So, Andrew Dilnot of the UK Statistics Authority has rebuked David Cameron for telling porkies about the National Debt. As reported:
David Cameron rebuked for telling porkies about the National Debt
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In addition on Andrew Neil's show the same issue was raised about the vast difference between the Deficit and the National Debt.
Explanation by Paul Johnson director of the IFS
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It strikes me that with the likely massive rise in the National Debt during this Parliament that Cameron and his crew really do not have a clue how to address the problem. HS2 will not solve it! £33bn in goodness how many years is a drop in the ocean!
So, let's go over the rules again. Under the current financial system:
More money = More debt [the thing that caused the crisis in 2007-2008]
Less debt = less money [austerity]
What we actually need now is less debt and more money.
These ideas are being expressed within the Bank of England and the International Monetary Fund. Iceland appears to be the first Country in the World to seriously look at this as a viable solution to the continuing Financial Crisis. i.e. Sovereign Money.
If you want a detailed but elegantly simple explanation of the solution, please visit:
www.positivemoney.org
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