I looked up 2 boroughs in London and the numbers are absolutely terrifyingIn Ealing, which I would not associate with vast numbers claiming benefits, it is > £1.1bn. Flippin' heck! Maybe most of the claimants live near LHR, like Southall and Hanwell?Where I live, in Camden, it is paying out ‘only’ £657m!This is nuts!
Ouch! The best case scenario is that the enforcement can continue but only if QBT file an entirely new or fundamentally altered claim; all of which would extend the process by many months.
Q : If you can print fiat why do you as a Government need to borrow?A. To kick the can twice as far, twice as quickly. If it is going to be your problem in two years, such tactics can make it someone else's in four.
That is absolutely toe curling. A former chair of the United States Council of Economic Advisers no less!Surely this madness cannot go on for much longer.
If I miss a payment on one of my credit cards I get a penalty charge. I pay as soon as I realise that I have missed a payment and phone up. The penalty charge gets cancelled but not the interest charged. Clearly I am a good touch, can pay the debt and am a "good customer". Within a few weeks they increase my credit limit.If a country has no debt then it makes sense to issue fiat. But if in debt and you issue fiat the value of the outstanding debt is decreased in the eyes of the market and the interest rate on that outstanding debt is ramped up, and you devalue your fiat debt, interest rates go up.So issue fiat if your debt is "manageable" but if not you can only borrow more, just like the credit card companies.
