I seems to me that there’s been a deal done somewhere in the world’s banking system. Every time debts are bailed out, no matter which country is involved, the rate seems to be the same. Someone’s let it be known that Europe can be bailed out for 7%. Who knows? Maybe that will be the same rate when it comes to Britain and the USA being bailed out later on, when the dominoes fall. The world will have a single long term debt interest rate for every nation.
If it is to be 7%, imagine Britain owing £2 trillion, and having to find £140 billion purely for interest payments. That’s about half what total public spending was in 1995. The debt could never be paid off. That of course is the idea. The central bankers issue debt from nothing, and then enslave every country in the world, to eke out an existence in poverty.
The only way out of it will be a default by hundreds of countries which decide that the pretence of the current central banking system needs not be maintained any longer, and we all decide to reset the counter and start again from scratch. They will try to subjugate us all and prevent that from happening, and use the EU and election rigging to stop anyone from escaping. But maybe Germany will fight herself free, and set a lead. Or China can see that the current situation is total madness and she will negotiate with indebted countries to provide them with new finance. The debt game is no longer a joke, if it ever was one. 7% is simply not affordable long term.
PS It was my idea as a UKIP leaflet writer in 2000 to run with Dad’s Army themes and phrases. ‘Who’s Kidding Us This Time?’, I wrote. Nice that Mr F still uses the concept to effect. He never wastes a good phrase!
Max Keiser has some good phrases too. Boom Bust Bailout. The kleptocracy, he says, is murdering people by manipulating up the price of oil and food. David Malone interviewed, author of The Debt Generation. Here is his blog – http://golemxiv-credo.blogspot.com/.
From cynicalHighlander in comments. Thanks.