Sunday, April 11, 2010

UK government borrowing grows by half a billion pounds a day

Some angels looking for a head of a pin to dance on, yesterday

In the last week we have had the three main political parties in this country demonising each other over a difference in spending plans of about £6 billion pounds. This is less than 1% of the UK government's current annual spending.

If you added or subtracted one percent of spending from any man or woman's personal spending budget over a year, they would hardly notice the difference.

And yet, between Britain's politicians, it is the flaming brimstone line between heaven and hell, between noblest good and purest evil, and between the furthest dire extremes of socialism and conservatism.

What a joke.

When the money runs out and the UK government has to make spending cuts of around £200 billion pounds, to bring its budget within its taxation take, we will see what real 'public austerity spending cuts' look like. (Bring it on.)

The biggest joke, of course, is that over the four weeks of the general election campaign, so far fought mainly over this £6 billion pounds, the UK government will have borrowed a further £15 billion pounds of debt.

Oh well, so long as it keeps the proles amused.

For much more on this grotesque UK government borrow-and-spend programme, read the superb Christopher Booker.


AL said...

There was a gathering of all the tax-eaters in London yesterday calling for more government... non-tax eaters have our work cut out to escape from their evil claws.

Jack Maturin said...

Best course of action, if you can, is simply to leave. (Australia, Canada, New Zealand, Switzerland, Singapore, Hong Kong, etc).

Failing that, arrange your affairs to pay the minimal amount of tax possible and divest yourself of pound investments and get into commodities, the currencies of the countries above, and/or the precious commodities of oil, gold, and silver.

Failing that, bend over and take it like a serf.

Fractional Reserve Banking said...

Silver's probably your best bet unless you're already relatively wealthy. You can build up your stock of silver quite cheaply at the moment.


Jack Maturin said...

Silver usage is going to go through the roof, with its use as an anti-bacterial agent in clothing, and its relative value to gold is almost at an all-time low, so BB is probably right, everyone.

Get some silver.

(But get some gold too, because when it becomes proper money again - as it surely must - this monetisation is going to make gold like gold dust ... errr ..., well, pretty valuable, anyway! ;-)