UK Government and Chinese Debt Crisis – John Gelmini

English: Member nations of the International M...

English: Member nations of the International Monetary Fund (IMF). (Photo credit: Wikipedia)

I thank Dr Alf for sharing the article entitled “Gov’t debt audit to examine risks for sound economy” published by China’s People’s Daily Online. I agree with Dr Alf that the article highlights, once again, the decisiveness of China’s Central Government; it also signals mature judgement in both listening to the IMF and turning to the auditors. I too think that David Cameron’s Government could learn much from this example. Let me develop that theme in this blog.

The Chinese are very farsighted and very quick to learn from the mistakes we in the West continue to make.

First, they profited from globalization which was a concept dreamed up by the Club of Rome, then they profited from the IPCC/Stern Report on Climate Change, which has caused certain Western Governments to make their economies even more un-competitive than they already are.

In the UK, we are no longer self-sufficient in energy or food and only have a 4% margin of electricity and gas supply because of old power stations closing down and no new nuclear power stations being built. The Chinese already own Wessex Water, albeit through a Malaysian company that they claim is nothing to do with the PRC and through shareholdings other companies essential to the economic life of the nation.

The Chinese buy land in Argentina, Australia, Brazil, Australia and Cambodia on which to grow food to feed their people and they are going to build a new canal in Nicaragua which they will own entirely. We in contrast, allow 100 English farmers to commit suicide every year and another 5000 to go bankrupt, whilst importing food from all over the planet.

It does not require the UK Government to listen to the IMF, just the simple application of commonsense would do:

1) Make and sell goods that people want

2) Export more by quadrupling the export sales force and increasing writing down allowances and access to export funding

3) Cutting the public sector down to 15,000 civil servants, 15 Regional Authorities, abolishing Districts and Boroughs, consolidating police constabularies and fire commands to 15 for the whole of the UK

4) Variable tax on foods

5) Merge the NHS and Adult Social Care budgets

6) Reform the NHS on German, French and Italian lines

7) Promote enterprise and inward investment

8) Make the tax system competitive

9) Reform the Monarchy/get rid of hangers-on and tax anomalies for selected Royal Family members

10) Promote science,engineering,R & D and innovation more heavily

11) Build infrastructure using money from infrastructure bonds sold to Sovereign Wealth Funds

John Gelmini

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6 responses

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