In part I of an interview with GoldMoney, Sean Corrigan dares to cast aspersions about our brave and wise political gang bosses in the United Kingdom:
Do you expect to see Britain facing the kinds of problems that are currently affecting the PIIGS?
Well, when the Crisis first broke, I used to joke that we Brits should not be too supercilious about the PIIGS since we had Scotland, Wales, Ireland (North), and England – aka, the SWINE!
The UK’s “austerity” package is so far somewhat elusive to locate since spending is still creeping up. The country still runs a near record trade deficit in the middle of a slump, despite having a currency whose decline in the Crash was only beaten by that of the Icelandic Krona.
Since 1998, Britain has lost 40% of its manufacturing jobs and added 35% to its roster of public sector workers, increasing the ratio between these two classes of tax-payers and tax-eaters from 60 drones per 100 bees to 160! And now, despite the highest level of joblessness since 1994, we have the highest gain in the Retail Price Index in 20 years, with the Bank of England actually easing as it rises!
Given the fragile coalition which is in office and the size of the lobby for maintaining public spending – as well as the almost insurmountable, pro-Labour electoral calculus built into the geography of the constituency boundaries – it is hard to see how the deficit, much less the debt will be meaningfully reduced without an eventual recourse to the tried and trusted old methods of inflation.
Read the rest of this excellent extensive interview.