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Fiscal Responsibility

Comment 9th July 2010

Government (any government) must be constitutionally forced to balance income and expenditure. In extremis, borrowing by the State can only proceed if a majority (80% + ) of the Commons approves. Quantitative easing is counterfeiting and, like counterfeiting, must be illegal.

Enact this requirement and many of the law scrapping proposals listed elsewhere on this web site will wither of their own accord.

Why does this matter?

This 'idea' is nothing more than common sense. It applies to individuals and companies, so why not to governments? Debt and corruption are natural bedfellows and, as Tacitus pointed out; "The more corrupt the state, the more it legislates"


To quote Alan Greenspan (1996):


"Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale…..but government bonds are not backed by tangible wealth, only by the government's promise to pay out of future tax revenues".

There is no need to further elaborate on the consequences of government fiscal irresponsibility. It is staring us in the face!

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