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Overspending in recession-hit Britain soared to a record in November, official data showed on Friday, highlighting the country's debt as alarm over public finances in Greece ripples across Europe.
The public sector net borrowing requirement -- the government's preferred measure of public finances -- hit 20.3 billion pounds in November. That was sharply higher than borrowing of 15.5 billion pounds in November 2008, the Office for National Statistics (ONS) said in a statement
Many European governments, including Downing Street, have announced radical spending cuts and tax increases, while trying to keep fragile economic recovery on track and retaining confidence on financial markets -- so-called crisis exit strategies
Britain has borrowed 106.4 billion pounds in the financial year which began in April, according to the ONS. That was more than double the 49.3 billion pounds recorded at the same stage of last year.
Let’s use the power bill as the example:
The power company has access to the trust account, from which it draws, in order to have the capital to provide us power. At the end of the month, those at the power company send us a ‘statement of account’. What the top part is telling us, without actually stating, is, “We went to your asset trust account and withdrew $100 in order to provide you power; is that alright with you, Creditor? If so, please just evidence your acceptance of this by writing on this statement, ‘Accepted, the account number, the number of the bond backing the account, which only you would have, and your signature.’ As we have sent the cheque for you to endorse, which will bring your trust account balance back up to zero, please sign and endorse it and return it to us with the statement so that we can balance our books.” The story is the same for credit-card statements.
What they actually write is, “Be sure to return the voucher with your payment”, thereby misleading us to think that we are required to give them $100 worth of our labour, along with their cheque which offsets the liability, and nothing else. They are simply soliciting our agreement which our signature indicates. So, the voucher/cheque will balance not only their books but also the asset trust account. But somehow, we got roped into forking over our debt-notes (which they want as much as we do because we all use dollars to obtain what we need and want, yet have nothing to do with the account with the power company). These debt-notes have nothing to do with “paying our bills”; there is nothing to ‘pay’, nothing with which to ‘pay’, and the account cannot be ‘paid’ – it can only be offset with the cheque/voucher they sent us for our signature.
Now, our cash is in the public and ought not to be because the public doesn’t operate in cash; it operates via double-entry bookkeeping, t-charts’ of asset and liability, because there is no ‘money’. Since all these debt-notes are out there as “the debt”, in the “public”, this means that we are the cause of the “public debt” which must be offset. But, what we are told is that the public debt must be “paid” and, of course, this is an impossibility because if we ‘pay’ ‘public debt’ with ‘debt’, all that occurs is that we double the debt. The only way out of this mess is for us to do whatever it takes to remove the debt-notes, aka ‘cash’, aka ‘the debt’ from the public. For a long time, we thought that we had to offset the public debt, but the public debt has not been caused by anything other than our having put cash where it not only doesn’t belong and cannot be used in any productive manner but also is creating havoc with the economy. Now that we know that we must get the debt out of the public, so that there is no more ‘public debt’, how do we recall the trillions of dollars of debt?