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By Whatchamacallit

Comments: 38591, member since Fri Nov 14, 2003

On Fri Dec 30, 2011 09:34 PM

Don't sell the bear's skin before killing the bear, they say.

http://www.dailymail.co.uk/news/article-2080402/Finally-good-news-2050--British-economy-biggest-Europe-decades-say-experts.html

I am very touchy to that subject. My dad was partly raised in a British college and by obscure reasons grew hatred for England while he had a worship for the US.

As a result, at adult age, while going often to England for business and feeding me with British things, he kept prophesying the decadence and downfall of the British economy, ensuing the end of the colonial era. Thanks God I never took him seriously. I am used in building up my opinions all by myself.

Raised in the cult of America, I naturally ended up there, while I was not very happy each time I was in London. While in the US however, the whole reverted and I began actually loving England, until I returned to Europe and decided I had to live there.

I then spent a year in London where I began seeing things a different way. I just initially thought that England would be a substitute to America for sedating the homesickness, yet it turned out I loved it a helluva lot.

Now for the serious part, everyone knows I attended the Law School 6 years ago.

There I had the highest score in Juridic English and the lowest scores in many law matters.

Not that I am that lousy in Law. But ...

Let's take a case. We had a class in Intl relatioships and the teacher exactly repeated the same words like my father. He taught us that after WWII European powers got lost and replaced by two superpowers, the USA and the USSR.

Not to mention the fact he had forgotten China, I interrupted the teacher in the middle of his statement and told him before the whole class: "Don't sell the bear's skin before killing the bear". "England has the biggest offshore banking Empire in some of its colonies in the Carribeans".

The teacher, a typical French, tried to counter by asking me where I fished that info ! So i ridiculed him twice more by saying the stupid truth, the "Nouvel Observateur's Atlaseco". It was a special issue I had with my subscription to the magazine, it is an atlas of all nations and the pertaining economy data.

So my say is, France pushed the whole EC shit just in order for France and Germany to suck monies out of the UK, period.

While I do agree that England itself is decadent because of the excess of foreigners, which can be easily cured, it doesn't mean the British economy is bad.

the Daily Mail wrote:

Finally some good news (but not until 2050): British economy will be biggest in Europe in four decades, say experts

By Hugo Duncan

Last updated at 11:47 PM on 30th December 2011

Britain will be the biggest economy in Europe with one of the wealthiest populations in the world by the middle of the century, according to leading economists.

Long-term forecasts by investment bank Goldman Sachs suggest the UK will fare better than its neighbours over the next four decades.

Britain is the third biggest economy in Europe behind Germany and France, but by 2050 it will have leapfrogged both countries.

Only people in the United States and Canada will be more prosperous by 2050, according to the report.

The UK is currently the seventh biggest economy in the world having recently been overtaken by Brazil

Dominic Wilson, chief markets economist at Goldman Sachs, said Britain faced several pressing issues such as high unemployment and weak economic growth.

‘But looking forward we think the UK is capable of holding its own and in fact moving ahead of some of the other developed economies,’ he said.

Goldman put Britain’s strong performance down to higher investment than in countries such as Germany and France.

It also said the economy would benefit from immigration which would boost the working age population. The upbeat predictions came as Britain struggles to recover from the worst financial crisis and recession since the Wall Street Crash of 1929 and the Great Depression of the 1930s.

The debt-fuelled boom and bust of the last Labour government has plunged Britain deep into the red and left households struggling to make ends meet.

Sir Mervyn King, Governor of the Bank of England, warned over the summer that the UK is only part of the way through ‘seven lean years’ after the banking crash.

Britain is the seventh biggest economy in the world having recently been pushed out of sixth place by Brazil.

The U.S. is No 1, followed by China, Japan, Germany and France.

By 2050, the UK will have fallen to ninth, having been overtaken by Indonesia, Mexico, Russia and India, but passing France and Germany, according to Goldman.

China will become the world’s biggest economy ahead of the U.S. in 2026, the report added.

But Mr Wilson said the citizens of fast-growing countries such as Brazil, Russia, India and China – collectively known as the BRICs – will still be markedly less well-off than their Western counterparts. ‘The income levels are so far ahead in the developed world that any sensible exercise leaves them likely to be the richest for some time,’ he said.

Research group IHS Global Insight yesterday predicted economic growth of 0.3 per cent in Britain in 2012 and a slump of 0.7 per cent in the eurozone.

IHS chief European economist Howard Archer said: ‘GDP is expected to contract sharply in Greece and Portugal in 2012, while declines are also anticipated in several other countries, notably including Italy, Spain and, to a lesser extent, France. Meanwhile, Germany is seen achieving only marginal growth.

‘The year 2012 is clearly going to be a very difficult one for the UK economy, with modest contraction likely to occur in the early months.

‘We expect the economy to start growing gradually in the second half of 2012.’

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