that in Britain there is research suggesting they are heading into deflation.  To be fair, Britain is far weaker of country.  I went over there to teach and they've so slaughtered their educations system, well, they can't keep teachers.  It was so awful, why would anyone want to stay in the profession?  They've been paying the tab for university for teachers for years now and they still can't keep teachers.

Anyway, my time living abroad enabled me to actually see the living conditions and the economy there first hand and that was awful.  Lifestyles have been declining for more then a generation now.  I'd never seen so many 30 something year olds still living with mom and dad and highly limited job prospects.  The only ones really "getting ahead" were those who had managed to buy a home and they were renting the rooms in their home out to others.

I kept looking for what was the foundation of the economy and I didn't find anything.  They developed an attitude that it is cheaper to import long ago.  Talking with a young person, somewhere he was taught what's the use of producing goods when they can be imported for less, yet the question becomes, "what exactly do you produce?"

They have pushed the limits in terms of what people can do when the going gets rough.  They already have an large sector of their population renting rooms to subsidize income.  They already have adult children not leaving home, working at very low paying jobs, and contributing to the household.  They have already increased spending on social programs beyond sustainable levels with interesting consequences.  A teenage girl's best prospects in life is to get pregnant and live on social services and they their teenage pregnancy rate is enormous, the highest of all "modern" economies. They already have high taxation and taxation and paying for services that you'd never expect, like the TV tax.  Seriously you have a TV you have to pay a tax to watch TV.

They've passed society's ability to absorb any more costs.  I lived in a shared house with 5 bedrooms, hence, 5 adults.  These about age 30 adults were paying 25-40% of their income for rent in shared accommodations before utilities.  One had a master's degree in engineering.

They inflated costs, but not income...

 

6 Comments – Post Your Own

#1) On October 18, 2008 at 10:57 AM, dinodelaurentis (69.04) wrote:

Island Nation Bias is so prevelant these days...

you contigious land massers really get my goat sometimes. :D

 

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#2) On October 18, 2008 at 11:02 AM, HooDaHeckNose (96.65) wrote:

Welcome to the future for the USA. It's so easy to see us going precisely in this direction.

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#3) On October 18, 2008 at 11:46 AM, columbia1 wrote:

Dwot, if you would of left the name of the country out of the article, my first guess would of been a third world country in Asia.(North Korea maybe). There are differences though between Britain and the U.S.. We do export a lot of goods, Agricultural, airplanes and parts, high tech, advanced technology, crude oil, coal, nuclear fuel materials, plastics, chemicals, drilling and oil field equipment. The U.S. is definitely in a better economic position when we face times like these. But our movement towards socialism looks very similar and may end up being our down fall.

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#4) On October 18, 2008 at 3:50 PM, DemonDoug (91.51) wrote:

Funny thing is, Napolean Bonaparte had a lot of those same observations deb.  He called Britain "a nation of shopkeepers," as did Adam Smith - meaning all they did was sell stuff to each other but never made anything.

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#5) On October 18, 2008 at 10:43 PM, dwot (97.29) wrote:

Doug, but now they close shop early and don't take advantage of the business that is there.  For example, when I went to see Winsor Castle you come out of there at closing and the shops all close at the same time.  So, you are a tourist, as it looked like most of the people around, and there's nothing to do but head back into town as everything is closed.  I couldn't believe they didn't stay open for an hour or two and catch the tourists.

I hung around with other foreigners and we'd constantly be shaking our head at how badly things were run and organized.  But I look at that as a result of the great decline in the quality of education.  I had kids supposedly graduating that could not do 7 times 8, and it was more the norm then the exception.

And this was a good one, their 6th form really is equivalent to our senior high school.  To keep kids in school they'd pay them to go to school and the kids took the money and didn't go to school.  That is truly socialism run amok.  I had a class of 26 of them and a couple times I didn't have a single student who was being paid to go to school show up.

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#6) On October 18, 2008 at 11:08 PM, FleaBagger (29.19) wrote:

dwot -

Socialism is amok. And the ol' U.S. is headed the same way and is already in the same spot where education is concerned. The only reason there are any Americans capable of math or thought is that their parents teach them at home after they get back from the kid warehouse.

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