Are Bankruptcies the New ASBOs?

There used to be a time when people were accountable for their financial mistakes but not anymore according to new Labour regulations incentivising bankruptcy.

“You can take out loans for hundreds of thousands of pounds, blow the whole lot, then declare yourself bankrupt and have the slate wiped clean and start again the next day. It’s really that easy, and under the Labour government no one is held accountable for the debt you rack up. It’s how they have been funding the false economy for years — through debt,” John Deacon, a critic of the debt culture that is sweeping Britain, told the Daily Squib.

Only a few months ago it was cool to be seen getting an ASBO (Anti Social Behavioral Order) and people would wear them as a badge of honour. Some even presented them as trophies on their trophy cabinets. Things seem to have changed from those days and ASBO’s have fallen out of favour by being superceded by the almighty bankruptcy. It is now seen as a major badge of honour to have frittered away thousands of pounds worth of someone else’s hard cash and to have got away with it without ever having to pay it back.

Mark Thug, director of personal insolvency at KPMG, said: “You have to remember that the people are watching their so-called leader bankrupt our nation with huge amounts of debt from his wild spending sprees where he squandered billions of pounds on useless schemes and moribund ideas. He has bankrupted Britain for the next thirty generations and also remember that he sold off Britain’s gold reserves at the bottom of the market. Gordon Brown is the biggest bankrupter this country has ever seen. He makes everyone else look like Mother f*cking Theresa. Anyway, without wishing to digress, we expect insolvencies to rise to approximately 750,000 in 2009.”