tag:blogger.com,1999:blog-7905515.post7427003345497737935..comments2024-03-14T11:09:32.759-05:00Comments on Falkenblog: UK Austerity in the 19th CenturyEric Falkensteinhttp://www.blogger.com/profile/07243687157322033496noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-7905515.post-36561464882191841962013-06-27T02:17:16.262-05:002013-06-27T02:17:16.262-05:00Britain had a good uncommonly advanced level invol...Britain had a good uncommonly advanced level involving leverage, yet lent quite inexpensively. I do believe this became associated with their kingdom reputation. The residents as well as the region experienced vast wealth making assets international, along with the United kingdom government borrowed in the abroad success keepers to somewhat fund the actual safekeeping of those assets.<br /><br /><a href="http://www.mmomarkt.com/" rel="nofollow">World of Warcraft Gold</a><br /><a href="http://www.joyrs.com/" rel="nofollow">buy rs gold</a>Gold For Runescapehttp://www.joyrs.com/noreply@blogger.comtag:blogger.com,1999:blog-7905515.post-21731967122434251242013-06-17T15:36:26.545-05:002013-06-17T15:36:26.545-05:00I agree that debt is salutary at high levels. You ...I agree that debt is salutary at high levels. You have to either default (and be unable to borrow again) or cease borrowing to service the debt.<br /><br />Either way you have to live within your means thereafter, which precludes the massive debt-financed expansion of the state - particularly of the welfare state - that we have seen.<br /><br />If debt levels are high, and debt service payments are high, government cannot spend high even if it wants to. <br /><br />Don't pay down the debt. The Stupid Party will just run it up again, and claim they are "investing in the future". Keep it as high as you can and cut taxes instead. (This is the story of the UK's present day debt).Bennoreply@blogger.comtag:blogger.com,1999:blog-7905515.post-42401565792309412942013-06-17T12:03:36.544-05:002013-06-17T12:03:36.544-05:00I think the correlation, if any, is backwards, i.e...I think the correlation, if any, is backwards, i.e. 1800s Britain was tremendously inventive and dynamic so they were *able* to pay off massive war debt. <br /><br />Few would say the US can grow our way out of debt today.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7905515.post-79122835252201539942013-06-17T08:41:56.628-05:002013-06-17T08:41:56.628-05:00The UK did have an unusually high level of leverag...The UK did have an unusually high level of leverage, yet borrowed quite inexpensively. I think this was related to its empire status. Its citizens and the country had vast wealth producing assets overseas, and the UK government borrowed from the overseas wealth owners to partially finance the safekeeping of those assets. I suspect that if one consolidated UK activity around the world, debt relative to that wouldn't seem so high. (They also had centuries of history paying their debts, rather than defaulting, while overseas assets were pretty good collateral).<br /><br />I'm pretty sure the UK government wasn't borrowing to finance consumption until it established the socialist/welfare state until the 20th century. After which it did default on its debts by falling off the gold standard and generating inflation.AHWesthttps://www.blogger.com/profile/09829802681623277432noreply@blogger.comtag:blogger.com,1999:blog-7905515.post-90673794409144221852013-06-17T01:25:39.227-05:002013-06-17T01:25:39.227-05:00They need to look at total debt... Private and pub...They need to look at total debt... Private and public debt to GDP in uk including entitlement programmes is north of 500pcAnonymousnoreply@blogger.com