http:\/\/www.independent.co.uk\/opinion\/commentators\/sean-ogrady-trouble-on-the-streets-ndash-and-in-the-markets-1904132.html<\/a>.)<\/p>\n<\/p>\n\t\u00abAt the other end of the spectrum would be a collapse in confidence in the ability of the Government to meet its obligations, Greek-style. A \u00ab\u00a0gilts strike\u00a0\u00bb by the markets, perhaps spurred by a downgrade in the credit rating of UK government debt, would devalue those widely held securities at a stroke: the destruction of wealth would make the subprime crisis look like a tea party, and affect almost everyone with a pension, for example. The vast quantity of gilts held in pension and insurance funds as supposedly ultra-safe assets would be worth far less, slashing the value of people’s retirement funds and very possibly pushing those institutions towards insolvency. Much the same goes for other financial institutions with their reserves held in gilts including the banks, who, like the pension companies, are required to hold a proportion of their assets in supposedly ultra-safe gilts.<\/em><\/p>\n<\/p>\n\t\u00bbAgain the nation would face the too big to fail dilemma as balance sheets disintegrated. We would have to bail out these big institutions. Except that this time, the Government would no longer be able to issue new gilts to pay for the bailouts, leaving the whole system in meltdown. Or, more likely, the UK going to the IMF for emergency assistance. The Greeks may beat us to it, but we may not be that far behind.<\/em>\u00bb<\/p>\n<\/p>\n\n
Vieux Rebelle<\/em><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"Londres pire que la Gr\u00e8ce Les derniers chiffres des d\u00e9penses publiques et des rentr\u00e9es, avec un d\u00e9s\u00e9quilibre n\u00e9gatif amplifiant le d\u00e9ficit, montrent que l’\u00e9tat du gouvernement britannique est encore pire que celui du gouvernement grec. Hier, dans deux textes de The Independent, Sean O’Grady s’exclamait dr\u00f4lement \u00e0 ce propos Il y a un texte analysant… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[6812,3841,9297,9195,3575,9194],"class_list":["post-71580","post","type-post","status-publish","format-standard","hentry","category-ouverture-libre","tag-deficit","tag-grece","tag-ogrady","tag-rebelle","tag-royaume-uni","tag-vieux"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/71580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/comments?post=71580"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/71580\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=71580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=71580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=71580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}