UK Plc is fubared

[Senor Miguel]

Story. (http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/12/21/cnpound121.xml)

And we have more debt per capita than the US, who are already flying into a recession with a huge housing bust and a financial meltdown in the credit markets.....with no more oil exports and more rate cuts on the way the pound is toast, looks like 2008 is shaping up to be a rough year for the global economy.

[BlackArab]

I would seriously advise people to concentrate on clearing credit card debts asap, I've been through a recession before and it can get painful.

[Senor Miguel]

i haven't and don't plan to either, current job is quite safe so will stick it out for a few months and save the cash, we are heading for deflation bigtime and you're right you don't want to be holding a lot of debt.

[minimi38]

You know a currency is fucked when it starts to decline in value after a 20 year high :chin:

[BlackArab]

I'm no economisc historian but...

Vietnam War - followed by recession early 1970s

Gulf War - followed by recession early 1990s

Iraq/Afghanistan Wars :chin:

I'm sure I'm just being horribly simplistic...

[Senor Miguel]

You know a currency is fucked when it starts to decline in value after a 20 year high :chin:

no i know a currency is fucked when the economy is fucked. interest rate differential was the only thing drawing currency speculators in on the assumption we were in a raising cycle, now the economy is slowing down inflation is not the main concern, BoE will keep cutting rates and the pound has a long way down to go.