Despite being an otherwise staid, traditional news service, the professional banking division of the Financial Times recently released an utterly scathing assessment of the British economy.
It was entitled, “The UK economy is a ticking time bomb,” and the editor didn’t pull any punches in completely shattering the conventional fantasy that ‘all is well’, and that advanced economies can simply print and indebt their way to prosperity.
I’ll quote below, emphasis mine:
“What is the problem? Quite simply, the key numbers are terrible. According to the OECD, after five years of ‘austerity’ the UK’s budget deficit is 5.3%, down from 11.2% in 2009.
“In other words, it has gone from being close to meltdown to a situation that is merely dreadful.
“Since the government is spending more than it earns, it is hardly surprising that it is borrowing more, and that the debt-to-GDP has risen from 68.95% in 2009 to 93.30% in 2013, again according to OECD figures.
Empires Rise, they peak, they decline, they collapse, this is the cycle of history.
This historical pattern has formed and is already underway in many parts of the world, including the United States.
Full article: Scathing assessment: “The UK economy is a ticking time bomb” (Sovereign Man)