Man in a Shed: A Bad week for Davids - a bad judgement from Tony

Wednesday, November 02, 2005

A Bad week for Davids - a bad judgement from Tony

"Work and Pensions Secretary David Blunkett has resigned after a meeting with Tony Blair in Downing Street."

There is an air of tradegy about this. David Blunkett looks very bad - how could he have been so careless ? But at the same time the death throws of a politician are very public and humiliating - just ask David McLetchie.

Either the quality of our politicans is very poor in places ( a case for outsiders in the Cabinet - but the Americans seem to have their own problems with this system ), or we ask too much of them. However just requesting advice on taking a job doesn't sound to difficult does it David Blunkett ?

But Mr Blair comes out worse again as his judgement is yet again shown to be at fault... Will Mr Brown now go for the kill or hang on for another few years to do the dead sheep savaging bit near the end of the Blair mis-rule ?

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The pound in your pocket

"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists." James Callaghan

“The trouble with theoretical economists is that they don't understand that when you have a deficit, you can only finance it by borrowing, and you've got to persuade people that it's worth lending money to you and that they'll get their money back... there's no way of escaping it.” Dennis Healey during the 1976 Stirling Crisis.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens ... Lenin was certainly right. There is no subtler, no surer means of over-turning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes, 1920.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." Thomas Jefferson, President of the United States of America,1801-1809.

Inflation is taxation without legislation .. Milton Friedman