Britain’s loan and credit card is now growing at its fastest rate in a decade. It is up by nearly 10 per cent over the past year to around £182 billion. That works out at about £7,300 per household (on top of any mortgage debts). It’s just a shame the rest of the economy isn’t growing as quickly.
I find that quite remarkable. Wages growth does not come even close to matching the spending increases. Where will all this money come from? At some point that money will have to be paid back – plus interest. Future generations will look back at our financial incompetence and laugh out loud. School children in twenty years time will be taught this stuff in the classroom and will find in amazing that we genuinely thought we could spend our way out of debt.
Get your own personal gold standard.
Now just because everyone else is rushing towards the financial cliff doesn’t mean you have to join them.
Paper money (or “plastic” money as our five pound note changes from paper to plastic) is a serious threat to our personal wealth, not least because it is backed by nothing other than a “promise to pay”. As you know, the link between paper money and gold disappeared years ago but that doesn’t mean you can’t put yourself on your own personal gold standard. By simply buying gold and silver bullion coins and storing them somewhere you can lay your hands on them when you want, immediately puts you on to the gold standard.
That’s right Mr Carney, we don’t need you to put Britain back on the gold standard, we can do it ourselves.
“Ah, but holding cash and gold and silver is a huge security risk” I hear you say. Is it really?
How many times have you been mugged? How many times has your house been dismantled by thieves to find your gold stash?
And how many times have your credit cards or bank accounts been hacked in the last few years? Apparently, in the last two years, 48% of people have received calls from someone attempting to hack your credit card or bank account.
So which is really riskier? Having a few £50 notes in your pocket or handing your credit card to a waiter or a petrol attendant? Exactly!
Buy gold and silver bullion now and put you and your family on your own personal gold standard.