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Refining Your Debt

I see the BBC has reported a British oil refinery has gone bust.

In today’s world, oil products – whether they be the petrol, diesel or fuel oil most directly obtained from refining crude or the plastics, chemicals, medicines etc derived by further processing – are the most sought after substances; excepting (possibly) illegal drugs.

So with markets like that, how the hell can an oil refinery go bankrupt?

To be fair, the headline on the news was a little misleading. It is the parent company which owns the refinery which has gone bust.

But the point still applies.

There has been a lot of scaremongering about the possible effects as the refinery supplies 20% of south-east England’s fuel needs; scaremongering no doubt put about to raise fuel prices. I would expect that some other company will take it over sooner rather than later.

Menawhile Britain’s debt has reached 1 trillion pounds* for the first time.

The Coalition cuts are working well to reduce the debt then, aren’t they?

I also see UK growth was -0.2% for the last three months. Not much scope for joy there.

Why are these idiots repeating the mistakes of the 1930s?

*That amount being illustrated on the BBC news last night as £1,000,000,000,000 is, to my old fashioned eyes, actually a million million or what we used to call a billion. Well, it was before we took up US descriptions of such things.

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