Tag Archives: economic austerity
This week on Facebook: As I posted in Cassandra on debt and as I had previously conclude in my 2013 post Crisis and Credit, the issue of public debt is used as an excuse for a fiscal policy of austerity measures, yet it is private debt that is behind the fiscal crisis. The State (particularly in the UK) does more to encourage private debt than to control it. Conversely the State continues with its fiscal policy of increasing public debt¹, something that I wrote about in Debt, the prolific mother (2012). Read more of this post
Debt is the prolific mother of folly and of crime – Benjamin Disraeli
The Market Oracle has published an article focussing on Britain’s debt dynamics. With the title Bank of England Cancels Britain’s Debt, Budget Deficit Crisis is Pure Propaganda it deals with the political propaganda declarations for economic austerity by the Coalition government. Whilst the Labour party takes the opposite line, the reality is that there has been no real net economic austerity in Britain, as there has been no cut in government spending and hence the deficit continues to expand by about £120 billion per year. The reality is that the UK is immersed in an exponential inflation trend that results in the stealth theft of wealth to finance government spending for the purpose of buying votes. Read more of this post
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