Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Is the UK government bankrupt?" video.

  1. ​​ @ruaraidhmorrison5879 Because the British economy looks more risky than other countries, because of its poor performance. Indeed, at one time other than Greece, Italy was seen to be more risky than the UK, but now that's no longer the case. That why the interest rate for the UK is higher than Italy. And it's not Labour's fault. 2008 with 14 years of austerity, vampirised the British economy. Brexit cut another vein open, and the pandemic QE just threw money at the problem without thinking how to recover it was the just the final straw. And who in the end ended up with that money? The asset wealthy, who the bottom 50% spent that money with. And they don't spend it. They buy assets with it, and get even more wealthy. In a sense, we've given away too much, and the asset wealthy have the upper hand. There is no money unless they either do more austerity or tax the wealthy more, as they promised not to tax workers more.
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  2. Gary, I think this was a great video. You explained the problem, really, really well. I hope Starmer and Reeves realise that they have to be more assertive about it. The exposure that the UK has to Interest Rate Risk is real, because the economy is structured in a way that makes it more unlikely for growth to occur. And Brexit has closed off much of the opportunities to grow the economy in productive ways. And squeezing even further the bottom 50% by austerity, will be vampirising all future potential for growth, which depends on consumer spending. An economy, where the state tries to borrow back the excess money created during the pandemic it gave out is a futile exercise. It's not gonna happen. This pressure is a reality check for the Labour economists, who deluding themselves. They have to tax the asset , as the bottom of the income and wealth distribution are running on fumes already. Why? Well, in modern revolutionary history, revolutions only happen when the middle classes are hit. And if an opinion piece in the FT is correct in its conclusion that the bottom of tge income-wealth distribution in the UK is getting closer to the middle, then things are going to get messy. Historically, the economic impact of pandemics don't dissipate quickly, and the push to get back to "normal" whilst understandable, is also the missed opportunity to sort out the economy. As you say, nobody's asking the right questions, about the billions of pounds created that needs to be taken out the money by government. The people who are hurt most by austerity are those who need government spending the most, but didn't end up with that excess cash. The people they spent it with did. And they're the asset wealthy.
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