Greece and a lot of eastern European countries are likely to fall before the domino hits the UK. Ireland is probably worse off too.

IMO, the tory lead of doing nothing would perhaps have prevented the long term pain of major economic collapse in the UK. But the UK was always too heavily dependant on financial or "service sector" jobs to ever have good fundamentals of an economy. "service sector" jobs can just disappear into thin air. And it’s the manufacturing jobs that bring proper wealth into the country which have disappeared since the thatcherism of the 80’s which shipped nearly half of all manufacturing jobs overseas because they weren’t being properly protected.

In fact you could just argue a whole lot of economies in this crisis need to be readjusted.

There are many countries in Europe and world wide that are financially, economically and socially unstable. But the biggest player is perhaps the united states, which once fallen will cause a massive security destabilisation in the middle east, on the borders of Europe, Japan and many other places where it has strong military ties which will crumble once the economy of the united states implodes. Many of its states are bankrupt and its only a matter of time until the federal government crashes too.

Who will take their place as world leader?We are certainly in deep trouble but whether this is catastrophic failure or not, I doubt it. While capitalism is its own grave-digger, it will always find a way out of catastrophes, but only by treading on the working class.

Capitalism by its very nature has to have recessions, because of the nature of profit. As workers, we are not paid the full value of our labour, to make profit for the bosses. Therefore, we cannot buy back what we produce and so the system is unstable and collapses temporarily, until living standards drop to such an extent that it becomes profitable again. Credit can offset this process for a while, but as the present recession shows, ultimately this has to be paid for.

A more sensible and rational economic system would be socialism, under democratic control and with fair distribution of wealth. We would not have to make any profit, the economy could be planned rationally and be more stable and we would have more leisure time, rather than being wage slaves all our lives. This was first pointed out 160 years ago by Marx and Engels. Unfortunately, it has yet to be put into practice.I remember when Britain wanted to borrow just a couple of billion from the IMF in the 70’s under Labour’s Callaghan, and the outcry was deafening when we had a recession then. But now, the thought of them owing virtually one trillion £ just completely sickens me well and truly. When millions of hard working Brits have worked so hard to try to build a decent way of life, it is truly demoralising I find.

Plain truth is that Brown and Darling haven’t got a clue. They never fixed the roof when the sun shone, and this really is the worst financial crisis this country has ever seen. I think the Conservatives will win the next election, but I cannot see them paying off such a huge debt in any of our lifetimes. Taxes will have to go up considerably, and all wasting of public money will have to stop….. immediately.Since the economics of most nations on the planet are linked together we are heading for a global economic depression which will work like a row of domino’s falling over. One country goes under then sets of a chain of other collapses. I believe were safe until the US dollar goes under, which could be any day now to be honest. On the other side of this collapse is a global communist government waiting in the wings headed by, what I believe, will be Tony Blair.That’s a good answer and also a worrying answer from "munch".

Generally Britain economy is weak and has been for decades, due to a lack of financial investment and support from weak governments of all colours.
But to prevent mass unemployment from the loss of manufacturing jobs the governments of the day literally invented jobs in the public sector all payed for by tax returns from the false housing and credit booms just like they did in greece.

Britain is not as badly affected as greece is but even so there many within the public sector who this country cannot realistically now afford to pay and need to be trimmed.
But here lies the problem that any government will have to face when cutting public spending, where are these people who will lose their jobs go to get another job.

In Britain today there are very few manufacturing jobs left for these people to go to, they’ve all but gone to the far east we now import much of what we once made, mined, grew ourselves and we export very little.

Attitudes towards manufacturing, coal mining, and the steel industry must change and must take president for resources, and the time for spending resources on anti global warming policies over-sea’s has long gone its been gone years, all lost in a sea of debt.One of the reasons for Britain’s failures is the pessimistic spirit of people.”Next year looks dismal” "We will never recover". If actually spent more time finding ways to make more money and get the country back on its feet it would be nearly half way by now, recovering. Bankruptcy: Is this the future of the UK no matter who is in power? It does not have to be.

 

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