Public don’t understand how bad the economic crisis is, warns Vince Cable
Mr Cable said that people still did not realise just how hard Britain’s economy had been hit in the wake of the 2008 financial collapse.
In an interview with The Guardian, he said that the public needed to understand just how “painful” the coming period would be as the Government grappled with the UK’s record budget deficit.
He said Britain was no longer a “price-setter” in world markets, and that the Government needed to work harder to explain the economic realities to the public.
“We had the complete collapse of a model based on consumer spending, a housing bubble, an overweight banking system – three banks, each of them with a balance sheet larger than the British economy,” he said.
“It was a disaster waiting to happen and it did happen. It has done profound damage and it is damage that is going to last a long time.”
On Friday, Mr Cable clashed with the banks over small business lending, and warned extra taxes could be introduced if lending targets are missed.
Speaking about the annual £190 billion lending target, he said: “It’s a deal with the banks. If the banks don’t deliver, there are options open to the Government, including taxation.”
While this story is in regards to Britain, the situation isn’t any better in the United States. Before this year ends the United States will declare marshal law. They are already preparing for what they know cannot be avoided. The roaring of the people of other nations is the model that will span the globe as all countries feeling the crunch of these economic times feels the pangs of distress from the rippling waves of its discontented citizens. The Word states:
Isaiah 17:12 “[ Judgment against the Nations ] Ah! The roar of many peoples— they roar like the roaring of the seas. The raging of the nations— they rage like the raging of mighty waters.”
Luke 21:25 “[ The Coming of the Son of Man ] “Then there will be signs in the sun, moon, and stars; and there will be anguish on the earth among nations bewildered by the roaring sea and waves.”