Finally an MP spells out the debt disaster!

John Redwood, Conservative MP for Wokingham and in any sensible nation either Chancellor of the Exchequer or Shadow Chancellor today spells out the truth behind the impossibility for taxpayers to bail out the banks. Read it here. A must read quote:

When the Government effectively nationalised RBS, it took over a bank with a 2,000,000,000,000 (pound) liability. It’s a huge number – 2trillion (pounds), yes, trillion.

Not so long ago, billions sounded like big numbers, now it is trillions.

How long before we are counting our debt in zillions? Two trillion pounds is more than every UK person and business together earn in a year. It’s four times the annual tax revenue of the country.

Elsewhere in the same paper one of these bad loans to a Russian former billionaire is reported linked here. As in all other Sunday papers the fact that the government is about to announce another huge banking bailout, mostly estimated at two hundred billion pounds, also makes the headlines. Read the column by John Redwood and consider the fact that this next 200 billion pounds will not be the end - then telephone or e-mail your MP and make it plain this move will not have your support. The small amount of money now left in the country for governmental discretionary spending must be retained for helping the victims of history's worst ever economic depression!