hboy Posted August 6, 2011 Share Posted August 6, 2011 Incredulous as it might sound we now have a better S & P sovereign debt rating than the US http://www.bbc.co.uk/news/world-us-canada-14428930 Given mess we are already in this is surely a signal of just how bad the state of the global economy has got? A bunch of incompetent farmers and postmen bankrolled by swiping VAT money off the UK Government have a better chance of repaying debt than the worlds largest economy. You couldn't make it up. Link to comment Share on other sites More sharing options...
gazza Posted August 6, 2011 Share Posted August 6, 2011 Incredulous as it might sound we now have a better S & P sovereign debt rating than the US http://www.bbc.co.uk/news/world-us-canada-14428930 Given mess we are already in this is surely a signal of just how bad the state of the global economy has got? A bunch of incompetent farmers and postmen bankrolled by swiping VAT money off the UK Government have a better chance of repaying debt than the worlds largest economy. You couldn't make it up. well thats because we have no debt to repay, so yes we do have a better chance to repay the debt, because we dont have any. Link to comment Share on other sites More sharing options...
hboy Posted August 6, 2011 Author Share Posted August 6, 2011 Incredulous as it might sound we now have a better S & P sovereign debt rating than the US http://www.bbc.co.uk/news/world-us-canada-14428930 Given mess we are already in this is surely a signal of just how bad the state of the global economy has got? A bunch of incompetent farmers and postmen bankrolled by swiping VAT money off the UK Government have a better chance of repaying debt than the worlds largest economy. You couldn't make it up. well thats because we have no debt to repay, so yes we do have a better chance to repay the debt, because we dont have any. Not true, the water board issued £85m in bonds about 6 or 7 years ago that are still outstanding. Link to comment Share on other sites More sharing options...
gazza Posted August 6, 2011 Share Posted August 6, 2011 I but there all backed my govenment, and at the time we were flush with cash, and you could add in the MEA loan as well. wait and see what happins in 3 years to that rateing Link to comment Share on other sites More sharing options...
hboy Posted August 6, 2011 Author Share Posted August 6, 2011 I but there all backed my govenment, and at the time we were flush with cash, and you could add in the MEA loan as well. wait and see what happins in 3 years to that rateing No, they raised it in the Market as a government debt instrument this was not an MEA style situation http://www.gov.im/lib/docs/water/reports/02_03.pdf Link to comment Share on other sites More sharing options...
thesultanofsheight Posted August 6, 2011 Share Posted August 6, 2011 Incredulous as it might sound we now have a better S & P sovereign debt rating than the US http://www.bbc.co.uk/news/world-us-canada-14428930 Given mess we are already in this is surely a signal of just how bad the state of the global economy has got? A bunch of incompetent farmers and postmen bankrolled by swiping VAT money off the UK Government have a better chance of repaying debt than the worlds largest economy. You couldn't make it up. Too true! Looking at the UK economy we will probably be rated higher than the UK soon which would be highly ironic because as you've pointed out it's the UK that has been paying our governments bills for the last 30 years. Link to comment Share on other sites More sharing options...
gazza Posted August 7, 2011 Share Posted August 7, 2011 with the next week and the out look vary bleak for the EU, we could be higher than most places come next wednesday. will be intrseting to see what the markets do on monday, most forcasts are for dropping down again Link to comment Share on other sites More sharing options...
asitis Posted August 7, 2011 Share Posted August 7, 2011 Just read a very interesting piece where the politicians on both sides of the house (USA) are being blamed as aggravating the situation as their personal agendas do not fit easily with the hard decisions which are necessary and doubtless unpopular with the electorate. Some interesting parallels could perhaps be drawn on a small scale with the total denial and inaction of our shower until they are safely back in the hut ! Link to comment Share on other sites More sharing options...
Tweek Posted August 7, 2011 Share Posted August 7, 2011 Sell! Sell! Bye! Bye! our pension funds again. Link to comment Share on other sites More sharing options...
guzzi Posted August 7, 2011 Share Posted August 7, 2011 I couldn't find a reference to the IoM in the BBC piece, unless It's in the video (my satellite Internet connection isn't up to the job). It did cite the UK's AAA rating' so as it it stands I'm not incredulous. Link to comment Share on other sites More sharing options...
Barrie Stevens Posted August 7, 2011 Share Posted August 7, 2011 Just read a very interesting piece where the politicians on both sides of the house (USA) are being blamed as aggravating the situation as their personal agendas do not fit easily with the hard decisions which are necessary and doubtless unpopular with the electorate. Some interesting parallels could perhaps be drawn on a small scale with the total denial and inaction of our shower until they are safely back in the hut ! The situation in Washington USA is not being understood in Europe. Judgement is clouded by people crowing at apparent American failure and discomfort. Sort of Manx Crab on a global scale. It is not actually about the credit rating of the USA. It is the US Constitution operating as the Founding Fathers intended by way of the Legislature curbing the power of the Executive. In the American system power rises from the bottom to the top. In our system the power has trickled from the top to the bottom by way of the elected representatives gradually taking over the supreme powers of the Crown. (And they act like the Crown of yesteryear by letting us have only the crumbs of democracy) Consequently, we get "told what to do" and "what's right" a lot more than in the USA where government is more diversified and local being driven by a whole series of never ending elections. Historically, Americans have always mistrusted "Big Government" and certainly the taxes it imposes. Resistance to taxation imposed from on high rather than empowered from the people below is the very basis of the USA's original creation. Remember, the USA was created by a Revolution “agin authority” Americans still have a belief in the personal freedom to go it alone. That is what Americans mean by Freedom and Liberty ie of the individual. Many people regard "Dog eat Dog" as being a perfectly acceptable way of life if there is an even chance of succeeding through hard work. Bereft of ancestral angst as a hangover from such as European class systems and socialist guilt, the USA is currently on the cusp of deciding whether or not to ape the European way of high tax, confiscation and little incentive in order to fund welfare programmes..... ......Or whether to uphold the principle of personal freedom to sink or swim by refusing to allow the Executive to levy more taxes and impose some sort of costly and all-consuming European style social welfare system. Many believe that in both the USA and Europe we have all reached the point where personal freedoms will be unable to survive if the individual is forced to pay more taxes. In other words, social welfare programmes will cripple free enterprise and by default the very social programmes it is being taxed to support. The elected representatives are prepared to effectively hold the President and the Executive to ransom even if it means a less than a "Triple A Rating" from what after all is some sort of self-appointed credit reference agency. It is not America's credit risk that is at stake...it is the "American Way" ...the freedom to succeed or fail and as we know.....if it's a choice of "them" or "us" then the good people of Peoria, Illinois will put the USA first and "No. We ain't paying more taxes to support do-gooding liberals back East in Boston!" If that means confusion on the markets....so be it! We all face the same choice in the UK, Western Europe and the Isle of Man (But for you after the next election!) Link to comment Share on other sites More sharing options...
Tweek Posted August 7, 2011 Share Posted August 7, 2011 That's a very complex long-winded analysis, and all very well. But which IS best - a Dyson or a Henry? Link to comment Share on other sites More sharing options...
EORH Posted August 7, 2011 Share Posted August 7, 2011 That's it were all doomed,unless we put every MHK who is currently sitting on their little hot seats out,lets vote a different set in,but include Peter Karran,and the two in East Douglas,kick the rest into touch. Now somebody is going to say,but the ones already in, know the score,and should be given another chance,look,if there was a attack of the plague and all of them were afflicted,we would have to get new boys/girls. People can be done without,it happens,so what courage are the Manx Nation going to have and ring in the changes,what could happen,we might get Freedom of Info,stringent checks into every sum of money asked for within contracts,pension reform for the MHKs,get rid of MLCs,employ more Neets,or all of them,the list is endless. Link to comment Share on other sites More sharing options...
hboy Posted August 7, 2011 Author Share Posted August 7, 2011 It is not America's credit risk that is at stake...it is the "American Way" ...the freedom to succeed or fail and as we know.....if it's a choice of "them" or "us" then the good people of Peoria, Illinois will put the USA first and "No. We ain't paying more taxes to support do-gooding liberals back East in Boston!" Oh God I have mistakenly summoned the bullshit demon to this thread. Barrie the point is that the global economy is tanking because, like IOMG, politicians are failing to appreciate the reality of how bad the situation is and the reason why they can't face the reality and enormity of what is going on is that they have lost tne ability to tell the electorate bad news as they are weak and pathetic. Modern politicians lack the spine to tell the voters how bad it is as the remedial action that everyone will be forced to take to fix the problem properly will be totally unpaletable to them and will have the politicians all out on their state funded expenses fiddling arses with the growing new ranks of the unemployed. Link to comment Share on other sites More sharing options...
Monkey boy Posted August 7, 2011 Share Posted August 7, 2011 Capitalism will always lead to a boom & bust cycle of the economy, one day the world will learn. Link to comment Share on other sites More sharing options...
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