From the BBC this morning: Payday lenders facing MPs’ question
“Payday lending is being put under the microscope by MPs amid a defence from one of the industry’s biggest players. Members of the Business Select Committee are quizzing lenders, consumer groups and a minister about the industry.”
So let me get this straight, the institution that has created debt and unfunded liabilites equivalent to ten times the output of its revenue source (i.e. the entire UK economy) and intends to add a further £700 billion in just the next five years is going to question the financial practices and ethics of payday lenders?
As famed economist Frédéric Bastiat once expressed: “Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything!.Why don’t you reform yourselves? That task would be sufficient enough.”
Indeed, why don’t they question their own financial practices and ethics with such diligence, or even at all?
People say payday lenders ‘exploit’ people and use them in an unfair and selfish way, but politicians borrow money secured against the future earnings of our children in order to bribe votes out of the current generation by promising them all manner of free stuff; and force the obligation to pay off the resultant ‘national’ debt onto our children. Payday lenders can’t collapse an economy, or steal from the unborn, or force people to fund their enterprise, but government can.
If payday lenders are ‘vulture’ capitalists, as the media has dubbed them, then government is a giant blood-sucking fire-breathing pterodactyl from hell that feasts on everyone’s wealth, rich and poor, alive and yet to be born.
Prioritise. Deal with the pterodactyl first.