Man in a Shed: Either the Conservative party delivers the unwelcome news or the IMF will

Friday, November 07, 2008

Either the Conservative party delivers the unwelcome news or the IMF will

Its time to deliver the news that the UK is shortly going to be bust and soon we will be facing the same prospects as Iceland ( enjoy that irony ).

Either the Conservative party gets its act together and starts delivering the solemn news to the electorate combined with what an analysis of what needs to be done (which I think people would support as they know in their hearts that all this borrowing and spending is ultimately doomed ) - or we can wait for the IMF to dictate it to Gordon Brown after a 4th Labour victory.

Personally I think the first way is best.

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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