That's as good an explaination as I've seen so far.
Very well put.

Moreover however, the government has borrowed against future tax receipts. In three years time our taxes will go through the roof - remember that even if the "credit crunch" didn't happen, the government was spending much more than its means by a considerable amount.

Expect to see massive increases in "stealth taxes" over the next few years while Basic Rate income tax, National Insurance and VAT will be hiked massively too.

Gordon Brown has borrowed ten times the amount we borrowed to help finance World War II, which we only finished paying off six years ago...
(Bicycle Repairman "you're also a bit of a wanker", Fri 23 Jan 2009, 10:03, 1 reply)

Yep
And as pointed out by a rather good article in the Grauniad a few weeks ago, keep an eagle eye out for the phrase 'quantitative easing'

Translated out of weasel words, this means 'printing more money'. Which in my opinion is comparable to trying to extinguish a fire with a gallon of petrol.
(Son of Sam-i-am We're all as mad as hatters here, Fri 23 Jan 2009, 10:06, closed)

The most famous time that a massive money print run happened...
Was in the Weimar Republic of Germany, in 1923.

Look what happened there.
(scentless_apprentice takes two bottles into the shower!, Fri 23 Jan 2009, 10:13, closed)

See also
Zimbabwe, and their one trillion notes or whatever they've just brought out.
(Son of Sam-i-am We're all as mad as hatters here, Fri 23 Jan 2009, 10:18, closed)