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First, the US Dollar is a reserve currency. Secondly, the 1930's depression was a 100 years ago and was caused by several factors including excess borrowing to fund stock market speculation. When Harold Wilson had to go begging to the IMF to bail out the economy, the IMF lent the money but imposed various austerity measures. If the UK has to go cap in hand to the IMF again, then rest assured the IMF will stipulate changes which equate to austerity. this is the IMF's standard terms. Just look at Argentina. Take the pain to get the gain! -
Thanks, Malumbu, but did you mean "ambulance"? Southwark certainly seem to be planting a lot more trees than they are removing, which is great! -
Look at the national debt of the US. It's ginormous. The US spent their way out of the 1930s depression. Which is what the UK should have done rather than the Coalition's austerity. Look at the harm and division austerity led to in the UK. If only it was simple. -
Floating a few ideas to gauge consensus indicates that there is no strategic plan. It's just political dithering. It represents a fundamental inability to recognise the fundamental structural issues concerning the nations economy. In keeping with France, Germany and many other European countries, the UK's economic health is in decline. In the last two decades, much of government spending has been funded by debt. The cost of servicing that debt is currently running at around £95 billion and that is increasing steadily. It means we are living beyond our means. We are in a debt spiral. the government is funding a welfare state that has gone out of control. We cannot continue to have a situation where millions here prefer to live off Universal Credit plus other benefits. Some of them also earn additional untaxed income from the grey economy. We have to reduce govt spending. It is the elephant in the room. There has to be cutbacks - no tinkering but real cutbacks and austerity. Committing to austerity and major cutbacks will reestablish credibility in the financial markets. This alone will reduce the cost of servicing the national debt. It's a virtual circle but it does need political courage not indecisiveness. Stop rearranging the deck chairs on the Titanic.!
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