I've never seen the economic crisis in the UK as a 'recession' or a 'double dip recession' or a 'triple dip recession' but as a 'depression' kept on life support by £400Bn of printed bailout money from the Bank of Taxpayer. Near zero interest rates and billions in bailouts hasn't stopped the onward climb of our total admitted debt level to £1.1trillion with an annual deficit level of around £120Bn adding to the total debt each year. So much for 'cuts'.
Max Keiser was allowed to make a rare appearance on tv today and said what everyone outside of 'the bubble' was thinking...
Well well.. wouldn't you just believe it.
ReplyDeleteWe have all be saying it was mad to support the banks the way they did. It was bonkers to use QE for anything other than getting the economy going. The banks took the money and didn't lend it. WE knew they wouldn't. Why didn't Gordon brown, Alistair Darling, George Osborn, Danny Alexander...
So now interest rates will go up, people who were persuaded to buy their houses, although they probably should have rented will be thrown out of their homes, and the government hasn't got any houses (especially in England where they are still selling off public housing), and along with the fact that they are throwing the unemployed out of their homes by cutting their housing benefit by at least 20, if not 30%... they are going to have the basis of a revolution.
Does anyone want to stay a part of the UK?
If I were Osborne, I get Max on my team... Nah, actually if I were Osborne, I'd run away and hide ...
hi tris..yes it looks like the banks are hoarding all of our bailout money and using it as a buffer for when more 'unknown' toxic debt comes along. They kept quiet about the inter bank lending rate (libor) conspiracy until they were found out. Who knows what other secrets they're hiding from us.
ReplyDeleteThe debt will keep going up, interest rates will have to rise when the yields on Bonds start to rise and inflation takes off with all the money printing destroying our currency.
Like you say , the mortgage rates will rise putting people on the edge already, right over the edge. Plus anything we need to live on will rise in price. Food , petrol, imported clothing and electrical goods etc. These things will rise because the currency is devalued. Not because the goods are worth any more than they were before.
Westminster is only there to protect the City of London's interests and who protects them all is the BBC who have continually roll out their friendly economic 'exspurts'. Everything about the British Empire has been centred on the City from time immemorial which is why we have to win in 2014.
ReplyDeletehi cynical...yes but we'll just get controlled directly from Brussels/ECB instead if the plan to stay in the EU goes ahead.
ReplyDeleteMaybe yes or maybe no at least we will be in a position to influence Holyrood where we have no chance with an undemocratic Westminster. The future is an unknown unknown at the moment especially for the young who are my if not your future and all I and others can do is start to lay a new path for them to carry on in whatever direction which our forebearers were never allowed to achieve.
ReplyDeleteHow is the EU democratic cynical ? It's less democratic than Westminster. The EU has an unelected Commission putting it's plans to a majority voting 'parliament' to rubber stamp.
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