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With the country over £1 trillion in debt when will the reckless spending stop? Watch

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    (Original post by MostUncivilised)
    Norway.

    Australia paid off its national debt in 2006, though it chose to go into debt to support its economy and stave of recession during the Financial Crisis of 2008. As it is, it has enjoyed 21 years of consecutive growth
    http://www.nationaldebtclocks.org/debtclock/norway

    Norway is most certainly in debt...
    True but now their debt it's burgeoning to near 300billion if I remember?

    Although how are we judging this public or government debt?
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    (Original post by cl_steele)
    http://www.nationaldebtclocks.org/debtclock/norway

    Norway is most certainly in debt...
    Their net public debt is 0, considering their sovereign wealth fund.

    Although how are we judging this public or government debt?
    Government, obviously *eyeroll* ;-)

    In all seriousness, public debt has nothing to do with the proposition. That is essentially private debt for which the government has no responsibility... or influence over.
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    (Original post by MostUncivilised)
    Their net public debt is 0, considering their sovereign wealth fund.



    Government, obviously *eyeroll* ;-)

    In all seriousness, public debt has nothing to do with the proposition. That is essentially private debt for which the government has no responsibility... or influence over.
    http://www.regjeringen.no/mobil/page...0/tabell1e.pdf
    Once again I stand by that the government does have debt, any and all governments need to borrow from time to time to finance their everyday rubbings especially when they're dependant on oil revenues...

    Don't roll your eyes at me young whipper snapper
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    (Original post by cl_steele)
    http://www.regjeringen.no/mobil/page...0/tabell1e.pdf
    Once again I stand by that the government does have debt, any and all governments need to borrow from time to time to finance their everyday rubbings especially when they're dependant on oil revenues...

    Don't roll your eyes at me young whipper snapper
    It doesn't have net debt.

    What you link showed is that Norway has 687 billioner NOK in debt.

    Since 1 GBP is 8.85 NOK that means Norways debt is 77,5 billion Sterling.

    However, you forgot Norways national fund, which stands at 4077 billion NOK, which is 460 billion Sterling.

    So Norway may have debt (77 billion Sterling) but Norway does not have net debt since it's revenues are at 460 billion Sterling.

    So Norway can pay off the debt and still have 390 billion Sterling in their account.

    http://www.oljefondet.no/#/forside
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    (Original post by intstud29)
    It doesn't have net debt.

    What you link showed is that Norway has 687 billioner NOK in debt.

    Since 1 GBP is 8.85 NOK that means Norways debt is 77,5 billion Sterling.

    However, you forgot Norways national fund, which stands at 4077 billion NOK, which is 460 billion Sterling.

    So Norway may have debt (77 billion Sterling) but Norway does not have net debt since it's revenues are at 460 billion Sterling.

    So Norway can pay off the debt and still have 390 billion Sterling in their account.

    http://www.oljefondet.no/#/forside
    Yes yes I am aware of this but that doesn't defeat the point that it is still technically in debt though regardless of whether its over accounts are fine.
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    As to the original question, "what will be the outcome" ? We'll its hard to say. Historically when the gap between the rich and poor gets ever bigger, and the lower classes feel like they no-longer have a voice, it all seems to take a turn for the worse.. Be it voting for a nut job we "believe" is our only voice and hope, or we riot and destroy things ... I honestly believe the current economic crisis is because there is a fundamental flaw with fiat currency! and the flaws are ever more present day by day. I mean, what is money ? Money is printed out of nothing, yet we all trade it and slave for it like it was gold (which it used to be backed by!!) Its no more than a simple piece of paper that comes with a promise from the government. Now. If I was to ask you who prints money ? the majority of people in this country would reply "the government" if thats the case, how are we in debt ? well, believe it or not, the government doesn't print money, nor does it even own the bank of England, just like the US with the FED and Europe with the European central bank. they are privately owned! now the central bank do have an obligation to supply money to governments should the prime-minister or President or the Chancellor request it, but its paid back with interest! Lets imagine. Im the central bank, and you want to borrow a £1 from me... there is only us two in the world and I'm the only bank. So I loan you this £1 at an interest rate of %10, so now you owe me £1.10 yes ? well obviously there is only £1 in the world so it would require me to Print yet more money, for you to lend again so you can pay it back! you see the flaw in this now ? its a ponzi/pyramid scheme and ALL fiat currency's have historically failed!! God help us when China looses confidence in the $! or the yen crashes! We need to go back to the gold standard, and fast!! Get rid of corporation contributions to political parties, they only corrupt! and stop living beyond our means!! Unfortunately for all of us living on our sleepy wet island of the UK, Mr G Brown thought it would be a good idea to sell allot of our gold reserves for paper... sigh! Unfortunately if were serious about cutting the deficit we have to make real cuts!! not just lower the increase of real term spending. But lets face it, who's going to vote for a party who's policies say "we will cut NHS spending! "we will cut welfare"! "we will cut emergency services and military" haha and this is why we are all in the toilet. we want a first world lifestyle, but refuse to pay for it! 1. Bring back the gold standard. 2. get rid of corporation contributions to parties. 3. World regulation on central banks (to make sure they have the gold reserves they say they have)
    4. get back to pure capitalism and Unfortunately this means stop bailing the banks out! "They dont loan out when we ask them to anyway "

    From an iPhone so apologies for awful punctuation and spelling.


    Posted from TSR Mobile
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    (Original post by cl_steele)
    http://www.regjeringen.no/mobil/page...0/tabell1e.pdf
    Once again I stand by that the government does have debt, any and all governments need to borrow from time to time to finance their everyday rubbings especially when they're dependant on oil revenues...

    Don't roll your eyes at me young whipper snapper

    I'D agree that governments have to borrow. However for us it seems to be a way of life under labour governments. Borrow money and give it away to the electorate to buy their vote.
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    (Original post by edithwashere)
    Who is it who's lending them all this money? Is it the banks, or the UN or somebody?

    *Genuine question
    Me, now where's my trillion pounds?
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    (Original post by xxWhitePandaxx)
    As to the original question, "what will be the outcome" ? We'll its hard to say. Historically when the gap between the rich and poor gets ever bigger, and the lower classes feel like they no-longer have a voice, it all seems to take a turn for the worse.. Be it voting for a nut job we "believe" is our only voice and hope, or we riot and destroy things ... I honestly believe the current economic crisis is because there is a fundamental flaw with fiat currency! and the flaws are ever more present day by day. I mean, what is money ? Money is printed out of nothing, yet we all trade it and slave for it like it was gold (which it used to be backed by!!) Its no more than a simple piece of paper that comes with a promise from the government. Now. If I was to ask you who prints money ? the majority of people in this country would reply "the government" if thats the case, how are we in debt ? well, believe it or not, the government doesn't print money, nor does it even own the bank of England, just like the US with the FED and Europe with the European central bank. they are privately owned! now the central bank do have an obligation to supply money to governments should the prime-minister or President or the Chancellor request it, but its paid back with interest! Lets imagine. Im the central bank, and you want to borrow a £1 from me... there is only us two in the world and I'm the only bank. So I loan you this £1 at an interest rate of %10, so now you owe me £1.10 yes ? well obviously there is only £1 in the world so it would require me to Print yet more money, for you to lend again so you can pay it back! you see the flaw in this now ? its a ponzi/pyramid scheme and ALL fiat currency's have historically failed!! God help us when China looses confidence in the $! or the yen crashes! We need to go back to the gold standard, and fast!! Get rid of corporation contributions to political parties, they only corrupt! and stop living beyond our means!! Unfortunately for all of us living on our sleepy wet island of the UK, Mr G Brown thought it would be a good idea to sell allot of our gold reserves for paper... sigh! Unfortunately if were serious about cutting the deficit we have to make real cuts!! not just lower the increase of real term spending. But lets face it, who's going to vote for a party who's policies say "we will cut NHS spending! "we will cut welfare"! "we will cut emergency services and military" haha and this is why we are all in the toilet. we want a first world lifestyle, but refuse to pay for it! 1. Bring back the gold standard. 2. get rid of corporation contributions to parties. 3. World regulation on central banks (to make sure they have the gold reserves they say they have)
    4. get back to pure capitalism and Unfortunately this means stop bailing the banks out! "They dont loan out when we ask them to anyway "

    From an iPhone so apologies for awful punctuation and spelling.


    Posted from TSR Mobile
    The Bank of England was nationalised in 1946.


    What is "pure capitalism"?
 
 
 
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