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Clive Robinson

The problem with the stress tests was they were politicaly motivated, politicaly organised, and thus had exemptions for politicaly inspired debt.

The UK satirical magazine Private Eye was pointing out the failings in the EU State "Sovereign Debt" before even the US banking crisis, so nobody can claim it was "unknown".

In the UK we have come to the realisation that a significant number of our politicians are crooks, and have recently jailed some of them for blatant fraud.

However what is worse is the complicitness of the likes of major banks etc with other types of fairly blatant fraud (revolving door employment of politicos and civil servants who have been fundemental in aproving contracts to the companies).

Whilst "sovereign debt" is bad there is yet another state sponsored fiscal calamity waiting in the wings and this is PFI/PPI. In the UK it is already puting organisations that had it foisted on them by the politicos into chronic debt and bankruptcy after just a couple of years, and some of the contracts have 40year life times.

Again PFI/PPI like the Sovereign Debt is politicaly inspired with the sole purpose of making a government look financialy responsable by putting debt "off book" whilst in reality they are "fiddling whilst Rome burns".

And in all cases of such political motivated fraud it is the ordinary person who pays not just once but many times over.

Oh and one thing that appears to have escaped the UK politicos attention, the economy is based on people spending money, the world economy on countries spending. If all countries stop spending money then all their economies will collapse. So whilst "trimming the fat" is fiscaly sensible "starving to death" is not. As with food however it is the quality not the quantity that is important, in the US they have tried various stimulass packages but according to many they have failed because it was quantity befor quality.

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