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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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The first F-35 Lightning to land in the UK triggered a storm of controversy over why we were taking delivery of a hugely expensive aircraft that has shown in trials it is not fit for purpose, but also having been in development for over twenty years already looks very dated against the latest Russian and Chinese warplanes. Questions surrounding the safety and ability of an aircraft that has

Geoengineering: Science versus Humanity
Geoengineering, attempts by scientists to control the weather, have been wiith us from the 1950s and so have the man made disasters caused by them. From the small town of Lynmouth in South West England, devastated by a flash flood that killed many people, attempts to get at the truth have been dismissed as conspiracy theorioes'. But in British government papers declassified after 50 years, the Lynmouth disaster was revealed to have been caused by experiments in coud seeding.

Rebellion Against EU Authoritarianism Escalates As 8th Member Nation Threatens Referendum
Brussels went too far, they crossed the line in moving from an economic union to a political pan - European political empire. In the end it was a race as to which member state would quit first, Britain, Natherlands, Denmark or Italy. In the event it is Britain.

No Easy Answers For Immigration
The most sensible immigration policy is one that matches demand for labour with supply. While ensuring compassion and capacity for genuine refugees, we should take care that new arrivals looking for 'a better life' do not land in such numbers they become a burden on those that host them.

Is Brexit A Harbinger Of Doom For The 'Experts'
The Brexit vote, the decision by a democratic majority in Britain to leave the European Union has sent shockwaves around the world. Not only does the EU now face a tsunami of departures, the usurpation of democracy by 'experts' ( technocrats ) has been challenged and exposed as a sham.

US Media Bias RevealedAs Political Fact Checkers Caught Covering Hillary Clinton Crimes

CNN Money’s “fact-checkers” Cristina Alesci and Laurie Frankel ended up with egg on their faces on Wednesday after they rated as “false” a well-established and proven Clinton Cash fact involving Hillary Clinton’s State Dept. approving the transfer of 20 percent of U.S. uranium to the Russian government, as nine investors in the deal funneled $145 million to the Clinton Foundation.

Why Do The Weatern Powers, The United nations And The EU Continue To Tolerate The Terror Sponsor Erdogan And Turkey
The terrorist links of NATO member Turkey and its corrupt and tyrannical President Erdogan are so well documented they are beyond reasonable doubt... Erdogan has traded oil and arms with ISIS, committed humanitarian crimes against The Kurds and given refuge to ISIS fighters in Turkey. And yet Barack Hussein Obama continues to support his regime and the European Union is determined to fast track Turkey to full membership.
Why Do The Weatern Powers, The United nations And The EU Continue To Tolerate The Terror Sponsor Erdogan And Turkey

BREXIT vs. GREXIT – The Truth About The European Union And How It Treats Members
The only thing that will halt the European Union in its tracks, stop the push beyond Europe's geographical borders and prevent EU expansion to incorporate Asian, middle eastern and north African nations is war. Unless the testicularly deficient politicians stand up to the bean counters of Brussels. That's what they are, bean counters; not one among them is a risk taker or a person who has advanced because of their willingness to put their arse on the line.

How Barack Obama Did Not Save The World (and he isn't desended from King Tut.
President Barack Obama boasted of his legacy during a question and answer session in Britain, asserting that he single- handedly saved the world during his presidency. “Saving the world economy from a Great Depression — that was pretty good,” Obama bragged when asked by a student in London what he wanted his legacy to be.

The Hypocrisy and Snobbery Of The Remain Campaign And The Antidote
When I had to defriend a Facebook contact because she was arguing in favour of the EU, it was not simply because I support Brexit that I had become pissed of with her, it was the snobbish and condescending way she dismissed supporters of LEAVE and their case. People are entitled to their opinion on the European Union, but they should check the 'facts' they post in support of their arguments.

The Labour Case For Brexit by Kate Hoey M.P.
After my short intro is a savage indictment by Brexit supporting Labour MP Kate Hoey of the way the Labour Party has abandoned the working class and is now trying to betray the party's proud heritage and its roots in the industrial areas by taking Britain into an undemocratic, corporate controlled, capitalist friendly, elite dominated globalist control freak project.

FBI Vows To Go Public If Obama Blocks Indictment Of Hillary
The only thing saving Hillary right now is the protection being given her by The Obama Administration. However, if Obama’s Attorney General, Loretta Lynch, does not follow her oath of office and indict Hillary Clinton, FBI investigators will go public with their findings, according to former US House of Representatives majority leader Tom DeLay.

Orlando Shooting: Eyewitness Testifies ‘More Than One Shooter’
Just as happened with the San Bernadino shooting in California and the Paris attacks of 2015, accounts of the incident in Orlando in May 2016 from people who were at the scene differ from the version of events given mainstream media. A victim of Sunday’s terror attack at the gave a bombshell interview to ABC news in which he alleged there were several terrorists rather than the lone gunman news reports describe.

The Tyranny of The Economics Academics Is Coming To An End
The pseudo-Keyneseanism peddled by economics academics has failed disastrously, at huge human cost and to the advantage of authoritarian tyrants around the world. At last, as the global economy totters on the brink of collapse, the economic idiocy looks to have entered its end days. The 'sound of the last trump' will probaly occur in early November this year.

NSA Planning To Exploit 'Internet Of Things' Including Biomedical Devices
The post might appear from the headline to be aimed primarily as a US audience, but with US Government Surveillance now global, other governments sharing data with the NSA and The Internet sliding its tentacles into domestic appliances, cars and even the plumbing in our houses it affects us all.

Is Bilderberg A Sinister Group That Runs The World Or Just A Tea Party For Rich And Powerful People
Are the Bilderberg Group meeting, this weekend in Dresden, Germany, really The Shadow Government (the New World Order, The Illuminati,) that rules the world?

It's That Bilderberg Time Of Year
Every year, the world's richest and most powerful business executives, bankers, media heads and politicians sit down in some luxurious and heavily guarded venue, and discuss how to steer the global economy in a way that maximizes profits for all involved, while perpetuating a status quo that has been highly beneficial for a select few, even if it means the ongoing destruction of the middle and working classes and the creation of a servile, uneducated, ill informed underclass, the 'proleteriat' of Karl Marx' writing.. We are talking, of course, about the annual, and always secretive, Bilderberg meeting.

EU's Bureaucratic Dictatorship Is Losing The Support Of The Most Loyal Nations
When the unelected bureaucrats of the European Union Commission decided, without consulting member states, to comply with the wishes of the warmongering rent - boy in The White House and impose sanctions on Russia, after Vladimir Putin ordered the annexation of Crimea (to prevent the US backed neo - fascist government in Kiev carrying out a genocide of ethnic Russians in Crimea,) the idiotic goons were as usual duped into doing Washington's dirty work.

What Did Donald Trump Say To Earn a Liberal Lynch Mob On His Case
Over in the good ol’ US of A the ‘progressive liberals’ as that failed state’s authoritarian reactionaries like to label themselves, are getting their knickers in a right old twist about alleged ‘racist’ remarks made by the presumptive Republican presidential candidate Donald Trump who said something unforgivable about a Hispanic US federal judge. So what exactly was it he said about this bean – bandit judge that led intellectuals and academics to call for his murder?

Adolf Hitler, His Part In Our Downfall

.pdf dowload
A thirty five thousand word book on the authoroitarian, undemocratic, bureaucratic dictatorship that is the European Union. Following the outburst of left wing hate politics following Boris Johnson's reminder that the EU has its roots in Hitler's Naziism, which as any intelligent person is aware is both true and very well documented. My blog colleagues and I decided to assemble this collection of our articles (with some long extracts quoted from public domain and creative commons sources) to help people misled by the REMAIN campaign into thinking the arguments are solely economic.

US Senators Attack Attorney General Loretta Lynch For Sanctioning With Hunt On Climate Change
Lawyers for Exxon Mobile went to court in Texas last month seeking to block a subpoena issued earlier this year by the attorney general of the U.S. Virgin Islands, which, alleging that the oil and petroleum giant is deceiving the public about the effects of climate change, demanded the company open its records to Department of Justice lawyers. Exxon responded by claiming that the subpoena is an unwarranted phishing expedition into Exxon's confidential records and as such violates its constitutional rights;

b>US Missile Shield; Loved Up Obama And Cameron Laugh As Putin Warns Poland, Romania Now In The "Cross Hairs"
No surprise then that during a joint press conference with Alex Tsipras in Greece, Putin warned Romania and Poland they could find themselves in the sights of Russian rockets because they are hosting elements of a U.S. missile shield that Moscow considers a threat to its security. Under the malign influence of Washington and Brussels these country's leaders have now exposed their people to the threat they most feared.

UK Conservative Politician Says Referendum Is An Establishment Stitch Up
Britain will be unable to stop Turkey from becoming a member of the European Union (EU), the Minister of State for the Armed Forces, Penny Morduant, has said. Predicting that up to a million Turkish people could come to the UK unless Britain votes to leave the EU in June, declared that the EU referendum is an “establishment stitch-up”.

EU Vows To Use Powers To Block All Elected ‘Far Right’ Politicians From Power
... populist social conservatives are regularly topping the polls across the Europe, but have been victims of EU orchestrated stitch ups to keep them out of power and ddeny the democratic will, in France, Sweden, Holland, and now Austria – and anti-migrant populists are already in power in Hungary, Poland, and the Czech Republic. Mr. Junker’s definition of “far right” is somewhat broad, noted by him previously describing Hungary’s conservative president, Viktor Orbán, as a "fascist".

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