Bank of England warning over debt: Borrowing puts UK at risk of Venezuela-style collapse, official warns

Bank of England warning over debt: borrowing puts UK at risk of Venezuela-style collapse, official warns:

Britain cannot afford to borrow more without jeopardising the country’s financial stability, a senior Bank of England official has warned.

Richard Sharp said the Government had already borrowed an extra £1 trillion since the 2008 financial crisis.

Borrowing more could put the country at risk of suffering from a collapse similar to that experienced by Venezuela, he suggested. Mr Sharp, a member of the Bank’s Financial Stability Committee, spoke just days after Philip Hammond announced a £25?billion spending spree in the Budget and at a time when the Labour Party is advocating borrowing an extra £250?billion.

His comments, which will be seen as a warning to the Chancellor not to loosen the purse strings too far, mark a departure for the Bank, which usually steers clear of commenting on Government finances.

H/t reader squodgy:

“Well, if that isn’t a warning, nothing is.

Obviously the MSM have just been given the nod to start to gently herd us into a pre-collapse pen of propaganda, letting us know incrementally that we are at the precipice.

Other newspapers here are letting us know the range of medicines & treatments available from the once beautiful NHS, is being curtailed and rationed, and care for the elderly is being cut.

Can’t beat selfish, hard skinned Conservatives to show no empathy, nor incompetent Labour/Liberals to waste money faster than a man with ten arms.

No hope!”

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3 thoughts on “Bank of England warning over debt: Borrowing puts UK at risk of Venezuela-style collapse, official warns”

  1. In his book, “The Five Stages of Collapse”, Dmitry Orlov predicts power drunk Government, whose wages we pay, will, after the Financial, then Commercial collapse, start to panic that their position is under threat.
    To resolve their panic, they will introduce draconian measures to control the population, such as martial law, curfews, rationing, spot checks, all the steps we saw during the Wars & the Cold War.
    This will be followed by Civil War, if a proper World War hasn’t been created.

  2. With NK now ‘chatting’ with SK, Syria cooling down, all EU buying gas from Russia, and hotspots generally diffused, the PTB are getting desperate to smokescreen the economic collapse of the massive debt based world, and therefore must be working very hard to create the very big event that now seems inevitable.
    Will it be a dirty bomb, pandemic release, or military attack?

    It’s strange but if the climate cooling materialises, over one third of the population will either starve or freeze anyway.


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