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Chancellor Darling's PBR Cancels Christmas And The Future

Both the USA and Britain are in a debt crisis that dwarfs the catastrophe of climate change. Other developed nations are crippled by debt and their Public Sector Borrowing Requirement but not completely hamstrung yet. Read how government borrowing by means of selling bonds to finance out of control public spendingis dragging us into the abyss.

Chancellor Darling PBR Cancels Christmas And The Future
by Ian R Thorpe
2009-12-16
CREATIVE COMMONS: Attribute, non commercial, no derivs.
KEYWORDS: economy, crisis, finance, debt, interest, currecny, inflation, gold, markets, government, politics, bank, nations

. At this time last year we wrote in our other journal Boggart Blog "Chancellor darling you saved our Christmas" after the Chancellor's 2.5% cut in VAT enabled us all to stop worrying about the economic crisis, climate change, war, the future and everything and enjoy the festive season. Or so the government's spin machine would have had us believe.

This year however, now that we have had time to digest the Pre Budget Report (PBR) Chancellor Darling delivered a couple of weeks ago in which he spoke optimistically of the prospects of a recovery, a return to growth and the restoration of our right to borrow money and spend insanely in the pursuit of happiness. And having tried to digest the mix of your optimistic words and the unpalatable figures they served to conceal it is clear Mr. Darling was not just being economical with the truth but downright miserly.

The fact is the government can only se a way out of its debt crisis by forcing us all into such deep debt our lives will be owned by our creditors and we will be reduced to a state resembling medieval serfdom.

The economic miracle of this country's transformation between 1979 and 2007 from a nation that made and sold stuff to a nation that sold debt and pulled wealth out of a top had was an illusion. There was no economic miracle, just a willingness on the part of government and the banks to borrow from the future in order to finance growth. The labour party having performed that trick more successfully since 1997 that the Conservatives did between 1979 and 1997 are now trying to hoodwink us with it again. Along with the global carbon taxes that will be proposed in whatever political confidence trick emerges from the Copenhagen Climate Conference, the only plan governments in the developed world have to deal with the financial meltdown is to get us all borrowing to spend again.

How can they do that? By borrowing money of course. The trick might have stood some chance of success were anybody still willing to lend at favourable interests rates. That is what these governments are trying to do. It will not work because the international banks whose success was built on investing in assets that had no substance, i.e. bundles of debt secured against assets the value of which had been inflated beyond reality for accounting purposes, specifically to make dodgy balance sheets look good and facilitate more borrowing.

The global economy, that economic perpetual motion engine the politicians and academics promised would lead humanity through the next stage in our "ascent to the light" was in fact nothing but a gigantic Ponzi scheme. So long as money keeps being pumped in the investors can be paid their dividend and so long as the investors are getting their money they are happy are happy.

Sounds perfect, too good to be true in fact. So where did it all go wrong.

Things began to go wrong a long time ago, before anyone outside the world of economics academe had heard of Milton Friedman or monetarism. We could finger 1971, the year the USA abandoned the gold standard but that would be a bit unfair. Giving up the pretence that at a secret location somewhere in he USA there existed a heavily guarded vault where was stored THE GOLD. This myth of THE GOLD allowed people to believe there was a bit of gold in that vault for every United States Dollar in circulation. The myth was what enable the world to have confidence in the $US as the world's trading currency. Strangely for years after the American government had finally admitted, as other governments had decades earlier that there was no enough gold in the world to underwrite all the dollars in circulation.

Everything has a value, the economists said, so why not underwrite bank notes with stuff. Instead of the words printed on currency notes, "I promise to pay the bearer on demand the sum of " implying a promise to give the person holding the bank note a bit of gold so tiny that as sure as eggs are eggs they would lose it on the way home why not promise to give them some eggs or cheese or butter or a car or bricks or coal or potatoes. The idea sounded great on paper, it would free commodities to find their own value in the markets and trade would increase for ever as people traded stuff using paper as the means of exchange.

It soon became clear that like the banknotes nobody could swap for a bit of gold, the new economic policy was not worth the paper it was printed on.

What nobody had noticed however was that while we were all swapping our lives for bits of paper somebody else, somebody too clever by half but lacking life experience in the real world, had thought that instead of earning a modest but steady living by making real stuff we could leave all that dirty hands work to the developing nations like China, India and Japan while we all got rich selling each other money.

There was a problem with this. Because we had to buy all our stuff from China, India and Japan and all those places we had exported our manufacturing industry to we owed them a lot of money. So what did we do we borrowed money (or to put it a more technical way, we sold bonds which is a way of borrowing from the future) to pay our bills. And who bought the bonds? China, India and Japan and all those countries to which we had outsourced the task of catering to our expensive consumer habit. Because the west has allowed manufacturing to decline so much the money we are happy to sell to and buy from each other isn't very appealing to the manufacturing nations of the east. We have forgotten how markets work and our creditors are no dummies. "We don't want your money, every time you pay for stuff with your money we find the value has dropped so we can buy less off the stuff we need like oil, iron, copper. You must pay the interest you owe on our bond holdings in GOLD.

You may see for yourselves what is happening. Every month when the interest payments on government bonds falls due there is a spike in the gold price as western nations have to pay whatever is asked in order to buy enough gold to avoid default on their obligations. And who do you think owns the gold we must buy every month to pay China, India and Japan the interest we owe them? China, India and Japan or course.

So we could look at the day the world's most powerful economy admitted the myth of THE GOLD as the point when the current problems started. Or we could look further back. Someone once said those who do not learn from history's mistakes are condemned to repeat them. Politicians are notorious for not learning from history's mistakes. They prefer to rewrite history books rather than reading them (this is particularly true of politicians of the left.)

If we look back at other recessions we see a pattern emerge. It is when employment figures come out of freefall and level off, when stock markets stabilise and begin to climb out of the abyss and when economics ministers announce the economy has turned the corner and is set to expand rapidly as the national economy continues its climb onward and upward that the real trouble starts. This time it is wore than it has ever been before and much worse for Britain than for America, Canada, Australia and other industrialised nations of the EU. Britain's economic meltdown has been exacerbated by the way that as well as following policies that inflated a debt led bubble economy Gordon Brown in his years as both Prime Minister and Chancellor has enthusiastically followed the Thatcherite policy of selling off national assets to fund government vanity projects.

When Chancellor darling now talks of rebuilding the economy he forgets we will have to sell bonds money from China, India, Japan and the rest to buy the building materials. And the interest on those debts will add to the national indebtedness which is on the point of starting to expand exponentially.

How come The Daily Stirrer is the only place you will read such a pessimistic analysis. How come the mainstream media are not tearing the government apart in a bloodfest you ask.

Easy, this journal is written by a bunch of old gits who no longer need to earn a living and a few young mavericks who have been let down by the government and see their aspirations evaporating (and we will protect their identities at all costs). It costs about 10 a month to keep The Daily Stirrer online which will not break any of us and so we can say what we like. Newspapers run on debt, they are at the mercy of their creditors, the banks. The banks, like the government want to persuade you to start borrowing against the future to fund lavish lifestyles again in order to kick start the economy. Independent television is in the same boat. The BBC while nominally independent is at the mercy of the government which only has to threaten to divert funds from television licence fees elsewhere to head off to honest a critique of the government's mismanagement of the economy.

OK so now you will have enough faith in us to want to know more. What will happen in 2010? The big danger is inflation. The value of the GB and the US$ have fallen in real terms by about 25% in 2009 against vital commodities such as grain and metals. America has its own problems with the arrested adolescents in The White House still believing the economy runs on monopoly money, meanwhile in the UK the global financial markets have already shown their concern at Chancellor darling's plans to return the economy to grown and to fund the month on month deficit by borrowing. Prices of UK bonds in world markets have fallen sharply. Now the way bonds work is that when prices fall the interest rate effectively rises. Also a fall in the price undermines confidence in the currency and economy. So the Bank Of England has to buy in its own bonds to keep the price up. We are in a tailspin, each time we borrow money by selling bonds just to stay afloat we ensure a need to borrow more money to pay the interest on our borrowings.

There have been noises about Britain losing its credit rating, AAA with Standard and Poor's, the highest. Even fears of that happening are enough to prompt our creditors to seek higher interest rates when they buy our bonds. So we are heading for a situation where the need to buy in our bonds that pay low interest in order to stop the currency collapsing we are selling bonds on which in the future the nation must pay a higher rate of interest. Anybody with UK bond holdings and some spare cash to invest is going to run hands together gleefully and say "Yes, we'll have some of that."

This article does not begin to cover a hundredth part of the trouble the UK economy is in and we do not know yet how many more problems Gordon Brown will create by promising to give vast sums annually to poor nations to help combat climate change.

Do not be fooled by the optimistic noises about the economy being made by the government and bankers. The only way they can possibly get us out of his mess in by selling al least half of us into slavery or medieval serfdom.

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We have telling the world for years (and a few thousand of you each day are listening now) that Russia and China have been gradulally executing a plan to replace the the US dollar as global reserve currency. The US of course,as ever too arrogant to care because Americasn exceptionalism, has continued to boost the Russia -China alliance by provoking both with its ill - considered meddling in regional politics and destabilisation of sovereign states. Recall that ...

Germany Involved in NATO War Games Near Russian Border
More than 5,000 soldiers from Germany, Estonia, USA, Netherlands, Great Britain, Lithuania and Latvia are currently engaged in the NATO war games, according to DWN,. Operation "Spring Storm" is taking place 30 kilometers away from the Russian border and will go on until May 20.

Can this woman possibly be a fit and proper person to serve as President Of The USA
While US mainstream media have been obsessing over transgender rights and whether chicks-with-dicks should be allowed to use the same toilet facilities as women and little girls, the American democratic process has been dragged further into the mud (if that was possible) and the candidacy of Hillary Clinton look to be in greater jeopardy than ever despite her having almost certainly won the primaries campaign by a big enough majority of delegate to secure the nomination ...

Hollande Survives Confidence Vote As France Slides Deeper Into Chaos French President Francois Hollande suvived a 'no - confidence' vote today but now faces deepening divisions within his own party as well as in the French population. Continuing mass protests by students and trade union members showed the battle of over his reforms to the country's labour laws are far from finished. Hollande has hardened opposition to his reforms after bypassing the French parliament to push them through.

After Yugoslavia NATO changed from a mutual defence alliance to an organisation for military aggression.
After the break up of the Soviet Union, a point in history when many in the west mistakenly thought Russia had ceased to be a major power and the USA unilaterally declared victory in the cold war, people around the world looked forward to an era of peace and prosperity. They could not have been more wrong, in fact even the most cursory examination of history will show that Russia has seldom been an aggressor.

American GM Wheat Losing Out To Russian Organic Wheat In World Markets We've been trying to get the truth out on GM crops, loved by American corporate business, rent-a-quote scientists and politicians for several years. The massed ranks of big money and big politics are still ranged against us but it seems that one again we the New Media are winning. The more the 'experts', professors and politicians tell us genetically modified crops are good, the mor suspicious we become.

Former Equalities Chief Says ‘Superdiverse’ UK Will ‘Burn’
Unusually for a left wing figure and to his great credit, Mr. Phillips was admittting he had been wrong to argue in favour of mass immigration from theocratic Muslim nations, expressing his disgust at the racism, anti – semitism and wave of violent and sex crimes, and observing that he doubted Muslims can ever integrate into western society because of the difference in the mindset.

After Yugoslavia NATO changed from a mutual defence alliance to an organisation for military aggression.
After the break up of the Soviet Union, a point in history when many in the west mistakenly thought Russia had ceased to be a major power and the USA unilaterally declared victory in the cold war, people around the world looked forward to an era of peace and prosperity. They could not have been more wrong ...

European Parliament President Says ‘Vast Majority Of Europeans Do Not Want Borders’
The Europhile German Social Democratic Party (SPD) politician stated that if the populist, anti-mass migration Norbert Hofer becomes president "this will change Europe’s character". Last month Hofer came top in the first round of the Austrian elections, and in two weeks voters will go to the polls for the second round, to choose between the right wing FPO figure and his Green rival Alexander Van der Bellen as the nation’s next head of state.

Armed Forces Minister: Obama ‘Woefully Ignorant’ of Threat EU Membership Poses
Referring to a statement Mr Obama made in the Telegraph on Friday in which he said: “The European Union doesn’t moderate British influence – it magnifies it,” she responded: “Unfortunately this opinion betrays a woeful ignorance of the practical reality of the EU’s impact on our security, and the interests of the U.K. and the US.”

Wall Street 'Whistleblower' Exposes Clinton Foundation Fraud

The woman is a phoney, a self interested, self aggrandizing elitist with a sense of entitlement the size of a galaxy. Whatever Hillary does, and whatever minority group the claims she is acting in the interests of, you can bet the main beneficiaries are Hillary Clinton, her family and her cronies.
No surprise then that a whistleblower has exposed Hillary's charity, 'The Clinton Foundation as a fraud.

De Dollarisation Accelerates As Russia Prepares To Launch Ruble-Priced Oil Trading Platform Russia is ready to take the next step towards killing the petro-dollar and dumping the US$ as global reserve currency, a move we reported last year. Vladimir Putin's ruble-based pricing of its domestically-produced oil is on the verge of realization. SPIMEX (The St. Petersburg International Mercantile Exchange) is actively courting international oil traders to join its emerging futures market ...

Google Now Has Access To Millions Of Patient's Health Records


A controversial deal between tech giant Google and the National Health Service (NHS) will allow artificial intelligence units access to 1.6 million confidential medical records. Since 2014, Google has partnered with several scientists in an attempt to understand human health, but a new report reveals the data gathering goes far beyond what was originally anticipated - well now there's a surprise.

How Facebook, Instagram, Google, and Twitter Use Censorship to Kill Free Speech
A new study by Onlinecensorship.org — a collaborative effort between the Electronic Frontier Foundation (EFF) and Visualizing Impact reveals that social media sites and search engine operators have been collaborating closely with government agencies to control the type of content we may see online. Most readers will know of people who have been kicked off the social networking site for designated periods of time for ‘violating community standards' ...

EU Commission Backs Turkey Visa-Free Travel Amid Terrorist Cautions
As if the EU does not have enough problems of its own, the Bureaucrats of Brussels seem determined to take on the middle's east's perpetual violent chaos by granting Turkey the right of visa - free movement throughout the Schengen zone for its 70million citizens and tens of thousands of jihadists

German Justice Minister Runs From Stage As Angry Audience Members Yell "TRAITOR!"
The peoples' pushback against European federalisation and genocide of Europe's white working classes by flooding nation states with third world immigrants continues to gather pace as, with the onset of warmer weather, the flow of illegal immigrants into Europe starts to increase towards last year's levels.

TTIP document leak - A preview of the corporate fascism treaty from War On Want
The Trans Atlantic Trade and Investment Partnership (TTIP) was teetering on the brink of failure before Greenpeace Netherlands obtained a massive swathe of leaked documents that prove the treaty is, as many people feared, a corporate power grab rather than a free trade arrangement. This exposure will not stop the fascist regimes of the European Union and the United States trying to push it through against massive public opposition. The ruling elites have only contempt for democracy and the people

The ‘Colossal Unmentionable’ of the Climate Fraud
An incisive analysis from The Wall Street Journal that shows who and what will benefit from the great climate change scam (clue, it will not be the climateor the environment and it will certainly not be people like you and me.)

US-Created System In Iraq Is Collapsing: Protesters Storm Parliament
Less than two years ago, the US set up a puppet government in the mid-east state of Iraq when, following US pressure, on August 14, 2014 then prime minister al-Maliki agreed to stepped down and be replaced with Haider al-Abadi. Today, the regime is in chaos and the system set up by the US is collapsing. Yesterday protesters loyal to popular Shiite cleric Muqtada al-Sadr broke through a security cordon into the Green Zone, home to government buildings

So Long, Schengen: Six EU States to Resurrect National Borders in Mid-May

The governments of six European state have announced they will reinstate border controls as the immigration crisis starts to gather momentum once more with the onset of warmer weather. The authorities of Germany, France, Austria, Belgium, Denmark and Sweden are in favor of extending the temporary border controls within the European Union, which are due to expire in May, in the framework of the Schengen Borders Code rules, German media reported Saturday.

Obama Admin Denies Saying “No Boots on the Ground” in Syria After Saying It 16 Times This is our second report today that catches Barack Obama and his administration of 'homies' in a blatant lie. The first related to the TTIP trade treaty, this one concerns the decision to deploy American ground troops in Syria, after Obama had repeatedly stated there would never be any US soldiers on the ground in Syria

The Oligarchy Is Tottering - Trump Tramples The Neocons' "False Song Of Globalism"
Donald Trump scares the global establishment as do the anti Federalisation parties in the EU. We take a long and detailed look at why, and exactly what the globalist agenda would have meant for freedom and democracy had people not wonken up and opposed it in vast numbers. Kudos to the Islamic Jihad too, medievalist religious nuts they may be, but they resisted American attempt to impose western consumer culture on them.

The Pretensions Of Pop Culture And The Death Of Intellect

... It’s part of a distressing pattern these days of overwrought commentary about popular culture. As well as Beyoncé thinkpieces there are the Stars Wars thinkpieces, of course, and the Lana Del Rey thinkpieces or, God help us, even Kanye West thinkpieces. Don’t get me started on the fact that “thinkpiece” is now treated as if it were a single word...

FBI Drops Hints They Are Ready to INDICT Hillary Clinton
Sources close to the FBI investigation into Democratic Party presidential candidate Hillary Clinton's offences relating to national security when she was Secretary of State say the Feds are ready to indict the frontrunner in the nomination process on charges relating to classified information.

Europe Rejects Obama Doctrine - US Exceptionalism Is Not Acceptable
With a backlash against his efforts to bully Britons into voting to remain in the EU pushing the leave campaign into a narrow lead in opinion polls Obama's vistit to Europe last week could hardly be described as a success. And now he has been told a foreign policy based on 'American Exceptionalism' is not acceptable and the USA must abide by the same international law as the rest of the world

Illegal Immigrants, Bogus Refugees and Jihadist Asylum Seekers - Europes Self Engineered Crisis For a UK based libertarian site dedicated to promoting the traditional values of personal and national liberty, freedom of speech and thought and democratic rule accoring to the will of the majority, the social and economic disaster that is the consequence of the European Union's 'borderless world' project is a big news topic that will run for years. Here are the Greeneeth team's posts on Europe's Immigrant Crisis and The Islamification Of Europe

US Threat to Businesses Scares EU Members As Summit On Continued Sanctions Nears
Although the US and EU economic santions on Russia in retaliation for Moscow's annexation of Crimea to prevent a genocide of the ethnic Russian majority by the neo Nazi government installed in Kiev after a US engineered coup deposed the elected government, weaker European nations are spooked at the possibility of US retaliation if they do not obey Washington's diktat

Weather Channel Founder Slams Global Warming Fraud
The climate change lobby have been on the back foot for a long time as eminent scientists queued to be next to point out that when real world observations repeatedly contradict data produced by mathematical models run on university computer systems, any credible research team would take a long critical look at their models rather than adjusting the empirical data so it gives the required answer.

Lifelong Feminist Carmen Paglia Slams Hypocrite Hillary Clinton And Her 'Liberal' Supporters
As strong evidence emerges that the New York Democratic Primary election between Hillary Clinton and Bernie Sanders was rigged by the Democratic Party Nominations Committee in favour of their preferred candidate Clinton, America's hectoring on other nations on democracy are making it a laughing stock around the world.

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