As we all well know, QE in the UK is a smoke and mirrors exercise, it's a paper shuffling exercise between Treasury and the commercial banks that does really affect much (unlike in the USA).
So why does the government eternally waffle on about their 'economic stimulus'? Why does nobody call them on this?
The £175 billion shortfall is just the £70 billion shortfall that they ran up every year anyway, plus maybe an extra £30 billion on the welfare bill, plus a tax shortfall of £40 billion plus maybe £35 billion that they spent on the banks (or whatever the precise break down is).
There is no 'new' or 'additional' spending, they're not going out building roads and bridges and power stations and stuff (the planning permission takes years to get, even if this were a good idea, and it might be, to be honest).
The rolling theft of which you speak cannot be pushed by lamp-posting the buggers. This is soo good and too painless for them, and too rapid. Realisation of error will not come for them, by this route.
The correct punishment is "eternal life" - but lived in a certain way....All the money has to be eventually paid back by them, every last hundred-billion of it, to the penny, and with sufficient interest added to cover the putative shortfalls that would have been incurred by the funds' real owners. But they will have to do it without our help. They will have to go begging for jobs, encumbered by the libertarian equivalent of a failed-CRB-check, and wearing a high-vis-jacket that says "socialist scumbag" on the back. They will be injected so as to not need foodstuffs, but yet to feel permanently hungry, and will never be allowed to eat, driink or smoke, ever. If near death, they will be injected to stay alive. They will never be allowed to die until they have paid.
The final test, to allow them their death, hundreds and hundreds of thousands of years hence, will be that they have to say "sorry", and sincerely mean it. Most will not be believed....
This has been just one aspect of a terrible and deliberate crime against all humanity. We also are at fault for having rejoiced at the Fall of the Wall, and then just partied and slept, and not put the boot in good and hard while they were really down.
"lamp-posting the buggers"
Congratulations on a wonderful addition to the English language! Of course, in the age of texting, this will soon become 'LPd'.
Now, how to alert the Political Class to this latest expression of the growing anger at their self-serving failures?
In the US we couldn't talk about "lamp-posting" anyone, as it would be considered a "hate crime" (which, as every right-thinking person knows, is far more heinous than an ordinary crime).
I am sure Vimothy would argue that what we need is another world war to stimulate recovery.
(sarcasm)
Every pound the government borrows will indeed be repaid, eventually. The trouble is, they will make damned sure that the pound they repay is worth a shilling. They did it before, they will do it again. Why anyone ever falls for the trick of lending to governments never ceases to amaze me.
John K, I don't disagree with what you say, but it doesn't really matter whether you lend to governments or to private borrowers since the loan is denominated in the same (depreciating) currency; the pound you're repaid is still going to be worth a shilling. You're screwed either way. Indeed, if you're going to lend at all it might as well be to governments, since they're less likely to completely default so at least you'll get something back.
It would, of course, be best to lend with repayment specified to be in gold or some other commodity, but that's illegal (in the US, anyway).
Jonathan Pearce wrote:
I am sure Vimothy would argue that what we need is another world war to stimulate recovery.
(Heck, instituting the LVT will cure the swine flu, too.)
Laird:
True, but it is still the case that foreigners are lending money to this government. They don't have to, so I conclude they must be mad. I would rather lend to Argentina, at least I might get paid back in corned beef.
Mmm, corned beef. Speaking of which, David, does this mean that we are not going to eat socialists after all?
The posting and the comments say it all.
There is no need for me to rant on. Other than to say God bless you all - whether you believe in God or not.
It turns out there is stuff to say.
The establisment now accept there is going to another bust - although "Newsweek" magazine is (of course) blaming naughty businessmen and traders - not the Central Banks and the rest of government.
And Samualson (THE establishment economist of the last fifty years - time for new photograph Dr Vain) is openly writing about the possibility of various major nations (the United States?) defaulting on their national debt.
Charming - the same establishment were telling people things were going O.K. only a few days ago.
No doubt what has happened is that various people have made it known that they have got out of the market (sold whilst it was high) so it does not matter if the little people get wiped out now.