On the Never-Never

Economics, European Commission, European Commission; trade agreements; environmental impact; employment rights; democracy

The US administration has agreed to double the debt of USA by the end of Obama’s term of office. The UK govt have doubled the debt in 5 years and plan to double it again. The EU has agreed to continue with QE and supporting negative interest rates officially, the consequence of which will be, if you have any money in the bank take it out or it will be stolen by government. It’s unofficially official – or rather the next logical step. This is amazing.

If you’re lucky enough to have your own home you can take out a mortgage against it, even several mortgages against it, although these days banks tend to be stricter about what you’re borrowing money for but I digress. At some point the banks will come knocking on your door asking for their money back and if you don’t have it, will take your home and throw you out.   I just wonder how long this is going to go on for before the big inevitable implosion happens? There are enough professional economists warning about the same thing, but from the ground up it doesn’t look good. Prepare for the worst and strap yourselves in for the ride, it’s going to be bumpy.

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