dwot (99.49)

UK financial disaster unfolding big time...

September 03, 2008 – Comments (5)

I lived in Britian in the fall of 2005 and it opened my eyes to level of opportunity that still existed in Canada and the US in comparison to Britian.  It also opened my eyes to dire straights of their entire economy.  I've been says the pound is a very bad place for your money ever since.  I think the US dollar is in trouble by the level of debt, but I think Britian has out done the US in that department.  Taxes were high, serves were low and the level of welfare or social services were enormous.  I'd never seen so many 30 something year olds still living with mom and dad, and just renting a room in a home was exceptionally common. I went to teach there, but I went home early because I saw no opportunity for my students what-so-ever and education funding had been cut so lean, and for a long time, in many place there is a total break down of their education system.  I have said it before, but it was like living in "Lord of the Flies."

Well, the social chaos, lack of opportunity and excessive debt is catching up big time.  This piece from Naked Capitalism on how dire the financial system is...  Well, I think when you consider the size of the economy relative to the US it would like saying the US banking system needs a $2 trillion injection.  Ouch!