Why’s the world going bankrupt, and more to the point, governments? Well Godfrey Bloom, a former British Politician who served as a member of the European Parliament for Yorkshire and the Humber between 2004 and 2014, says the answer’s quite simple. Bloom also represented the UK Independence Party in the European elections of 2004 and 2009 but was an outspoken politician. The UKIP withdrew the party whip from him in 2013 for having struck a journalist, threatened another and apparently calling a female audience a bunch of sluts. Bloom resigned soon after. But the video below, from a 2014 discussion in the European Parliament, highlights a beautifully simple lesson in government spending as given by Bloom. He went on a tirade as to why governments and central banks were going broke, and wastefully spending tax payers money. It’s a simple economics lesson that many government officials should take the time to watch, or read as the speech is transcribed below. – Stuart Lowman
Godfrey Bloom: Well, I’m a baby boomer. I was born just after the war. We’ve probably had the longest period of peace and prosperity globally, I would say, from that time. I put a little bit of modest money away so I could hand something down to my family when I pass on, largely because I’ve never spent more money than I’ve earned. I’ve been prudent and I’ve worked moderately hard. Now, it always seem to be a complete surprise to politicians how countries get in debt. Let me explain, because I don’t think you really understand it.
It’s because politicians consistently more money than they raise in taxation (more money than they can possibly raise in taxation), most of which, in point of fact they actually waste. The reason we’re talking about countries, which are broke – and they broke – is because their ridiculous, ineffective, ignorant politicians, consistently spend more money than they can raise and then they borrow. Even worse, they the print money because politicians and their Central Banks have a machine, which prints money. You do that – as a private citizen – and it’s a criminal offence. You would go to prison for doing that and politicians and their Central Banks do it all the time.
Let me explain to you that these countries are broke and they’re broke because of their own stupid leadership and politicians, and it’s immoral to ask ordinary taxpayers of any country to pick up the tab for failed politicians and failed banks. They are defrauded. They are broke. For God’s sake, let us all admit it.
