1 hour ago, Ray Proudfoot said:

@n4gix, that surprises me.  No mention of the IMF. Does that not get used by the US. Seems odd you can owe yourself money. If that is the case then why not just write it off as the EU did for a substantial amount of Greek debt some years ago.

Anyway, it was just a idea of mine that some debt could be wiped off given how many countries are building up such huge amounts for no fault of their own.

At a simplistic level countries "borrow" money by selling bonds.  In the UK they are called gilts and in the US T- Notes and T-Bonds.
These are sold at auctions.   They are purchased by for example pensions funds or wealth funds.  This is the figure that is quoted as the national debt.

But there is also an implicit form of debt as well which is the need to pay state pensions in the future - basically these are future promises which will need to be funded.

Countries can choose not to honour their debts  e.g Argentina defaulted on their debts in 2001 but the problem in doing that is that it then hard to borrow in the future or if you do you will pay a very high interest rate.  Everyone who lent money e.g pension funds will then loose out.  However in 2005 they restructured the debt that they had defaulted on and resumed payments. 

The IMF isn't involved in this in is involved in international trade balances.  

If you find that you cannot borrow  by issuing bonds (as no-one trusts you to pay them back) then there are ways to borrow from the IMF but that comes with all sorts of conditions and is very rarely used - Argentina used it in 2001 and Greece partially used it during their crisis. 

In the banking crisis of 2008 the UK national debt increased from 40% of GDP to 80% and  "austerity Britain" was about preventing it growing further.

 

 

 

 

 

 

 

 

3 hours ago, Ray Proudfoot said:

@n4gix, that surprises me.  No mention of the IMF. Does that not get used by the US. Seems odd you can owe yourself money. If that is the case then why not just write it off as the EU did for a substantial amount of Greek debt some years ago.

Anyway, it was just a idea of mine that some debt could be wiped off given how many countries are building up such huge amounts for no fault of their own.

They never did right off the debt the IMF said it was the worst deal ever and may never be repaid, a generation not born yet will grow up in a country in deep debt, now they have a new government they have released the recording of the so called deal that was struck (forced on them) which up to now has been a secret. Some the debt was bartered Greece no longer own there airports according to some Greek friends they are now owned by German banks.  One of the conditions was privatisation. 

https://www.youtube.com/watch?v=0mZnx-TxQcg

 

Edited April 5, 20206 yr by G-RFRY

Covid-19 vs. the flu

For the people who still think its just the flu.

 

1 hour ago, n4gix said:

That is all the more reason for wearing a mask; to not become a silent killer at worst or a super-spreader at best.

I've been following the insidious spread of Covid-19 in my county. A week and a half ago we had zero confirmed cases. A few days later we had seventeen.

This morning there were 245 cases, this afternoon we have 313! This is terrifying!

And it's important to remember that somewhere around 1-in-4 folks who have the virus are either pre-symptomatic or asymptomatic. Keep the masks on. Even your best friend/neighbor could be a real risk. Never assume that just because someone feels "OK" that they can't infect you. Wear the masks. It may save your life.

1 hour ago, Nedo68 said:

Covid-19 vs. the flu

For the people who still think its just the flu.

 

Thanks, this is an interesting video.

Arvin Ash has done a great video on SARS CoV 2. From a biological perspective. What evil genius this virus is.

 

 

9 hours ago, KevinAu said:

It’s not about protecting yourself.

 

As I mentioned before. It IS about protecting yourself. But PRIMARILY, masks are about the infected passing it on to others.

 

Quote

"If you are likely to be in close contact with someone infected, a mask cuts the chance of the disease being passed on. If you’re showing symptoms of coronavirus, or have been diagnosed, wearing a mask can also protect others."

 

We know the above from Japanese research that was conducted a few years ago. So no, I don't agree with the WHO that there is no evidence that masks protect the uninfected wearer. But again, primarily its about preventing the infected infecting others. 

Edited April 5, 20206 yr by martin-w

28 minutes ago, martin-w said:

As I mentioned before. It IS about protecting yourself. But PRIMARILY, masks are about the infected passing it on to others.

Detroit bus driver, who ranted about a coughing passenger, dies from coronavirus

15 hours ago, KevinAu said:

The balancing is required now because we failed to make sound decisions and take necessary steps at the beginning and even now still.

 

Yep, true, I would agree with that. South Korea are a good example. They stockpiled the necessary resources well in advance and were very speedy in terms of mass testing the population and even providing masks. South Koreans queue up every day to receive their rationed face masks. Not to mention how quick they were in terms of quarantining the infected. They are a fine example of what can be done with speedy intervention. Something most countries in the world haven't done. Including the US and UK. 

This article is very damning...

https://www.theguardian.com/world/2020/mar/30/uk-discussed-joint-eu-plan-to-buy-covid-19-medical-supplies-say-officials

 

Quote

British officials took part in four meetings where EU projects to bulk-buy medical kit were discussed – the earliest in January, according to official minutes that heap doubt on government claims of missing an email.

 

Quote

 

Peter Liese, a German MEP and medical doctor who sits on the European parliament’s public health committee, said there had also been telephone calls between British and EU officials about the EU procurement scheme. “I know that they [British officials] were at a working level interested in joint procurement,” he told the Guardian.

The veteran German MEP dismissed UK government claims they missed an email. “It was not that they were not aware, but it was a decision not to participate,” he said. “If you are interested you don’t wait for an email.”

 

 

Edited April 5, 20206 yr by martin-w

11 minutes ago, HiFlyer said:

Detroit bus driver, who ranted about a coughing passenger, dies from coronavirus

 

Meanwhile, despite new advice in the US to wear a mask... Trump tells us he will not wear one. He claims he can't talk to kings queens dictators and presidents in the oval office wearing a mask. Yes, he actually said dictators. 😀

30 minutes ago, martin-w said:

 

Meanwhile, despite new advice in the US to wear a mask... Trump tells us he will not wear one. He claims he can't talk to kings queens dictators and presidents in the oval office wearing a mask. Yes, he actually said dictators. 😀

Meanwhile....... Speaking of masks...... https://abcnews.go.com/Politics/medical-supplies-seized-alleged-price-gouger-distributed-hospitals/story?id=69938363

 

Edited April 5, 20206 yr by HiFlyer

@SteveFx, very good explanation, thanks. Probably explains why the GBP has taken a hit.

@G-RFRY, the reasons why Greece were admitted is well documented. Deeply flawed decision to allow them in. And as you say future Greeks will pay the price.

Just now, Ray Proudfoot said:

@SteveFx, very good explanation, thanks. Probably explains why the GBP has taken a hit.

@G-RFRY, the reasons why Greece were admitted is well documented. Deeply flawed decision to allow them in. And as you say future Greeks will pay the price.

Problem now is Italy and Spain are in the same boat that's sinking, and Poland has given Brussels a two finger salute and the Euro is tanking.

5 minutes ago, G-RFRY said:

Problem now is Italy and Spain are in the same boat that's sinking, and Poland has given Brussels a two finger salute and the Euro is tanking.

We're venturing into a political debate here rather than a Cova-19 one. Probably best I don't continue. The point I raised earlier was about whether debt could be written off but that doesn't seem possible.

1 minute ago, Ray Proudfoot said:

We're venturing into a political debate here rather than a Cova-19 one. Probably best I don't continue. The point I raised earlier was about whether debt could be written off but that doesn't seem possible.

I Agree the problems  is Covid-19 has become political in most country's now, you should do this then you should not do this.