WHAT IF THE UNITED KINGDOM WENT BANKRUPT?
But what if we went bankrupt?
What would be wrong with that?
The first question we could ask is, why do we need a credit rating? We currently need a credit rating because we borrow money (but we are not allowed to know from whom we borrow). We currently need to borrow money because tax revenue is insufficient to cover expenses.
So we could ask, why do we not trace all tax that should be paid and is currently being avoided, take all that back, with interest and a charge for tracing, and possibly bang some tax avoiders in jail as examples.
But if we are not going to chase tax dodgers then how could we make up the difference between tax revenue and expenses without borrowing?
CREATE OUR OWN MONEY!
It really is that simple.
Banks create money out of nothing so, as Thomas Edison asked, why can't and don't we?
If we created our own money then we would not need a credit rating to borrow money, possibly from institutions who create the money we borrow out of nothing! And we wouldn't have to pay interest too!!
It really is a crazy and corrupt world.