Man in a Shed: BT Pension scheme

Monday, April 24, 2006

BT Pension scheme

It appears the govt is not quite sure what sort of deal it has sone on the BT Pension scheme. One thing you can bet on is that it will cost us all money. ( New Labour can breath easily as its not their fault - but the old Tory Govt - however it should go onto Govt debt, which is bad news for us all and the current Govt. )

I'll declare an intrest here as I bought BT shares a few months ago - which have done poorely. This news has given them a small bump today - but looking at burningourmoney I don't think its going to pay of the debts the current govt has run up in our names.

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The pound in your pocket

"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists." James Callaghan

“The trouble with theoretical economists is that they don't understand that when you have a deficit, you can only finance it by borrowing, and you've got to persuade people that it's worth lending money to you and that they'll get their money back... there's no way of escaping it.” Dennis Healey during the 1976 Stirling Crisis.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens ... Lenin was certainly right. There is no subtler, no surer means of over-turning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes, 1920.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." Thomas Jefferson, President of the United States of America,1801-1809.

Inflation is taxation without legislation .. Milton Friedman