{"id":764,"date":"2008-10-08T18:56:13","date_gmt":"2008-10-08T23:56:13","guid":{"rendered":"http:\/\/ietransfer.wpengine.com\/?p=764"},"modified":"2008-10-08T18:56:13","modified_gmt":"2008-10-08T23:56:13","slug":"taxpayer-bailouts-the-lie-you-need-to-know","status":"publish","type":"post","link":"https:\/\/inspiredeconomist.com\/articles\/taxpayer-bailouts-the-lie-you-need-to-know\/","title":{"rendered":"Taxpayer Bailouts : The Lie You Need To Know"},"content":{"rendered":"

\"\"I have an issue. A problem, a concern. A nag. It\u2019s an itch, and I just gotta scratch it.<\/p>\n

It\u2019s this. America, the UK and Iceland have all been bailed out by the taxpayer. You see it and you hear it: \u201cTaxpayer to pump billions of squidoos into financial system\u201d etc.<\/p>\n

Except it\u2019s a bald and blatent lie. The USA\u2019s bailout was $700bn. The UK\u2019s bailout has been estimated at $400bn. Iceland is more tame, at about $5.4bn.<\/p>\n

But Iceland\u2019s Prime Minister, Geir Haarde, let the cat out of the bag. We\u2019ve been let down by our friends, he said, so instead we\u2019ve borrowed $5.4bn from the Russians.<\/p>\n

No talk about taxpayers or any such nonsense. \u201cWe\u201d have borrowed money, which \u201cwe\u201d are going to have to repay. In contrast, the USA and the UK keep rabbiting on about taxpayers bailing out the economy. They\u2019re talking bollocks.<\/p>\n

The reality is that various near, middle and far Eastern countries have lent money to our country and in return your government has committed the taxpayer to pay off the debt for years, if not decades, to come. At least the Icelandic model is more honest.<\/p>\n

So understand this. Speculation has laid many of the Worlds\u2019 greatest banks low because they did not have the liquid assets to match their commitments. Many of these banks have been saved by the intervention of their respective governments.<\/p>\n

What will happen next is that speculation will shift away from the banks and begin against currencies instead. The spiral of debt will get tighter and speculation will begin against countries, as “people” bet for and against which country has the liquidity to honour those commitments.<\/p>\n

One thing’s for sure: not all will be able to service the debts they have taken on, so just as we\u2019ve seen banks being taken over by countries so we will see countries being taken over by superpowers.<\/p>\n

This is my itch, the scratch I have to worry away at. Taxpayers, whether they know it or not, have put up no money to save these banks. Instead, they’ve been committed to pay back the debts used to bail out these banks.<\/p>\n

Iceland has been bought by the Russians. Who\u2019s bought the USA, or the UK? No one knows — scary thoughts, but as our politicans keep telling us … these are scary times.<\/p>\n

Scratch scratch scratch. So which country do you count yourself to be the commodity of? Do you think this will change within the next ten years? Scratch scratch scratch.<\/p>\n

[social_buttons]<\/p>\n

Picture Credit:<\/strong> “Closer To The Park” by Torley from Flickr under Creative Commons Attribution Share Alike License.<\/p>\n","protected":false},"excerpt":{"rendered":"

I have an issue. A problem, a concern. A nag. It\u2019s an itch, and I just gotta scratch it. It\u2019s this. America, the UK and Iceland have all been bailed out by the taxpayer. You see it and you hear it: \u201cTaxpayer to pump billions of squidoos into financial system\u201d etc. Except it\u2019s a bald […]<\/p>\n","protected":false},"author":11,"featured_media":765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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Milton","author_link":"https:\/\/inspiredeconomist.com\/author\/britesprite\/"},"uagb_comment_info":20,"uagb_excerpt":"I have an issue. A problem, a concern. A nag. It\u2019s an itch, and I just gotta scratch it. It\u2019s this. America, the UK and Iceland have all been bailed out by the taxpayer. You see it and you hear it: \u201cTaxpayer to pump billions of squidoos into financial system\u201d etc. Except it\u2019s a bald…","_links":{"self":[{"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/posts\/764"}],"collection":[{"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/comments?post=764"}],"version-history":[{"count":0,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/posts\/764\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/media\/765"}],"wp:attachment":[{"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/media?parent=764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/categories?post=764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/tags?post=764"},{"taxonomy":"adace-sponsor","embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/adace-sponsor?post=764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}