The UK has a long history…of economic mismanagement and fleecing the taxpayer

h/t zerohedge

I don’t normally wade into the sludge that is the politics of my adoptive country, but recently the politicians of this dreary little island have penetrated my bubble of apathy (in regards to UK politics that is).

David Cameron, the empty suit occupying No. 10 Downing Street, has recently endorsed a “bazooka” approach to the EU’s debt crisis. He is of the mind (and he isn’t alone) that printing money will somehow wipe away the massive debt that is plaguing the western world. Even while he presides over a government that is pretending to cut spending (it isn’t, only the rate of increase in spending), he is a strong advocate for inflation as Nick Ottens points out:

Meanwhile, the Bank of England has been injecting some £275 billion into the economy, corresponding to nearly 20 percent of GDP, in monetary stimulus. This policy David Cameron has explicitly endorsed. He ruled out fiscal stimulus this summer, saying that no country can afford it anymore. “They have all run out of money.” So the answer is printing more of it?

Much like in my home country, where Republicans pretend to be pro-free market, Conservatives in the UK only pay lip-service to free-enterprise. In reality, they are anti-capitalist. As Mr Ottens explains in the linked article above, 1 out 5 Britons is still in the employ of Mr Cameron’s government and the tax rate is still 50 per cent. We are told that it has to stay at 50 per cent until the economy is stronger and the government balances its books. We are not told that it is precisely the 50 per cent tax rate, in addition to the government’s inability to make real cuts and its ceaseless support for the Bank of England’s inflation machine, that is keeping the UK economy in the doldrums.

The above graphic is not shocking. The UK leads the world in combined debt. They probably also lead in apathy in the public as they continue to vote in moronic politicians who continuously fleece them. It’s a long tradition here.


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