Zombie Economics


When politicians (sadly, of all four major parties), bang on about the ‘necessity’ of Austerity in order to pay off the UK National Debt, it’s worth remembering where the bulk of this ”debt” actually came from – (and to whom it is paid !)   According to the National Audit Office, UK National Debt rose by £850 BILLION as a result of the Bank Bailout in 2008, when banks, mortgage providers and credit-card companies went belly-up through chasing the custom of individuals with little or no regard for their ability to repay the loans. Insurers of this toxic debt could no longer take the strain, and the high-street banks, unable to claim from broker, bank or insurer, began to implode too.

The ‘Bailout’ cynically converted this mountain of private debt, caused by financiers’ sheer greed, into public debt. £850 billion is almost double the UK’s total annual budget. For this amount, the NHS (about £108 billion a year) could be funded for 8 years, the entire education system for 20 years, or for that matter, Jobseekers’ Allowance( about £4.5 billion per year) for nearly 200 years ( ! ) But austerity, which is presented as necessary, constructive and temporary, is in fact unnecessary, destructive, and,  if the ‘powers that be’ get their way, permanent. (https://mpbondblog.wordpress.com/2014/01/10/504/) As Kerry-Ann Mendoza says in her excellent new book ”Austerity : The Demolition of the Welfare State and the Rise of the Zombie Economy” it is used as the pretext for a permanent break with the traditions of social democracy, law and justice, employment rights, civil liberties and the welfare state. This destruction has happened so cynically and quickly in Britain that, without having kept a constant eye on the issues at hand, many people still believe they live in a democracy and that they have rights that are now actually confiscated. Sadly, they will not realize that those once-cherished rights are now defunct until they try to claim them. It goes without saying that the tedious and pathetic ”Election Campaign” does not even discuss any of this. https://mpbondblog.wordpress.com/…/12/friday-the-thirteent…/

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