Compared with global debt Brexit’s just a smokescreen

IT was interesting to learn that the CEO of the Royal Bank of Scotland (the bank that caused the greatest impact on the UK’s financial state and meltdown in 2008 that impoverished us all), stated that next year if we have a ‘hard-Brexit’ deal, the UK economy could go into zero or negative growth (a recession in other words).

But this is mere fear, as usual, and he should know this as a ‘remain’ banker blaming Brexit (as it is in the bankers’ personal interests that the UK stays in the EU).

Indeed, does this so-called informed banker not know that global debt is at an unprecedented and ever growing level now of $247 trillion (global debtto-GDP ratio exceeding 318 per cent) reported in July 2018 by the Institute of International Finance (IIF)?

And that does not include the global ‘Fiscal Gap’ of governments that accounts for another additional $500 trillion, at least, in forward debt?

For Brexit will not create a recession as he predicts because the main headwinds are this colossal growing global debt that will eventually engulf us all and be far more catastrophic that any Brexit deal can ever inflict on Britain and far in excess than the last global financial meltdown.

But here’s the greatest question that should be asked and never is: “Why don’t these bankers ever blame themselves for being so totally reckless in lending money that, to all intents and purposes, can never be paid back and where our politicians also never ask this question either?”

For the answer to this question identifies the real culprits through their personal greed of why the people always suffer and not the 1% elite and ‘their’ bankers.

Indeed, the global debt mountain is real and the real fear, not Brexit (which in comparison will be a storm in a teacup if any ill effects come out of the EU disengagement). We should all know this for our own long-term good.

Brexit therefore is a smokescreen that the bankers hide behind and where of course, they never tell us this, now do KIRKLEES Labour MPs Barry Sheerman, Thelma Walker, Tracy Brabin and Paula Sherriff were asked in the Examiner what they wanted from Brexit.

Not one of them mentioned the two main reasons why the majority of the people voted to leave the EU: Control of immigration. The transfer of power back to the Houses of Parliament.

They were all singing from the Labour hymnsheet.

They have to toe the official Labour line, if they don’t they will not be selected by the militants in the Labour Party to stand as candidates in the next General Election.

And they call this democracy!