7 ms·
The UK's financial system made it out battered but bruised in the 70s which were a magnitude worse than what we have right now (double digit unemployment, infla
by jalev 3mo ago
The UK's financial system made it out battered but bruised in the 70s which were a magnitude worse than what we have right now (double digit unemployment, inflation double digit, interest rates at like 15%, an IMF bailout...). Any talk of the British financial system collapsing is as realistic as the S&P500 dropping 50% in the near future: sure it can happen but the chances are so statistically small you have a better chance of winning the lottery.
- abecedarius 3mo agoNational debt to GDP was much lower in the 70s. You might be right that near-term disaster is unlikely, but comparing to a lottery win is ridiculous. Orders of magnitude off.
- arethuza 3mo agoUK debt to GDP ratio is quite a bit less than that of the US?