It Could Come to This
David Cox
(Editor's Note: Mr. Cox is warning us about what he thinks is about to happen in England. I believe that there is a good chance the same thing is about to happen in America. Coming soon to a country near you. - JSB)
The recession is worse than we are being told and its social consequences could be explosive.
There is something oddly muted about current discussion of our economic difficulties. The Government fears we may have to wait until the second half of the year for an upturn. The Opposition warns that counter-recessionary measures may mean higher taxes in future. We should be so lucky.
Doubtless those in charge of our destiny are wary of sparking panic. Hence their reassurances that whatever we face, it won't be anything like the 1930s. On this, at least, they're right. Things could be far worse.
Today, a frozen credit market and impending deflationary spiral are combined with unprecedented global imbalances. The predicament this creates will not be dissolved by fiscal stimuli, debt guarantees and quantitative easing. Such measures may however make things worse.
The US cannot run a deficit big enough to keep its people in work. Attempting to do this will doubtless prompt increasingly impoverished but ever more indebted Americans to demand protectionism. This seems likely to prompt competitive devaluation and the disintegration of the global economic system.
In a worst-case scenario, strikes, riots and looting could all occur forcing the Government to impose martial law.
In such a world, Britain's debt will leave our country particularly disadvantaged, as sterling's slide is already indicating. UK bonds are likely to become unsaleable long before their American equivalents. If our public finances collapse, the IMF is unlikely to be in any position to rescue us.
The Government may find itself obliged to default on pensions and benefits, ravage public services and resort to hyperinflation to dissipate its liabilities. This could make the middle classes as disaffected as the workless.
Our society is no longer cohesive enough to accept whatever share-out of pain authority dictates. Strikes, riots and looting could all occur. Martial law may be required, as Britain loses, perhaps for ever, its standing as a serious world player.
It might never happen. However, any serious approach to our present difficulties must acknowledge that it might.
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I'ts only a matter of time , only a matter of time folks before the whole ship goes down , at this present moment the bulkhead has cracked and water is flowing in ............ Government bailouts are just making the ship heavier and sinking faster(increasing debtload many folds). People are going to have to get off their colective asses and overthrow the bastards before it gets to the point that you have to kill your neighbour to get his piece of bread to survive
ReplyDeleteI have also been researching and writing on this subject. Get out of the cities and move to rural areas while there is still time.
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Take your frustration out on the good ole boys network The Ivy League Wall Street thieves (bankers et al) are still at it protecting one another. Bernie is still on his roost. What are the judges getting out of this? Its them and us. Thanks Dept. of JUST US. This country as it is now is gone. God help us all.
ReplyDeleteRevolt and revolution is the only means the people have to fix this. Otherwise, it is our Constitutional right to take our liberty and start over somewhere else. That's it.
ReplyDelete