The debt crisis Osborne says has been dealt with

It’s high time that this mendacity was exposed for what it is. Government has done very little about its spending, has appropriated three-quarters of all gains in economic output for its own use, has carried on piling up debt – and has tried to pass all this off as ‘responsible austerity’.

Those are the words of Dr Tim Morgan, the global head of research at financial traders Tullett Prebon, as reported in the finance section of the Failygraph. While the UK media prattles on in inane fashion about the ‘cuts’ – and retail the government line that they are addressing the structural deficit – the reality is that public spending is higher than it was when the coagulation formed this God-awful managerialist administration.

Don’t take my word for it, the official figures from the Treasury show the facts:

This is what Ministers have insisted is public spending being cut at a rate not seen since the Second World War.  But the total managed expediture has risen year on year, funded by ever higher taxation and, crucially, continued borrowing increasing the national debt.  This is the fact of the matter. All that has changed is how the money is being spent.

Yet against the backdrop of this reality we see the utter delusion of the political class, as exemplified by George Osborne on the day Britain announced a £10bn guarantee to the International Monetary Fund on 20 April 2012.

Dealt with the debt crisis?

Spending is up. Debt is increasing. Taxes are rising. Borrowing is continuing. Yet the Chancellor of the Exchequer tells the British public that the government has dealt with the debt crisis. This is not even parody, this is a claim that warrants Osborne receiving urgent psychiatric attention.

There was hardly any analysis in the media to get under the veneer of Osborne’s comment and tell the public the facts.  This leaves us with lies compounded by stupidity resulting in mass ignorance.  And it takes a bond trader to speak out before the media will take notice and run a small piece that is barely noticeable compared to commentary about the outfits worn to various events by celebrities.

They treat us with contempt. We should treat them altogether worse.

14 Responses to “The debt crisis Osborne says has been dealt with”

  1. 1 Brian H 15/05/2012 at 4:42 am

    “If I repeat the same lie 3 times, it must be true!” No, and not 70 times 7 times 3 times.

  2. 2 right_writes 15/05/2012 at 7:44 am

    “…the reality is that public spending is higher than it was when the coagulation formed…”

    I just wonder who or what the CONdemolition is supposed to represent AM…

    There is no doubt that amongst those that are in receipt of “benefits”, some are malingerers, but at a time of recession, there are likely to be far more deserving recipients than cheats and it’s interesting to note that just when these people, having paid into the system throughout their working lives, make a claim, they have to jump through (by all accounts) some very difficult hoops.

    No such difficulty for politician’s pet projects like the Olympics, AGW, International Aid and support for some very dodgy NGO’s, the EU, and not forgetting… the banks, where spending has increased.

    But that’s the Farewell state for you.

  3. 3 ansel61 15/05/2012 at 9:06 am

    The bizarre thing about ever-increasing public expenditure is that it never does any good. If you ask people if life was better 30 years ago they almost always answer in the affirmative. Then try suggesting that we cut public expenditure to the level it was at 30 years ago, ditching all the “services” built up since then, and see what the reaction is.

    I’m 51 and always voted Tory until a few years ago when I realised how totally pointless it was. It’s UKIP all the way now.

  4. 4 Shevva 15/05/2012 at 11:12 am

    Not sure if I read this right somewhere but for every $1 in the world there’s $10 worth of debt?

    Who holds the IOU’s?

  5. 5 Shevva 15/05/2012 at 11:15 am

    P.S. WUWT has a great post to solve our financial crisis –

  6. 6 Pan Pantziarka 15/05/2012 at 1:28 pm

    And yet there are many people who are convinced by the lies. They really do believe that there have been massive cuts in spending, that thousands have been laid off in the public sector and that this government is butchering public services…

  7. 7 thespecialone 15/05/2012 at 8:54 pm

    Pan Pantziarka – that is because they believe what they see on the BBC. People still believe what the state broadcaster/Labour mouthpiece tell them.

  8. 8 Letmethink 16/05/2012 at 8:13 am

    @Shevva (11.12) “who holds all the IOUs”

    Excellent question. It’s financial musical chairs and the music has stopped.

    @Shevva (11.15)

    I don’t know whether to laugh or cry. Adult humans who fundamentally believe that 2+2=5 never cease to anger/amaze/frustrate me.

  9. 9 Andy Baxter 16/05/2012 at 6:52 pm

    The burning issue that vexes me beyond sanity and back again is this:

    clearly the oligarchy that rule and order our lives are to the most extent pretty well educated by pleb standards, wouldn’t you all agree? And they are for the most part quite intelligent and able to demonstrate a reasonable degree of mental agility and quick thinking when cornered, again would you all agree? So my question is this…

    Why do they pursue these policies, that are almost always doomed to failure? We know it they MUST know it and they must know WE know they know it!! yet they continue to barrel on down the road to ruin……

    Is it stupidity? or is it DELIBERATE stupidity or is there some more sinister motive behind it all?

    just asking?

  10. 10 ProgContra 16/05/2012 at 8:59 pm

    @Andy Baxter

    There’s no need to posit any grand conspiracy here. What we have is rule by people who are indeed well-educated and successful, but who have never questioned the underlying assumptions in their worldview. This is Gramscian hegemony at work. They have come to believe that certain things are undeniably right and not open to question at all.

    Examples of these deeply entrenched attitudes include belief in the power of the state to do good, that the free market is bad, that the environment trumps all etc etc. It’s the BBC worldview, and is seen as normal by ruling elites no matter what ideology they claim to adhere to. They simply cannot question these assumptions, any more than a Christian or Muslim question the existence of God.

  11. 11 Andy Baxter 17/05/2012 at 7:12 am

    interesting ProgContra, thanks for the insight…however I fear the only way we can challenge these entrenched assumptions by the Oligarchy is by either a) Revolution (difficult if as you suggest hegemony exists within the masses) or b) taking back control via re-education of people via a movement of sufficient numbers that instills enough fear from the expresion and promotion of basic demands, as suggested by Dr. North…..perhaps a) can only occur if b) is successful and they still don’t listen!

  12. 12 Moggsy 17/05/2012 at 12:43 pm

    They say people get the government they deserve. It is a sad sad fact that most voters just can’t make informed decisions mostly on account of they don’t have the facts, or ever question what they are told or have the ability to actually add up.

  13. 13 james higham 17/05/2012 at 6:56 pm

    And they’re called loyalists?

  1. 1 Guess this makes it official « Autonomous Mind Trackback on 19/05/2012 at 11:59 am
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