The End of Britain

[Iron]

http://info.moneyweek.com/urgent-bullet ... tAodAgMAnw

'When you add everything up, we owe TEN TIMES what our entire economy is worth.

Our political leaders still like to see Britain as a world power. But let’s not delude ourselves. It’s clear to see: we’re totally broke.

It doesn’t matter which set of figures you use, or which way you look at Britain’s debts. We’re merely talking about different shades of disaster here.

A country can either pay back its debts or it can’t.

And it is very clear to us that Britain can’t.'

[giulio2010]

How rich is Britain? I can't find that info but I read somewhere that Britain is 2,7 trillion rich. I s that information correct?
It's seems too little...
for example Italy has 2000billion public debt but all familys togheter are 8619billion euros rich.
Ferru123 do you have a correct information about how rich are the british?

[Iron]

I don't.

As an aside, people often equate GDP with national wealth, but they aren't the same thing at all...

Jeff

Ferru123 do you have a correct information about how rich are the british?

[Euler]

One of the worst financial publications out there IMHO. They trot out any old claptrap to sell a few more subscriptions. Yes we know debt is a problem but this is just another alarmist article geared to selling subscriptions.

I actually confronted the editor at a financial show. Because of what she wrote about the Berkshire AGM.

Merryn Somerset-Webb came back from Omaha even more cynical than when she left.

"Warren Buffett is a fraud," said she. "I watched him. He barely drank any Coke. And I can’t believe he lives in Omaha. There’s nothing there. Everyone in town swears he lives there…and that he goes into the coffee shop and so forth. The cab driver took me by to see his house, which looked like a decent place. And so I asked him, and everyone else I met, ‘Have you ever actually seen Warren Buffett in town?’ ‘Well, no,’ they all answered. The whole thing is an elaborate fraud. He lives in Laguna Beach. He probably only holds a Coke can in public.

"And from the point of view of a European investor, you’d have to be crazy to buy the stock. Buffett himself wouldn’t buy it. He says the dollar is falling. And Berkshire is not cheap. Where’s the value?"

Buffett is a hero to many investors. Merryn reports that during the question and answer session, one shareholder after another go up to praise the man. "Thank you for your wisdom," they would say.

[superfrank]

i don't know too much about Moneyweek but Merryn Somerset-Webb consistently warned of the dangers of the property bubble pre-credit crunch which is a damn sight more than most financial commentators did. most commentators now like to ignore sovereign debt issues in the same way.

Buffet has been very successful, but he's no God and the reverence he gets in the US is a little nauseating.

[Euler]

Here is a summary of her editorial style, the world is a complete mess and it's all mens fault, but if you buy my magazine everything will be alright.

[haichless]

totally agree Euler

[Euler]

If you google the report Jeff you can find it and download it. It's not worth it though!

Here is an interesting piece on Argentina: -

http://www.mauldineconomics.com/images/ ... n_Sale.pdf

[switesh]

I actually confronted the editor at a financial show. Because of what she wrote about the Berkshire AGM.

What a co-incidence Peter. We both confronted the same person. I did so a while back in response to a podcast in the Motley Fool.

http://www.fool.co.uk/money-talk/the-be ... 10223.aspx