DOOM - Moody's rating agency places UK on negative outlook

[AtW]

The credit ratings agency, Moody's has updated its credit ratings of several European nations.

It has placed negative outlooks on the ratings of the UK, France and Austria.

The ratings of Italy, Spain and Portugal have been downgraded.

In a statement Moody's said the adjustment reflected their "susceptibility to the growing financial and macroeconomic risks emanating from the euro area crisis."

Source: BBC News - Moody's rating agency places UK on negative outlook

[petergriffin]

Moody's is still too lenient. The British private sector has been bankrupt for years, even before the credit crunch. Expect more borrowing.

[scooterscot]

Run for lives! Government shall now need to cut defence back to reservists with slingshots!

Join the euro now before it's too late!!

[petergriffin]

Run for lives! Government shall now need to cut defence back to reservists with slingshots!

Join the euro now before it's too late!!

If Scotland went indie, the Scottish debt to gdp would be around 100%, which sounds big but not really because private and personal debt in Scotland is much lower and healthier than in England.

[chef]

In the words of Nelson

Haaaaaaa Ha

[BrilloPad]

The only way out of this is growth. Cut red tape NOW.

[ChimpMaster]

The only way out of this is growth. Cut red tape NOW.

There is no way out. As a human race we need to stop relying on the illusion of growth and consumption, and move towards a more cohesive society which exists for the furtherance of mankind as a whole. For how long can the modern miracle of growth continue to support the world?

On a related topic, anyone see "Poor America" yesterday? It was interesting stuff, but crap how they kept on insinuating that Barack was to blame. The top 1% still earn 20% of all income.

[scooterscot]

Society without growth sounds like an episode of star trek. 'betterment of mankind' that's a seismic shift in thinking, we need something in-between, GrowthLite perhaps.

[BrilloPad]

There is no way out. As a human race we need to stop relying on the illusion of growth and consumption, and move towards a more cohesive society which exists for the furtherance of mankind as a whole. For how long can the modern miracle of growth continue to support the world?

On a related topic, anyone see "Poor America" yesterday? It was interesting stuff, but crap how they kept on insinuating that Barack was to blame. The top 1% still earn 20% of all income.

Personally I disagree. I have seen huge changes in my lifetime - I can remember a world with 2 TV channels, no computers, no mobile phones. The kids even expect the be able to download any video on demand at any point!

But IMO there are still huge changes to come. Most well be for the better. Though one day we will have to be microchipped before we can buy food and our every move will be monitored.

[ChimpMaster]

Personally I disagree. I have seen huge changes in my lifetime - I can remember a world with 2 TV channels, no computers, no mobile phones. The kids even expect the be able to download any video on demand at any point!

But IMO there are still huge changes to come. Most well be for the better. Though one day we will have to be microchipped before we can buy food and our every move will be monitored.

I'm a technology advocate, but it just seems that we're destroying the planet and enriching the few ever more. The plan was always that technology would make things better, not only for people but for the world as a whole (think of when PCs and printers came out, the selling point was that this would save paper).

Until we are able to mine other planets for minerals, we will not be able to continue this past century's rate of economic growth for much longer. A consumer driven economy is not a long term plan, as being proven now.