Thread: Ordo ab chao
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Old 23-09-2014, 07:02 PM   #33
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Arrow War debt

The history of Britain's national debt

Before the late 17th century, it was customary for the state to fund its war debts by levying new taxes. But by 1694 the Nine Years' War had left the English Government's finances in tatters. We were forced to borrow £1.2 million at a rate of 8% from the newly formed Bank of England and national deficit financing was born.

National debt in the modern sense emerged in the the early 18th century, as banking and financial markets enabled the creation of debt through the issue of bills and bonds. Subsequently, the national debt rose from £12m in 1700 to £850m by the end of the Napoleonic Wars in 1815.

War debt...

The First World War saw another major increase, from £650m in 1914 to £7.4bn in 1919. We borrowed heavily to beat the Nazis in World War Two and by 1946 the debt had grown to £24.7bn, or 250% of GDP. The debt then declined rapidly in GDP terms, but the period of high inflation in the 1970s and 80s ensured net debt continued to rise, from £33.1bn in 1970 to £197.4bn in 1988.

Historically, Britain has borrowed on a large scale to finance wars. Our creditworthiness as a nation has long been to our advantage. This graph shows the history of public debt as a percentage of GDP using the traditional National Loans Fund measure. This statistic was discontinued by the Treasury in 2004 as it no longer accurately reflected the true liabilities of the modern state..

Oceania's society is divided into three distinct classes: Inner Party, Outer Party and proles (with their own upper, middle and lower classes). The proles constitute 85% of the population; they receive little education, work at manual labor, live in poverty (although in having privacy and anonymity, qualitatively better off than Outer Party members), and usually die by the age of sixty...

Britain entered World War Two because of Germany invading Poland. But it failed to save the country from Stalin's clutches in 1945. So has a feeling of historic debt affected Anglo-Polish relations over the years?..I hear someone speaking Polish every day. On the train, in a shop, in the street. Ten years after Poland joined the EU, no-one knows for sure how many Poles live in the UK.. The 2011 census estimated it at nearly 600,000..

Inner and Outer Party members are under constant telescreen surveillance in both private and public; by contrast, proles' quarters are generally free of telescreens, since they are not expected to understand their exploitation as cheap labour by the Party, and thereby unable or unwilling to organize resistance..

As the Party slogan put it: 'Proles and animals are free.'..Ed Miliband - the Labour leader's grandparents came from the Polish capital, Warsaw.. best books..are those that tell you what you know already..The most effective way to destroy people is to deny and obliterate their own understanding of their history...

Last edited by lightgiver; 23-09-2014 at 07:21 PM.
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