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Financial Armageddon To Begin In London

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ZeroHedge: Psssst France: Here Is Why You May Want To Cool It With The Britain Bashing – The UK’s 950% Debt To GDP:

While certainly humorous, entertaining and very, very childish, the recent war of words between France and Britain has the potential to become the worst thing to ever happen to Europe. Actually, make that the world and modern civilization. Why? Because while we sympathize with England, and are stunned by the immature petulant response from France and its head banker Christian Noyer to the threat of an imminent S&P downgrade of its overblown AAA rating, the truth is that France is actually 100% correct in telling the world to shift its attention from France and to Britain. So why is this bad. Because as the chart below shows, if there is anything the global financial system needs, is for the rating agencies, bond vigilantes, and lastly, general public itself, to realize that the UK’s consolidated debt (non-financial, financial, government and household) to GDP is… just under 1000%. That’s right: the UK debt, when one adds to its more tenable sovereign debt tranche all the other debt carried on UK books (and thus making the transfer of private debt to the public balance sheet impossible), is nearly ten times greater than the country’s GDP.

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    Total 15 comments
    • Anonymous

      wow!!

    • Anonymous

      wow!! buy Gold!

    • Anti-Zion

      if this is true then we are truly stuffed but i would like to know how much of the debt is based on credit default swaps because the world is awash with these and the USA has something like $300tr worth that put them at 30 X GDP making the UK look like the better bet.

      The USA holds a lot of CDS’s from Europe and thought covering european debt was like taking candy from a baby and stands to loss a lot of money if a credit event is triggered.

      Buy food and then gold/silver if you have money left over i say

    • Pix

      Germany leaving the Euro would be the worst thing that could happen to Europe. Not French posturing and blathering. If push came to shove the UK would leave the EU entirely.

      The rest of Europe will have to go back to paying for their own countries social security benefits. Because the UK can then deport all the millions of Euro benefit scroungers and national health tourists. That alone will save the UK billions and make it solvent again.

    • Anonymous

      I downloaded a new book from Amazon.com titled: ZTINGAR. Apart from being one of the most informative books I’ve ever read in matters to do with life, why we’re here, where we came from and to where we’re probably heading, UFOs, NDEs, 2012 etc. It also contains an extraordinary, inarguable and logical explanation to what people call God, which is nothing like the church teaches and very different to what one would expect. I strongly recommend it…

    • faro0485

      Germany practically is the Euro.

      As for the city of London, it is the biggest scrounger on the face of the planet!

      Kicking out people isn’t going to solve anyones problem, especially as they are saving you money by employing them and making your cousin jobless.

      In fact if you kick out the bankers who are the greatest scroungers on earth, problem solved.

    • grasscrown

      Poles, blacks and muslims vs economic suicide.

    • jarlen

      Now you get it folks . No value at all only who´s start “the implode”….. Peace

    • V

      Don’t worry the taxpayers and general public will pick up the tab and suffer while Obama vacations and throws parties.

    • Anonymous

      A couple of years ago before all this economic mess commenced,
      the former prime minister of France, Michel Rocard gave a talk at La Sorbonne where he announced that our actual economic system based on creating wealth on the back of loans would undoudebtly collapse. Everyone in the financial world reacted by saying that this was another negative pitch from a socialist always concerned to create chaos then just follow the economic trends which should never to be critized.

      Well, he has now been proven right.

      That is the problem with the French people, they tell you the thruth and that is why people like you do not want to sympathize with France and prefer to do it with England which always tuned out to be wrong. You prefer to make fun of them and critizise them as “immature” and “petulant”.

      France’s response to the threat of an imminent S&P downgrade of its overblown AAA rating should tell you that there is now a major trust problem with the private angencies giving out credit ratings. They are judge and party and their ratings do not have credibility anymore. The credit ratings should be given by independant agencies not involved with financial services. These credit agencies should be under the control of the UN and every financial companies should be forced to follow their ratings. That is the only way to fairness. The agencies should also be localised in a neutral city such as Geneva, not New-York which is under corporate pressure in a country that despise anything related to public services and socialism.

    • O. Ryan Faust

      All the financial problems can be traced back to central banking.

      PERIOD!

      We need adults in charge, not children who don’t restrain themselves.

    • mmkkpro

      abraham lincolin made a speech in the 1850s said if the wealth of the country is taken away from the population and given to a central bank the country would collapse,GREED has taken down empire after empire we will be no different,dark ages all over again

    • Anonymous

      Psssst France: Here Is Why You May Want To Cool It With The Britain Bashing – The UK’s 950% Debt To GDP

    • FNPmitchreturns

      I would bet that these countrys are just leveraging phony paper against another country’s phony paper money …

      the ultimate ponzi … phony money chasing after other phony money and crapping out physical commidites ….. LAMO

    • Warren

      The UK debt looks big because of the large proportion of “Financial Debt”. That’s the debt that’s owed between banks. It’s not generally included in calculations of overall debt because to do so would be double counting it. If one removes the “Financial Debt” from the graph one gets a truer picture, and UK starts to look about as bad as everybody else. See here:
      http://en.wikipedia.org/wiki/Debt#Types_of_debt

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