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From: JonH
The money simply is not there to pay for all the unfunded liabilities accrued over the decades. If this malaise affected Britain alone then the day of reckoning could possibly be delayed yet this is a Western problem. They're adopting MMT as the new paradigm because the respective national debts have been compounding and growing exponentially. Sovereign debt is now expanding at rates faster than economic growth and at a faster pace than income. The BOE, ECB, federal Reserve have to keep interest rates down in order to sustain the debt or the whole financial system would implode. This epoch of accelerating and compounding of sovereign debt ends I think in competitive currency devaluations. One day in the not too distant future we will wake up to hear the news that the £, $ or € have been clipped overnight. Your cash savings or bonds will be worth a fraction of their value on the previous day. Suspect there will be little or no warning of this debt jubilee. Crash and burn is the only way out of the mess. What comes afterwards politically I think is up in the air. Got assets?

Messages	Author	Time	Date
My reply to Conservative Party person who I know who wrote to me post budget to say ... [more]	Mike Mike	23:34:07	30/10/2021
>> The money simply is not there to pay for all the unfunded liabilities accrued over ... [more]	JonH	09:52:59
>> amps, cassette players, radios! ...[more]	LP12	10:33:03
>> ['Hoisted' quite rightly by his own petard, surely? ed]	LP12	09:07:26
>> I don't know about that - I think "hoist" scans better and may even be correct. ... [more]	Mike Mike	12:48:22