Thursday, 7 April 2011

Lies about debt.

I despise George Osborne, I can't help it but I really do.  I hate his sniveling poxy vocal intonations, his over privileged background, the fact that he is dumping millions of ordinary people on to the dole, cutting our services and most of all I hate his lies about national debt.  We have been told over and over again by this hideous government that we are in crisis, we owe billions, the biggest debt in Britain's history, the developed worlds largest debt.....blah....blah....blah.

Well nearly all of these statements are total bollocks, lets take for example the claim that national debt is at its highest level ever.  If you look at historical charts it is quite clear to see that we in the post war 1940's the UK's debt level was at least 120% of GDP thats 50% higher than todays current figure of 70%.   The claim that we have the highest level of debt in the civilised world is also complete fantasy, in fact we are the 26th highest. Japan is the leader with 225% of its GDP.

National debt is actually rather bizarre anyway.   Ever few years the government flogs off Gilts or to give them their proper namer "Gilt Edged Securities" which make up the UK's "national debt".  Hardly anyone in the real world buys Gilts, if you type in on google "buy Gilts" you end up with a stream of gobbledygook from a mysterious department known as the UK debt management office,the language is nonsensical in the extreme.    The real purchasers of UK debt are in fact, large financial institutions like banks and the urrr the government themselves who are the third largest owner of their own debt.  

George and his mates will have you believe that the great crisis we are all facing and one of the major reasons we must pump so very much of our cash into cutting debt (instead of doing civilised things like stopping disease, teaching kids to read and nicking burglars) is that our national credit rating will be downgraded from "bloody amazing" to "just short of bloody amazing".  Not once has George sought to explain to us who credit scores us anyway, now my loyal readers, I will enlighten you.  National credit is scored by several private companies such as Moodys and Standard and Poor's who in turn are owned and operated by ...............large financial companies.   Amazingly 3 large private companies have more power over our national finances and public services than any politician.  The same people who profit from our debt control how much they get paid, how much a country and its people are "worth" and how quickly they get their money back.

Of course these credit scoring companies have spectacularly poor record on working out credit risk anyway, they all thought it was a splendid idea to back the US sub prime mortgage market up until it went tits up in 2007, causing the credit crunch, a worldwide recession and the bailout of banks with £billions of peoples cash (which surprise surprise is main reason for high public debt in the first place).  It seems that the normal rules do not apply;

Business goes bankrupt - F*** you pal pay me!
Worldwide recession -  F*** you pal pay me!
National economy in crisis - F*** you pal pay me!
Public services need money - F*** you pal pay me!

So when George says to you on the NEWS tonight that the Portuguese bailout is where we will end up if we don't let him slash the hell of public services, he is lying.   He is lying so big that we all swallow his trot wholesale as truth.  
Instead of a sensible balanced approach to gradual reduction of debt minimising the impact to ordinary people he is rushing headlong into an ideological crusade, getting rid of the "pinko lefties" that run our country and making sure big business is the only winner.In his world we count for nothing, it is better to pay the super rich companies than to look after our families, our jobs or our health.


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