The Reserve Bank has destroyed the ‘culture of thrift’: Nigel Farage


British political leader Nigel Farage has warned that years of low-interest loans are making young people less willing to save.

He told The Epoch Times that central banks could not recognize that years of cheap lending, especially in the age of COVID-19, would ultimately lead to the current wave of inflation hitting developed countries around the world. “It’s amazing,” he said. In response, Reserve Bank governors have hiked interest rates in unison in an attempt to curb the rising cost of living.

The former Brexit Party leader and key architect behind Brexit made his comments from Sydney, where conservatives gathered for the Conservative Political Action Conference (CPAC) Australia on 1 October.

“It was just amazing. Rates should have been raised long ago,” Farage said. “In fact, we just destroyed, destroyed the culture of thrift, and made it so much harder for people that I think it’s a healthier thing to have reasonable interest rates.”

“We have high house prices and a low income-to-savings ratio. I just go and use what I have in my pocket,” he added.

“Frankly, the error of judgment was huge and they [Vladimir] Putin’s actions. Well, there’s this thing called currency inflation, and that’s what happens when you print billions and trillions of dollars and pounds. ”

Epoch Times photo
Former Brexit Party leader and Brexit key figure Nigel Farage speaks at the Conservative Political Action Conference (CPAC) in Sydney, Australia, October 1, 2022. (Horace Young/The Epoch Times)

In 2020-2021, many governments have adopted strict lockdowns to deal with the pandemic. But such a move also required government subsidies to keep businesses and families afloat at a time when the economy was forced to shut down significantly.

This has led Reserve Banks around the world to print large amounts of cash to inject into the economy. Economists now attribute these actions to the high inflation families are experiencing today, exacerbated by supply chain shortages and global events such as the war in Ukraine.

don’t try to go left to left

Meanwhile, Farage also warned conservative-leaning parties not to copy progressive policy platforms, saying they could miss opportunities to capitalize on global trends sweeping the world. .

“If you tack on the workers’ lights or try to ‘out-green’ the Greens, you’re not going to win,” he said. because they don’t recognize it. [conservative movement] throughout the western world in the United States and Great Britain.

“The middle class, once conservative voters, are now voting more ‘Social Democrats’. And working-class voters (traditionally Labor or Democratic voters) are more likely to vote Republican or Conservative,” he added. It’s a social-demographic trend, and if we go back to ‘Teal’s,’ I think we’re in the wrong place.”

Farage says several inner-city seats traditionally held by the center-right Liberal Party have helped change Australia’s federal government after telling independent lawmakers to profess stronger action on climate change. He referred to the Teal movement.

The Liberal Party is currently in the process of scrutinizing and identifying future policy platforms. Opposition leader Peter Dutton has hinted at targeting small business owners and working-class Australians.

message to conservatives

Farage said in his speech at the CPAC Australia conference that Australia has a longing for strong conservative leadership.

“The single most important and interesting thing about this trip is that wherever I go … ordinary Australians come to me and say, ‘We are worried about the future of this country, what is going to happen to Australia? “I’m worried about what’s going to happen,’ and the lack of conservative courage and leadership is unbelievable.”

He called on attendees to “use their power” to elect “better” conservative politicians immune to big business, mainstream media, social media or criticism.

Farage said it was important to take a “moral stand” and promote values ​​such as freedom, tradition, and those established by previous generations.

“In Australia, the United States, the United Kingdom, Canada, New Zealand and around the world in the English-speaking world, we face exactly the same challenges.”

Daniel Y. Teng


Daniel Y. Teng is based in Sydney. His focus is on national politics such as federal politics, the COVID-19 response and Australia-China relations. Any tips? Please contact [email protected].