Man in a Shed: Brown's fuel bluster

Friday, October 31, 2008

Brown's fuel bluster

So, as if to make my point about the current government only caring about politics and getting re-elected, Brown is trying to grab headlines about reducing fuel prices.

He's spotted the oil price dropping and thinks he can make political capital out of it.

Today we have him banging on about prices at the pumps not dropping fast enough.

Could he be forgetting about the fact that oil is traded in pounds and thanks to the fiscal irresponsibility of his government the value of the pound has dropped from $2 to $1.6 due to the factored in risk that he's about to go on a further borrowing binge to buy himself the next election ?

1 comment:

James Higham said...: I think the binge i not to buy himself the next election but to hand the Tories two decades in order to reverse the disaster.; 5:03 pm

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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