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Terry Bell's avatar

One of your most bare-bones essays. It's undeniable.

Our political system by it's 4 or 5 year nature only looks for the quick fix. They clearly told us in the 90s that the pension timebomb needed a solution - well here it is, import 3rd worlders & hope that they'll slave away & pay tax [do they though?]. It's a Ponzi & long-term when it all falls down, the fallout will be epic.

Let's be honest here, we all know that the political parties are downstream of the international moneymen; those that really call the shots. I think we have to face the question now of - with AI & automation do they actually need us at all anymore? Perhaps what we're seeing over the last few years is the gathering up of the skirts of the privileged few about to make their excuses & leave.

John Mattingley's avatar

The ‘aging population’ scare is very much overdone.

I had a conversation recently with some inveterate normies. They were convinced that the population of care homes in the Yookay is in excess of five million. Not an uncommon view it seems.

It is in fact not even one tenth of that - and reducing (various ‘measures’ shall we say, doing their work).

That is manageable with native workers and perhaps a smidgen of immigrants - rather like Japan, which genuinely does have a large elderly population.

But unlike Japan we do not have a current account surplus or national savings with which to ameliorate the problem.

Since 1971 we transferred £9trillion of productive capital into non-productive assets: houses, largely for short term economic boosts to ensure middle-class tax-paying normies (they pay most of the tax) voted to keep the system as is.

Then for the last 30 years we spent what little income was left over produced by productive capital on favoured and inevitably foreign client groups in order to buy votes; again to keep the system as is.

However, the ‘system’ is now at, indeed past, its limit. Turchin’s view that financial crisis plus elite over-production plus immiseration of the population result in inevitable revolution looks to be coming true.

It’s going to be rough. Very rough. But I believe we will emerge poorer, but happier.

What we need to make sure is that it is us that comes out the other side on top; not a group of those unemployed and unemployable surplus to requirement elites.

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