UK Factory
The ignorance of the majority of our political classes to the enormity of the financial crisis that we face is staggering. Their wilful denial of the fact of the continuing collapse of our nation, its institutions and ways of life is absolute deliberate treason. In fact, I would go further, it is murderous, and that fact will become clear as the destruction of the NHS takes its toll. As a result, they prefer to decimate public spending, while at the same time increase VAT and other taxes, in order to pay off the banking mafia that pays their salaries.
The yields on Irish government debt (specifically 10 year bonds) rose to over 9% on Thursday last week on the rumours that Ireland was needing to go cap in hand to the EU for a further bailout. The Irish government denied this in a fairly carefully worded statement. The result is that yields have fallen back to just over 8% today, although it is generally accepted that if yields head back over 9% again, Ireland will be forced to run out the begging bowl.
The Federal Reserve Bank's announcement of QE2, the second round of American Quantitative Easing, on the 3rd of November, caused a tidal wave of funny money to hit the markets as "investors" decided to place their bets on stocks and commodities. Stock markets around the world climbed by nearly 2% on Thursday, oil broke through $87 a barrel, and a range of other commodities also saw dramatic price increases.
Britain's banks are bankrupt. We have said it many times. They are trading while insolvent, and in this country at least, that is illegal.
Honda FCX Clarity Hydrogen Powered Car
The use of batteries alone to power cars is clearly a bit nutty. Poor performance, a short operating range and long recharge times make their practicality limited.
Maglev in evacuated tube
China's public transport plans can only be described as impressive.
The banks are back in profit, and the bankers can afford a 25% increase in bonuses. So, all's well that ends well, isn't it? Well, isn't it?
Britain is bankrupt. There's no getting around that fact. We have a national debt of over £900 billion and rising. We have a massive black hole in the public pension pot of £1.2 trillion. We have personal debt of £1.5 trillion. That is a total shortfall, today, of £3.6 trillion.
On the 22nd of February, the Register, a UK technology website, published an article entitled "The Myth Of Britain's Manufacturing Decline." What, I wondered, could a publication that focusses on IT and finds "amusing" positions to place Playmobil plastic characters know about British Manufacturing? As I read the article, I realised the answer is, nothing.
As is usual with a Budget, the media concentrates on the nonsense. Stamp duty, drink, cigarettes and petrol are the things the BBC and the rest report on, ignoring the elephant in the room.