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The World Is $277 Trillion in Debt So Why Aren’t Economists More Worried?

Public Policy

The global economy owes itself nearly four times its annual output and warnings of a “debt bubble” follow record bailouts, record spending promises and we’re in the middle of a global recession deeper than ever before. But economists are keeping calm, carrying on and using war analogies to assure the public that everything will be ok.

It wasn’t too long ago when austerity and cutting public spending was the only game in town. We would “fix the roof while the sun was shining” and promote economic growth by cutting debt levels, with global leaders clear that if borrowing was too high, the consequences would be severe.

“The latest research suggests that once debt reaches more than about 90 percent of GDP the risks of a large negative impact on long-term growth become highly significant,” then soon-to-be British Chancellor George Osborne said in 2010, saying that the U.K. was “forecast to break through 90 percent of GDP in just two years time.”

The world is now suffering the “attack of the debt tsunami”, according to the International Institute of Finance (IIF). Globally, it expects global debt to hit $277 trillion by the end of 2020, working out as 365 percent of global GDP. That’s just over four times the value that worried policymakers a decade ago. There have been enough “unprecedented” events already in 2020 but this is another one, with debt never having been higher as a total number and not higher as a percentage since the aftermath of World War II.

There are now few Western economies with debt below this “dreaded” 90 percent. The U.S.’s debt-to-GDP ratio stands at just under 97 percent, The U.K.’s at around 102 percent, Italy at 158 percent and Greece at 213 percent. There are a number of exceptions in the West – Germany, Australia and The Netherlands being the major ones – but they are exceptions.

British Chancellor Rishi Sunak is delivering a spending review where he is expected to outline further government increases in spending while trying to cut anything seen as not vital to the U.K.’s long-term prosperity. British debt has just crossed over £2 trillion ($2.7 trillion) for the first time and is likely to increase while COVID restrictions remain. Despite the fact debt has increased from around £1.2 trillion ($1.6trillion) in 2010, Sunak will not be returning to the “austerity” rhetoric of Osborne a decade ago.

“Governments should accelerate spending pretty much at any cost”

While austerity was nothing new, the 90 percent figure came from Prof. Carmen M. Reinhart, now chief economist and vice president at the World Bank, and Prof. Kenneth Rogoff, a Harvard University economist and chess Grandmaster. In a widely shared Harvard paper in 2010, they argued that “median growth rates for countries with public debt over roughly 90 percent of GDP are about one percent lower than otherwise; average (mean) growth rates are several percent lower.” Essentially, if a country’s debt is too high, it makes economic growth more difficult, they argued.

“The numbers behind that [Harvard research] were found not to be correct,” Ian Stewart, chief economist at Deloitte UK, tells Newsweek. “I don’t really know what the ‘right’ ratio is. Japan’s ratio is over 200 percent. I’m not advocating that but they’ve been able to live with it.

“The debt is a manageable problem. That’s not to say there are significant risks associated with the accumulation of debt – the most obvious being governments seeking to reduce the real burden of debt by inflating it away or defaulting on their debts or you have a debt crisis requiring significant austerity – but financing costs are vanishingly low.”

The Harvard research was picked apart by a graduate student in 2013 at a similar time as then European Union commissioner Olli Rehn and Republican Paul Ryan were both quoting the 90 percent debt-to-GDP limit to support their austerity strategies. There were a number of omissions and inconsistencies in the data which Reinhart and Rogoff addressed in a New York Times op-ed, saying “there is no rule that applies across all times and places … Nowhere did we assert that 90 percent was a magic threshold that transforms outcomes, as conservative politicians have suggested.”

Trader at the NYSE
Trading on Wall Street was halted immediately after the opening bell in March as stocks posted steep losses following emergency moves by the Federal Reserve to try to avert a recession due to the coronavirus pandemic JOHANNES EISELE/Getty

The research has been widely discredited but the view behind it was not a new one. In the 1970s, then-British Prime Minister James Callaghan gave a speech saying that “spend[ing] your way out of a recession and increas[ing] employment by cutting taxes and boosting government spending” was not a sensible one and would lead to high inflation.

Are we in an age where this view has been discredited so far that a modern version of Keynesianism, the theory of high spending to promote growth, is now something practiced by most developed economies while they sustain debt-to-GDP ratios above 100 percent?

“It’s not useful to think of debt as good or bad,” economist Ethan Ilzetzki, an associate professor at the London School of Economics (LSE), tells Newsweek. “Debt serves the purpose of allowing countries and people the chance to do things at a time of their choosing rather than when the income comes in. This is exactly the sort of time public debt is designed for – war, pandemics, massive recessions.

“Governments should accelerate spending pretty much at any cost, given the current circumstances because of the depth of the recession we’re facing and worry about the consequences later on.”

These direct consequences are difficult to pin down. But one possibility is an increase in diplomatic tension within the European Union and specifically within the eurozone of countries sharing the euro currency. Debt in Greece and Italy is particularly high and Greece has already been through a number of bailouts from both the International Monetary Fund (IMF) and the eurozone economies. This predates COVID but the current situation has placed increased pressure on countries.

“People have been asking for a long time about Greece,” Sir Kim Darroch, former U.K. permanent representative to the EU and former U.S. ambassador, tells Newsweek. “In one sense, that seems to have gone away but the question still remains: how is Greece ever going to pay that debt back?

“The growth in southern European economies like Spain, Portugal and Italy still looks pretty anemic and you have to wonder at those set of economic challenges. Then you’ve got the set of political challenges, like in Hungary and Poland, so there are some deep stresses in the EU.”

The link between the rise of populism or far-right parties and depression is one written through the history books – Nazism rose to prominence because of the Great Depression, the rise of Marine Le Pen in France and the election of Polish President Andrzej Duda are seen as a direct result of the 2008 financial crisis. This is something leaders are keen to avoid this time around.

Within COVID, EU leaders agreed a €750 billion ($890 billion) to provide grants and loans to countries worst affected by the pandemic. This effectively means EU budgets double for at least three years.

“The decision taken about the huge rescue package with a lot of German money in it crossed some hitherto inviolable red lines with how much they’re putting into it,” Sir Kim says. “They’ve [the Germans] been opposed to resource transfer to poorer countries in the EU but this resource package looks like a big step towards that. It’s maybe [Chancellor Angela] Merkel’s last big act of statesmanship.

“If there’s a decade now of low growth, it will put immense strain on those relationships. If you look at the technical challenges of leaving the euro and restarting your own economy, it’s massive, almost impossible so maybe there is no way out. I’m confident that the EU will hold together.”

The real truth is that so much of this debt “tsunami” is political. If the world is $277 trillion in debt then the world is also $277 trillion in credit. That money is owed to somebody so, while it is a lot more complicated in practice, it is literally a zero-sum game if not a metaphorical or political one.

For example, China borrowed $6.2 billion from the World Bank between 2016 and 2018 but loaned more than $700 billion to other countries. This makes it the world’s largest official creditor, bigger than the World Bank and the IMF, and it’s as much about politics as it is about cash. On a smaller scale, president-elect Biden is looking at erasing student debt, a hitherto seemingly impossible policy suggestion. In these “unprecedented” times, “unprecedented” decisions are being made about spending. And it is clear that there will be some winners and losers both politically and financially, particularly in Europe. But if one population wins, does another have to lose?

“[The Greek bailout] is more in the realm of politics than it is in economics,” Prof. Ilzetzki says. “The eurozone as a whole can foot the Greek fiscal bill pretty easily. But there’s a big problem institutionally if the eurozone explicitly tries to do that.

“Because of the size of Greece, it’s about how much the German or French taxpayer is willing to tolerate. The bigger concern is if things go south in Italy. Now we’re talking about real money and a true economic problem as opposed to a political one. Other eurozone members would have to make real and substantial economic sacrifices to bail out Italy and then it’s a true trade-off – whether it’s something that’s feasible or desirable.”

Greece is around the 50th largest economy in the world. Italy is the eighth largest by nominal GDP. “The Italian economy is facing one of its darkest hours in modern history,” Maartje Wijffelaars, a senior economist at RaboResearch, wrote. She said that the government would not be able to prevent an increase in corporate defaults and the picture for Italian banks “remains gloomy”.

A worst-case scenario sees Italy failing to recover as quickly as its European counterparts, debt quickly increasing and, as the economy falters, a rise in right-wing Euroskeptic politicians before an election in 2023. That would complicate European loan agreements further and risk falling into the historical precedents set by Germany, Poland and others.

“It’s impossible to pin an exact number to that [of how likely it is to happen],” Prof. Ilzetzki says. “At the moment, I see no major reason for concern. Italy has the advantage that much of its debt is held domestically in its pension system and its own banking system. That has its own risks but it at least shelters it from any market panic on its debt. But there could be surprises there are as anywhere else. I wouldn’t put it as a high probability but those would be the major risks I’d be looking at.”

A lot rests on just how quickly the world’s biggest economies recover from COVID if, or now more likely when, a vaccine is rolled out in 2021. The letters representing the shape of economic recovery – W, V, L, U or anything else – are vital to debt levels because the more quickly an economy grows, the smaller the debt is in comparison.

“When you’re in a war, as we were in World War I and World War II, you worry about winning the war and then you worry about how you’re going to pay down the debt”

“On our models, it takes the economy the best part of two years from now to recover the level of activities it had before the crisis,” Stewart says. “If you’re looking at levels of GDP, it’s not a quick snap-back. That’s much better than the damage caused by the [2008] financial crisis, which lasted about five years before the economy regained its former levels.

“There is no one ‘bad’ debt number but there are things that get you worried – if you’re not issuing debt in your own currency, if bond markets are starting to price greater risk from you as an issuer, if you had a history of default – but it’s better to think of this as a spectrum. This is a textbook case of where debt spending was needed but will differ by country.”

One of the key reasons that economists are not worried is that interest rates are at historic lows. In Germany, the government is actually borrowing at negative interest rates so it will be paying back less than it borrowed. Long-term trends show a decline in interest rates and most believe that low rates are here for a while. This gives governments time to develop a solution to balancing the economy.

“The happiest way to balance this is to engineer a strong and sustainable recovery,” Walker says. “This does happen and there are situations where debt is reduced more quickly than expected. The golden scenario is very strong growth but the reality is that it’s going to be a combination of, for most countries, growth, tax rises, cuts in public spending and, possibly, accommodating significantly higher levels of debt compared to GDP for quite some time.”

This higher level of debt is still going to be $277 trillion and rising. Even before COVID, around 40 percent of low-income countries were at risk of debt distress and the world has become more indebted than ever before, and at a pace not seen in peacetime.

“It’s easy to turn this number into something that is scary and there are reasons to be concerned but we should look specifically look at people’s ability to pay back rather than numbers in aggregate,” Prof Ilzetzki says.

“The U.K. economy has 100 percent GDP and will be higher in the future. The U.S. has similar and if that debt was recalled at once, those countries would have to give their entire output that year to creditors. That’s a too-simple way of looking at it and would be impossible to happen because of the agreements in place.”

And perhaps the most telling voice about this whole thing is back where we started the financial crisis and the decade of austerity that followed – with Professor Reinhart herself:

“First and foremost, when you’re in a war, as we were in World War I and World War II, you worry about winning the war and then you worry about how you’re going to pay down the debt,” she told The Harvard Gazette. “I think that analogue applies here. You do what you have to do to win the war, and then you worry about that. In the out-years, we will be doing a lot of worrying.”

How much of the $277 trillion is worth worrying about remains to be seen. As long as interest rates remain low and long-term strategies are implemented, economists are not panicking yet but, as Prof Ilzetzki says, “it’s really hard to predict the exact moment appetite for lending shifts and that can happen pretty abruptly.”


18 Comments on "The World Is $277 Trillion in Debt So Why Aren’t Economists More Worried?"

  1. Theedrich on Fri, 27th Nov 2020 3:05 am 

    So the solution is: What? Me worry?

  2. Cloggie on Fri, 27th Nov 2020 3:52 am 

    “The World Is $277 Trillion in Debt So Why Aren’t Economists More Worried?”

    People like me should not assume that their pension is safe. It isn’t.


    I am doing just that for 5 years now and slowly getting good at it. Since a year I have a 15 m2 greenhouse, which is a great help in that it prolongues the growing season with at least a month. Since last season I started practicing growing vegetables in buckets, which gives some added flexibility (like moving them between greenhouse and open garden) and you can be more economical with fertile soil and fertilizer. And you can protect you growing produce better against weed, snails, caterpillars and what not. Disadvantage: you are tied to your vegetables and have to water them every 2 days. Bye-bye long journeys.

    As a next step I will let build a structure like this in my garden, overarching my garden terrace of 10 x 3 = 30 m2, obviously in double glass, price tag 13.000,-:

    That will give me some passive solar heat in the winter and 30 m2 extra greenhouse space, potentially filled with plant trays. In the worst case I could use my garden skills and sell these food plants to neighbors as a little extra income in real tough times. My 130 m2 garden isn’t big enough for food to fully grow for more than 2 people. But seedlings in small pots, yes.

    Another new experience this year was planting seeds in plugs like this:

    Costs an extra 5 cent per seedling, but you can seed comfortable from behind your desk, rather than on your knees in the garden and have high success rate and do no damage to the seedling if it needs to be planted out, which you can do standing in the greenhouse.

    New intention for next year: store more garden produce efficiently in soups, which is easy to store for months, can be produced in large quantities in a single action. And you can immediately add fat and create a complete meal, that only need to warm up.

    And begin to practice operating my Honda aggregate to protect the contents of my freezer if the grid does go down indeed:

    If the heating goes down, you can keep yourself warm, either in bed or very efficiently in a small 9 m2 room with electric bike cloths, like this:

    You get very far with 80 Watt/person, you can get from a battery and aggregate. It also helps to have a rowing fitness device, to be used 5 minutes per hour to heat yourself up.

  3. Cloggie on Fri, 27th Nov 2020 4:18 am 

    The possibilities of things you can do with your small Dutch garden and a little creativity are endless:


    In the winter, when the garden is empty, you can use the vacant space to cover the soil with black glass-covered black plates with a few cm space between them and harvest many m3 of warm air, you can directly pump into your living room.

    A bit like this, only slightly more elegant and not one huge structure, but smaller panels, you can inter-connect and store in the growing season:

    Comment of the lady who constructed this:

    “hi folks just an update for the heater, its saving my about 900 a year in fuel cost, today i order propane at 2.99 a gallon wow, when i started this project it was 2.32 a couple of years ago,, i use about 350 gallons a year vs, 500-600 before i install this system, i now am enjoying the savings, and it took two years to recoup my investment, and it has withstand all the weather conditions, wind and heavy snow”

    In the winter, think about 100 Watt/m2 light radiation as a rule of thumb, during the day. Double glass isn’t expensive, 37 euro/m2:

    So, for a 20 m2 hot air collector you need 740 euro. For the backside you need some plate material that can endure the weather (glass again?) and black styrofoam as radiation absorber within. Attach the two plates to a frame that separates them and mount two nozzles on the opposite side and connect the individual panels with short pieces of garden hose and pump air through the entire structure. If the air is above 20 C, pump it into your living room.

  4. duncan donuts on Fri, 27th Nov 2020 4:54 am 

    “5 More Ways Joe Biden Magically Outperformed Election Norms”

    “1.80 Million Votes Holy moly! A lot of Americans turned out for a Washington politician who’s been in office for nearly 50 years. Consider this: no incumbent president in nearly a century and a half has gained votes in a re-election campaign and still lost. President Trump gained more than ten million votes since his 2016 victory, but Biden’s appeal was so substantial that it overcame President Trump’s record support among minority voters. Biden also shattered Barack Obama’s own popular vote totals…2. Winning Despite Losing Most Bellwether Counties Biden is set to become the first president in 60 years to lose the states of Ohio and Florida on his way to election. For a century, these states have consistently predicted the national outcome, and they have been considered roughly representative of the American melting pot as a whole. Despite national polling giving Biden a lead in both states, he lost Ohio by eight points and Florida by more than three…Even more unbelievably, Biden is on his way to winning the White House after having lost almost every historic bellwether county across the country. The Wall Street Journal and The Epoch Times independently analyzed the results of 19 counties around the United States that have nearly perfect presidential voting records over the last 40 years. President Trump won every single bellwether county, except Clallam County in Washington…“Biden underperformed Hillary Clinton in every major metro area around the country, save for Milwaukee, Detroit, Atlanta and Philadelphia.” Barnes added that in those “big cities in swing states run by Democrats…the vote even exceeded the number of registered voters.” In the states that mattered most, so many mail-in ballots poured in for Biden from the cities that he put up record-breaking numbers and overturned state totals that looked like comfortable leads for President Trump…Randy DeSoto noted in The Western Journal that “Donald Trump was pretty much the only incumbent president in U.S. history to lose his re-election while his own party gained seats in the House of Representatives.” Now that’s a Biden miracle! In 2020, The Cook Political Report and The New York Times rated 27 House seats as toss-ups going into Election Day. Right now, Republicans appear to have won all 27. Democrats failed to flip a single state house chamber, while Republicans flipped both the House and Senate in New Hampshire and expanded their dominance of state legislatures across the country…5. Biden Overcame Trump’s Commanding Primary Vote In the past, primary vote totals have been remarkably accurate in predicting general election winners. Political analyst David Chapman highlighted three historical facts before the election. First, no incumbent who has received 75 percent of the total primary vote has lost re-election. Second, President Trump received 94 percent of the primary vote, which is the fourth highest of all time (higher than Dwight Eisenhower, Nixon, Clinton, or Obama). In fact, Trump is only one of five incumbents since 1912 to receive more than 90 percent of the primary vote. Third, Trump set a record for most primary votes received by an incumbent when more than 18 million people turned out for him in 2020 (the previous record, held by Bill Clinton, was half that number). For Biden to prevail in the general election, despite Trump’s historic support in the primaries, turns a century’s worth of prior election data on its head. Joe Biden achieved the impossible. It’s interesting that many more journalists aren’t pointing that out.”

  5. duncan donuts on Fri, 27th Nov 2020 5:08 am 

    “CLOWNWORLDYouTube Gets Brutally Ratioed After Attempting Woke Takedown Of Thanksgiving”

    “YouTube found out that Americans are in no mood for yet another woke lecture about their holidays this week when it received overwhelming backlash for posts slating Thanksgiving. The Google owned company took the opportunity to ‘educate’ Americans on the history of indigenous people, an an alternative day of ‘activism and resistance’ called Unthanksgiving: “

  6. makati1 on Fri, 27th Nov 2020 5:15 am 

    Away but not gone! Living in the jungle, a mile from any road, is challenging. A reliable internet is also a challenge. But then, I only bought s PC about 15 years ago so I can do without it.

    Not much new anyway. The US is just more insane than ever and the collapse is ongoing. Police State Amerika! Corruption that would make Al Capone blush!

  7. duncan donuts on Fri, 27th Nov 2020 5:21 am 

    “INFOGRAPHIC: The Shocking Allegations of Mass Vote Fraud Made by Sidney Powell in Georgia”

  8. duncan donuts on Fri, 27th Nov 2020 5:29 am 

    “Not Only Was Dominion Prone to Attack from China and Iran – It Was Also Connected to Pro-Obama Entity Known as ACORN”

    “Then on Thanksgiving Day Sidney Powell retweeted two tweets by Liberty Times and Politics. The tweets included a court filing that includes information on Dominion and Edison Research’s connections to the Internet. We noted that the document identifies Dominion’s Trump-hater Eric Coomer is the inventor of the authentication function within the application…And then on page 16 of the legal filing the document identifies foreign actors having access to US elections through the Dominion – Edison Research connections…However, as we perused the appendix further, we see that Iran and China are not the only entities with access to the Dominion data and the ability to manipulate the results of our elections. There is a direct connection to Belgrade, Serbia and there are or were numerous Dominion employees in Serbia. But on page 8 we see Dominion – Edison has connections to domestic players. One entity is Indivisible which was formerly Obama connected ACORN:”

  9. duncan donuts on Fri, 27th Nov 2020 5:47 am 

    “WE CAUGHT THEM: Lin Wood Outed Mysterious Georgia Operative Gabe Sterling – Now Video Shows Him Admitting He Helped Set Up Drop Boxes and Promoted Far Left Activists as Absentee Ballot Counters”

    Yesterday we reported on Lin Wood’s bombshell tweet about an almost $11 million grant award to the Georgia Secretary of State, Republican Brad Raffensperger and his accomplice Gabe Sterling. We wondered who Sterling even was. Now we have more. In a recent tweet Lin Wood zeroed in on an anomaly, or something much, much worse, relating to the Secretary of State’s Office and this almost $11 million transaction with the state of Georgia. Wood’s bombshell tweet refers to an April 15, 2020 letter to the U.S. Election Assistance Commission (EAC) from Secretary of State Raffensperger, who is also Georgia’s Chief Election Official. Georgia was poised to receive a $10,875,912 grant from the EAC for Covid-19-related election expenses. (The EAC, a federal entity which, by the way, certifies U.S. election machines, hardware and software, has some clear and shocking conflicts-of-interest of its own going on with its Advisory Board.) Raffensperger assured the EAC that the funds would be used to “prevent, prepare for and respond to coronavirus, domestically or internationally, for the 2020 Federal election cycle.” The contact person at the end of the letter is Gabriel Sterling, who was appointed the COO of the Secretary of State’s office by Brad Raffensperger, the brand new SoS, shortly after Raffensperger was elected to the position in November 2018. Raffensperger’s predecessor was Brian Kemp, who had just been elected Georgia’s governor. Sterling, as COO, would be in charge of budgetary, human resources and administrative operations for the Secretary of State’s office. Sterling, strangely, has also been referred to, in multiple, recent media accounts, as Georgia’s “Statewide Voting System Implementation Manager.” On his Twitter account, Sterling confirms that he is the “Voting System Implementation Manager”. In the April 15 letter, Sterling lists a private gmail account address as his email account. The letter states: “If you have any questions about this request please contact our Statewide Voting System Implementation Manager, Gabriel Sterling, at [email protected].” Why wouldn’t Raffensperger refer the EAC to his COO, the employee in charge of budgetary issues for the SoS’s office? Why, instead, send them to Sterling as Georgia’s “Statewide Voting System Implementation Manager”? Well, it turns out Sterling ALSO has own LLC called Sterling Innovative Solutions, with the “Registered Agent” listed is Robert Gabriel Sterling. We asked yesterday, is Sterling still the COO of the GA Secretary of State’s office or has he left that position? Is he the Statewide Voting System Implementation Manager for the Secretary of State’s Office as a state employee or has he been hired in that position as a consultant or independent contractor? Or is he acting BOTH as the COO of the Secretary of State’s office AND as a private consultant as Georgia’s Statewide Voting System Implementation Manager, through his LLC, Sterling Innovative Solutions LLC? Is there unethical double-dipping going on here or is it simply that the man has changed titles and positions under Raffensperger? It also raises the question, if Sterling is no longer the COO of the Secretary of State’s office, who is? Lin Wood is right on the money: the use of a gmail account indicates that Gabriel Sterling CANNOT be a state employee, at least for purposes of this April 15 letter sealing the deal on $10.8+ million in Covid-19 money for the Secretary of State’s office. Or can he? Furthermore, Georgia already has an “Elections Director,” Chris Harvey, it says so right on the Secretary of State’s letterhead. Why wasn’t Harvey listed as the contact person in the letter to the EAC? Why does Georgia ALSO need a “Statewide Voting System Implementation Manager”? Are taxpayers paying for two state agency people to do the job of one? The public needs immediate clarification upon these issues, given that Sterling continues to assure the public and the media – on behalf of the state of Georgia and its Chief Election Officer, Secretary of State Brad Raffensperger and his messed up, questionable, and clearly fraudulent election AND recount – that, Everything’s fine, move along, nothing to see here people. Today we were provided with a little known YouTube account with only 50 or so views, where for some reason, Sterling shows up to discuss a number of things regarding the election process. Starting at the 7:00 mark Sterling shares the following: Sterling talks about how the Secretary of State’s office “expanded the emergency rule to provide for drop boxes to go through the entire election cycle now.” At the 8:00 mark Sterling talks about “working with the ACLU and the Chamber of Commerce” and has given more than 6,000 names to counties for the election. What is this radical operative doing as the Georgia statewide voting systems manager under Raffensperger?”

  10. Abraham van Helsing on Fri, 27th Nov 2020 7:32 am 

    In contrast to donkey idaho, finally a duncan one can relate to, keep ’em coming!

    Meanwhile, one of the most important Twitter accounts these days and perhaps last days of the republic:

    I’m surprised Twatter didn’t suspend this account.

  11. Abraham van Helsing on Fri, 27th Nov 2020 8:27 am 

    What happened to their perceived “superiority”? Maybe apneaman can help us out here:

    “(((Sir Philip Green’s))) Topshop empire Arcadia Group faces ruin within days putting 13,000 jobs at risk in Britain’s ‘biggest corporate collapse of the pandemic'”

    “Nicola Sturgeon wants second independence referendum ‘early in next Scottish parliament’”

    Scotland’s first minister Nicola Sturgeon has said she wants a second independence referendum in the “early part” of Holyrood’s next term, which begins in May.

    The SNP leader – who faces growing calls within the independence movement to hold another referendum in 2021 – indicated the coronavirus pandemic would not put her off holding another vote.

    Timing is excellent, half a year or so into a likely no-deal Brexit and when additionally Covid really begins to bite.

    The map of Europe could look like this:

    Scotland, 10% of UK population, 1/3 of the land. Great-Britain will no longer exist, just England and Scotland, exactly as it was before the Dutch army invaded the British Isles in 1688, to the turn them into a Protestant country, so it could be used by Holland as a battering ram against Lou14 of France. The first color coded regime change (=jewish funded, color orange).

    For Dutch speakers here an excellent account of how in the 40 years war 1672-1712, Holland finally managed to overcome combined French-English-German Catholic attempts to destroy the Netherlands. The Netherlands was never greater than in that period. But as always: great success usually precedes demise. By exporting a successful social model to a larger country, eventually it would spell the end of the Netherlands as a premier European power. The “Golden Century” had been too good to be true anyway, to last for long. With France 20 m, UK 10 m and the Netherlands 2 m, the fairy tale was over after the 4th and last Anglo-Dutch sea war, when the UK took revenge for Dutch support in the American War for Independence and the Netherlands never recovered from that blow.

  12. Abraham van Helsing on Fri, 27th Nov 2020 8:34 am 

    “the Netherlands never recovered from that blow.”

    Having said that, within the EU a new role for the Netherlands is emerging as “the largest of the small countries”, together having more people and richer per capita than Germany.

    In the recent standoff about the “Corona bonds”, the Netherlands and Italy were the main opponents and many harsh words were said. Club Med (Spain + Italy + Portugal + Greece) mockingly called the Northern European states “the Hanseatic League”, with the Netherlands as spokesperson. It is likely that this constellation will harden and that we’ll have two Germany’s in the EU:

    “The Frugal 15 – The Growing Influence of the Hanseatic League 2.0 in the EU”

    The “Hanseatic League” managed to negotiate down the demanded amount from 500 back to 390 billion.

  13. FamousDrScanlon on Fri, 27th Nov 2020 11:32 am 

    Clog, I’m the only true superior man on earth & I’m famous.

    So you’re calming Dutch support in the American War for Independence British-French proxy war that took place in N America & the high seas?

    The French cared as much about the Americans as the Americans cared about the Vietnamese – a means to an end.

    It kinda sounds like your applying for a job as White House Fluffer 2021-2024. Say hi to Bidun.

  14. Cloggie on Fri, 27th Nov 2020 12:29 pm 

    “Clog, I’m the only true superior man on earth & I’m famous.”

    Sure, sure and you are Napoleon too.

    “So you’re calming Dutch support in the American War for Independence British-French proxy war that took place in N America & the high seas?”

    You probably mean “claiming”… why not listen to your fellow kikette Barbara Tuchman about the prominent Dutch role in the War of Independence:

    “The Second American Revolution”
    (Hint: every insurgent had a Dutch gun, smuggled into North-America via St. Eustatius)

    But then again, what do miniature slumlords like you know about history.


    “Biden can only enter the White House as President if he can prove that his ridiculous “80,000,000 votes” were not fraudulently or illegally obtained. When you see what happened in Detroit, Atlanta, Philadelphia & Milwaukee, massive voter fraud, he’s got a big unsolvable problem!”

    Biden hasn’t won anything and could inherit CW2.

    “Sidney Powell: Election fight is ‘the 1775 of our generation and beyond'”

    La Powell is basically calling for one.

    And we in Eurasia have great trouble suppressing our Nahtzi grin.

  15. Abraham van Helsing on Fri, 27th Nov 2020 12:35 pm 

    “Iran accuses Israel of trying to ‘create full-blown war’ by assassinating scientist PM Netanyahu named as father of rogue nation’s nuke programme”

    Did Donnie and Bibi have a post-election phone call?

  16. Abraham van Helsing on Fri, 27th Nov 2020 12:45 pm 

    “”The Fraud Was Executed By Many Means”: Sidney Powell “Releases Kraken” With Dual Lawsuits In Michigan, Georgia”

  17. FamousDrScanlon on Fri, 27th Nov 2020 2:37 pm 

    I am famous & not just for my big white cock.

  18. Duncan Idaho on Fri, 27th Nov 2020 3:51 pm 

    Dunning–Kruger effect

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