Britain's Welfare State has been a Ponzi Scheme since the start. For all the prudent language of "national insurance" and "stamps", it was always to be paid for by succeeding generations. There is a famous picture of the first beneficiary waving his pension book. He had paid just one weekly national insurance "stamp", and got the greatest deal in pensions history, but there were tens of millions like him, if not on quite that scale.
When the 1946 Labour Government came to power on promises of "cradle to grave" welfare, it found the Treasury bare. Britain had just fought a global war against fascism. There were factories to rebuild, industries to reconstruct. So did they delay the scheme? No. They sent (tellingly) that charlatan Maynard Keynes as their emissary to the despised capitalists of the United States. He negotiated huge loans to fund it all. So the man waving that first pension book would live not on Socialist prudence, but Yankee dollars. His grandchildren would service that debt for him, all unknowing. Everyone who proudly said "I paid my stamp" when drawing their benefits was both deceiving and deceived.
Monday, 1 February 2010
The Last Ditch: "time travel theft"
Another excellent post from Tom Paine at The Last Ditch: