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    The private sector may indeed be partially responsible for the country's debt, and perhaps owe the government money as well... I won't pretend that the private sector in Britain is necessarily good because first and foremost, it's a business, and like all businesses it's purpose is to make profit. But I think the idea of drawing money from any sector to pay off a national debt is immoral and just not viable - especially when the government encouraged and perpetuated it in the first place... and against the general wishes of the public, I might add. So much for democracy here in my opinion... But you're right... the government can't just seize money from rich people either, which would be just as immoral. However, the fundamental issue is the fact that the country borrowed money in the first place.
  2. "the increasing of taxes does not automatically make the government more money"
    Well, the purpose of taxes is to transfer money from the private sector into the public sector. The government can't arbitrarily seize millions of dollars from a billionaire to pay of debt anymore than it can default on the debt. Some of Britain's public debt is probably owned by Britain's private sector.

    If the documentary is correct in saying that the largeness of Britain's public sector is to blame, that ultimately means that the government must privatize some of its services.
  3. View Conversation
    (Message continued...)

    Furthermore, any money made by the public sector actually depends on public spending, which depends on both the value of the currency and the spending power of the general public. In addition to decreasing value, high inflation also discourages people from spending and drains consumer confidence. Also, since taxes are high in Britain, most people do not make enough money to spend on public services as the government would like... much less to buy products or services from the private sector or address a national debt problem... Hence the goverment borrowing more and more money year after year to sustain economic growth in the country. I say economic growth because in reality, Britain, like many other countries has to compete against the faster rate of economic growth from other countries (not least, China and India, whose rate of economic growth continues to accelerate year on year).
  4. View Conversation
    (Message continued...)

    Maybe the situation is different in the US; but in Britain, the increasing of taxes does not automatically make the government more money... because in the first place the goverment doesn't own any. Strictly speaking, all money belongs to and is generated by the public... and because the public sector doesn't actually manufacture or export products, it also doesn't really make any profit.
  5. View Conversation
    I wouldn't say the documentary were particularly addressing the cost of policies. However, it did suggest that increased government spending in the public sector in Britain were a key factor behind the country's debt crisis. Generally, the reason for Britain's debt comes down to increased expansion of services in the public sector, which in turn has lead to the shrinking of the private sector... However, it's the private sector that determines real wealth in Britain, since in that sector all competitive production is done. So in other words, real wealth comes down to manufacturing, which in turn reduces the need to borrow money in the first place.
  6. View Conversation
    (Message continued...)

    Recently, there's been much talk about Britain printing money to get itself out of its debt crisis. Strangely enough that's the one thing Britain doesn't have a law against. They've given a rather pointless technical term for it too, just to make the idea sound more justified... "Quantitive easing" they call it... But no matter how you look at it, it's basically the equivelant of money laundering. The fact of the matter is, printed money has no real value... and so it's bound to incur inflation. However, the consequences of borrowing money is not too far from that of printing it... both drive inflation, and once the going gets really tough, banks become more reluctant to lend money... as is the case now.
  7. View Conversation
    Well... the way things are going at the moment, that's looking likely the case - so in that sense, I agree with you... some economists believe that as far as the next 5-10 years are concerned, Britain and other countries will be struggling just to prevent their outstanding debt balances from increasing. Pretty grim outlook, I'd say...
  8. View Conversation
    Uhm... well not exactly... This were pretty much a documentary based on the national debt in Britain alone. However, the debt figure itself seems to suggest that it's every bit as bad as other countries, such as USA and more recently, Greece... and the latter had to be bailed out by more fortunate countries such as France and Germany in order to keep its economy from collasping. But in any case, Britain's outstanding balance of 4.8 trillion pounds is no laughing matter, that's for sure... It could take the best part of a generation to pay off...

    Distraction... yeah... I kinda know what you mean... that happens to be my weakness at times as well.
  9. View Conversation
    Ah, I see what you mean... I guess I must've overlooked a setting in my control panel and my VM privacy level may have been set to recieve VMs from friends and contacts only. If that's the case, then my bad... and I do apologise.

    Anyways... I'm pretty good... although I'm still somewhat recoving from the shock of a documentary I saw yesterday about Britain's spiraling debt problem... I'm a brit, see?

    And yourself?
  10. View Conversation
    Yeah... this is probably a random and strange way to open up a convo, but I can't help but admire your objective approach to discussions in the forums.
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