You might think me a negative type, dear reader but I am not! Bear with me.
The Mail on Sunday's Peter Hitchens is not one to shirk an issue and his piece yesterday supports my own views and the research I do on a regular basis.
Peter's opening paragraph is an attention grabber.
"The British economy today resembles a clown on a unicycle, wobbling across Niagara Falls in a high wind on a tightrope, carrying a tottering burden of dead refrigerators, umbrellas, saucepans and budgerigar cages."
Last week the IMF said that Britain's liabilities, from unpayable debts to gigantic public sector pension commitments, outweigh our assets by £5 trillion to £3 trillion.
In other words, if the IMF called in the bailiffs, and we were able to sell all we have, we would still owe £2 trillion.
A trillion is a million million million [or 10 to the power of 18]
1,000,000,000,000,000,000. [In American English it is only 1,000,000,000,000]
Your water supply is owned by a foreign bank and your privatised train service is run by a foreign nationalised railway system. In other words, we have sold off so many of our assets leaving the country in a serious negative equity position. Someone's bright idea.
This crisis debt situation can just about be tolerated in war time but I don't recall things being this bad in peacetime. The debt referred to does not include the now record level of private borrowing which for many is the only way their standard of living can be maintained. Remember, real incomes are still 3% lower than the time of the last crash in 2008.
As I have previously stated the cost of servicing this debt - interest rates - is going up.
Might this be the trigger for Financial Crash 2018?
I wonder why politicians never mention this but prefer to tell us that austerity is now dead...
I foresee few hiding places, save maybe one. The architects of cryptocurrency foresaw further financial crises because after all, we get one usually every 10 years. If our money is held securely using blockchain technology, if it cannot be called in by any bank, controlled by any third party but is accepted in payment for goods and services anywhere in the world would this provide comfort?
According to sources there is $100 billion in cryptocurrencies and $31 trillion in physical money. Compared to $31T, $100Bn is not a lot BUT it is a lot more than a passing fad!
Time to learn more.