The UK Tries To Prevent Debt Explosion

[singular_me]

Dominoes are ready to fall

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UK needs 'drastic austerity measures' to prevent debt explosion
Bank for International Settlements issues stark warning on debt as OECD cuts growth forecast for British economy.


By Ambrose Evans-Pritchard, and Angela Monaghan
Published: 9:32PM BST 07 Apr 2010
http://www.telegraph.co.uk/finance/economics/7565127/UK-needs-drastic-austerity-measures-to-prevent-debt-explosion.html

[uranian]

chuckle at some of the comments:


it has all been one giant ponzi scheme and all austerity will do is bring about its collapse that much quicker and lead is into catrastophe.the current system is broken beyond repair but not to worry house prices are still rising.


Face facts people Britain cannot service its debts, if we cut back spending to zero and increased Taxation to 100% of income we still could not service the debt. It’s all to do with the fractional reserve banking system and the application of interest at source. For centuries we have used this system and there simply is not enough money in the system to pay our debts. Add to this things like Government deficits spending and bailouts are only the tip of the iceberg, there is far more government debt that’s been kept off the books, Like Greece but far worse. Our entire problems hinge on the fractional reserve banking system, Money is loaned into existence these days.

(some G-Ser posting over there??)