The End of the Union of Britain
The increase of Britain’s national debt is many times higher than the inflation rate. This debt has gone up by around 80% from May 2010 to February 2014. Our national debt has passed from around £750 billion to almost £1.3 trillion in less than four years.
The annual interest on government bonds is almost 5%, so in 2010 we paid around £35 billion on interest on our national debt. In 2014 it will be around £60 billion, and that is just the interest. You will notice that the increase in the public debt is way above the annual inflation rate of 3%, and well above the 5% interest rate on government bonds. This is proof that the Chancellor is utterly out of touch with reality and has been taking us all for a ride for almost four years.
Now have you tried calculating the entity of Britain’s imminent financial crash? It is simple: look no further than Scotland for the answer. In fact, the current Union of Britain may break up in order to avoid the burden of the public debt.
Scotland to Wave Good-Bye to National Debt
Why would Alex Salmond be so keen to keep the English pound in an independent Scotland? Well he knows the answer from Westminster will be negative, so he feigns betrayal and declares that if Scotland cannot keep the English pound sterling after independence, Scotland will not be obliged to partake in a share of Britain’s public debt. Genius!
Yes, Alex Salmond knows that Britain’s public debt, currently at £1.272 trillion, that is one trillion and 272 billion English pounds, is impossible to service, and he has worked out the stratagem to relieve Scotland of any participation in Britain’s coming financial crash. He doesn’t really want Parliament in London to accept his demand for Scotland to keep the Bank of England pound; instead he wants an excuse for Scotland to be relieved of this burden – by none other than English leaders – and Scotland will be debt-free!
British Parliament have already stated that an independent Scotland cannot keep the English pound, and Mr. Salmond has already made clear that Scotland, consequently, will not inherit any part of Britain’s national debt.
Of-course Scotland’s economy would flourish after an independence vote with no English pound and no public debt. But does anyone seriously believe that the Coalition of jokers that would govern the rest of this Country of ours will be able to continue increasing the public debt and inflicting on us an annual payment – in interest alone – of £60 billion, £75 billion, £90 billion … as each year passes?
Let’s not forget that the public debt increases at a level way above inflation. Indeed what remained of Britain would inherit Scotland’s share in the national debt, and that could be around £130 billion. The North Sea oil and gas revenues, however, could no longer be used to increment the national Treasury in London, as they would go to Scotland exclusively.
The Government to Confiscate British Savings?
So how long will it take before a desperate government in London decides to enact the Cyprus experiment and confiscate all personal savings above, let’s say, £20,000? Currently there is an EU law allowing the government to confiscate all private savings that exceed 100,000 euro or the equivalent, which in Britain is about £87,000. So the law is already there to go ahead and do it.
Alex Salmond is not a stupid man. He is a cunning statesman who has found a way to detract Scotland from the guaranteed financial collapse that shall visit Britain in the very near future. But we south of the Wall will be left with a pack of 52 jokers, plus two more jokers, the PM and the Chancellor.
The public debt will not be solved by confiscating private savings above £87,000, and not even above £20,000. It would just be a respite to the clueless Treasurer in London and the Prime Minister to hold out for a few more years until the national debt is back there again where it was, at well over one trillion pounds.
Will England Leave the Union?
So now we may ask the question whether England’s shires will leave the Union too. We could all leave the national debt to the City of London and Buckingham Palace, we could run our own affairs and need not send a penny to a bankrupt Treasury.
We would prosper!
The British Union needs to be founded anew, but without the present Establishment
How the British economy makes lots of money