Denis Healey: the best Prime Minister Britain never had.
Think about this: if you had a load of money in the bank and a mortgage, would you pay the mortgage off?
Tax advisors say no, don't pay it off as you get tax relief on the mortgage interest – personally I would pay it off, tax relief or no tax relief.
Many years ago we had an interest only mortgage; to have one of these we had to take out an endowment life insurance plan to secure the balance. What they didn't mention was the insurance plan might not mature to more than the balance of the mortgage as there is no guarantee that it will.
And in fact a lot of them didn't.
One time a long time ago I put an advertisement in the newspaper as I had a violin to sell.
A man came to the house to look and eventually bought it.
However, this man only bought the thing to get in to the house. He was an insurance salesman. And he sold me an endowment mortgage. He paid me £100 or so for the violin just to make a sale. He would be paid commission on every payment I made to the insurance company for 25 years. All for giving me £100.
After a few months I found I couldn't really afford the premiums so I cancelled it.
Isn't the national debt a bit like that. Aren't we borrowing money from ourselves and trying to balance the books as if we have a load of cash in the bank but we are borrowing money to pay the mortgage, the utility bills and everything else and at the end of the year we say we have a deficit when all the time our capital stays in the bank.
Without giving precise numbers it has recently been announced that the National Health Service has lost two point something Billion pounds in the past year. That is despite the one Billion the government gave them. The word gave by the way is wrong but that's what I heard.
Two Billion in the scheme of things is a drop in the ocean when you consider that the government gave forty three Billion to the Royal Bank of Scotland to bail them out.
Yes gave. Because they ain't getting it back!!
And then there's the rest of the banking world.
Now - where did the government get it from?
Was it in a big hole somewhere, stashed there for a rainy day or was it borrowed?
If it was borrowed who did we – yes the royal one – borrow it from?
Why from ourselves, of course. I think the national debt is around three Trillion or thereabouts and that three Trillion is owed to The Bank of England – our bank.
It is also owed to the people who buy government bonds.
Maybe the Rothschild who lent money for the Napoleonic wars in the first place?
We don't borrow from The World Bank or the International Monetary Fund because our national debt is not an INTernational Debt.
We invest in the International Monetary Fund and the World Bank, I shouldn't wonder.
The crisis in the National Health Service gets discussed and debated as if the solution is monetary, as if it's some kind of business and is likened to private companies whose aim is to make a profit.
The National Health Service is not here to make a profit or even pay for itself.
It's here to serve and for those who complain about management salaries etc I would ask the question: who do you want to manage it if not managers?
Some countries don't have national debts: Norway for a start.
When they discovered the oil they paid it off.
Could we do that or are we only renting the island from the Rothschilds?
Maybe the deficit is, like the national debt bullshit.