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By Pete Moore On March 11th, 2013

That is, the gift of your labour, assigned to keep on giving to the government’s crony insider pals:


Just think about that. Think about how many hours you’d have to work to cough up £758 in tax loot. What’s to be done? As Murray Rothbard explained, there is no moral or economic reason reason at all why we should not repudiate this odious debt –

If I borrow money from a mortgage bank, I have made a contract to transfer my money to a creditor at a future date; in a deep sense, he is the true owner of the money at that point, and if I don’t pay I am robbing him of his just property. But when government borrows money, it does not pledge its own money; its own resources are not liable. Government commits not its own life, fortune, and sacred honor to repay the debt, but ours.


  1. Who is the government borrowing all this money from?

  2. Harri – here

  3. My guess Harri would be Indian sources or even Chinese sources..
    Pete’s thing is misleading because those institutions invest all over the world, and guess which economies are in the best position to lend…?

  4. Since 2008, The Bank of England has purchased 21% of government gilt holdings. This means a significant proportion of UK debt is being financed by Bank of England

    So, if and that is a big IF, the Government own the Bank of England, it is actualy borrowing money from itself ?

  5. Impossible!

  6. Gilts .. I take it they are basicaly State looted tax taken from the serfs by force.

    So they must be now selling ‘Gilts’ tax money that our children and Grandchildren have not even earnt yet?

    How does it go .. Think of the cheeeeldren.

  7. Harri –

    Gilts are government IOUs.

    If you buy, say, a long-term gilt, the government is effectively borrowing from you. Then the government spends the money borrowed today. Then at term, say in 20 or 30 years time, the government will issue another gilt to cover what it has to repay to you. This is called rolling over the debt. Gilts are never truly repaid. Governments just issue more and more of them to repay the growing debt.

    Apparently this government economics is a sensible way of doing things. I recall suggesting in here that governments should be barred from borrowing, but sensible, moderate types thought I was mad.

  8. The prime example of the biggest betrayal of trust – ever!

    With a debt as large as this, whatever we, our children and even our grandchildren manage to save for our twilight years, it will never be enough to provide the level of comfort and care needed and expected at the end of a hard working life.

    And still Blair smiles, and Brown hides away, although still an MP, and Heath is roaring with laughter as he looks down on the disaster that he played so big a part in creating.

  9. Earnest

    Reference Blair .. I would smile through it all too, if I was worth £30,000,000+ and my wealth was growing expotentialy year in and year out.

    Blairs money is blood money.

    Him and his awful Champagne socialist wife should be in prison for crimes against humanity.

  10. Let’s face it – our political class is a shower of shit and anybody who plays their game by voting for the fake left/right Establishmentparties is an idiot who deserves to lose everything to this lot, as he/she surely will. It’s happening right now.