Comments on: The national debt – from billions to trillions http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/ Incisive and topical campaigns and commentary on today's issues and tomorrow's problems Thu, 24 May 2012 13:47:51 +0000 hourly 1 By: Muslims of Norwich» News » Ulster says “No!” – Abdassamad Clarke http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11983 Muslims of Norwich» News » Ulster says “No!” – Abdassamad Clarke Mon, 16 Mar 2009 16:06:18 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11983 [...] 1  The national debt - from billions to trillions: [...] [...] 1  The national debt – from billions to trillions: [...]

]]> By: robbie prentice http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11982 robbie prentice Mon, 09 Mar 2009 22:19:31 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11982 the only way to solve the debt problem is go to the people of this country,explain so as everyone will have to share this burden,by putting 15% on all foodstuff to pay only the national debt and nothing else, i dont know how long this would take i have other more plearurable measures that could be used, confidence in this country,will only return when the people are told what we are doin about this burden, not that we are nearly bankrupt, sorry about the english yours sincerley robbie prentice the only way to solve the debt problem is go to the people of this country,explain so as everyone will have to share this burden,by putting 15% on all foodstuff to pay only the national debt and nothing else, i dont know how long this would take i have other more plearurable measures that could be used, confidence in this country,will only return when the people are told what we are doin about this burden, not that we are nearly bankrupt, sorry about the english
yours sincerley robbie prentice

]]> By: John Charlton (an ex-Labour Voter) http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11981 John Charlton (an ex-Labour Voter) Mon, 02 Mar 2009 11:07:18 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11981 John I warned anyone who would listen about this meltdown going back to 2004 (eg David Smith in the Times & Liam Halligan in the Telegraph - both told me that I was wrong - the fundamentals of the economy were strong!); but the thing I still can't get my head around is that how has Brown been able to get away with the it's a 'Global problem' line? He inherited a good set of books, had ten years as Chancellor with full control over economy, big majorities and a benign economic backdrop but look at us now! His finger prints are all over the causal factors: HE created the Tripartite 'regulatory' system which FAILED HE lectured other Finance Ministers about how his 'light touch regulatory' system was the driving force for economic growth HE removed tax relief on pensions which meant people were looking for somewhere else to park their money (many chose property) HE removed house prices from the inflation figures HE boasted that he had abolished Boom & Bust HE ignored warnings from Eurpoean Central Bank & IMF that his spending was way too high - giving massive borrowings in a period of growth leaving us totally unprepared for a downturn He accepts no responsibility and is allowed to get away with it. Can you help me understand how come around 30% of the electorate plan to vote for 'more of the same please'? Why is Brown not seen as responsible for this calamity? John

I warned anyone who would listen about this meltdown going back to 2004 (eg David Smith in the Times & Liam Halligan in the Telegraph – both told me that I was wrong – the fundamentals of the economy were strong!); but the thing I still can’t get my head around is that how has Brown been able to get away with the it’s a ‘Global problem’ line?

He inherited a good set of books, had ten years as Chancellor with full control over economy, big majorities and a benign economic backdrop but look at us now!

His finger prints are all over the causal factors:

HE created the Tripartite ‘regulatory’ system which FAILED
HE lectured other Finance Ministers about how his ‘light touch regulatory’ system was the driving force for economic growth
HE removed tax relief on pensions which meant people were looking for somewhere else to park their money (many chose property)
HE removed house prices from the inflation figures
HE boasted that he had abolished Boom & Bust
HE ignored warnings from Eurpoean Central Bank & IMF that his spending was way too high – giving massive borrowings in a period of growth leaving us totally unprepared for a downturn

He accepts no responsibility and is allowed to get away with it.
Can you help me understand how come around 30% of the electorate plan to vote for ‘more of the same please’?

Why is Brown not seen as responsible for this calamity?

]]> By: Nick http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11980 Nick Mon, 02 Mar 2009 09:35:39 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11980 How do you come up with your pension figures? State employee's pensions we know are around 1 trillion. Where have you got your figures for the state pension, and state second pension? reply; set out in Economic Competitiveness Report How do you come up with your pension figures?

State employee’s pensions we know are around 1 trillion.

Where have you got your figures for the state pension, and state second pension?
reply; set out in Economic Competitiveness Report

]]> By: Man in a Shed http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11979 Man in a Shed Sun, 01 Mar 2009 22:01:45 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11979 Perhaps the opposition might think of declaring that it will not, as a future govt, stand by the debt being run up by the current government unless there is a general election to legitimise them. After all what is happening now is a current parliament is binding future ones, which is against our constitution. Its an extreme option, but it would bring things to a head very quickly. Perhaps the opposition might think of declaring that it will not, as a future govt, stand by the debt being run up by the current government unless there is a general election to legitimise them.

After all what is happening now is a current parliament is binding future ones, which is against our constitution.

Its an extreme option, but it would bring things to a head very quickly.

]]> By: mike stallard http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11978 mike stallard Sun, 01 Mar 2009 21:10:58 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11978 At the beginning of last year, I managed to get hold of the government's expenditure. The total was something like 600 billion pounds. We were fighting a war in two theatres at the time and the total expenditure on defence was about 3.5 billion. The Social Services seemed to be in the sort of 200 billion area, I seem to remember. Now the government,as you say, is talking trillions. It has not got the money. The only hope is that the banks will suddenly spring into life and become milch cows. Let's be frank: this is not happening at the moment. So what could the British world look like in 2012? 1. There will be long lasting power cuts. (Christopher Booker). 2. All taxes (including Council Tax, VAT and other purchase taxes) will have to go well over 50% of income - perhaps up to 75%? 3. There will be serious strikes as the millions of State Employees get their pensions and jobs axed. 4. The dole queues, homeless and hopeless will increase exponentially as the State's money runs out. 5. The pound sterling will sink even lower than the busted Euro. Happy holidays! At the beginning of last year, I managed to get hold of the government’s expenditure. The total was something like 600 billion pounds. We were fighting a war in two theatres at the time and the total expenditure on defence was about 3.5 billion. The Social Services seemed to be in the sort of 200 billion area, I seem to remember.
Now the government,as you say, is talking trillions.
It has not got the money.
The only hope is that the banks will suddenly spring into life and become milch cows. Let’s be frank: this is not happening at the moment.

So what could the British world look like in 2012?
1. There will be long lasting power cuts. (Christopher Booker).
2. All taxes (including Council Tax, VAT and other purchase taxes) will have to go well over 50% of income – perhaps up to 75%?
3. There will be serious strikes as the millions of State Employees get their pensions and jobs axed.
4. The dole queues, homeless and hopeless will increase exponentially as the State’s money runs out.
5. The pound sterling will sink even lower than the busted Euro.
Happy holidays!

]]> By: Bazman http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11977 Bazman Sun, 01 Mar 2009 18:18:46 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11977 When the taxpayer is up for trillions. The private companies that owe this money are 'owned' by the taxpayer. Their business is the taxpayers business by default. Dogma is suspended and the taxpayer now calls the tune. Not the red right and their chums as their lies and scams are now self evident. It's not so strange that all politicians are still so soft on this. When the taxpayer is up for trillions. The private companies that owe this money are ‘owned’ by the taxpayer. Their business is the taxpayers business by default. Dogma is suspended and the taxpayer now calls the tune. Not the red right and their chums as their lies and scams are now self evident. It’s not so strange that all politicians are still so soft on this.

]]> By: Alison Saville http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11976 Alison Saville Sun, 01 Mar 2009 16:02:04 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11976 This may be a very foolish question, but I ask it in all seriousness. I do not understand economics at all well, and am baffled by the vast sums of our money being lavished on the banks and others by our Government. How much money is there in the whole UK economy? If I knew how many UK pounds exist in total, notionally or physically or both, I think it would give me an idea of what proportion of it figures like £3 trillion might represent. Reply: The national turnover is around £1.5 trillion a year. Money is largely held as bank deposits. The amount of bank notes is much smaller than the national turnover. This may be a very foolish question, but I ask it in all seriousness. I do not understand economics at all well, and am baffled by the vast sums of our money being lavished on the banks and others by our Government.

How much money is there in the whole UK economy?

If I knew how many UK pounds exist in total, notionally or physically or both, I think it would give me an idea of what proportion of it figures like £3 trillion might represent.

Reply: The national turnover is around £1.5 trillion a year. Money is largely held as bank deposits. The amount of bank notes is much smaller than the national turnover.

]]> By: alan jutson http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11975 alan jutson Sun, 01 Mar 2009 15:57:14 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11975 Essex Boys Many thanks for the support for the idea, I think it has some legs and could run if handled correctly. All figures would have to have independent support in order to be credible, but it doesn't need to stop there. There could be other campaigns. We could also list all of the three thousand or more new laws passed by this Government and the EU and then ask if people thought they were more free, more democratic, more safe and thought crime was going down. Never know John your blog may yet be seen as the green shoots of thought for a Tory victory at the next election, whenever that comes. On another subject I see Harriet Harman (Tv interview today) and Gordon Brown are now suggesting/thinking of trying to use retrospective legislation to claw back some of Mr Goodwins Pension entitlement. Sorry but you have to vote against this, distastful as it may be, as there should be no place for retrospective legislation in a Democracy. Unfortunatelty Gordon has already got form on this, with some Tax changes in the past. Retrospective changes in the Law could affect us all in unforseen ways, as Laws are not made for individuals, but the whole population. Essex Boys

Many thanks for the support for the idea, I think it has some legs and could run if handled correctly.

All figures would have to have independent support in order to be credible, but it doesn’t need to stop there.

There could be other campaigns.

We could also list all of the three thousand or more new laws passed by this Government and the EU and then ask if people thought they were more free, more democratic, more safe and thought crime was going down.

Never know John your blog may yet be seen as the green shoots of thought for a Tory victory at the next election, whenever that comes.

On another subject I see Harriet Harman (Tv interview today) and Gordon Brown are now suggesting/thinking of trying to use retrospective legislation to claw back some of Mr Goodwins Pension entitlement.

Sorry but you have to vote against this, distastful as it may be, as there should be no place for retrospective legislation in a Democracy.
Unfortunatelty Gordon has already got form on this, with some Tax changes in the past.

Retrospective changes in the Law could affect us all in unforseen ways, as Laws are not made for individuals, but the whole population.

]]> By: Barbara http://johnredwoodsdiary.com/2009/03/01/the-national-debt-from-billions-to-trillions/#comment-11974 Barbara Sun, 01 Mar 2009 14:13:40 +0000 http://www.johnredwoodsdiary.com/?p=3017#comment-11974 Interesting, too, to see that the government - having rammed through the fluoridation of Southampton's water supply, against the wishes of 75% of its people - has said it will indemnify the local health authority against any legal challenges. What is THAT going to cost? Is it an 'unlimited liability' kind of guarantee? Do they think money grows on trees? The people of S'oton do not want this - the water companies didn't want to do it - so the government made the health authority force it through. Seems like the taxpayers will be reduced to suing themselves (in the shape of the govt), before footing the bill themselves to pay compenation to themselves, for something nobody wanted in the first place. Completely mad - and completely unnecessary. Interesting, too, to see that the government – having rammed through the fluoridation of Southampton’s water supply, against the wishes of 75% of its people – has said it will indemnify the local health authority against any legal challenges. What is THAT going to cost? Is it an ‘unlimited liability’ kind of guarantee? Do they think money grows on trees?
The people of S’oton do not want this – the water companies didn’t want to do it – so the government made the health authority force it through. Seems like the taxpayers will be reduced to suing themselves (in the shape of the govt), before footing the bill themselves to pay compenation to themselves, for something nobody wanted in the first place.
Completely mad – and completely unnecessary.

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