Friday, December 17, 2010

Austerity: Paying twice for other people's debts

Bankers. They don't own the banks, they just run them which is why they also rob them.

The owners, shareholders and bondholders, are mostly big private investment houses. These guys did not do check that their investment were safe and so got burned by the financial fraud that brought the 'crisis' about. That and Gordon Brown's distaste for regulation.

Reverse a second, did I say the investment houses got burned? Ooooooops. Actually they didn't, you did. The bailouts and money printing mean money gets transferred from you to those who gambled and lost. The amount? Mmmm, 2 trillion quid. Yeh, that's about 70 (SEVENTY) times Scotland's block grant. Yes, benefit allowances to rich investors would pay for 70 Scotlands.

It gets even better. They gamble and lose and you pay. Then because you (taxpayers) have bailed them out you owe lots of money. So, you get austerity cuts meaning you pay all over again. Less benefits and less public services hits the taxpayer. How else could they save money? Eh, get out of Afghanistan and Iraq? Decomission nuclear submarines and weapons' systems? Can't have that, ooooooh no.

Yep, you pay twice.

Now, as austerity cuts scythe down benefits and public sector jobs to plug the deficit holes punched by Gordon Not So Prudent now Brown there will be a reduction in VAT revenues and more people on benefits not able to pay mortgages (house prices fall..). At this point the government will start selling off government services. You'll be charged to get in to hospital, road tolls, school bills etc.

You'll pay again - a third time.

The following video shows the process of you - pay 1 and 2. It is an excellent presentation. Cynical Highlander brought it to my attention.

The UK population now believe austerity cuts will make the economy worse. Scotland has even more reason to resist as our national accounts (GERS) show a surplus!

Please circulate -


subrosa said...

Well explained Alex. Unfortunately the video stutters and it's irritating to watch.

Alex Porter said...

Hi subrosa,

Thanks. The video is perfect my end..