UK to be one of worst performing economies this year, predicts IMF

[bignok]

1 minute ago, Chomper Higgot said:

Maybe the fact the IMF bailed out the UK the last time it was the ‘sick man of Europe’ is something we should all remember.

Who funds the IMF?

[bignok]

"The IMF's resources mainly come from the money that countries pay as their capital subscription (quotas) when they become members. Each member of the IMF is assigned a quota, based broadly on its relative position in the world economy. Countries can then borrow from this pool when they fall into financial difficulty."

 

So the Bank of England was just using UK funds.

 

 

https://www.imf.org/en/About#:~:text=The IMF's resources mainly come,they fall into financial difficulty.

 

 

 

[Chomper Higgot]

1 minute ago, bignok said:

Who funds the IMF?

Underwrites!

 

Solvent nations, of which the UK has had experience of not being and came within hours of not being only one Prime Minister ago.

[bignok]

1 minute ago, Chomper Higgot said:

Underwrites!

 

Solvent nations, of which the UK has had experience of not being and came within hours of not being only one Prime Minister ago.

The US nearly went broke too.

[stevenl]

4 minutes ago, bignok said:

"The IMF's resources mainly come from the money that countries pay as their capital subscription (quotas) when they become members. Each member of the IMF is assigned a quota, based broadly on its relative position in the world economy. Countries can then borrow from this pool when they fall into financial difficulty."

 

So the Bank of England was just using UK funds.

 

 

https://www.imf.org/en/About#:~:text=The IMF's resources mainly come,they fall into financial difficulty.

 

 

 

The good thing is for the UK that it will have to contribute less to the imf 

[bignok]

2 minutes ago, stevenl said:

The good thing is for the UK that it will have to contribute less to the imf 

Is the average UK person better off than the average Thai person?

[candide]

15 minutes ago, bignok said:

Who funds the IMF?

As any large organisation, they have a website providing all the information you may need.

https://www.imf.org/en/About/Factsheets/IMF-at-a-Glance

 

[Chomper Higgot]

15 minutes ago, bignok said:

Is the average UK person better off than the average Thai person?

Better off than the average Somali too.

 

Find a famine somewhere and the average UK person had more to eat.

 

Set your standards high.

[bignok]

Just now, Chomper Higgot said:

Better off than the average Somali too.

 

Find a famine somewhere and the average UK person had more to eat.

 

Set your standards high.

Top 20 on happiness index. Really though individuals have to find happiness themselves. Also find meaning in life. Nobody will save you. You can only save yourself. 

 

There is a buddhist saying - if you cannot be happy with a little then you cannot be happy with a lot.

[youreavinalaff]

42 minutes ago, Chomper Higgot said:

I actually said something a bit more than that, but you chose to cherry pick.

 

I wonder why?

 

 

 

Not cherry picking. Just sharing your rationale.

[Chomper Higgot]

4 minutes ago, youreavinalaff said:

Not cherry picking. Just sharing your rationale.

Cherry picking my post as I have demonstrated.

 

 And now trying to deny it.

 

Sad

[Chomper Higgot]

11 minutes ago, bignok said:

Top 20 on happiness index. Really though individuals have to find happiness themselves. Also find meaning in life. Nobody will save you. You can only save yourself. 

 

There is a buddhist saying - if you cannot be happy with a little then you cannot be happy with a lot.

The topic of discussion is the economy not some happiness nonsense.

 

I guess you don’t like discussing the state of the economy 

[bignok]

4 minutes ago, Chomper Higgot said:

The topic of discussion is the economy not some happiness nonsense.

 

I guess you don’t like discussing the state of the economy 

The economy isnt bad unless you think it's bad. You choose to be negative or positive. As I said lots of people get rich in recessions. A recession is only 2 quarters of negative gdp growth which is nothing really.

[youreavinalaff]

15 minutes ago, Chomper Higgot said:

Cherry picking my post as I have demonstrated.

 

 And now trying to deny it.

 

Sad

You said it's the long term that matters. I shared that comment. Not cherry picking at all. Not sad either. 

 

As for cherry picking, why do you only reply to some of my posts, not all? Why not post on all topics? Cherry picking. 5555.

 

 

Edited April 13, 2023 by youreavinalaff

[bignok]

The great depression lasted 6 years. People worrying about some mild recession gee. The internet age sets people off into negative thoughts over nothing. Do you have a roof over your head? Food to eat? Money and passport? Then you are not bad off. 

[placeholder]

1 minute ago, bignok said:

The great depression lasted 6 years. People worrying about some mild recession gee. The internet age sets people off into negative thoughts over nothing. Do you have a roof over your head? Food to eat? Money and passport? Then you are not bad off. 

Actually, a recession isn't even necessarily defined by 2 quarters of negative GDP growth. The US recently experienced a negative 2 quarters in a row but unemployment was very low. And job openings were over 10 million.

[Chomper Higgot]

5 minutes ago, bignok said:

The economy isnt bad unless you think it's bad. You choose to be negative or positive. As I said lots of people get rich in recessions. A recession is only 2 quarters of negative gdp growth which is nothing really.

The Government’s own data says it’s bad.

 

 

[bignok]

Just now, Chomper Higgot said:

The Government’s own data says it’s bad.

 

 

What is bad? 

[Chomper Higgot]

6 minutes ago, youreavinalaff said:

You said it's the long term that matters. I shared that comment. Not cherry picking at all. Not sad either. 

 

As for cherry picking, why do you only reply to some of my posts, not all? Why not post on all topics? Cherry picking. 5555.

 

 

Again quoting me out of context of my full post.

 

Sorry, I’m not giving you the attention you obviously believe I should be.

[JonnyF]

These predictions are hilarious. I still have a good chuckle about the pre Brexit warnings of 10% gdp loss, the end of London as a financial centre etc.

 

Good stuff. Anyone got any others? ????

[bignok]

1 minute ago, placeholder said:

Actually, a recession isn't even necessarily defined by 2 quarters of negative GDP growth. The US recently experienced a negative 2 quarters in a row but unemployment was very low. And job openings were over 10 million.

The official measure is 2 consecutive quarters but it's nothing really. Just media spin.

[Chomper Higgot]

Just now, bignok said:

What is bad? 

Near zero growth and awful productivity.

[Chomper Higgot]

Just now, JonnyF said:

These predictions are hilarious. I still have a good chuckle about the pre Brexit warnings of 10% gdp loss, the end of London as a financial centre etc.

 

Good stuff. Anyone got any others? ????

‘Warm sunlit uplands’

 

’Oven ready deal’.

[Chomper Higgot]

3 minutes ago, bignok said:

Not in my opinion. Ive got a passport, job and food to eat. I dont see a problem.

 

Just media spin this economic stuff. Negative stuff. 

UK Government data on UK economy.

Your ‘I’m alright Jack’ pov is noted.

[bignok]

Just now, Chomper Higgot said:

UK Government data on UK economy.

Your ‘I’m alright Jack’ pov is noted.

So what does that mean? Just averages. Means little really. If people are 1% worse off they are still people off than 90% of people.

 

 

[placeholder]

3 minutes ago, bignok said:

The official measure is 2 consecutive quarters but it's nothing really. Just media spin.

Not in the US

The National Bureau of Economic Research (NBER) is generally recognized as the authority that defines the starting and ending dates of U.S. recessions. NBER has its own definition of what constitutes a recession, namely “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

https://www.forbes.com/advisor/investing/what-is-a-recession/

 

[youreavinalaff]

1 minute ago, placeholder said:

Not in the US

The National Bureau of Economic Research (NBER) is generally recognized as the authority that defines the starting and ending dates of U.S. recessions. NBER has its own definition of what constitutes a recession, namely “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

https://www.forbes.com/advisor/investing/what-is-a-recession/

 

I'm going to sound like your side kick here but, US is not the subject ofvthis topic.

[bignok]

1 minute ago, placeholder said:

Not in the US

The National Bureau of Economic Research (NBER) is generally recognized as the authority that defines the starting and ending dates of U.S. recessions. NBER has its own definition of what constitutes a recession, namely “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

https://www.forbes.com/advisor/investing/what-is-a-recession/

 

So basically just numbers averaged in a spreadsheet. Unless you lose your job means nothing.

[Chomper Higgot]

3 minutes ago, bignok said:

So what does that mean? Just averages. Means little really. If people are 1% worse off they are still people off than 90% of people.

 

 

Oh, you are making up percentages now.

[placeholder]

2 minutes ago, bignok said:

So basically just numbers averaged in a spreadsheet. Unless you lose your job means nothing.

Exactly. If unemployment is low, it really makes no sense to call 2 negative quarters a recession. It goes to the question of who is an economy for.