Saturday, June 23, 2012
David Cameron was quoted as saying there wasn't a bottomless pit of money in relation to a public sector pensions dispute.
If we were operating under the Tatcherite principals of sound money I'd have agreed with him.
But what's really clear from the astronomic bailouts, QE stimulus and pension raids combined with deliberate inflation policy is that there is a bottom less pit of money, or at least a pit with a large printing press and a never ending supply of paper and ink ( after all no one wants to get caught out the wa6y the Argentinians did a while back when they went bust as the couldn't print the money fast enough ).
A combination of electronic exchanges, central bankers who fancy themselves as Merlin, and politicans who prefer to tax via stealth and inflation that vote losing honesty means that fiat money is never ending.
What isn't bottomless and never ending is peoples patience and faith.
When that runs out the shoke will be massive, and quite possibly revolutionary.
Had problems with your RBS/NatWest account ? That's small beer - wait till the whole system implodes, as it will if the current crop of Oxford PPE chinless wonder boys and girls don't get a grip and quickly.
When that happens politicians will need to fear more than just losing their jobs. The current Syrian President might like to ponder this ...