Man in a Shed: The destruction of private wealth continues, whilst the good times continue to role for those in the state sector funded by debt

Tuesday, May 26, 2009

The destruction of private wealth continues, whilst the good times continue to role for those in the state sector funded by debt

How do I know ? We'll I've just had one of my annual pension statements, and its another case of the people I pay to invest my money for my old age using more of it up than they have managed to make in an investment return.

This year the last pension return was -15% last year .

Yet public sector pensions continue to rise, whilst the state rips of those who have to buy annuities by its printing money for government debt programme.

Quietly and by stealth the wealth of those not employed by the government is being stolen to enrich those who are.

1 comment:

Simon Emmett said...: I suffered the same way with my AVC plan. But then again again saving is wrong in Labour's eyes, so it's no wonder we are being penalised.; 9:22 am

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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