The Bank of England is putting the United Kingdom on alert. Should the UK keep borrowing money, there will be a “Venezuela-style” economic collapse that will devastate normal citizens.
A senior Bank official has warned that the UK’s economy would be unlikely to survive borrowing any more cash. Richard Sharp, a member of the Bank’s Financial Stability Committee, claimed an extra £1trillion had already been borrowed since the 2008 financial crisis, and any more could see the economy collapse in the same quick manner that Venezuela’s did.
Richard Sharp, Bank of England Financial Stability Committee
The Times reported on the stark warning mere days after Philip Hammond announced a £25 billion spending spree in the budget. It’s likely to dissuade the Chancellor from loosening the purse strings too far though, since the Bank rarely comments on government finances. It could also come as a wake-up call for Labour (a communist party), which is advocating borrowing an extra £250 billion.
In a speech at University College London, Sharp warned that Jeremy Corbyn’s public spending policies would be foolish and dire for the economy. Like any rational person understands, communist policies only work for those elites in the government. “A highly indebted government has less capacity to react to crises: we cannot assume that further shocks do not materialize, and evidence demonstrates that fiscal space is a vital national resource to have available to counteract such a shock,” Sharp said. “Reducing fiscal space, therefore, means financial stability is harder to achieve.”
The Wall Street giant, in its look-ahead to 2018, warned the UK’s “domestic political situation is at least as significant as Brexit” given the “perceived risks of an incoming Labour administration that could potentially embark on a radical change of policy direction”.
A collapsed UK economy would have worldwide ramifications. The real losers in this political game of spending more and tyrannical governments are the everyday men and women who live and work in the UK. Should the Labour party succeed in their borrowing of even more money, the standards of living for the average person would go through the floor – just like Venezuela.
bitcoin will save us?
Funny, how the dumb@$$es in the USSA want to keep going into debt by expanding the government. I guess a quite a few want Venezuelan style socialism here too. ?
you can get lain in venezuela for $2 US dollars. so what is wrong with that?
The US has the ability to export its excess money creation into a far large pool due to the unique status of being the world reserve currency. This hold inflation in check. If this “unique status” should ever end it would be absolute chaos catastrophe. The US fights wars (with ostensible justification usually involving the words, security, freedom and the new one terrorism) to maintain this arrangement.
all hail the blockchain!
Got gold?
some gold. Not enough.
That woman presenter is STACKED!
But on a serious note, I will summarize the British economy and the British society in a few paragraphs for those who do not understand or know the situation:
The UK economy
The only aspect of the UK economy that has vitality, relevence, international connectivity, intelligent people, well-educated people is the financial services economy, which is primarily based in London. The rest of the UK is basically inhabited by people who have poor educational achievement, high welfare and state benefits dependecy, and live in very poor quality cities and towns that are shabby, violent, ugly and depressing. By voting for Brexit, the British have jeopardised the one aspect of their economy that actually makes substantial amounst of cash. A self-inflicted wound of the highest order. The idea that these ignorant, bigoted, ill-educated, violent, drunk, drug-addled morons are poised to learn Mandarin and embark on a flurry of deal-making with the Chinese and prosper post-Brext, is as laughable as it is pathetic and deluded.
The UK was in dire straights in the early 1970s, bankrupted by belligerant unions who brought the country’s industries to a halt. It eventually went bust and had to turn to Arab and Islamic finance to resurrect its economy. Muslims own pretty well all of London and it is one of the reasons they insisted on a Muslim mayor. Any further bankrupting of the country will mean it will no longer be owned by any British people.
UK society
The UK is a high welfare-dependency society. Many millions have all their expenses paid for by the state, from free housing, to free healthcare, to free food, clothing etc. Since the 1980s this population has been added to by millions from Africa, Southeast Asia and the Middle East, and a variation on the structure deployed in the Gulf States has been applied to the UK: rather than find meaningful, wealth-creating work for these people, they instead subsist on welfare, and the UK did pay for this through Northsea oil exports (now nearly gone).
By 2007, the UK had reached the end of the substainability of this system, and it collapsed with bank runs. They rescued this system by embarking on the largest money-printing excercise in the country’s history. What they did was to flash-freeze in place a crumblng, over-priced, moldy, damp, shabby country with trillions and trillions of fake money and full of fat, ugly women. In short, they have nothing to show for all this expenditure, since most of the housing is still poor quality and the infrastructure, apart from some parts of London, is just crumbling Victorian infrastructure. Shitty, fat, pasty-faced people passing wind living cheek-by-jowel in tiny homes and crime-ridden public housing estates infested with drug dealers and black gangs.
The Bank of England is not stupid. They see the true state of the country and know there isn’t any financial fakery left that can paper that mess over. The UK faces either a short-sharp shock of fiscal reality and then a recovery based on real wealth creation, or, it gets the full Communist with Labour and experiences a classic Venezualan global meltdown and pariah status. Britain’s open borders ensure that any expansion in public housing or welfare under Labour will only attract millions of more migrants into the country, leading to an epic bankruptcy. The sad fact is Britain has been here before: it was the 1970s.
The one positive is this: that lovely young lady will be reduced to being a high-class call girl when the pound craters and the country goes bankrupt. I love it when posh English girls say “blowjob”!
Time to deport the Muslim parasites who are sucking up extensive financial resources for their 20 children four wives families who are on the dole. 🙁
The white ‘working class’ welfare bums are still the vast majority of the leaches on the system. Look it up! In fact, it is Islamic finance, real estate investment and oil and gas wealth that is paying for these ‘parasites’.
The majority of the aid for food referred to as “food Stamps” go to WORKING POOR who’s wages are too low with great thanks to globalist “Free Trade” that sent the middle class manufacturing employment to Asia. While there is little doubt that caucasians are the majority of recipients they’re also roughly 80% of the US population while not 80% of the recipients.
Welfare Demographics Percent Total Number
Percent of welfare recipients who are white / caucasian 16.8 % 11,405,000
Percent of welfare recipients who are black 39.6 % 26,884,000
Percent of welfare recipients who are Hispanic 21.2 % 14,392,000
Percent of welfare recipients who are Asian or Pacific Islander 18 % 12,220,000
Percent of welfare recipients who are Other / Mixed 4.4 % 2,987,000
The cost of carrying the enormous national debts have made it impossible to balance the budget while maintaining defense and the entitlement programs. When the UK’s departure from the European Union is completed, the UK must assume some percentage of EU’s debt.
No matter when they ‘Brexit’, the UK will have no option other than to flush the pound down the crapper in order to ensure a functioning economy. This will cause a surge in tourism and foreign currency which will just about keep the place functioning. Housing will become very CHEAP for Chinese investors, and central London will be cleared out of its last remaining broke-ass white people. The UK had to find a way to escape from their epic debts, which are all unrepayable. Brexit will do that.
As for the standard of living of the hobbit-house living numpties, they will become poorer than your average Chinese person. And thus the multi-decade project will be complete. A good hooker in Shanghai will cost you the same as in London.
just substitute US for UK. sure not the country I grew up in.
Was watching a Crowder video yesterday interviewing dud that played undercover against CAIR and HAMAS (same thing).
Dude was pretty sure that it would be a miracle if England doesn’t end up an outright Sharia Muslim country.
I think WWIII is going to be the world against Muslims and I’ll bet we slaughter 300 million or more of those barbarians.
You really are a sad, sex obsessed old man, aren’t you? I guess when your lack of business expertise made you bankrupt way back in the dim and distant 70s and you subsequently got kicked in the balls by some English woman who recognised a weirdo immediately, that contributed to your visceral hatred of all womankind.
I have business interests in the US/Europe and the UK so feel I have more relevant experience than a silly old man living off a meagre state pension who feels the urge to boost his flagging ego by consistently boasting about non existent events in his life (being frisked by hijab wearing border guards…yeah,right).
Right, now to give you a link dismissing your made up “facts”:
https//www.ons.gov.uk/businessindustryandtrade/manufacturingandproductionindustry/datasets/topsiproductionandservicesturnovertes
You’ve yet to rebut any of the lies that I’ve uncovered that you consistently make on this site. You’re a fantasist Frankie!
Any red light districts in the UK?
It is all online these days: no need to cruise those cold, grey, rainy streets. Have a nice supper with her in Mayfair, then retire to your hotel room: bish, bash, bosh. The better looking ones and the fitter ones are all foreign: Eastern Europe, Russia, and especially, Asia. The pound needs to crater some more before you get the better class of English girl coming on to the market. It will happen, sometime probably around 2019-2020. She will even have a nice Oxford accent to go with it, just to make it feel ‘classy’.
Noone needs to borrow a numerical placeholder, that is not backed in goods or services.
But, informally speaking, the bank is allowed to put any improvisational, promissory note, in a strong box, and borrow against said amount.
It has mainly become controversial, if it is called a dollar (that name is taken), or if I promise you financial gains.
Quatloo’s, sprockets, and roundtuits, are ok. Rather than pics of subhuman royalty and historical sjw’s, I would like a purple people eater or yellow submarine microcurrency.