As is now clear, oil paid for the Thatcher 'revolution' and underwrote the massive expansion of The City. It turns out the latter has imploded because it is riddled with fraud and would be entirely bust without bail-outs.
So, when you get stories with headlines like:
Cameron’s axe to fall on ‘bloated’ regions
It does start to get on one's nerves a tad.
Foreign investors lend the UK money based on future UK income from oil. That borrowed money is thrown at the economy and the resultant earnings are called GDP. It isn't GDP generated by private sector activity, it is 'GDP' derived from borrowed money i.e. it has to be paid back and at interest. On top of that money is lent to London for free at almost 0% interest rates. They take that money, leverage it up dozens of times and speculate with it. If they lose, the taxpayer guarantees it and if they win they keep the profits. Another scam that slowly destroys the UK economy. However it was all paid for by the taxpayer and crucially with North Sea oil income. Yet any benefits go South including the consequent service sector. The banks are bust but bankers go swanning around like nothing ever changed...
The South became flush based on oil and then City fraud which the rest of Britain has to now pay for.
Now David Cameron wants to impress his constituency in the South by being tough on the 'bloated' North. Excuse me but without hand-outs from Scotland especially but other parts of Britain the South would have crashed and burned long ago. It thrives on the labour and resources of others and has the cheek then to see its own false prosperity as subsidising the rest of us. That really is annoying and really should challenge the patience of the rest of us particularly Scotland.
Why do they get away with it? Well, labour has tried to impress the South too. Labour in Scotland have peddled the impoverished Scots myth for generations to serve their own purposes. Most of the media runs stories which are London-centric and Scotland's media are craven followers given their cosy relationship with the London parties.
I do agree that the public sector has become extremely bloated. As Thomas Jefferson said: "A government big enough to give you everything you want, is strong enough to take everything you have." It is about to. All the debt which went to bail-out London will have to be paid for by everyone else and over several generations.
So, if we are to start a cull of the subsidised economy it has to start with London; the biggest and most bloated part of Britain by a monumental distance. It is parasitic and holds down everyone else resulting in generations of poverty and emigration.
The expansion of debt means that government, business and people can no longer borrow and no longer have the desire too. Credit expansion has reached its limit. The solution by parties, media, corporate economists and even bloggers is to solve the problem of too much credit expansion by borrowing more money. It's a foolish mantra and it is destroying the UK economy. They talk of 'recession' and 'recovery' - we have neither. We have a block in the system - a system failure. Private sector activity is declining rapidly as the government throws money at the financial sector which can't be sustained. We can never go back to where we were and that delusion is costing Britain not just its economy but civil rights and democracy itself.
Scotland must cut itself free from bloated London. London is not a great global centre of finance. It is a global centre of fraud and the world has lost trust in it. There is nothing left in Britain to keep spending in order to maintain this myth.
We go down with bloated London or we do things our own way with what's left of the oil to finance that journey.
That's the only real choice facing Scots. The rest is smoke and mirrors.