But their government debt is a smaller percentage of their GDP than our government debt is of our GDP.
I think that’s the bigger issue.
Europe is a country?
It would be interesting to see if the Swiss have the same "problem".
Another awesome sign of how the UK is leading the West into the collapse of the abyss of destruction!
Time to nuke it from orbit. It’s the only way to be sure.
Essential to having any idea whatsoever of just how precarious is once great Britain’s situation - courtesy of its much vaunted “The City,” is a modicum of understanding of the machination that makes the UK’s coming total collapse as unavoidable as is tomorrow’s sunrise:
Re-hypothecation.
Re-hypothecation occurs when banks or broker-dealers, to back the broker’s own trades and borrowings, re-use the collateral, such as hedge funds, posted by clients.
In the UK, there is no limit on the amount of a client’s assets that can be rehypothecated. In America, by way of comparison, re-hypothecation is capped at 140% of a client’s debit balance.
The recent loss of Jon Corzine’s MF Global’s One Point Two Billion Dollars of fraudulently converted clients’ money happened because the “collateral” that backed it on its transfer into The City’s Black Hole had been so many times re-hypothecated as to have completely disappeared.
The Corzine disaster is but a glimpse of what’s to come and what’s to come will totally destroy what little is left of the British culture and way of life. Of the British nation.
That is, the ten times GDP debt will all come due at once.
Any day now.