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Ignitionnet · 20-10-2011, 13:26

This national debt stuff is getting really, really boring. Every so often yadda yadda record levels of debt.

Osborne is missing his deficit reduction targets due to the tax take being down, and I should mention that a large proportion of the national debt can be removed overnight.

The Bank of England owns £186bn of gilts purchased in QE 1, they'll probably own ~£70bn more after QE 2. This is debt purchased with invented money. They tear those gilts up, there's £250bn wiped off the national debt overnight.

They are full of it, I agree with the need to reduce the size of the state for sure, what I am disgusted by is the indifference to inflation. This is a stealth tax for those with savings and those who work, it is genuinely affecting our living standards but they still allow it in order to keep asset bubbles inflated and insolvent banks operating.

I hate this coalition's economic policies. They are reducing my income through tax rises and withdrawal of family allowance, they are reducing the value of what I do get by ignoring inflation, they are harming my attempts to save for a deposit for a home through low interest rates and they are harming my attempts to buy that home by propping up house prices with low interest rates.

If they had an ounce of conscience in their banker-whore bodies they'd tear the gilts up, capitalise RBS if need be and force it to deliver credit responsibly - we own 83% of it for heaven's sake - and get some investment rolling in infrastructure delivering jobs and housing, two things which are massive drags on the economy.

Huge amounts of capital are sitting in housing doing nothing and high housing costs and inflation are reducing people's spending power. Get building, get people into work designing and constructing those homes, build some high speed broadband plant.

They can also ditch their vanity project HS-2. Interesting they can find billions for the pet project whose business case has been ripped to shreds pretty much universally but there's apparently nothing in the kitty.

This coalition is like some sick parody of everything you didn't want.

20-10-2011, 13:26	#25
Ignitionnet Inactive Join Date: Jun 2008 Location: Leeds, West Yorkshire Age: 47 Posts: 13,995	Re: Economy is worse under us, says Cable: This national debt stuff is getting really, really boring. Every so often yadda yadda record levels of debt. Osborne is missing his deficit reduction targets due to the tax take being down, and I should mention that a large proportion of the national debt can be removed overnight. The Bank of England owns £186bn of gilts purchased in QE 1, they'll probably own ~£70bn more after QE 2. This is debt purchased with invented money. They tear those gilts up, there's £250bn wiped off the national debt overnight. They are full of it, I agree with the need to reduce the size of the state for sure, what I am disgusted by is the indifference to inflation. This is a stealth tax for those with savings and those who work, it is genuinely affecting our living standards but they still allow it in order to keep asset bubbles inflated and insolvent banks operating. I hate this coalition's economic policies. They are reducing my income through tax rises and withdrawal of family allowance, they are reducing the value of what I do get by ignoring inflation, they are harming my attempts to save for a deposit for a home through low interest rates and they are harming my attempts to buy that home by propping up house prices with low interest rates. If they had an ounce of conscience in their banker-whore bodies they'd tear the gilts up, capitalise RBS if need be and force it to deliver credit responsibly - we own 83% of it for heaven's sake - and get some investment rolling in infrastructure delivering jobs and housing, two things which are massive drags on the economy. Huge amounts of capital are sitting in housing doing nothing and high housing costs and inflation are reducing people's spending power. Get building, get people into work designing and constructing those homes, build some high speed broadband plant. They can also ditch their vanity project HS-2. Interesting they can find billions for the pet project whose business case has been ripped to shreds pretty much universally but there's apparently nothing in the kitty. This coalition is like some sick parody of everything you didn't want.