OSBORNE AUTUMN STATEMENT: Deficit outlook six times worse than it was last March

In his March budget, the chancellor projected a current structural surplus of £6bn for 2014-15. But he now concedes that the position will be £30bn worse in that year.

The Office of Budget Responsibility’s (OBR) revised outlook will move the official forecasts into line with those of others, such as the Organisation for Economic Co-operation and Development (OECD), which yesterday declared the UK economy already to be in recession. It also predicted Britain’s underlying government borrowing was set to be worse in 2013 than in the ClubMeds – Italy, Spain, Portugal, and Greece.

The Chancellor insisted he would still hit his deficit rules, but to do this he will be extending the public spending cuts well beyond the current end-date of 2014-15. If Gideon keeps on hitting his deficit rules at the current rate, the UK will be suffering austerity until around 2030.
Crucially, Osborne’s Budget statement will make a massive switch to capital spending only. Downing Street refused to comment tonight on what effect that enormous decision would have on Government services.
Today’s UK airwaves will be full of hot air and bollocks about what George Osborne’s words  mean. But the reality will remain the same whatever words are spoken: Britain is falling behind in its debt management at an alarming rate.
None of this will come as a surprise to realists. The factors in play have always been these: Labour overspent after 2002, the bank bailouts cost us dearly because of our economic bias, the cutting began five years too late, we haven’t done anything to substantively restructure the economy, and vested interests (from trade unions to senior Whitehall mandarins) have done everything in their power to undermine the austerity programme.
Still to come are the economic effects of our main trading partner’s implosion, and banking collapses in the light of EU sovereign insolvency. And to top it all, I’ve got a stinking cold.

37 thoughts on “OSBORNE AUTUMN STATEMENT: Deficit outlook six times worse than it was last March

  1. We know very well from our ‘domestic science’ classes when we were in short trousers that a quart of debt will not fit into a pint sized overdraft facility.
    How else will we stay in glorious power if we continue to ignore this?

  2. What austerity? The government continues to spend money like a drunken sailor. More spending this year than last year, more spending this month than last month. The whole “cuts” theme is simply propaganda. There have been no cuts – the binge continues.

    • I agree with you Mr. Weetabix. Although, at the front line there are some cuts being made, it is not making much difference. And as you say, in terms of the actual numbers, spending is increasing, even taking into account inflation.

      Some big decisions will have to be made: salami slicing will not suffice. My first suggestion: press DELETE the DTI.

  3. Aha, a Chancellor faced with the reality that he can’t cut even the rate of increase of state spending, let alone the absolute amount. The state system is too well organised and can resist minor attacks for ever. Sadly, nobody ever has the courage to challenge this situation in a radical way that results in a lower total cost of the state, because that means that vested interests would lose income. Lower total cost means fewer state employees, and nothing whatever has been done about that yet, despite 1m more appearing in the last decade of the Labour government.

    I would like to see every proposal for spending, or better still, continuance of spending, accompanied by a detailed explanation as to how it will be financed. The spending proposer would also propose its financing. Taxation, borrowings, privatisations, EU subsidies, real cuts elsewhere (the last not usually credible). Of course the Treasury has a very complicated job with all the state spending that we have, but for once could a Chancellor be honest and set out the spending against how it will be financed? And not use growth as the balancing figure. We know that manoeuvre always wildly overstates growth, it’s the standard Treasury way to make forecasts balance and it’s grossly dishonest. (The OBR uses personal borrowings, btw. That leads to some very interesting outcomes in 5 years time!)

    I know the Treasury does do this internally and on its websites but how about incorporating it explicitly into the Chancellor’s statements?

  4. Seems to me that it is no longer a matter of a possible major fiscal disintegration, but a definite one. All we can do is plan for it on a personal basis, try and warn those closest to us (ignoring the stern looks around the dinner table as you let fly another one) and be prepared for the long haul out of it afterwards.

    Ref. your cold .. you will now be inundated with remedies, please let mine be one of the first. Go to the medicine chest and take out the box of Lemsip. Pour out a generous measure of any malt whisky into a tumbler. Mix in an equally generous measure of Drambuie. Replace the Lemsip, unopened, in the medicine chest and retire with replenished tumbler to a warm chair in a quiet room. Open book. Begin reading

    • caratacus, I don’t have a cold at the moment but I do have a day off and am quite tempted to try your remedy anyway, sounds like it may be a cure for many ills.
      And if you don’t mind me asking what plans do you suggest for the fiscal disintegration. Everyone I know thinks I’m banana’s because I’ve been going down the gold route, since I really do think the pounds going to go pop, you got any further suggestions?

      • “….what plans do you suggest for the fiscal disintegration?”
        Stock up on good Malt Whisky and Drambuie!
        And maybe a few cheese biscuits.
        (And of course loo rolls!)

      • Firstly ensure that you have provisions above all else, then get the hell out of any debt that you are liable for. If you are fortunate enough to have cash left over then convert it into the only thing left that you could consider money, gold.

      • Soap mc tavish, like you I am trusting gold (physical and outside the banking system) over paper currencies. How fantastic that peolple think you are bananas. That means you are in a small minority and have got in relatively early. When those same people come back to you and ask you about gold, it is probably time to sell – perhaps to them or just swap it for some asset of theirs that you fancy.

      • Mr McT – I would hesitate to recommend to anyone what they should do. It depends on the person’s character, their likes and dislikes and their attitude to, and even definition of, risk.

        Broad principles: protection of one’s assets, whether from regular thieves or officially sanctioned thieves as represented by various arms of HMG. Gold is good, particularly sovereigns which are easy to buy and sell … and not even subject to VAT. But not everyone is able or willing to risk committing their meagre savings to physical gold, particularly at £280-odd a pop. For myself, I’ve been steadily and discreetly running down my savings accounts and holding – securely – cash. The likelihood of one or many more banks going broke in the near future is high, ATM’s will be u/s and people will be finding out just how well they are prepared, and just how little they have to survive on. If I’m wrong (and I truly hope I am) then I will have lost a few bob in interest, and a little credibility with my family. I can live with that!

        More than anything, plan – today – how you will protect what you have.

      • I agree in buying physical gold and silver. I use a small family company called Atkinsons (I have no connection at all with them) based in Suttton Coldfield. £266 at the moment for gold sovereigns though they charge P &P. Tend to be much cheaper for silver 1oz coins such as Maples and Eagles, though VAT is the pain there.
        I feel hyperinflation in a couple of years and this is the only option unless you buy farming land with a fixed rate mortgage.

    • Re where to put your savings – That is why property prices are keeping up as it is seen as a safe bet. They can inflate away your cash and your shares can collapse but it is harder for them to take your money if you put it in property. (They do try their best – death duties, council tax, other fixed costs etc). That is not to say property will not go down in real terms, as all theings are relative and related to the overall wealth of the nation.

      • If you are having trouble reading this email, you may view the online version

        I Got Effed by MF Global.
        Who’s Going to Eff U?
        KINGSTON, NY, 28 November 2011 — The MF Global bankruptcy has more far reaching implications than are currently being acknowledged. Not simply an isolated instance of corporate mismanagement resulting in disastrous and irreparable effects on options and commodity futures markets, the MF bankruptcy – the eighth-largest in US history – is a harbinger of much worse to come.

        Don’t be taken in by today’s stock market bounce that’s based on the belief that Europe is coming closer to resolving its debt crisis, and that strong US Black Friday retail sales are a sign recession has been averted.

        The European debt crisis is a long term trend with no quick fixes. And the retail surge is no more than a flash mob spending spree hyped by a corporate media. The more they hype it and the more consumers spend, the more advertising space the media sells to retailers

        The MF meltdown, however, is symptomatic of a global economic system on the verge of collapse. No financial sector will escape unscathed: banks, brokerages, hedge funds, insurance companies, stocks and stock markets are all at risk.

        Do you know where your money is? Will you get it back? Are you prepared?

        When the evidence is pieced together, it proves how corrupt, bankrupt and dishonest the financial/political cabal that runs America is, and reveals the complicity of the media in covering up their masters’ misdeeds.

        The MF crash provides glaring examples of the failure of the CME Group (the options and commodity exchange of which MF was a member) to do its own due diligence of member firms. It exposes the incestuous relationship between government agencies, such as the Commodity Futures Trading Commission, and the entities they are charged with regulating and monitoring – in this case, the CME and its member firms (such as MF Global).

        The government’s response to the crash exposes a terminally corrupt justice system, committed to prosecuting any minor violation of the law by any average citizen, but turning a blind eye on the rich, powerful and well connected. It shows how, as in any authoritarian, fascist or communist system, members of the “party” are granted party privileges … immunity from prosecution among them.

        Such is the case for Jon Corzine, the man who headed MF Global and brought it to bankruptcy. The former Democratic Governor and Senator of New Jersey and former co-head of Goldman Sachs, has been given a free pass. Despite authorities’ inability to find more than a billion dollars of customers’ segregated funds, enforcement agencies, DA’s, the FBI et al., have not even called Corzine in for questioning, much less indicted him.

        For a media that feasts on titillation, gossip, scandal and sleaze – and has shown its passion for accusing, trying and convicting people before they are accused of a crime or brought to trial – it is instructive to note that when it came to White House-connected Corzine, his privacy was respected and he was left unaccused. There were no camera crews massed outside his house or reporters hounding him, demanding to know, “Where’s the money?”

        It is becoming clear that, in the final days before bankruptcy, MF Global raided its customer accounts. The failure to separate customer and house funds is a violation of US law. Moreover, even if MF Global were to claim the comingling of funds was inadvertent, that would not serve as a valid excuse. CFTC enforcement chief David Meister has stated that proof of intent was not a requirement for his agency to take action. “You should know the commission takes the laws on segregated funds very seriously,” Meister said.

        But evidently, not too “very seriously.” For the White House-connected and White Shoe Boy lawyer-protected Corzine, no questions asked, no indictments, no Perp walk and, as yet, no trial. So far, the only inconvenience facing Corzine is his scheduled testimony before Congress on December 15th (a full month and a half after the bankruptcy), at which time he will be allowed to plead the Fifth and refuse to testify on grounds that he could incriminate himself.

        How I got Effed by MF Global, And Why it is Important to You I’ve been trading and buying gold since 1978. I am not a “speculator.” I buy coins and bullion as well as futures contracts. My involvement with MF Global went like this: I made an agreement with the well-respected firm Lind-Waldock (subsequently bought by MF Global) to purchase gold future contracts, with due date for delivery of the gold in December 2011. Holding the gold “contracts” entailed a substantial “margin” requirement … in essence a deposit (similar to a lay-away plan at a retail store). From the time I bought the contracts, I kept building my account so that when it came time to take delivery in December, I would have a substantial amount of money in my account to complete the purchase.

        Within days of announcement of the MF Global bankruptcy, I received a call from my broker informing me that the funds had been taken from my account and transferred to a trustee, and that my gold contracts were now with another brokerage firm. Because most of my funds were no longer in my account, he said, I now faced a margin call to cover my open gold positions. Concerned with the integrity of the futures exchange itself (CME Group) and its failure to honor its claim to be “the guarantor of every transaction that happens in our markets” (click here for CME Group’s statement of “guarantee”). I refused to put up more money, so they closed out a number of my open positions at the current market price.

        Subsequent to the transfer of my contracts, statements from the new brokerage to which they’d been assigned indicated that that I had bought gold at $1,767 an ounce … the price of gold on the day of the transfer from MF Global to the assigned brokerage. This was not the case. Earlier statements prove that I bought my December gold contracts at $1,443 … not $1,767. So, although I had contracted to take delivery at $1,443, under the rules of the “we will do as we please, shut your mouth and do as you’re told” dirty deal made by the inside dealmakers, I was told I would have to pay $1767 an ounce.

        I had been Effed, and I had a lot of company. Others, who had seen the bankruptcy coming, closed out their accounts. But rather than wire transferring them their funds, MF Global Effed them by mailing checks that bounced. Those who had previously taken delivery but were holding warehouse receipts for physical gold and silver being stored via an MF appointed repository, also had their assets seized by the trustee.

        I want to make this absolutely clear: Buying gold to take delivery is NOT speculation! And it is delusion to believe that you are immune to the systemic criminality that pervades virtually every aspect of the financial sector. MF Global, Lehman, Merrill Lynch, Washington Mutual, IndyMac Bank, Bear Stearns, Northern Rock, Countrywide, Dexia, Anglo Irish, Wachovia, Goldman Sachs, Citigroup, Bank of America, Wells Fargo, Morgan Stanley, Fidelity, Schwab, Vanguard … do you really know what went on, or is now going on behind the closed doors of these firms?

        Which will be the next crooked insurance company, bank, brokerage, savings and loan, or financial institution to go belly up? And if and when it happens, what assurance do you have that you won’t be robbed and victimized? Sure, sure, your savings and checking accounts, up to $250,000, are protected by the FDIC in the event of bank failure. But how long will it take to get your money when banks start falling like dominoes? Sure, sure, under SIPC rules, stock accounts are partially protected when your broker/dealer goes bankrupt. But will you still be alive by the time the legal fight is over?

        The Big EFF is Coming The Berlusconi government fell on November 16, and bond yields have risen to unsustainable levels in Italy, the euro-zone’s third largest economy. Before that, it was the ongoing Greek sovereign debt crisis, and the fall of that nation’s Prime Minister. Last week, Hungary was begging for an IMF bailout that, 18 months ago, it pledged it would never need. Spain has just celebrated the election of a new Prime Minister who ran on a pro-austerity platform. To the bond markets, his election changed nothing. Spanish borrowing costs continued to rise, approaching their highest levels since the European debt crisis began.

        Distress signals were even sounding from Germany, the strongman of the euro-zone, considered a safe haven of financial stability amid the ongoing euro crisis. Last Wednesday, just two-thirds of the once much sought-after German bonds were sold at what has been described as a “disastrous” government bond auction. One analyst called it “…a complete disaster,” while another said the auction was a “vote of no confidence against the entire euro zone … a change in sentiment has taken place.”

        On Thursday, the “change in sentiment” hit Hungary and Portugal:

        Hungary Cut to Junk at Moody’s After IMF Plea

        Nov. 25 (Bloomberg) — Hungary lost its investment-grade rating at Moody’s Investors Service after 15 years as the Cabinet seeks International Monetary Fund help to boost confidence in the European Union’s most-indebted eastern member. Elliott Gotkine reports on Bloomberg Television’s “Countdown” with Owen Thomas.

        Fitch cuts Portugal credit rating to junk status

        FRANKFURT, 25 November 2011 – Fitch Ratings on Thursday cut Portugal’s sovereign credit rating to BB-plus from BBB-minus, putting the country’s rating in junk status. The rating carries a negative outlook, which means a further cut is possible. “The country’s large fiscal imbalances, high indebtedness across all sectors, and adverse macroeconomic outlook mean the sovereign’s credit profile is no longer consistent with an investment-grade rating,” Fitch said in a news release.

        Meanwhile, in the United States, the failure of the optimistically named “Super Committee” to reach a deal to rein in America’s spiraling deficit, was being blamed for dragging down financial markets around the world.

        MF Global, Europe’s sovereign debt crises, the intractable American deficit and all the other financial problems plaguing the planet are interconnected and cumulative in their impact.

        Want to Buy a Bridge in Brooklyn? The big lie being peddled by politicians and parroted by the media, is that star-studded groups – possessed of superior brain power far beyond that of mere mortals – are putting their heads together to solve the mounting crises.

        Don’t buy into the lie. The same people that removed regulations and safeguards while passing laws and promoting policies that helped produce the global financial crisis are now undertaking the task of fixing what they have broken. Germany brags about its kitchen cabinet of economic “wise ones.” The Italians and Greeks celebrate their technocrats. The US simply assembles a bipartisan dozen of Republican and Democratic hacks, repackaging and promoting them to the public as a “Super Committee.”

        Even those of us with lesser brains know full well that the crises cannot be solved by these people or by the methods they prescribe.

        In a few weeks, we will be releasing a synopsis of our Top Trends for 2012. Among them will be a warning of the high probability for some form of “economic martial law” to be imposed early in the New Year to stop runs on banks and equity markets from collapsing. The reason we believe it will not occur sooner? Governments will wait until consumers finish their holiday spending spree.

        The Lesson I Learned The MF Global bankruptcy is just one example of how even knowledgeable and cautious people taking precautionary measures to protect their assets can still be robbed by the Wall Street mob. Having taken a hard hit from the MF Global scandal, it is now extremely difficult for me to put any trust in any financial institution.

        The Trends Research Institute is not permitted to provide financial advice or to recommend investments to prepare for the coming “Winter of Economic Discontent.” However, my own strategy (as I have repeatedly stated) is to keep only operating expenses in banks, and to invest only in gold and silver. Furthermore (again speaking only for myself), it makes absolutely no sense to leave my hard-earned money in the hands of others and get virtually no interest on deposits while taking the risk that I may never see my money again.

  5. I never quite know how to react to Osborne and co… laugh, cry or vomit. I have a horrible feeling though that this is not going to end well though despite his vacuous diatribe. The UK debt pile is enormous and growing. Bring on the helicopters and those lovely new £50 quid notes. I promise I’ll spend and not save…ha ha!

  6. Austerity until 2030? That’s when we will have a functioning aircraft carrier. Are the two linked?

    These numbers are all bollocks, as they assume we can continue borrow at stupidly low rates forever. This is the mammoth in the room. Borrowing can become very expensive very quickly – just look at Italy. If UK borrowing cost was 4 or 5 % game over (let alone 7%). At a total debt to GDP ratio of nearly 500%, how long before the ‘markets’ come after us. Default, austerity or hyperinflation or all three in different orders.

    John, hope the malt and Drambuie do the trick. I wonder…does it work as a preventative?

    • @gecko “At a total debt to GDP ratio of nearly 500%, how long before the ‘markets’ come after us”…
      All will be fine, George is guiding us through the stormy waters. Relax, have a pizza…

      • @geko “These numbers are all bollocks, as they assume we can continue borrow at stupidly low rates forever”.

        You are absolutely 100% correct. The whole British economy and the grand deficit reduction plan is a house of cards just waiting to be toppled.
        The slightest bit of turbulence and UK PLC is going to be royally stuffed, we really are living on the edge withouthot a parachute.

  7. Take a large mug and pour in four fingers of rum. Squeeze a whole lemon and add the juice before mixing in a large table spoon of honey. Add two powdered paracetmol.

    Run a hot bath whilst simultaneously boiling the kettle then filling up the mug with hot water. Drink as quickly as possible and lie in the bath for about 15 minutes.

    Then go to bed whilst wearing a full set of clothes.

    Gute besserung und bis morgen.

  8. John

    It seems to me that our form of democracy corrupts
    politicians.As soon as they get elected they start bribing the
    voters so that they will get elected again in 5 years time.
    An independant body could set limits on spending, but that would
    negate democracy -or would it?

    They do say a nation gets the government it deserves.

    • Dont vote at all. When you vote you just get more of the same or worse. Voting is giving legitimacy to an illegitimate system. Voting is a insult to your intelligence. The more people that waken up to this the better. Our governments have been assisting the NWO for many years, and now their work is almost done, world financial collapse and WWIII in order to own all the worlds resources enslave the population in debt and bring about world government despotism.

      • Help campaigns like “None of the above” on the ballot paper, a written constitution and an end to fractional reserve banking in any way you can. Also try to get independence from Westminster government, they only usurp your sovereignty and give it away to the EU.

  9. If you thought Madoff ran a Ponzi scheme,it was as nothing compared to Garry(the kleptocrat from Kirkcaldy).Social welfare payments plus unfunded state pensions( see the TPA on the latter) exceed the borrowing requirement.SW and cronshd are right.Meantime,a massive hidden wealth tax is in place,inflation at 5.5,base at 0.5.At some time,the market’s patience will run out.A serious government would abolish DEFRA,Dof E,DoH,most of the MoD, and reduce or abolish every ‘benefit’,BUT at the same time cut income tax( to maintain aggregate demand).As for MarK at the Bof E,words fail me.More devaluation, more inflation.The Havana 3(Garry, MarK,and Pavlov,sitting in his £8m London house) are still winning.Coalition is for whimps.

  10. “the UK will be suffering austerity until around 2030.”
    I think even that may be a bit optimistic. I’ve thought for 3 years now that the numbers are way too big and they’ll never get this down without some form of debt forgiveness. The great unwashed and their huge feeling of entitlement will never be able to accept the pain required to achieve the necessary rebalancing.
    Add in the certain property market crash and our banks have potential losses running into the trillions on the domestic mortgage market. Include our old friend “EMR” spiralling up the welfare bill and it’s a recipe for disaster.
    We’re in the shit upto our eyebrows, even without the effects from the euro crash. FUBAR!

    • @ DaninSpain… Add in the certain property market crash and our banks have potential losses running into the trillions on the domestic mortgage market…
      I feel this is the mega ‘Black Swan’ in the UK’s cesspool. Property is still grossly over-valued and being propped up with negative interest rates, QE, and some judicious fiddling behind the scenes by Dave and his bankster mates. Something, somewhere, at some time, has got to give. Even the Daily Express can’t keep this one heading skywards for ever…

      • Totally agree, Will. It’s a when not if.
        The Daily Express are an absolute laughing stock. Even my dog wasn’t impressed with that recent headline about house prices rising 15% – he can’t read of course, but when that little gem popped up on the news, the mouthful of morning coffee I spat down his back left him a touch miffed!

  11. I listened to Radio 4 yeaterday. As usual, they talk of ‘spending cuts’. I do not think they ever mention that the debt is actually increasing. They like to confuse deficit with debt. We are heading for the cliff edge more slowly so that is alright.
    A while ago I heard the Radio 4 programme about numbers and figures where they claim to get to the bottom of statistics and dig out the truth. They had an expert on saying that the debt is no problem because growth will cancel it out. And it is a simple as that!

    • @billy… They had an expert on saying that the debt is no problem because growth will cancel it…
      Praise be to the Lord… you’ve stumbled across the answer to all our problems billy…. we need an EXPERT… simples ;-)

  12. It is very simple. Trying to cut public spending when the private sector is paying down debt does not work. All that happens is the economy weakens and the deficit gets bigger.

  13. Who cares about “Growth”? It is far more important what kind of growth than the quantity.

    A gardening analogy:-

    Suppose your garden were full of bindweed. When your neighbour sees you bringing in a barrel of systemic weedkiller and tells you not to spread it as you would harm the amount of growth in your garden, do you take any notice?

    In the same way, if a shopping centre is full of shops whose business model is to sell cheap imported tat that is usually binned before the credit card statement arrives, should we care if they go bust?

    If a town’s main employer is a Government department doing pointless admin of a worthless make-work scheme, should we care if it gets shut down?

    Maybe the social and financial cost of managing the resultant disruption would be more than is saved. However, you’d have to be remarkably dim to have not seen the need for such cutbacks coming for the last 2 or 3 years, and not have taken any actions to protect yourself or secure a safer job.

  14. Ronnie. The general populace,has not got a clue,as to what is going on. Ask them about the soaps,or X factor,and you would get an immediate response.Ask them how much did the Italian coupons,get away, this morning, (It was 7.89% and was still 1/2 billion short.) 99.999% would look at you,completely blank. They Ronnie, will vote for a new government,at the general elections. Doh.

    • @nerdman… “They Ronnie, will vote for a new government,at the general elections. Doh”.

      Yeah… and they’ll be voting for the usual suspects, hoping for ‘change they can believe in’. Beam me up>>>>>>

      • Ronnie
        Your right about the Government not cutting back and all this talk about growth.
        I can’t get my head round the fact that, a] UK PLC’s Credit Card is maxed out. b] We are having trouble servicing our mortgage at even the current rate, never mind an increase. c] There is dificulty in paying our runnining costs, without resorting to borrowing. They, who ever they are, say that growth[inflation] will pay of our debts.
        Yet he wants to increase capltol spending on New High Speed train lines and the like.
        When what he should be doing is freezing all UK PLC non essential spending. Yes, shops selling imported tat will go bust, Car dealerships may go bust. But why expand the UK debt[economy] to keep foreign workers employed?
        If we do spend tax-payer money on Infrastructure projects, maybe there should be a clause saying that there should be a surcharge added to a foreign bid to cover the cost in Dole payments and loss of taxes to level the playing field. Like what France and Germany do.

  15. Why does Germany, want to To keep the Euro going? German exports in 2011 will probably breach the 1 trillion euro ($1.3 trillion) level for the first time as demand from developing states offsets waning sales in Europe, the BGA Exporters and Wholesalers said.
    Export sales will likely grow 12 percent this year to 1.075 trillion euros from last year and expand at least 6 percent in 2012 to 1.14 trillion euros, the Berlin-based group said today in presenting its outlook. This year’s sales will yield a trade surplus of 156 billion euros, or 3 billion euros more than in 2010, the group said.
    “Emerging markets are hardly impacted by the debt crisis and are continuing to invest strongly in future technologies,” the BGA said in a statement. The group, led by President Anton Boerner, urged euro-region leaders to fight to save the euro from which German exporters “profit massively.”

  16. I gather the new treasurer (?) of Spain said something along the lines of, “We are a poor nation which has been living like a rich nation.” Perhaps a lesson there?

    I wonder what flat-out cancellation of all the renewables capital projects and FITs would have on the projections. It might be shockingly salutary.

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