Slowly the public is learning that the UK is bankrupt.
The Scottish Christian Party told you about it over 10 years ago, but few people listened.
Britain is not alone in this calamity.
Bankruptcy is more than financial. The UK is also bankrupt morally and spiritually. These are related to each other.
- We have an economically illiterate population, and popular debate demonstrates self-interest rather a balanced opinion that seeks the welfare of all.
- Secular morality is fluid and is too slippery to be of significant help to modern society.
- Our ungodly and unchristian society has produced uncaring care homes, cancel culture, manufactured consent and sometimes forced consent, impinging on the liberties of multitudes. The civil and religious liberties won at great cost centuries ago have been lost by an uneducated self-serving leadership.
Inter-generational theft (this generation borrowing money that future generations will need to pay back) is a term becoming more prominent in debate, describing what is going on and what has been going on, but it is already too late to avoid it. It will be here for several generations, and no sooner will the National Debt be reduced than borrowing will increase again.
The younger generation is suffering and they will continue to suffer at the hands of their elders. They will need to learn economics, morality and Christianity for themselves, because their elders will not teach them.
If their straitened circumstances teach the young how to budget their own finances, how to behave responsibility towards others, and if it provokes them to learn from Jesus Christ about life and its meaning, then their painful experience of the deficiencies of the current generation may not be in vain. The moral, economic and spiritual bankruptcy had to be exposed, and the sooner the better.
2008 financial crash bankrupted all the banks throughout the western world.
3 Oct 2022: a short lesson in investment. It is a big mistake to think that investors and bankers know what they are doing. The Bank of England stepped in recently to rescue Pension Funds thought to be on the brink of collapse after the market reaction to the UK Chancellor of the Exchequer Kwasi Kwarteng’s “mini” budget on 23 Sep 2022. So what do Pension Fund managers know about risk and investment? Are they not paid because they are supposed to know this? So how do their funds come to the edge of collapse? These fund managers do not know their job. Each new generation of investors and managers repeat the same mistakes and expect others to bail them out. They are not alone. Now there are rumours that Credit Suisse bank is in risk of collapse. There are questions if European banks are sufficiently well-capitalised. Shades of Cyprus 2013. Although Credit Suisse gave reassurances on 30 Sep , do you believe it? Today, worries increase.
There are so many financial scandals and fines from regulators that it is regularly reported that such-and-such a bank is putting aside contingency funds for the outcome of legal cases. These fines, of course, do not compare with the profits that were made in the scandal so that there is no moral outrage among bankers nor investors.
7 Oct 2022 Gerard Baker’s article “Real culprits of this crisis are central banks” in today’s issue of The Times. Jerome Powell waited until he was renominated to his role as Chair of the Federal Reserve on 22 Nov 2021 before he “retired” the word “transitory” from his comments about inflation and began the Fed’s radical change of direction from quantitative easing to quantitative tightening. The Christian Party’s banking policy about fiat money is coming up the agenda as the international recession looms.
11 Oct 2022 the Bank of England has intervened for an uprecendented third time in less than three weeks to support the pound. The Chancellor of the Exchequer Andrew Bailey has warned the risky ‘investors’ known as pension-fund managers that they must unwind their risky positions by Friday 14 Oct 2022. Described by the BBC as “tough love”, it is certainly time to rein in the euphoria of these adrenaline-seeking bungee jumpers and to re-establish the skills that bankers are supposed to have (establishing the risk in lending, such as mortgages, to borrowers) and to employ pension-fund managers who know how to identify and assess good investments.
17 Oct 2022: the new UK Chancellor of the Exchequer, Jeremy Hunt, has reversed almost all the tax measures of the “mini-budget”, reversing about £32billion per year of the £45bn unfunded tax cuts, in an unprecedented reversal of a budget. Kwasi Kwarteng, the previous Chancellor’s tenure lasted 29 days, the second-shortest since Iain Macleod died after only 21 days in office in 1970.
27 Oct 2022: The Spectator podcast discussion “Why were we fooled by cheap borrowing? With Lionel Shriver and Hamish McRae” – showing that central bankers had no idea about the unintended consequences of quantitative easing. Its moral hazard was its robbing savers to pay off the debts of debtors, but debaters speak as if no-one could predict it. It is quite predictable, but the timescale is not, because of the tricks that the unscrupulous use to spin out their nefarious schemes.
“Be not deceived; God is not mocked: for whatsoever a man sows, that shall he also reap.”Gal 6:7