Spending cuts and Tax increases won’t cut the deficit, we need to sell off all this toxic bank debt, why aren’t we doing that????

The biggest reason why the UK, Europe and many other Countries are burdened with exceptionally high levels of public debt is because we have taken on the debt liabilities of our banks.

These debts are mortgaged against commercial, industrial and residential property. We need to get all this property sold off as quickly as possible, even if it means only getting getting half of their previously over-inflated value.

The banks could then write down the losses and the investors who will lose that money will have to accept that as a part of doing business.

It is ridiculous to expect ordinary working-class people to bear the brunt of the excesses of reckless lending. All Governments from Greece to USA should be getting the message: sell, sell, sell…
You need to read the question Bob…