EalingBlue2
Well-Known Member
- Joined
- 7 Aug 2007
- Messages
- 5,571
A 1.7 trillion deficit , with another estimated 5 trillion plus of unfunded pension and health costs to come and with a long term economic decline is not fine , its dreadful. I agree most of the EU is no better or much worse. None can afford reckless risks with the fragile growth today.I really don't think you have any idea what is happening in Europe, the only two balance sheets strong enough are the uk and Germany. The whole of Southern Europe is fooked. France unemployment is over 10 percent and brain drain due to really high taxes continues at pace ( a lot have moved to London) Oh they are blockading petroleum stations today btw in France.
You are looking at his the wrong way. If the uk left the Eu, it is the eu s balance sheet which would fooked. The U.K. Would be fine.
Even the catostrophic scaremongering of the treasury is stating that there would be four periods of retraction at 0.1 percent each quarter. That's it and that is without the uk govt or Bank of England doing any corrective action. The 2008 crisis was far higher and worse than that.
2008 was worse but we had some ammunition left, now the cupboard is bare