Joke of the Day - Bank Of England Warns The UK: ‘Economic Collapse’ If UK Keeps Borrowing Money

Fasten your pants/skirts. Silly Season extended.

The Bank of England is putting the United Kingdom on alert.  Should the UK keep borrowing money, there will be a “Venezuela-style” economic collapse that will devastate normal citizens.

A senior Bank official has warned that the UK’s economy would be unlikely to surviveborrowing any more cash. Richard Sharp, a member of the Bank’s Financial Stability Committee, claimed an extra £1trillion had already been borrowed since the 2008 financial crisis, and any more could see the economy collapse in the same quick manner that Venezuela’s did.

Time for some MMT.