Stripping the UK of AAA credit rating was ‘nonsensical’, says Jacob Rees-Mogg

“All you people arguing over who caused the deficit - you should watch The Money Masters and/or Money As Debt.

Money As Debt 1: http://tinyurl.com/9h86rqg



Money As Debt 2: http://tinyurl.com/7frur7l



Money As Debt 3: http://tinyurl.com/azew5ok



The Money Masters: http://tinyurl.com/a8jjkxf

Or Simon Dixon, on ethical banking - http://tinyurl.com/adve7vh





It's a designed, systemic "problem".

The bankers themselves admit as much:

"The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented.

Banking was conceived in iniquity and born in sin. Bankers own the Earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough money to buy it back again...

Take this great power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this would be a better and happier world to live in. But if you want to continue to be slaves of the banks and pay the cost of your own slavery, then let bankers continue to create money and control credit'."

Sir Josiah Stamp Director, Bank of England 1928-1941

(reputed to be the 2nd richest man in Britain at the time)

Or:

"I am afraid that the ordinary citizen will not like to be told that banks can and do create money...And they who control the credit of the nation direct the policy of Governments and hold in the hollow of their hands the destiny of the people"

Reginald McKenna, past Chairman of the Board, Midlands Bank of England.”

“@joning - explain why it's garbage and maybe you will have a point.

Here's a hint - you won't be able to counter any of the links and information with rational counter-arguments, otherwise you would not resort to vitriolic responses.

Maybe you lack the intelligence to debate your viewpoint rationally, therefore, you need not feel insulted.

Remember - in order to keep your head in your sand, you must be happy to be on your knees...
and it seems you are more than happy to be on your knees, allowing the bankster and political elites to keep shafting you, and are even happier to be one of the acquiescent sheeple who allow the banksters and old etonians to keep asset-stripping your homeland.....”

“Malcolm, I've got no idea where you got your 25% figure from, but this makes very interesting reading:

http://tinyurl.com/adhqwe3

If true, it means that Osborne has taken Labour's structural deficit of 4.8% of GDP and reduced it to 4.3% in 3 years (instead of the promised 1.9%). But - if you subtract the "one-off" fudges he's applied (the 4G auction, the transfer of £28bn of Royal Mail pension funds to the state, "profits" from QE) - he's actually increased it.

By the end of his ridiculously-generous 5-year term, Osborne will have borrowed more than Labour did in 13 years, and yet he still refuses to abandon plan A. Moody's has obviously realised that it is no longer possible to dig yourself out of a hole this deep by cutting alone.

It's a real shame, because a great many people advised Osborne at the beginning (including Ed Balls) that this is exactly what would happen. You right-wing zealots need to learn that throwing ideology at a problem and hoping for the best is not credible policy.”

“Don't think so. £42,589 m under Brown, £121,879 m under Osborne. Even Clarke's chancellorship saw bigger deficits than Brown's.”

“Eh? I think you need to have a closer look at your own graph Roger...”

“The deficit is three times anything Gordon Brown managed:

http://tinyurl.com/coudgvv

Although the real problem is that Osborne's been focusing on deficit reduction at the expense of everything else. His cure is worse than the disease - and the patient's dying.

.”

“Completely wrong Roger. The deficit has been reduced by 25 per cent in two years. We have a coalition government, not a Conservative government. Policies are agreed by the coalition and are therefore a compromise. I think this was a mistake. Coalition government means nobody is ever happy and no meaningful progress is ever made. The Lib Dems have shown themselves to be duplicitous and untrustworthy, time and again. The economy needs Conservative policies to recover more quickly. Which is precisely what Moody's has said.”

“Completely wrong Roger. The deficit has been reduced by 25 per cent in two years. We have a coalition government, not a Conservative government. Policies are agreed by the coalition and are therefore a compromise. I think this was a mistake. Coalition government means nobody is ever happy and no meaningful progress is ever made. The Lib Dems have shown themselves to be duplicitous and untrustworthy, time and again. The economy needs Conservative policies to recover more quickly. Which is precisely what Moody's has said.”

“Completely wrong Roger. The deficit has been reduced by 25 per cent in two years. We have a coalition government, not a Conservative government. Policies are agreed by the coalition and are therefore a compromise. I think this was a mistake. Coalition government means nobody is ever happy and no meaningful progress is ever made. The Lib Dems have shown themselves to be duplicitous and untrustworthy, time and again. The economy needs Conservative policies to recover more quickly. Which is precisely what Moody's has said.”

“We have a Conservative chancellor whose attempts to reduce the deficit have failed because the Conservative solution doesn't work. By all means criticise their Coalition partners for backing his plan but don't kid yourself that there would have been a better one without them. If anything it would have been worse – even more damaging to the economy.”