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Public sector borrowing hits record high

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posted on Dec, 18 2009 @ 07:06 AM

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

Why are we repeating these mistakes in the U.S.?Are we that stupid that we can no longer learn from someone else mistakes?

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.

was this what they wanted?

posted on Dec, 18 2009 @ 07:13 AM
If I've learned anything in my life it's that people never learn from others mistakes or past history.

Each time the mistake is repeated it's rationalized with "we're smarter now" or "it'll be different this time" or any number of moronic caveats.

History teaches all the lessons of life. People just refuse to learn or admit that maybe they arent greater than the whole of history.

posted on Dec, 18 2009 @ 07:20 AM
reply to post by thisguyrighthere

That's true but what do you think?Are we repeating the same mistakes here?(In the U.S.)

posted on Dec, 18 2009 @ 07:27 AM
reply to post by genius/idoit

Is not about repeating other countries mistakes, is about the economy and the global link that countries have with each other when the US morgage bubble burst, it was not only affecting us, it affected all the banks in the wold that had interest invested in the US market, the derivatives are all over the world and in every bank that does business with the US.

If US is having trouble with banks, so every other nations banks, they are all link together.

[edit on 18-12-2009 by marg6043]

posted on Dec, 18 2009 @ 07:30 AM
You CANNOT spend your way out of a financial quagmire! Try it at home and see how well that works for you. Try it with your company and see how quickly your creditors cut you off and call their loans driving you into bankrupcy. This is just more proof that the politicians are completely out of touch with reality - they believe that the laws and rules of mankind do not apply to them. Tax revenues are plummetting while spending is ballooning and this will end quite badly for everyone. Until these politicians understand the accounting rules of debits and credits, the economy is screwed!!!

posted on Dec, 18 2009 @ 07:57 AM
Could Britons credit rating be downgraded?countries with credit problems

posted on Dec, 18 2009 @ 08:06 AM
reply to post by genius/idoit

For some reason I got the feeling that US and UK are the ones controlling the credit ratings of countries and the whole credit thing is nothing but a hoax.

So do not expect US and UK downgrading their own credit.

posted on Dec, 18 2009 @ 10:01 AM
reply to post by marg6043


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?

File a UCC-1 and take control of your "strawman" I have stated this so many times here. Millions of people have done it. It removes the Feds ability to print worthless counterfeit "money" or currency. So the economy will be brought back into check by force and by WE THE PEOPLE.

Congress will not be able to spend freely any longer. It's that simple. No tax and no spend.

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