The mad mantra is that we must suffer and pay down the deficit.
Even if to do so we collectively suffer by allowing austerity cuts in public services. We must save the rich.
We are taught by the politicians and the media that this is a fundamental commitment and aim of the nation. And incidentally those most in need of the services to be reduced and who also pay more are those less able to do so; the poor.
92 % of the UK debt is owed to financial institutions, insurance and pension funds and overseas investors and governments. (Basically these are the RICH).
The UK national debt was £1,483.3 billion in December 2014, its increasing at a borrowing rate adding to this figure of around £170 billion per year.
The UK deficit in 2015 (April) interest payments stands at 42 Billion, that’s just the interest on the debt and its growing. Within fifteen years the capital amount has to be repaid (plus at least 15×42£Billion). Work that out in comparison with the countries earnings. The plan can only be to re-inflate it down the line, re-negotiate the capital payments to yet a further future date.
Currently the debt total (capital) is about 85 % of GDP (Gross Domestic Product). Its easily predicted that by the time this debt is to be repaid it will be almost 100% that’s everything that the country produces (and owns) in a year has to be cut out = financial disaster.
The government has been constantly printing money QE – Quantitative Easing; providing low or none interest money to the banks; who lend it to big customers (e.g. Insurance companies) and sell government bonds. These bonds are purchased by insurance companies and overseas investors (and governments).
Oversees investors and insurance companies and pension funds and Banks get access to QA: interest free money, issued by the government’s central bank. Some of it goes back to buy government bonds? Work that out; circular money shifting! Other amounts finds its way in low cost loans to big stock exchange listed companies, guess what some of them do with it: they buy their own stock… and the stock market rises…
The Banking crash and all of its ensuing results of debts that we are told has to be repaid to save these financial institutions effectively in plain English means that the tax payers have to underwrite these fraudulent practices so that the fraudsters the banks and their big customers and their financial investors (gamblers) are all paid off and do not loose a penny. Consider this, that we the taxpayers, also suffering austerity are ensuring that all the rogue greedy investors get all their risky investment gambles paid back!
No politician actually spells out these real meanings; they all believe its their duty to repay the rich, well this just shows who rules the roost and that the politicians are in the pockets of the bankers and their lobbyist.
The conservatives want to repay, the Labour Party want to borrow more to reduce the worst effects of austerity, pushing back/renegotiating repayments longer term – giving the debt to our children and grandchildren. The other parties are in the middle or one side or another. None are saying throw it all out and start a totally new money system (possibly based on digital currency). But one nation has gone some way with this:
Little Iceland voted democratically to refuse to pay back debt caused by banking fraud. As a result they were threatened by the EU; that they would be barred from EU entry. Standing up to blackmailers is brave. Iceland stood up to the EU bullies and the fraudster bankers, put the banksters in jail (the only country to do so, so far) and refused to pay a false deficit in the shape of instigating an austerity policy as the EU and the banks (that control the politicians) wanted. Today Iceland has no debt, no austerity and booming trade and a good economic outlook.
Its time for a new method of empowering the people to have a real say in issues such as these. Not by revolution but by evolution. With the adoption of a new political way. P2P digital methods can engage and enable the involvement of the people with steerage of our ‘leaders’ by interconnected digital options. No need to let them sell us the concept of voting for overall change every five years. We need to be constantly steering them at all times on all issues.