Public sector debt, that is the national debt that is declared as debt on the books of UKplc stands at around £1.6 trillion or 81% of GDP (all goods and services produced by the nation in one year). It is double today under George Osborne than when he took over the reigns in 2010 and for all of his musings of his economic miracle, Britain is in deep financial trouble….
The continued ‘Americanisation’ of Britain advances with privatisation. The student loan book is nothing short of a scandal. Dumped as unworkable by the coalition government, the sale of student debt to banks means an uncapped variable interest rate without permission from the student and the usual shameful tactics associated with banks chasing their money.
In the USA, the federal government made it easier than ever to borrow money for higher education – saddling a generation with crushing debts, sold off the debt book to investors where interest rates are set to double within five years. In a recent survey as much as 30 per cent of students would consider selling an organ to rid themselves of a lifetime of red letters from bankers. In the UK, prostitution has doubled as a direct result of university fees and subsequent debts.
The Institute for Fiscal Studies (IFS) has dismissed Osborne’s claims that you can finance new student loans by selling old ones as ‘economic nonsense‘ with the Financial Times lamenting the whole idea as ‘economic illiteracy’.
Air traffic control, that manages 2.2 million passenger flights annually will be sold to the highest bidder. I’m sure that makes all 220 million passengers feel safer. It contributed £82 million plus £132 million in profits from annual sales to the public purse last year. Land registry contributed £100 million is also to be auctioned. The Green Investment Bank will be sold off, all these assets contribute back to society to be sold for a one off fee.
The selling of RBS now would constitute a loss to the taxpayer of £13 billion. RBS, Lloyds Banking Group and UK Asset Resolution is one thing. King’s Cross, nuclear fuel processor Urenco, Channel 4, Network Rail, the governments mapping service Ordnance Survey, Companies House, weather forecaster The Met Office, Land Registry, the list goes on, is quite another.
Private ambulance services cost the taxpayer £60m last year an increase of 156% in just two years with The College of Paramedics saying there are “currently not enough paramedics to provide a safe and effective service”. G4S, the security firm unable to secure the Olympics as it wasn’t profitable enough for them and caught thieving millions in an overcharging scandal have been awarded hundreds of millions in police and prison contracts. The fire and rescue services have done no better with stations and equipment sold off.
In 2010 the Government even drew up plans to sell off publicly owned forests in a move that could have seen private developers allowed to clear ancient trees to make way for holiday resorts, golf courses and adventure playgrounds. Thankfully, due to public outrage, the plan was abandoned. This just demonstrates the extremes an out of control ideology can reach. …
Coming soon to a country near you. But the solution is staring us in the face, in article 1 section 8:
The Congress shall have power … To coin Money, [and] regulate the Value thereof …
“coin” means to create, as in “coin a phrase”, btw. See monetary.org. Not to mention:
First congress abrogated its constitutional duty to coin money, then it stopped collecting duties on imports in the name of “free trade”, in favor of rising income taxes which arguably are illegal in the first place.