National debt is three times higher than Government claims

Thanks to Google and the magic of the web, I just found this article by Jane Merrick on Mail Online. It is based on a report by the Centre for Policy Studies with Stephen Hammond, the Shadow Transport Minister, and Brooks Newmark, a Conservative member of the Treasury Select Committee, as authors.

The MPs said: “The public has a right to know the true extent of the liabilities which future generations of taxpayers will have to meet.”

A Treasury spokesman said: “These are spurious calculations which do not meet the internationally-agreed standards used by the ONS to calculate the UK’s actual debt position.

“The reality is that the UK not only has low levels of debt by historical standards but also compared to the rest of the G7.”

This is globalisation at work in the minds of people in institutions, who are ‘just doing their job’ while millions are unemployed…

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2 responses to “National debt is three times higher than Government claims

  1. Don’t know if you’re aware, but personal consumer debt is now higher than national GDP:
    http://defaqtoblog.com/iabn/2008/09/03/household-debt-overtakes-gdp/

  2. Many thanks indeed, Patrick!

    It seems as if nobody of those who could make a difference cares. Whether it’s a travel company that goes under or a bank or individuals whose homes get repossessed… as long as it’s “business as usual” among those who control the money supply and the mechanisms by which money gets into circulation…

    By calling it “consumer debt”, the real problem is, once again, camouflaged…

    Sighingly yours,

    Sabine

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