Brexit and Future of UK : Discussions

You can't judge a country's economic situation on a single criterion
Yeah, you can.


, and what's more, in your country this criterion is deteriorating much more quickly than in ours.
For exemple I have shown that France's net worth is 7.7 times its GDP despite a debt worth 1.13 GDP, while the UK's net worth is 4.8 times its GDP while its debt is only 0.96 times its GDP. I would rather have a net worth improvement of 2.9 GDP than a debt improvement of only 0.17 GDP.
Put another way, our debt is 14.67% of our net worth, whereas it is 20% of your net worth.
France's net worth isn't 7.7x GDP at all. That includes hypothetical personal wealth (some of which includes foreigners living in France only part of the year and liable to move at any time), a lot of which is tied to money abroad and doesn't count for shit when paying your national debt. JFC, some people in the UK probably have trillions stacked away in overseas trust funds that nobody can even trace, but that means nothing wrt national debt payments.
And France has no problem to cover its debt :
France issued 6 billion euros worth of OATs on Thursday
01/12/2022 | 11:32

FRANKFURT (Agefi-Dow Jones)--Agency France Trésor (AFT) issued €6 billion in bonds convertible into Treasury notes (OATs) during its auction on Thursday.

AFT expected to raise €5 billion to €6 billion through this transaction.

Here are the details of the operation. The figures in brackets correspond to the results of the previous auctions, carried out respectively on November 4, 2021, May 5, 2022, March 3, 2022 and June 2, 2022.


Issue 0% Nov. 25, 2031 OAT
Bids received 6.126 bln
Bids accepted 2.844 bln
Bid-to-cover ratio 2.15 (1.78)
Average yield 2.19% (0.16%)
Average price 82.31 (98.45)
Minimum price 82.27 (98.43)
Settlement day Dec. 5, 2022

Issue 0.50% May 25, 2040 OAT
Bids received 2.222 bln
Bids accepted 1.060 bln
Bid-to-cover ratio 2.10 (2.01)
Average yield 2.55% (1.83%)
Average price 71.43 (79.66)
Minimum price 71.34 (79.63)
Settlement day Dec. 5, 2022

Issue 3.25% May 25, 2045 OAT
Bids received 1.812 bln
Bids accepted 855 mln
Bid-to-cover ratio 2.12 (1.78)
Average yield 2.56% (1.00%)
Average price 111.60 (146.45)
Minimum price 111.46 (146.38)
Settlement day Dec. 5, 2022

Issue 0.75% May 25, 2052 OAT
Bids received 2.513 bln
Bids accepted 1.241 bln
Bid-to-cover ratio 2.02 (2.07)
Average yield 2.45% (2.27%)
Average price 64.66 (67.16)
Minimum price 64.56 (67.12)
Settlement day Dec. 5, 2022


-Emese Bartha, The Wall Street Journal
And neither does the UK.
 
Yeah, you can.
France's net worth isn't 7.7x GDP at all. That includes hypothetical personal wealth (some of which includes foreigners living in France only part of the year and liable to move at any time), a lot of which is tied to money abroad and doesn't count for shit when paying your national debt. JFC, some people in the UK probably have trillions stacked away in overseas trust funds that nobody can even trace, but that means nothing wrt national debt payments.

And neither does the UK.
This is a typical denial of reality
Where's France's second aircraft carrier?
Where are the planes of your first aircraft/helo carrier?
 
This is a typical denial of reality
No, your denial that your national debt is higher than ours is a denial of reality. You can't even tax money that isn't moving or in France, so how the f*ck does somebody owning a villa in Spain help France pay its national debt exactly?
 
No, your denial that your national debt is higher than ours is a denial of reality. You can't even tax money that isn't moving or in France, so how the f*ck does somebody owning a villa in Spain help France pay its national debt exactly?
We are so rich that we can easily afford a tax increase. And the financiers are well aware of this, which explains the rates they give us.
 
ANd where's the problem if you can find someone to buy this debt ?
The problem for UK is that less and less investors are confident with UK debt. That's not a french problem.
Less investors are confident investing in Europe full-stop due to the war in Ukraine, that's not a British problem.
 
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We are so rich that we can easily afford a tax increase. And the financiers are well aware of this, which explains the rates they give us.
Well, when you do that or something that pays French national debt down to less than the UK's you'll win this argument, until then you lose it. And please don't try con people, a national debt in triple figures is never desirable or even acceptable. Not so long ago 40% or less was the desired metric.
 
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OR
Financiers think that France being in EU will be able to sell/provide Products/services more easily Than UK( Which now have to face tariffs with EU and sign Not so beneficial new Trade deals with other Countries) .
OR France being in the EU has the ECB and 26 other countries to to bail them out, as per Greece, hence why the interest rate is the same across all EU countries (even Italy and Greece). They're investing in the Euro, not France specifically. This is why they allowed Greece to spend itself to its knees back in the noughties because they knew Eurozone countries would have to bail them out to save the Euro.
They have two aircraft carriers, but only 1/4 of the number of aircraft on one of the carriers. 😃
27 F-35s is more than 1/4 and more than enough to destroy the whole of French naval aviation with ease.
 
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France's net worth isn't 7.7x GDP at all. That includes hypothetical personal wealth (some of which includes foreigners living in France only part of the year and liable to move at any time), a lot of which is tied to money abroad and doesn't count for shit when paying your national debt. JFC, some people in the UK probably have trillions stacked away in overseas trust funds that nobody can even trace, but that means nothing wrt national debt payments.

Just to emphasize this point. This is in no way a pro-British story BTW.


"In Britain, bankers are a protected species," confesses one interview subject who is part of a chorus of whistle-blowers, financial insiders and social justice activists who populate the film. We are told that as much as $50 trillion dollars reside in overseas accounts that act as tax havens; many of the most robust of these havens are British.

How many times GDP is that?

Does it have any relevance to the payment of national debt? No.
 
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Watchdogs say it could be the “most serious,” “most shocking,” “most egregious” corruption scandal to hit Brussels in years.

A series of at least 16 raids by the Belgian federal police Friday netted five people they said had committed “alleged offenses of criminal organization, corruption and money laundering.” The morning searches yielded €600,000 in cash, plus phones and computers.


BRUSSELS — The de facto capital of the European Union is being rocked by explosive allegations that World Cup host Qatar bribed current and former European Parliament officials to try to influence decisions at the highest levels.

After at least 20 raids across Brussels since Friday morning, including within the offices of the European Parliament, Belgian authorities have confiscated more than $1 million in cash, “frozen” the technology access of 10 parliamentary officials to preserve data for the investigation and held six people for questioning. On Sunday, a Belgian judge charged four of them, saying they are suspected of money laundering, corruption and taking part in a criminal organization on behalf of a “Gulf State.”
 
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We are so rich that we can easily afford a tax increase. And the financiers are well aware of this, which explains the rates they give us.
It seems that our wealth has declined, with French people's current accounts falling from €658.7 billion to €644 billion in October, which is the most since 2015!

Inflation is undoubtedly beginning to weigh on the accounts of the French. According to data from the Banque de France, households and associations drew 14.7 billion euros from their current accounts in October. This is an amount of outflow not seen in a single month since 2015, and comes after a first decline in August.

In total, the French still have 644 billion euros in their current accounts, or 9545 euros per person. This is twice as much as in January 2015. But the October drop marks a break from recent years, especially the pandemic years.

Les Français commencent à puiser dans leurs comptes courants

The French are starting to dip into their current accounts

And it is quite obvious that French savings accounts are much better off.
 
Brexit exposed the Westminster elite

As Marquand observed, “the Whig imperialist vision of the British state helped to shape the mentality of the entire political class, left as well as right”. Whig imperialist Britain was Britain. “The British state was the child as well as the parent of empire. Its iconography, its operational codes, the instinctive reflexes of its rulers and managers were stamped through and through with the presuppositions of empire.” Even as the empire fell away, its ghosts still haunt Westminster, in inverted form, as a needy internationalism and an aesthetic distaste for the homely and familiar. Unlike our European neighbours, whose revolutions and wars of national independence helped clarify a secure sense of nationhood, Britain’s relentless focus on the periphery left a hollow void at the centre, at least for its rulers. As Marquand, now a convert to Welsh nationalism, observes, “shorn of empire, ‘Britain’ had no meaning”.

This interpretation does much to explain the strange pathologies of the 21st-century Westminster class, and elucidates the strange mystery of why Britain, more or less uniquely in Europe, possesses a markedly anti-national commenting class (intelligentsia is not quite the right word), whose European pretensions, like the continental affectations of a Hyacinth Bucket, are simply those of the provincial petit bourgeois, repelled by the drab simplicities of home. It explains why Britain, for a European country, is uniquely at risk of self-dissolution by global economic forces, and why its governing class’s sense of national identity, as far as can be judged from its citizenship tests, is such thin gruel, entirely indistinguishable from vague internationalist norms of liberal tolerance. It explains the compulsion towards mass immigration, entirely inconsistent with the demands of British voters: for as the empire folded in on itself, sucking the empire’s global children in along with it like a collapsing star, it became easier to remake Britain in the image of the world than to shape the world in a way congenial to British desires.

Such an interpretation also explains the extraordinary ease with which Britain’s governing class has reduced the country to a powerless factotum of America’s global empire, and the degree to which such total self-abnegation of sovereignty is presented and experienced, not as a humiliation fetish but as the natural order of things, and the bedrock of Britain’s security. To maintain its global pretensions, the Westminster class has been forced into a posture of what Perry Anderson termed “hyper-subalternity to the US in an era when America had become the sole super-power”. :ROFLMAO: It explains why our Right-wing populists are enamoured of globalised free markets even as they rail against “globalism”, why our state broadcaster functions as a vector of America’s new ideological fixations, and why our royals as well as our politicians look longingly at the better opportunities to be found in California. It explains, too, why our sole national institution, the NHS, sucks both staff and patients from around the world, finding its merely national mission too paltry for its dignity, and the humanitarian obligations of the British taxpayer too bountiful to be shared only among the British people.

The revenge of the technocrats
 
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