• The post you are reporting:
   
  The banks did what governments, mainly US & British pushed them to do, with lack of regulation , again government directed/controlled.
  
  As now has been evidenced, other than Lehmann Bros. being allowed to fold . government bailouts have been the order of the day.
  
  This adds to the public debt.
  
  It does not scratch the surface of the Brown/Balls/Miliband debt created by unfunded[i.e. no income] public service & benefit expansion.
  
  That does not even take into account PFI [off balance sheet] debt.
  
  It does not bear thinking about.
  
  So folks when Ball's says borrow more or take longer to reduce public services all he is talking about is reducing the amount of debt interest repayment which then adds more to the original debt.
  
  It's like not paying off the full interest on yout credit card each month. You don't pay for the original goods you purchased just the interest that you have not paid in full, so adds more to the original purchase debt.
  
  Is that the way to run a country?
  
  Watty

Report Post

Your Name

Reason