"P" in Piigs

jefflcbba
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I started this blog exactly a year ago: my intention was to help me decide which party to vote for in the then rapidly approaching election.

I was aware of the financial mess we were in and stated:

It is my view that double entry book-keeping was invented when we knew the earth was flat. Taking say £5,000,000 out of an account and spending it, on a new car, boat or whatever and then claiming this is acceptable as there is a counter entry where our children and children's children have promised to pay it back is a system which needs to fail.

I believe the impending "perfect storm" of Lehmann Bros insolvency, PIIGS, NAMA, Banks needing to refinance long term loans and downgrading of sovereign debt etc etc will cause that failure soon.

All contributions towards a better workable system will be welcome.

On the day the "P" in PIIGS finally bows to the inevitable I will resist the temptation to say I told you so.

But we have learnt NOTHING, and all I can see is the downward spiral continuing.

The Mayan prophecy date (21.12.12) seems to me as good a day as any for us to finally reach the bottom!

But then I am the MAD lemming!

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