Friday, February 22, 2013

The truth is the UK lacks to political will to pay back its debts

The inevitable first down grade of the UK has happened.

But the BBC sees this as an opportunity to attack austerity and back stealing from either future generations or those dumb enough to lend our govt money.

Here's the thing - with the BBC dominating our politics as the virtual monopoly arbitrator of our politics, combined with the selfish cowardice of those who should know better, there's never going to be a time when the debt gets paid off.

The only answer is going to be default - and that will either be hard or soft.

Most likely we are heading for a lot of money printing and inflation as we defraud those who have been stupid enough to lend to the UK, and at the same time destroy the wealth of our nation.

Our current political / media class nexus makes us incapable of any other course of action.

Personally as I've said before I think its time to start refusing to back government debt. Then interest rates would rise and the government would be forced to cut back the staggering spending it already undertakes.

PS I wonder if the failure of the 4G auction to offer the free windfall has triggered the down grade ?

1 comment:

Barnacle Bill said...

Good point about the 4G auction failure in regard to Moody's move.