Opinion

The Great Debate

from The Great Debate UK:

September 1939 and the outbreak of war

terrycharman- Terry Charman is Senior Historian at the Imperial  War Museum in London. He studied Modern History and Politics at the University of Reading and while there interviewed Adolf Hitler's architect Albert Speer. He specializes in the political, diplomatic, social and cultural aspects of the World Wars, and wrote "The German Home Front 1939-1945" and "Outbreak 1939: The World Goes To War". He is curator of the exhibition Outbreak 1939 at the museum. The opinions expressed are his own. -

In September 1939, in marked contrast to August 1914, Britain went to war in a sombre mood of resigned acceptance of the inevitable. There was no Union Jack waving “hurrah” patriotism as there had been twenty-five years before. After Adolf Hitler had torn up the Munich Agreement in March 1939 and invaded the Czech lands, the British people recognized that appeasement had failed and that the German leader’s aggressive plans would have  to be stopped, and if necessary by force of arms.

On September 3, 1939,  when Prime Minister Neville Chamberlain announced on the radio that Britain was at war with Germany, for many  the news came as a relief from the tension of the past few weeks and months. An anonymous diarist noted: “Even horrible certainty seems better to me than uncertainty.”

While in Bradford a young man of military age wrote in his diary: “I don’t think I’m sorry to die so that Hitler will be crushed, but I do want a final peace this time, without constant crises.” Chamberlain’s over-personal broadcast-“you can imagine what a bitter blow it is to me...”-was hardly a rousing call to arms, and it was followed almost immediately by the wailing of air raid sirens.

Many people thought that they were heralding a devastating air raid that had been dreaded for so long. That morning, writer George Beardmore experienced a sensation of utter panic. He, like so many others, had seen the film “Things to Come” and remembered all “the dire prophecies of scientists, journalists and even politicians of the devastation that would follow the first air raid.”

Pensions and the coming savings boom

jamessaft1James Saft is a Reuters columnist. The opinions expressed are his own

The explosion in company pension fund shortfalls in Britain nicely illustrates issues which will dominate economics and investment in coming years: the re-pricing of risk, a disillusionment with equity markets, and the boom in savings these shortfalls will help to drive.

Under current accounting rules, the pension funds of companies in Britain’s FTSE 100 index are together 96 billion pounds ($170 billion) underfunded, more than double the deficit of a year ago and an all-time record, according to a report from pension fund consultants Lane, Clark & Peacock.

Where the healthcare debate seems bizarre

healthcare-globalpost

global_post_logoMichael Goldfarb serves as a GlobalPost correspondent in the United Kingdom, where this article first appeared.

In America, the health care debate is about to come to a boil. President Barack Obama has put pressure on both houses of Congress to pass versions of his flagship domestic legislative program prior to their August recess.

Good luck.

Opponents are filling the airwaves with the usual litany of lies, damned lies and statistics about socialized medicine and the twin nightmare of bureaucratically rationed health care and high taxes amongst allies like Britain, France and Germany. So here is a brief overview of health care in some of Europe’s biggest economies: Britain’s National Health Service is paid for out of a social security tax. Services are free at the point of provision. No co-pay, no reimbursement. The budget last year was 90 billion pounds (about $148 billion). That makes the average cost per person about 1,500 pounds ($2,463).

Europe frets over crisis exit strategy

Paul Taylor
– Paul Taylor is a Reuters columnist. The opinions expressed are his own –

Higher taxes? Lower public spending? Devaluation? Inflation? Investment in green growth?

European governments are pointing in very different directions as they debate an exit strategy from the global financial crisis. Despite European Union efforts to coordinate economic policy, there are clear signs that the main European economies will charge off in disarray towards separate exits.

UK suffers from banks’ Darwinian hibernation

James Saft Great Debate – James Saft is a Reuters columnist. The opinions expressed are his own –

Britain’s banks are fulfilling their Darwinian role, to survive, rather than their economic one, to lend, and there is no easy or painless way out.

A glance at the latest Bank of England Credit Conditions Survey makes grim reading, with yet another marked tightening of lending conditions to households and businesses. Loans are harder to get and more expensive where available, which is hardly surprising given rising defaults and a hardening view that the UK will suffer a long and deep recession.

Fighting deflation globally ain’t easy

James Saft Great Debate – James Saft is a Reuters columnist. The opinions expressed are his own –

With the U.S., Japan and Britain — nearly 40 percent of the global economy — facing the threat of deflation, it’s going to be just too easy for one, two or all three of them to get the policy response horribly wrong.

The global economy is so connected, and our experience with similar situations so limited that the scope for error is huge.

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