Debt Trap

”Bank of England chief ‘delusional’ to claim UK escaped debt trap” – Michael Burke


Mark Carney’s claim that Britain had ”escaped the debt trap” is indeed deeply disingenuous. The UK population remains mired in debt, and is borrowing more than ever. The only change has been a transference of debt from companies and corporations to individual households. In Britain austerity has been combined with policies designed to boost consumption (and hence profits); and because output is stagnant and real incomes for most people are falling, this can only be achieved through increased household borrowing – whether by means of the housing ”bubble” (for the gullible), ”pay-day loans” (for the impoverished), self-employment/’entrepreneurial’ ”start-up” loans (for those priced out of employment or stripped of benefits), or student loans.

Debt-Slavery in the UK is alive and (for the time being) kicking, as the Bank of England governor, a former Goldman Sachs man, is vey well aware.

Through this increasing indebtedness, together with the suppression of wages, and attacks on benefits, the vast majority of the UK population is being systematically degraded into an indentured ‘service class’ to satisfy the demands of a predatory, and increasingly hubristic, super-rich financial elite.



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