Erm, why not just forgive the debt?

As recipes for economic suicide go this is a good one. What we have is a Conservative government apparently planning to force banks to act on its behalf to force a majority of UK businesses to close as a result of the debts that they are unable to repay the government, incurred because of coronavirus which was beyond their control, when it is within the power of the government to turn those debts into capital stakes in the companies in question that might not just let them, and the jobs that they provide, survive, but might also allow them to prosper in a way that is for the long term benefit of the country in which we could all share through ownership stakes managed for the State through a National Wealth Service.

After all, the loans have already been paid for through QE and the QE doesn’t need repaying. Indeed, if we use the logic about Scotland’s contribution to the national debt, that post partition they should only repay if as and when the rUK does, then why should business ever have to repay – given that the QE never will be?

17 thoughts on “Erm, why not just forgive the debt?”

  1. when it is within the power of the government to turn those debts into capital stakes in the companies

    Ah the GDR model: simply stick VEB on the front of the business name, publish a Five Year Plan and off you go.

  2. Nobody in their right mind would let the government have a stake in their company. They would take over, make mandatory every stupid SJW rule they could and drive it into the ground. Better going bankrupt and starting again.

    If I remember correctly the US Gov took over a brothel in Arizona due to unpaid taxes and it went bankrupt. They think they are omnipotent but really they are just incontinent with our money.

  3. …capital stakes in the companies in question that might not just let them, and the jobs that they provide, survive…

    Is it me or is that a grammatrical unfortunate “not”

  4. Dennis, He Who Has The Optional Chainsaw Bayonet Attachment For His Assault Style Rifle

    As recipes for economic suicide go this is a good one.

    And if there is an expert on how to commit economic suicide, it is Richard Murphy.

  5. Ritchie has published an update on his funding:
    https://www.t*xresearch.org.uk/Blog/2020/08/28/a-funding-update-3/

    He expects to get at least £20k from the Corporate Accountability Network. This is funded from the Productivity Insight Network which is funded by the Economic and Social Research council which is funded by the taxpayer.
    http://www.corporateaccountabilitynet.work/funding/

    He also got a grant from the Joffe Trust which according to its website does not fund individuals! Of course the grant goes to his LLP. I wonder if the Joffe Trust are aware that he has 99% and the remaining 1% is held by his ex-wife who has no involvement in his work.

  6. Dennis, Meat Eating Theologian

    I wonder if the Joffe Trust are aware that he has 99% and the remaining 1% is held by his ex-wife who has no involvement in his work.

    Being the paragon of virtue that he is, I’m sure Mr. Murphy fully disclosed that fact.

  7. He also says that there are enough dumb people to have given him £5k in donations.

    I did ask him why he didn’t just do equity release on his own house if he needed money. He didn’t publish the question.

  8. Sam Jones

    It looks like he might have to reign in his expenditure given the paltry sums on offer. While obviously you can’t stop ‘charitable’ donations, surely the government can assess if any of those donations have been made by public sector workers and those who have donated can lose their job and pension rights. Based on that post, making him genuinely homeless (a fitting end for someone so malevolent) should be within the realms of possibility – and I’m pretty sure offering lectures on ‘the tax gap’, ‘country by country reporting’ , ‘The Fair Tax mark’, ‘Sustainable Accounting’ and other wheezes ain’t going to cut it on the streets. Bring it on!

  9. @Van Patten, he’s got £36k in grants plus £5k in donations plus more grant applications in the pipeline. Not exactly paltry sums!

    His comment ‘The position looks better now than it did from April to July, I admit, when it looked very tough indeed’ is revealing. The tough position being of course the need to pay his own bills!

    Roll on that Ecksian purge of the universities and fake charities!

  10. Erm, why not just forgive the debt?

    Because trying to force in a government stake in tons of small businesses means that that’s a way to backdoor in fascism. After all, since the government is the one that has all the guns, once it gets a vote, its vote becomes the only vote that counts.

    Because the former 1/4 professor loves him some fascism.

  11. Lord T
    September 4, 2020 at 10:31 am

    . . .

    If I remember correctly the US Gov took over a brothel in Arizona due to unpaid taxes and it went bankrupt. They think they are omnipotent but really they are just incontinent with our money.

    If that happened it would have had to have been in Nevada – being the only state in the US where prostitution is legal (even if in only one county). Its certainly not legal in Arizona.

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