The post you are reporting:
Alexander - Most money these days is in the form of electronic pulses, not recycled notes/coins and not determined by the level of printed notes. Neither is it represented by gold, the gold standard was dropped many years ago.
The deficit in our national budget, lets first define deficit, that is the amount spent by the government over and above what it takes in taxes (not the level of debt), is purely down to Government overspending. There was a 'golden rule' that Brown determined while in opposition but he dropped when it did not suite him. That was, in part, about repaying debt when the economy is on the rise so you can then allow Government debt to increase when, inevitably, the economy slows down. Brown fooled himself into thinking he had changed the rules of the economic cycle and actually claimed he had abolished boom and bust and as a result run the economy on that assumption, carrying on borrowing more and more when he should have repaid it. As a result at the start of the turndown we already had a structural deficit (a deficit thatb will not be corrected by a natural growth cycle). That deficit and debt level has compounded up and up during the longest and deepest recession ever. His poor decisions on tax/spend/red tape helped deepen that recession and to make it longer than it need have been. We have to add to that the banking crisis that was aggrevated because Brown in 1997 changed the regulation of then banks that led them into a elephant trap for the economy. The bail-out from that also deepened the debt crisis though the eventual sale of the shares over a period of time should in part or fully rebalance that part of the problem. Brown's other mistake that also deepened the crisis was his poorly judged inflation brief to the Bank of England in 1997. That led to interest rates being kept too low, encouraged secured and unsecured personal borrowing, pushing up house prices and creating a price/debt bubble that had to burst. The other side of that of course was also that he damaged savings, low interest rates meant low deposit returns combines with reduced tax incentivised savings meant that families did not have a savings cushion to help them at the start of the crisis either, high debt and low saving = disaster.
A complex issue. The EU is a detestable organisation, corrupt, interfering and inefficient, but I do think that you are giving them too much 'credit' in something that is not down to them.