UK Economy: A cynic’s summary (in a single page)
Monday, 17 January, 2011 Leave a comment
Oh how I wish I could lay claim to such a “piece”. Succinct and introducing me to a great new word “KLPETOCRACY”
We are living under a volcano.
Banks have been bailed out to the tune of £3Trillion by Central Banks and Governments around the world. They have used this money for two main purposes – to speculate on commodity prices driving the cost of oil and food to record highs and to short European Government Bonds inflicting huge misery and debt on the populations of these countries.
Ordinary people are paying for the bank bail outs through cuts in public services, pay restraint, job losses and higher inflation (due to speculation and quantitative easing).
The Banks are rewarding themselves with unbelievable bonuses and pay hikes. No apologies, no jail sentences for those who caused the crash – just business as usual and the middle finger of £7Bn bonuses.
In the UK, at least £124 billion of the money we have given the banks is being scored on the National Account as government debt.
This gives the Government the excuse to inflict £81 billion of cuts and tax rises on us.
But due to their funding arrangements we won’t be getting it [Link]
People are realising that we are not in fact all in it together but have instead a kleptocracy
This copied directly and in its entirety from Robert Peston’s blog on BBC. Some great comments but this one really made me smile