Bitcoin Forum

Why’s the world going bankrupt, and more to the point, governments? Well Godfrey Bloom, a former British politician who served as a member of the European Parliament for Yorkshire and the Humber between 2004 and 2014, says the answer’s quite simple. Bloom also represented the UK Independence Party in the European elections of 2004 and 2009 but was an outspoken politician.

The UKIP withdrew the party whip from him in 2013 for having struck a journalist, threatened another and apparently calling a female audience a bunch of sluts. Bloom resigned soon after. But the video below, from a 2014 discussion in the European Parliament, highlights a beautifully simple lesson in government spending as given by Bloom.

He went on a tirade as to why governments and central banks were going broke, and wastefully spending tax payers' money. It’s a simple economics lesson that many government officials should take the time to watch, or read as the speech is transcribed below. – Stuart Lowman

Read full speech Here (https://www.fin24.com/BizNews/godfrey-bloom-classic-analysis-of-why-politicians-are-terrible-at-managing-our-finances-20160531)

Speech (Youtube Video) (https://www.youtube.com/watch?v=OnGxfrWaqP8)

Good speech. He addresses politicians and central bankers and how the term unsustainable when utilized to describe state spending generally implies a major crash will be inevitable at some point unless action is taken to reform things.

Another angle to this is the tendency nobel prize winning economists like Paul Krugman have to defend govt overspending. Going so far as to say the public is obligated to "kick the can down the road" in terms of continuing support of the type of fiscal policies which led to looming deficits which threaten the stability and welfare of economies and nations. Supporting and continuing destructive economic trends is the side which receives virtually all support from experts, official panels and analysts.

Why the politicians produce more debt?
There is a simple answer for this.Because they want to "buy" more votes and keep their power.
Debt is the easiest way to do that,because they don`t have to increase the taxes.

Exactly. It is so simple that all these budget allocations are supposed to come from a prudently managed system of tax collection and spending. Politicians on the other hand have their own agendas. They all like to tout new schemes and freebies. Some of them want to allocate defence/ infrastructure expenditures to cater to their respective business lobbies.

And there is always the ever serving central banks willing to provide leverage. This triad of Central Banks, Politicians and Big businesses ultimately feeds off of the middle classes. The taxpayers who spend their whole lives chasing success, and all this while, they are told by the people in power why they need success.

You need success so you can have enough authority and power to remain safe, because well, law & order cannot do that.
You need success so you can save and not die in penury, because well, after half your life of service, pension funds cannot do that.
You need success so you don't die because of a disease mis-diagnosed at a cheap hospital, because well, public healthcare cannot be as good.
You need success so you can send your kids to the best schools, because well, public education can't be good enough.

The middle classes chase success relentlessly because the politicians fail to deliver on law&order, healthcare, education and elderly care. Things that are their responsibilities but they will rather cosy up with the businessman who contributes the most fund. Money is allocated in the name of these responsibilities only to be siphoned off to these rich friends. It's a simple yet effective, iron-clad system. We need a better society and a better allocation of resources. That is why we need bitcoin to succeed.

This is now their tactics to make themselves sit on the position. No politician that is poor will win, in local politics this is very normal.

There's no tax in debt and through it they can get the budget and commission with it. I'm basing this only on our local politics, most of them are corrupt.

Though without risk one cannot really make it in live but you should be careful the way you collect money to invest for other as many people are in problems today because of this. I will be investing my money in ethereum, stratis, wave, neo, byte, lisk and xem. I believe the foregoing coins are going to do very well in future.

They fail because they are doomed to do so. Wester economy systems are eaten by the leftist ideology. Economy schools are teaching old fashioned models from early 1900, outdated and completely detached from modern problems.
There are almost none of the economical liberties left, private property is a myth, everything they tell us they do, is for our common wealth.
Politicians want to make everybody's life better but there is no way they can know what would make it better for each particular person, that's why we are facing so much wastefulness. Apart from all the election slogans, their basic assumptions are simply wrong, government was planed as a guard of freedom and wealth, not as a economy driver, healthcare or education provider. One day, they will come after our bitcoins...

Governments are there in the first place not as a guard of wealth, but as a guard of order and human rights(which is it's intended purpose). Although that is the case, government nowadays exist as a guard of freedom and wealth, like what you said. They are the economy drivers though, since they are the ones with the authority to lead the country to growth and development.

Yeah absolutely  the government should protect their citizens in all  aspects from political, social, economical, rights and many others and also the taxes should be spent  religiously and be  spent with  proper accountability.

Some form of welfare state/ Leftist ideology isn't such a bad idea. Provided it's not so opaque and unaccountable in terms of delivery and execution.
It is difficult for a full blown capitalist state to be the ideal state too. The poorest in society can't be left to their own accord or on the philanthropic leanings of the rich people. That too has always failed to provide a solution. Better managed budgets which are not fed by an unending supply of free money should be an option for this.