12/18/2011
The Autumn Statement reveals but one thing: the Chancellor and his advisers are both ill-advised and dangerously ill-prepared for the forthcoming prolonged Depression. (And if you think I exaggerate, let me remind you that 20 years after the Japanese debt bubble burst, Tokyo house prices are still falling, and the stock market is worth 60% less than 20 years ago. And the Japanese economy was in a healthier state then, than the UK is today, thanks to an export surplus.)
Today’s penalising of the innocent – public sector workers, pensioners and those hundreds of thousands of young people entering the labour market - is a result of a deeply flawed economic analysis by the Chancellor of the causes of the global financial crisis.
No depression will be averted; no government borrowing will be reduced; no economic recovery can be hoped for, until the cause of the crisis is correctly analysed and then addressed with appropriate policies.
For me an interesting angle on the day was the difference in emphasis between the official Treasury Autumn Statement, and the Chancellor’s speech. The latter was far more ideological of course; but the Treasury Statement does indicate some grasp of the scale of the crisis. The very first paragraph of the full Statement (on page 11) reads:
READ MORE AT THE ABOVE LINK PLEASE!
AND NOW, If you ( everyone) understood that all this money never existed it would be a different story altogether, the problem is that as this money disappears ( whether by paying it down or writing it off the coming years will require the austerity unimaginable proportions . The governments will fail, the governments will fall and the people will starve, as the economies will grind to a halt. It was all predictable, but everyone wanted all the toys, and no one cared. Either way, those who created this imaginary money will have to win to let us live, as I said in 2004, we are being sold in to slavery we just don't know it yet. say this, but I told you so,
LIFE IS A GAME OF CONNECT THE DOTS, IF YOU DON'T CONNECT ALL THE DOTS OR DON'T CONNECT THEM IN THE RIGHT ORDER YOU NEVER GET THE PICTURE
It's the not the public, but the private finance sector, stupid.
The Autumn Statement reveals but one thing: the Chancellor and his advisers are both ill-advised and dangerously ill-prepared for the forthcoming prolonged Depression. (And if you think I exaggerate, let me remind you that 20 years after the Japanese debt bubble burst, Tokyo house prices are still falling, and the stock market is worth 60% less than 20 years ago. And the Japanese economy was in a healthier state then, than the UK is today, thanks to an export surplus.)
Today’s penalising of the innocent – public sector workers, pensioners and those hundreds of thousands of young people entering the labour market - is a result of a deeply flawed economic analysis by the Chancellor of the causes of the global financial crisis.
No depression will be averted; no government borrowing will be reduced; no economic recovery can be hoped for, until the cause of the crisis is correctly analysed and then addressed with appropriate policies.
For me an interesting angle on the day was the difference in emphasis between the official Treasury Autumn Statement, and the Chancellor’s speech. The latter was far more ideological of course; but the Treasury Statement does indicate some grasp of the scale of the crisis. The very first paragraph of the full Statement (on page 11) reads:
“The UK economy is recovering from the biggest financial crisis in generations. Prior to the crisis, underlying competitiveness fell and economic growth was driven by unsustainable levels of debt, with the UK seeing the greatest expansion in debt of all the world’s major economies over the last decade. As a result, the UK experienced the deepest recession of any major economy except Japan and the Government inherited a budget deficit forecast to be the largest in the G20.” (My emphasis.)
AND NOW, If you ( everyone) understood that all this money never existed it would be a different story altogether, the problem is that as this money disappears ( whether by paying it down or writing it off the coming years will require the austerity unimaginable proportions . The governments will fail, the governments will fall and the people will starve, as the economies will grind to a halt. It was all predictable, but everyone wanted all the toys, and no one cared. Either way, those who created this imaginary money will have to win to let us live, as I said in 2004, we are being sold in to slavery we just don't know it yet. say this, but I told you so,
LIFE IS A GAME OF CONNECT THE DOTS, IF YOU DON'T CONNECT ALL THE DOTS OR DON'T CONNECT THEM IN THE RIGHT ORDER YOU NEVER GET THE PICTURE
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