Comments | the_recession: UK's Balls: We're Sliding Into Worst Global Recession In 100 Years

cieldumort in the_recession

UK's Balls: We're Sliding Into Worst Global Recession In 100 Years

Feb 11, 2009 01:52

The Hard Right in the United Kingdom seized on comments made as Education Secretary Ed Balls shot more than a little discomfort into Gordon Brown's administration.

Call this BANANA whatever you want, but it's becoming increasingly difficult for many in parts of the United States, parts of Europe, parts of Asia and other developing nations, not to ( Read more... )

global financial trainwreck of 2007-?, definition of depression, global recession, economic collapse, lehmann, depression circa 2009, united kingdom

Comments 3

bord_du_rasoir February 11 2009, 10:28:26 UTC

$5 trillion sounds like a lot relative to our $14.6 trillion GDP, but it's really dramatically less significant next to our $52 trillion in credit debt.

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bord_du_rasoir February 11 2009, 10:30:06 UTC

I went back and checked my html. I'm not sure how this comment got to be all bold.

cieldumort February 11 2009, 18:11:31 UTC

But creating just over $2 trillion in the face of a contracting pool of $52 trillion in total credit market debt is just not going to get the job done, and the only thing getting hosed right now is us.”

That statement is written as if the -entire- $52 trillion _has_ contracted, or will contract, down to zero, which is simply not the case. The reality is that the $52T has contracted, some, and thus, the Fed's addition of $2T is meaningful.