UK GDP declining nearly at Great Depression rates

[Malachi]

Kasz216 said:

NJ5 said:

Kasz216 said:
Curious. Just recently the UK caught up in GDP per capita when not accounting for PPP.

Did not know it went back down....

but yeah it's not unexpected... i mean this is partly the cause of investment problems both in the USA AND Europe. People ignore the problems in Europe that help spurred this on to blame it soley on the US but hey....

Also the UK is one of the bigger investment groups out there... and they've always had a silly high external debt.

There's a lot of blame from many countries... but the USA does have more debt per citizen, doesn't it? And I don't mean just government debt, I mean all kinds of debt (which is the root cause of this recession).

 

Nope... and it's not even close.

The UK's External debt is 374.96% of their GDP.

The US's External debt is 95% GDP.

http://en.wikipedia.org/wiki/List_of_countries_by_external_debt

 

External debt is debt owed in foreign currency, which make an enormous difference when you are the United State since so much of the debt is in dollar due to it's quasi hegomony.

As for the U.K, the best europe economy during the crisis? I hope your are shitting me, the U.K media must be more delusional than I though if that what they were saying at any time during this mess since it is the european economy most dependent on it's financial sector. Germany probably is going to be the one which recover first.