A grossly unskilled Gordon Brown and his bungling team
As a result of the self induced Credit Crunch, the Banks and the disgraced Bankers are utterly reluctant to lend any money, thus freezing commerce, which relies on short term and long term loans. A sadly belated and retroactive response to prudence.
In an attempt to unfreeze the lending system, both the US and UK Governments have thrown money at the Banks as if they were throwing confetti rather than taxpayers money. In return, the Banks have NOT unfrozen the lending market in the certain knowledge that the irresponsible Governments will throw more money at them—and so the farce continues.
In a further farcical move, the above two Governments, US and UK, have vociferously attacked the German Chancellor, Angela Merkel, and her Finance Minister, Peer Steinbrück, for NOT dishing out more money to the Banks; in fact for being prudent and careful with the taxpayers finances. On 10 December 2008 in an interview with Newsweek, Peer Steinbrück controversially attacked the British Keynesian approach to economic policy in its rush to stimulate the demand side with a pitiful VAT reduction—and another sorry attempt by Gordon to spin himself into the limelight. That’s what comes of marrying a Public Relations merchant and relying on her empty spin tactics.
Instead, the US and UK politicians are more worried about their political careers than they are in responsible prudent management of the debt and their economy. The result for the US is $10,000,000,000 in the red and for Britain the public debt is a massive one trillion pounds (£1,000,000,000). This puts the British children’s children into debt for the next fifty years or more.
The correct response to the Credit Crunch is to let the lending market readjust and reposition themselves in the light of tighter lending rules—and that will take time. No more money for the irresponsible Banks, who are still handing out bonuses to themselves and all and sundry. The next five years are going to be tight and tough, and the huge artificial lending party where everybody was encouraged to spend, spend, spend……IS OVER.
Here is the crux of the matter. It’s the time factor that the politicians can’t tolerate, can’t live with—because it diminishes their voter base. So the fix has to be instant; has to be now—has to be seen to satisfy the voter. That simply isn’t possible, and the contradiction is driving the politicians on both sides of the Atlantic into a frenzy of handouts and other useless activity in the hope they can throw sand into the faces of the voters. If the voters see the politicians frantically doing something, anything, maybe they won’t blame them. FAT CHANCE!
So much for the reputation of Britain’s ‘best prudent’ Chancellor of the Exchequer of recent years, Gordon Brown, and his fragile spin eminence. There is NO chance the voters will re-elect a failed Labour administration in 2010, run by the grossly inept Gordon Brown and his bungling team.
In an attempt to unfreeze the lending system, both the US and UK Governments have thrown money at the Banks as if they were throwing confetti rather than taxpayers money. In return, the Banks have NOT unfrozen the lending market in the certain knowledge that the irresponsible Governments will throw more money at them—and so the farce continues.
In a further farcical move, the above two Governments, US and UK, have vociferously attacked the German Chancellor, Angela Merkel, and her Finance Minister, Peer Steinbrück, for NOT dishing out more money to the Banks; in fact for being prudent and careful with the taxpayers finances. On 10 December 2008 in an interview with Newsweek, Peer Steinbrück controversially attacked the British Keynesian approach to economic policy in its rush to stimulate the demand side with a pitiful VAT reduction—and another sorry attempt by Gordon to spin himself into the limelight. That’s what comes of marrying a Public Relations merchant and relying on her empty spin tactics.
Instead, the US and UK politicians are more worried about their political careers than they are in responsible prudent management of the debt and their economy. The result for the US is $10,000,000,000 in the red and for Britain the public debt is a massive one trillion pounds (£1,000,000,000). This puts the British children’s children into debt for the next fifty years or more.
The correct response to the Credit Crunch is to let the lending market readjust and reposition themselves in the light of tighter lending rules—and that will take time. No more money for the irresponsible Banks, who are still handing out bonuses to themselves and all and sundry. The next five years are going to be tight and tough, and the huge artificial lending party where everybody was encouraged to spend, spend, spend……IS OVER.
Here is the crux of the matter. It’s the time factor that the politicians can’t tolerate, can’t live with—because it diminishes their voter base. So the fix has to be instant; has to be now—has to be seen to satisfy the voter. That simply isn’t possible, and the contradiction is driving the politicians on both sides of the Atlantic into a frenzy of handouts and other useless activity in the hope they can throw sand into the faces of the voters. If the voters see the politicians frantically doing something, anything, maybe they won’t blame them. FAT CHANCE!
So much for the reputation of Britain’s ‘best prudent’ Chancellor of the Exchequer of recent years, Gordon Brown, and his fragile spin eminence. There is NO chance the voters will re-elect a failed Labour administration in 2010, run by the grossly inept Gordon Brown and his bungling team.
