VAT

Carryfast:
But would you still say that if you won the lottery and at what point do all of those so called intelligent bankers and politicians decide that all of the country’s economy is,at present,based on nothing but worthless paper just like Germany’s before Hitler came to power and then lost the war which got their wealth creating industrial powerhouse back on it’s feet at our expense.But in the modern world it’s having natural rescources like gas and oil to power our industries which should be king.But what did our government do ?.Like our industries they flogged it all off for more worthless zb paper. :imp: :unamused:

If i won the lottery it would be a flaming miracle as I don’t buy tickets. The lottery is a tax on the innumerate. If I did win the lottery though, you could still send me any useless money. You know you want to… :smiling_imp:

What makes you think our economy isn’t based on worthless paper? How much gold and silver do you think is sitting in the Bank of England? I can tell you. Very Little! Our worthless paper is simply a promise to pay non-existant sterling silver in exchange for this shiity scrap of paper. You already know the promise won’t be kept therefore paper money and coins are just tokens in a barter system. The money only has value for as long as everyone agrees there is a value. When they decide the value is just an empty promise, all bets are off.

The UK doesn’t seem to make much stuff anymore. We import cheap tatty crap from China and India et al instead. We have very few natural resources so we have become a service economy.
Trouble is you can only make money from services by doing it better or cheaper than everyone else so a service based economy is always vulnerable to competition. When times are hard services get curtailed. Raw materials will still be in the ground after the hard times have passed. Services that didn’t happen can’t be recovered.