George Osborne admits the UK never had the biggest debt -‬ Must Read & Watch! - Betrayal & Treachery in our Time!

 

This is a must read and watch for all those who put their families before the their political believes and allegiances. This is a None partisan article because it is too much of a important subject matter which effects the financial future of all our families and our country.‪

 

There are two things to note to unlock the understanding and truth about UK’s debt and the deficit. Firstly, the UK is the 6th largest economy in the world. Hence, it follows that we would have a larger deficit & debt than all other country below us- i.e. a millionaire who has a greater income than you and I would also have a larger debts than you and I.

 

Secondly, George Osborne after admitting he didn’t know the UK had the 2nd lowest debt in the G8, says unashamedly with a smile: "Well, in cash terms the UK had the biggest debt".

 

Now, no economist in the world measures key economics indicators (such as debt, deficit or inflation etc) in cash terms because, it gives a false measure and picture. Percentages or ratios are used to get a true accurate picture- its basic maths. For example you would get a false and inaccurate measure if you compared in cash terms: a millionaires debt against a person who earns say £19k per annum - Greece. Hence, to get an accurte picture you need to find out what the debt and deficit is or was as a percent of income- GDP. The only reason for an educated person (like George Osborne, Coalition MPs and Ministers) to use "cash terms" as measure is: to deliberately mislead and deceive. Unless, we are to believe he is mathematically challenged in basic GCSE maths skills- in which case he shouldn't be looking after the nations purse.

 

As you'll discover he claims he doesn't know who had the lowest debt in the G8. Well, of cause he knew but, he dare not admit it because, it would mean he and the coalition were and are knowingly and deliberately misleading and misinforming the people of this country. Above all, they are using the propaganda strategy that if you say a lie enough times eventually people will believe it. They have fooled people by purely using word, soundbites and narratives without stating stats, facts or figures.Well, you can work out why. Below are 7 facts ( which completly exposes their fabrication of the actual facts) in the form of tweets which you my use if you wish. However, let me briefly explain what they add up to.

 

 

Firstly the last goverment are accused of creating the biggeset debt and deficit in the world. That arguement fall down once you see the banned George Osborne video above. Also, you'l find that the OECD data shows the UK had the 2nd Lowest debt in the world.

 

The Coalitions next arguement is the last government overspent and as result they created the biggest deficit and debt. The IMF data and analysis of EU spending by country show their was no overspending by the last UK government. The data shows the usual fall in output/income from the start of the recession 2008.

Hence, the usual rise in deficit and debt which occures with every down turn. Its basic economic fact that every down turn decreases income and as result increases the debt and deficit of a country. The bigger the down turn, the bigger will be the increase in debt and deficit. This is backed up by economic history (data) that there has never been a down turn where the debt or deficit has remained still or has fallen during a recession. Cameron and the Tories are not only trying to rewrite history in this case but also basic economic principals too.

 

The above argument falls down on examination of the number because, you can not reduce the debt by 7% ( which is over 3 times more than the Conservtives did during their previous 18 years in office) and be acussed profligacy.If we look at the deficit we find the Conservatives did not leave a balanced budget as they claim. The HM Treasury data shows they left a deficit of 3.9% in 1997 and it was then reduced by the Labour government down to 2.1% in 2008. There again you can not reduce the deficit by nearly 50% and be accused of overspending. After 2008 output/income fell dramatically due to the global banking crises and as a result the deficit and debt increased- theual ocurrence with eery dow turn. The UK along with the US were hit the most because, we have the biggest financial centers in the world.

 

So what we find is: the Conservative narratives and soundbites (words only) simply fail to stand up to the fact, stats and number on every account and in fact they are so wide off the mark that its a blantent case of talkng the economy down- painting a much worse picture than it factully was and is the case.

 

Finally, if we look at the debt and deficit during the last time the Conservatives were in office for 18 yrs (1979- 1997) they only managed to reduce the debt by 2%. Where as, the Labour goverment reduced it by over 3 times as much by 7% in a much shorter time period too. Hence, the Consevative debt ratio ( debt as a pecentage of income) was much higher. As for the deficit in 18 yrs they reduced it by 0.4%.  That is 4.3% in 1979 to 3.9% in 1997. Where as the Labour reduced it by 1.8%- that is a reduction of 450% in less time. 

 

Overall, the Conservative debt and deficit ratio ( debt and deficit as a pecentage of income) was much higher than labours year in office and they made very little proggress in reducing the debt and deficit during their 18 years. Now, here's the thing and there is no getting around it: during those 18 yrs no one was shouting 24/7 a 1000 time aday: " Help help the sky is falling down!!". Did they?

 

Below are 7 facts ( which completly exposes Tory fabrication of the actual facts) in the form of tweets which, you my use if you wish.

 

 

Finally IMF Confirms UK Never Had the Biggest Deficit & the Last Govt Didn’t Over Spend http://bit.ly/xAiIR6 RT

 

FACT: OECD Survey 2008: UK Debt, as a Percentage of GDP, was 2nd Lowest In G8 Economies http://bit.ly/Ha3Ayg RT

 

FACT: Exposed! Osborne admits the UK never had the biggest budget deficit or debt. Watch http://bit.ly/wbWOcM RT

 

Fact: 1997 #Tories left a deficit of 3.9% & no global crises 2007 deficit was 2.1% & exacerbated by a global bank crises http://bit.ly/Gzs86M RT HM Treasury

 

FACT: 1997 debt=42% of GDP. By 2007 debt was reduced by 7% to 35% there after exacerbated by global banking crises http://bit.ly/GY6zYy

 

FACT:1979 National Debt 44% of GDP & then 1997 Debt was 42% of GDP. It took the Tories 18 yrs to cut debt by "ONLY" 2% -What!? http://bit.ly/lFKX91

 

Fact:UK Debt Ratio was Higher During Tory Yrs Than Labours

http://bit.ly/HaLZVM Yet no at that time cried the sky is falling down RT

 

If we were to give the Chancellor the benefit of the doubt and assume he really didn't know, then are we to assume he took an educated guess on the primary data on which the Conservatives based their main premise of their austerity policy?- less we end up like Greece.

 

Now, whether George Osborne took a guess or he knew, it still means he and the Conservative are knowingly deceiving people by telling them the UK had the biggest debt and deficit in the world. Moreover, the fact they have been doing it 24/7 since 2008 can only mean one thing: they have pursued a agenda of talking down the economy to deliberately undermine and destroy consumer and business confidence (to deepen the recession and prologue it) to justify their policy of cuts.

 

We have been told that the sky is falling down which, has created a climate of fear , uncertainty and an expectectency of a severe recession, possible wage cuts and higher unemployment. Hence, consumers an business have adjusted their spending and investments accordingly. This has created a self fulfilling prophecy into what Keynes calls a "Paradox of Thrift"- where by we are all unsure and uncertain about the future and we all expected a severe down turn in the economy. Hence, as a result we all reduce our spending at the same time- resulting in a deep slump in the GDP. Now, I'm not the only economist which has warned and predicted this in early 2010- its basic economics that talking down the economy would eventually lead to a double dip recession which, will then lead to depression and then a lost decade or even may be two- if these myth makers carry on with the same narrative to achieve their dream of a much smaller privatised state sector and near zero taxes.Read and use the following tweet if you wish:

 

1) Poor Mouthing Britain - Talking down the economy:

http://nyti.ms/NoTxHI By Krugman RT

 

2) The Austerity Agenda- Ulterior Motives Of The Conservatives: http://nyti.ms/M3uB8M by Krugman RT

 

3) Professor Blanchflower How talking down economy has effected UK growth http://bbc.in/KYGdwk RT

 

4) The Conservatives inherited a growing economy in 2010, they've talked it down & now its sinking! http://bit.ly/HGyWc2 Blanchflower RT

 

5) The Conservatives are talking us into a recession http://bit.ly/HqFr9E Blanchflower RT

 

We elect our government on bases of who will best look after our economic and social interests- the public interest. Talking down the economy (falsely) 24/7 does not show any regard for the economic welfare of the people and if anything it only goes to highlight that the Conservatives are more interested in pursuing their party ideology for the benefit of themselves and their friends. Why else would anyone sell the same message this aggressively on every given media opportunity and over such a long period of time, other than to do harm to the economy. It certainly isn't an act of loyalty and patriotism to ones country and its people- that we all expects from our politicians and leaders.

 

Now, consider and imagine for a moment that it was the French and German goverments that were talking down our economy 24/7 1000 x a day via our media saying we had the biggest debt and deficit in the world and that we were going to end up like greece (for getting whether it is possible or how and why) and our politician did not challenge them.

 

First, people would start to think its true because our goverment would stay quite and never challenge them. Which would lead to destroying business and consumer confidence and lead to 3 millon unemployed. Secondly, soon or later the UK and other world economists and people would say that the Germans and the French were guilty of carrying out an act of economic warfare which has caused a double dip and  3million jobless- as described above via the Paradox of Thrift. Now, ask yourself what would we say if our politicians were the ones who carryed such an act and as a result bought about the double dip? Those who are honest would say:

 

"Such a strategy because, of its longevity  and huge economic harm is quite simply: an act of economic warfare against state and historically it is the biggest act of treachery perpetrated against the people of this country. Historians, will no doubt conclude The Conservatives and The Liberal Democrats actions as deliberate with the aim of justifying and gaining public acceptance of their their political and ideological policies. Hence, as result of talking down the economy falsely over the last four years it would make them the biggest traitors this country has ever known”

 

I certainly can not remember a time history where the government has a talked down the economy so aggressively and for such a long time period. However, I think Nick Clegg states it more eloquently when he says:

 

"Cameron is oozing breathtaking arrogance.....actively stoking up fears in the markets, actively destabilising the pound which reduces the governments ability to borrow. He is saying vote for us or our friends in the City will lay waste to your economy, your wages, your jobs"- Clegg on Cameron during the 2010 election.

 

Finally, you don't have to be a rocket scientist to work out the Conservatives will play the same game again: their usual fear, uncertainty and blackmail card (a vote for the opposition will be a vote a for another financial mess and the markets will increase our borrowing costs and the sky will fall down) to win the 2015 election. We only have to look at the warning and observation made by Aneurin Bevan- that is:

 

“The Tories, every election, must have a bogy man. If you haven't got a programme, a bogy man will do.” Aneurin Bevan

 

Expose the truth (SHOUT OUT ABOUT IT ON SOCIAL MEDIA) to stop them using the same strategy in 2015 by clicking the Share button on the bottom left hand corner to RT it on Twitter , share it on Facebook and texting the link to your friends on mobile.

 


Via @IamalrightJack