Wednesday, 5 October 2011

Things Can Only Get Much Worse

The Eurozone sits on the edge of collapse with the usual chaotic and rudderless lack of leadership from the EU on how to fix the crisis. The EU first indicated that a European banking rescue, as demanded by the markets, was on the cards and now EU Monetary Affairs Commissioner Olli Rehn has denied it.

So what have the Tories to say about this looming disaster on our doorstep? Well they're too busy squabbling over the Human rights act, squabbling over a referendum on the EU, effectively admitting that there will be no repatriation of powers (if that were ever possible) and criticising someone else for not holding a referendum.

Then Prime Minister tops it all off by suggesting that the solution to the current crisis is for everyone to pay off their credit cards. As Richard North says, Cameron is not even in this galaxy.

Now the Telegraph writes:
It's now being reported that the Prime Minister won't be telling us all to pay off our credit card bills in his speech at the Tory party conference this afternoon, after the idea got a fairly terrible reception this morning.
Oh FFS! The Eurozone, and possibly the world economy, is on the brink of the abyss, Greece is ripe for a coup d'état and this is the best the Tories can do? It is draw-droppingly pathetic.

We really really deserve much better than this.


  1. Cameron knows full well that the government hopes to pay off UK sovereign debt using inflation/printing money/de-valuation. Taken to the extreme, in 20 years time our national debt would probably only buy 3 pairs of socks from the Trillion Pound Shop (e.g. Weimar Republtic, Zimbawe). Likewise, your credit card debt will reduce to a fraction of todays value. The bankers want your money NOW before they devalue the pound any further, making it impossible for them to recover its present value. To raise cc/sc interest rates to compensate would prove politically dangerous, by putting too many angry people in the default mode... more lost revenue to the Banksters.

  2. How can one protect ones savings from the effect of hyperinflation? Should one close ones ISA account and buy a scrapyard in the hope that an application for retrospective planning permission would eventually succeed?