We’re doomed – the grubbiement debt passes the £1 Trillion mark.

[Gronnuck]

The grubbiement’s debt has crashed through the £1 trillion point for the first time. According to a report here (http://www.independent.co.uk/news/uk/politics/uk-debt-passes-1-trillion-but-there-is-still-good-news-6293785.html) it now stands at £1.003.900.000.000 or over 64% of GDP.
I can't help - they'll have to wait until the end of the month ;); but who decided it was OK to run up so much debt? :confused

[pmcd]

The debt, such as it is, does not exist. If it were to, it could be shown in pounds and pence as a finite sum, with debits owing to specific lenders. Nobody has ever seen these sums.

If we did see these sums, they would be shown to us by either bankers or politicians, who all have PhDs in Smoke and Mirrors.

We know these professions' attitude to accuracy and honesty amounts to diddly squat. They are liars, bounders, thieves and cads to a man (and of course, woman). Their idea of physical exercise is wrenching the last crust from the starving mouths of widows and orphans.

The reason for their panic is that they want us to be worried, but we are getting wise to them. They have called 'Wolf!' far too often.

Remember the old adage "If you owe the bank £100, it's your problem. If you owe the bank £1,000,000 its the banks problem."

I suggest we "ordinary" people don't get too wound up about the headline "Trillion" nonsense.

At some stage, just like after the thirties, it will be "solved".

In the meantime, take heart from next month's offering from the Royal Mint. As you know, Her Queen has to approve the coinage of the realm (until the Buffoon from Brigadoon strikes the first Independent Groat in 2014).

HM has approved, in commemoration of Charles Dickens oeuvres, a £2.00 coin. On the obverse, the Royal Head: on the reverse, an illustration of Charles Dickens's head comprising tiny bits of his own works.

And around the edge, the slogan HM Queen has approved, in the words of the world's greatest and indeed ONLY credible economist - he of "David Copperfield" - yes, none other than Wilkins Micawber:

"SOMETHING WILL TURN UP"

[smithp]

I agree the debt is'nt real because if no westernised country has no money who are we borrowing from? Which we are then lending to the IMF who lend to Europe because they have no money! who then lend to Greece who have no money.
The real economic problem Harvard university has now decided is that the rich are now too rich and this interferes with the economy causing capitalism to spasem - and this must be true because it's backed up by every drunk down the pub!

[tonkatojo]

What was the national debt in 1997 also in 2010 any one know I am just curious.

[Trajan]

well you should bear in mind that sterling has lost more than half its real value since then, our currency, will be joining the euro, and the us dollar very shortly, ie crap, there is a race on to see which currency will collapse first, the euro or the us dollar
and just remember where the credit rating agencys are from,,,and where all this financial mess started,, the mega greedy gits that is the corrupt us banking system.
if you got any savings or spare cash , get it into a bank in norway or sweden, while its still got some kind of value.