Whoops!

[ajva]

This.

Best get some tinned butter in, eh folks?

Comments

[ciphergoth.livejournal.com]

Of course, that doesn't say anything about the amount of debt hidden in PPP...

off-topic, but...

[valkyriekaren.livejournal.com]

... those butter tins are gorgeous. Why don't more products these days have florid art nouveau packaging?

[friend-of-tofu.livejournal.com]

Time for a rousing chorus of "we're shit and we know we are"?

Comments were too full of people insisting this was a party-political issue because it's happened under a "Labour" govt.

[ajva.livejournal.com]

Yep; it is the Spectator, though, so y'know...

[ciphergoth.livejournal.com]

What rich country will be *least* hit by the great crunch?

[alan1957.livejournal.com]

I luv those tins...very pretty!

[countess-sophia.livejournal.com]

Sweden is my guess.

Soph x

[friend-of-tofu.livejournal.com]

Indeed. Even allowing, for that, though...

[ajva.livejournal.com]

It's an excellent question, this. I really have no idea. My first thought was as Soph's: Sweden or maybe Norway - but the thing is, we've never had such a global problem before, because we've never had such an instantly interconnected world before - so it's difficult to see how any country can get through this totally unscathed. As usual, though, I expect the least developed nations will be the ones who suffer the most as the wealthier countries start making more protectionist trade choices and feel they'd better cut back on budgetary items like aid as well. I'm also a bit concerned that the IMF might be overwhelmed; I mean, it's not as if they have a magic bottomless vault o' cash at HQ; it gets its money from its member countries. If everybody's economy goes tits up at once, where then for the Bank of Last Resort? Over the past couple of months they've helped out - if I remember correctly - Iceland, Hungary, Ukraine, Pakistan and Latvia. Reasonably small beer so far, but if it has to bail out a huge economy like the UK, then that could spell real trouble for everyone.

Those pretty tins of butter are looking tastier by the second...

[sashajwolf.livejournal.com]

I think Italy's going to do quite well - it has one of the lowest levels of household debt in Europe, and although public borrowing is quite high, its overall external debt is relatively low. Some of the wealthier Islamic countries should also do quite well, as they're less entangled in the debt economy.