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A once in a lifetime solution to the UK's debt problem


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Uk debt is now £2 trillion and set to rise by £100bn a year, probably more. Given most people want free money but don't want to do any work what is the best way for Rishi Sunak to square the circle?

I will tell you.

Rishi Sunak spunks the remaining Sterling at his disposal on bitcoin and Ether (and other useful, blue chip cryptos). Because in the end all these Fiat currencies will go bust anyway and the golden rule will apply. He who owns the gold bitcoin makes the rules. The worst case scenario would be that bitcoin crashed. To which the response from Sunak would be to make public his previously secret plans to buy bitcoin. Hence ensuring a bull run on the very asset he had been buying. Like a reverse Gordon Brown for the 2020s.

Win win. Probably best one of you Tories send an email to your MP and let them know the play before the UK is bankrupt.

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What we need is some mild bug to go round that knocks of a few death dodgers, instead of them hogging expensive hospital beds and community care. Demographic bulge sorted, pensions saved, nhs budget p

Norway can only do that because the country isn't full of wasters, and isn't accepting millions more every year.

Sorry for the bad news but Mortgages wont be forgiven. Mortgages are a key feature of the modern slavery system, tying you to work and pay income tax for your life. Schools are the 2nd key featur

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What we need is some mild bug to go round that knocks of a few death dodgers, instead of them hogging expensive hospital beds and community care. Demographic bulge sorted, pensions saved, nhs budget problems sorted, housing freed up, an excuse to close the borders to immigration, a fresh start. I guess the chances of a lucky break like that are pretty remote though.

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4 minutes ago, steppensheep said:

What we need is some mild bug to go round that knocks of a few death dodgers, instead of them hogging expensive hospital beds and community care. Demographic bulge sorted, pensions saved, nhs budget problems sorted, housing freed up, an excuse to close the borders to immigration, a fresh start. I guess the chances of a lucky break like that are pretty remote though.

That's not going to help you pay off the £2 trillion principal though is it? Especially when you consider the same bug that is knocking off your old people is the same one ruining your productive economy. 100k dead old people is not worth £500bn - £1000bn this is going to cost us.

 

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3 minutes ago, deathfunk said:

That's not going to help you pay off the £2 trillion principal though is it? Especially when you consider the same bug that is knocking off your old people is the same one ruining your productive economy. 100k dead old people is not worth £500bn - £1000bn this is going to cost us.

 

Thats irrelevant. They are where they are and there is no way out. If its 4trill, 10 trill who cares. Its just a number on a computer.

You may have seen this, but its worth a watch (a bit slow in places).

 

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Let’s go back to New Labour. Whilst Gordon Brown was ending boom-and-bust and giving away billions in benefits and tax credits, the Norwegians were using the unprecedented worldwide economic growth to set up a Sovereign Wealth Fund. 
That SWF is now the world’s largest and they use just the interest on those investments to pay their total benefits bill, leaving the capital invested to continue to grow. 
Now, how can we get hold of some Norwegian politicians. 

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3 minutes ago, SomersetMatt said:

Let’s go back to New Labour. Whilst Gordon Brown was ending boom-and-bust and giving away billions in benefits and tax credits, the Norwegians were using the unprecedented worldwide economic growth to set up a Sovereign Wealth Fund. 
That SWF is now the world’s largest and they use just the interest on those investments to pay their total benefits bill, leaving the capital invested to continue to grow. 
Now, how can we get hold of some Norwegian politicians. 

Norway can only do that because the country isn't full of wasters, and isn't accepting millions more every year.

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4 minutes ago, SomersetMatt said:

Let’s go back to New Labour. Whilst Gordon Brown was ending boom-and-bust and giving away billions in benefits and tax credits, the Norwegians were using the unprecedented worldwide economic growth to set up a Sovereign Wealth Fund. 
That SWF is now the world’s largest and they use just the interest on those investments to pay their total benefits bill, leaving the capital invested to continue to grow. 
Now, how can we get hold of some Norwegian politicians. 

I just emailed my Tory MP and told him to tell Rishi to buy as much crypto as he can lay his hands on.

It's all just numbers on a screen but some numbers are inflationary whilst others are deflationary.

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13 minutes ago, deathfunk said:

That's not going to help you pay off the £2 trillion principal though is it? Especially when you consider the same bug that is knocking off your old people is the same one ruining your productive economy. 100k dead old people is not worth £500bn - £1000bn this is going to cost us.

 

The obvious way to get out of this mess now is like most people suggest and inflate debt away, but it would not surprise me if they went one step further  and  just blatantly announced the wiping off of all personal debt and lets start again and you keep what you have with the borrowed money.

Mind should they do that I will become a one man crime wave :) and will use any trick in the book to get one over on the system, taxes from me they could forget about

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1 minute ago, haroldshand said:

The obvious way to get out of this mess now is like most people suggest and inflate debt away, but it would not surprise me if they went one step further  and  just blatantly announced the wiping off of all personal debt and lets start again and you keep what you have with the borrowed money.

Mind should they do that I will become a one man crime wave :) and will use any trick in the book to get one over on the system, taxes from me they could forget about

Do you not see the logic fail here?

 

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50 minutes ago, deathfunk said:

Uk debt is now £2 trillion and set to rise by £100bn a year, probably more. Given most people want free money but don't want to do any work what is the best way for Rishi Sunak to square the circle?

I will tell you.

Rishi Sunak spunks the remaining Sterling at his disposal on bitcoin and Ether (and other useful, blue chip cryptos). Because in the end all these Fiat currencies will go bust anyway and the golden rule will apply. He who owns the gold bitcoin makes the rules. The worst case scenario would be that bitcoin crashed. To which the response from Sunak would be to make public his previously secret plans to buy bitcoin. Hence ensuring a bull run on the very asset he had been buying. Like a reverse Gordon Brown for the 2020s.

Win win. Probably best one of you Tories send an email to your MP and let them know the play before the UK is bankrupt.

Theres not enough of cryotos to absorb the printed sterling.

Say, Rishi decided to secretly buy bitcoin. It would go up. A lot. Then sterling would crash, followed by bitcoin.

Fiat isnt a 'thing'of value. It's a promise.

Print too much and its toilet paper -  see Zimbw.

12 minutes ago, haroldshand said:

The obvious way to get out of this mess now is like most people suggest and inflate debt away, but it would not surprise me if they went one step further  and  just blatantly announced the wiping off of all personal debt and lets start again and you keep what you have with the borrowed money.

Mind should they do that I will become a one man crime wave :) and will use any trick in the book to get one over on the system, taxes from me they could forget about

Cant.

Large parts of debt debt and obligation is index linked.

 

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37 minutes ago, steppensheep said:

What we need is some mild bug to go round that knocks of a few death dodgers, instead of them hogging expensive hospital beds and community care. Demographic bulge sorted, pensions saved, nhs budget problems sorted, housing freed up, an excuse to close the borders to immigration, a fresh start. I guess the chances of a lucky break like that are pretty remote though.

We need a faster acting virus, that kills old people before they reach hospital.

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1 minute ago, 23rdian said:

I think if the state starts buying crypto that really is the snake eating its tail. They only really exist/thrive because of central bank policy. Isn't it the equivalent to divide by zero?

The bitcoin becomes (a part of) the central bank. Not only is our state currency then deflationary but the fact it has state backing sends its price up further. Fiat becomes crypto and crypto becomes state fiat.

And the First Mover gets the greatest reward.

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11 minutes ago, haroldshand said:

The obvious way to get out of this mess now is like most people suggest and inflate debt away, but it would not surprise me if they went one step further  and  just blatantly announced the wiping off of all personal debt and lets start again and you keep what you have with the borrowed money.

Mind should they do that I will become a one man crime wave :) and will use any trick in the book to get one over on the system, taxes from me they could forget about

Am am keeping some 0pc debt in case this happens. I have a spreadsheet which nets off to zero. I can pay it off and I am no worse off if so do or don't but if they try this I want to be holding some debt. 

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2 minutes ago, spygirl said:

Theres not enough of cryotos to absorb the printed sterling.

Say, Rishi decided to secretly buy bitcoin. It would go up. A lot. Then sterling would crash, followed by bitcoin.

Fiat isnt a 'thing'of value. It's a promise.

Print too much and its toilet paper -  see Zimbw.

Cant.

Large parts of debt debt and obligation is index linked.

 

Only if it’s allowed to meet reality.

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2 minutes ago, spygirl said:

Theres not enough of cryotos to absorb the printed sterling.

Say, Rishi decided to secretly buy bitcoin. It would go up. A lot. Then sterling would crash, followed by bitcoin.

Fiat isnt a 'thing'of value. It's a promise.

Print too much and its toilet paper -  see Zimbw.

Cant.

Large parts of debt debt and obligation is index linked.

 

No. In the case of Sterling, Fiat is the backing of the 5th largest economy in the world, a few battleships and 100k soldiers, a well developed contract law and a workable means of production and infrastructure.

You can add that to the deflationary quality of crypto.

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1 minute ago, deathfunk said:

The bitcoin becomes (a part of) the central bank. Not only is our state currency then deflationary but the fact it has state backing sends its price up further. Fiat becomes crypto and crypto becomes state fiat.

And the First Mover gets the greatest reward.

I would say central banks buying it would be end game for it though. I don't know. Something has to be I imagine.

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1 minute ago, 201p said:

The BOE has reserves of foreign currency, I doubt we can use it to buy Bitcoin. It can print £.

The thing is they can only buy Bitcoin using £. Most sellers of Bitcoin will want $.

1. Print worthless Sterling

2. Buy Euros or Dollars with Sterling

3. Buy bitcoin with Euros/Dollars.

Job done.

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4 minutes ago, 23rdian said:

They can do anything they want. Crypto is a result of current policy IMO. They could destroy it over night if they deemed that to be important to them. I still think the the grand scheme of thing (on a long enough timeline) it's gypsy tears.

It's tech like the internet is tech. The currency thing is secondary (apparently).

Initially people thought the internet was only good for sticking porn on. And now they think bitcoin is just something to buy drugs with. Apparently, in the long run, the internet will be running on blockchain and therein lies the true value.

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4 minutes ago, RJT1979 said:

If you forgive all the mortgages you get huge immediate inflation from all the disposable income people suddenly have. Interest rates go up and house prices crash.

Sorry for the bad news but Mortgages wont be forgiven.

Mortgages are a key feature of the modern slavery system, tying you to work and pay income tax for your life. Schools are the 2nd key feature. Get rid of those and the whole slavery system falls apart.

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