'This is the worst recession in a 100 years':UK
Ed Balls, the PM's closest ally, warns that downturn is ferocious and says impact will last 15 years.
No, I ain't making it up. His name really is Ed Balls.
In an extraordinary admission about the severity of the economic downturn, Ed Balls even predicted that its effects would still be felt 15 years from now. The Schools Secretary's comments carry added weight because he is a former chief economic adviser to the Treasury and regarded as one of the Prime Ministers's closest allies.
Mr Balls said yesterday: "The reality is that this is becoming the most serious global recession for, I'm sure, over 100 years, as it will turn out."
Interesting, the GDI is also gonna be mild relative to what Shri balls sees coming. Apparently. TSP better prepare a USD printing press in its unofficial quetta mint.
He warned that events worldwide were moving at a "speed, pace and ferocity which none of us have seen before" and banks were losing cash on a "scale that nobody believed possible".
Bad karma is a beetch, Balls man....didn'tya know? The unglisuxons piled on debt upon debt believing this time the ponzi story will turn out differently.
The minister stunned his audience at a Labour conference in Yorkshire by forecasting that times could be tougher than in the depression of the 1930s, when male unemployment in some cities reached 70 per cent. He also appeared to hint that the recession could play into the hands of the far right.
Aha, the political angle.....see, Shri Balls is a career leftist, and hence like his ilk, is permanently labor pained about 'em fascist rightists taking power onlee.
"The economy is going to define our politics in this region and in Britain in the next year, the next five years, the next 10 and even the next 15 years," Mr Balls said. {meaning labor will go downhill from here for at least 5 yrs+, maybe upto 15 yrs+} "These are seismic events that are going to change the political landscape. I think this is a financial crisis more extreme and more serious than that of the 1930s, and we all remember how the politics of that era were shaped by the economy."
Politics shaped by the economy? sure? Churchist anti-semitism that bloomed to genocidal proportions on a continental scale and had raving admirters in sh1tain too can thus be explained, am sure.
More fearmongering and scaremongering from the Ukstani establishment. Warmongering is the logical next step. Meanwhile Shri Obama across the pond is trying some hopemongering for a change. How audacious, eh?
Philip Hammond, the shadow Chief Secretary to the Treasury, said Mr Balls's predictions were "a staggering and very worrying admission from a cabinet minister and Gordon Brown's closest ally in the Treasury over the past 10 years". He added: "We are being told that not only are we facing the worst recession in 100 years, but that it will last for over a decade – far longer than Treasury forecasts predict."
The only solution remains more aid to TSP and cutting and running from Afgn. And yes, importing more pakis by the shipload to grant assylum to.
Everyone but everyone knows that moi remains a dedicated admirer of the Sh1tish empire. Bad karma in a b1tchy mood revisiting the Sh1tish Isles somehow fails to setoff my D&G sirens wailing onlee.....