In MailOnline, Sunday 1st October 2010, in the article A trillion and rising: Britain’s £1,000,000,000,000 debt means it is now paying as much in interest as it does for defence.
“The figure is so enormous, equivalent to more than one million million pounds, that
.. the country must pay £40billion interest on it in this year alone – roughly what is spent on the entire defence budget.
‘The sooner we get the deficit down, the sooner we can get these payments under control. The longer we leave it, the more unfair it is on the vulnerable who suffer most when valuable taxpayers’
… money has to be used to pay off interest.’
The Chancellor plans to slash annual borrowing to £20billion by 2015/16
… through tax rises and spending cuts
.. which will see Whitehall budgets reduced by an average of 25 per cent.
Education and Defence are expected to suffer less harsh cuts of 10 to 20 per cent, meaning other departments could lose up to a third of their funding.
But despite these austerity measures,
… the overall level of debt will keep rising for years to come.”
.. and why would they keep rising? .. because interest is compounded .. the reason that the debts burgeon .. to unprecedented proportions ..
and where do these money go? .. to benevolent investors? .. that lend the state their money?.. out of their good will? .. they double their money every ten years .. thanks to compounding interest .. as someone can easily surmise .. by a passing furtive look over one’s mortgage account ..
deposits of people in banks .. enjoy the benefits of compounding interest .. the lender magnanimous .. compounding interest .. its application fair .. pity a great deal of people’s bank deposits .. bears nil interest .. compounding nil interest .. compounds to nil
banks, their stranglehold over states .. a political choice .. governments giveth and governments taketh away ..
the more their greed overcomes them .. the nearer their downfall is .. their collapse imminent ..