Man in a Shed: Brown refuses to stop national debt rising

Tuesday, September 29, 2009

Brown refuses to stop national debt rising

So Labour have used their play on words (in Brown's speech ) to give the impression they will do something about the government's financial crisis by saying they will shrink the "deficit" knowing that most people will assume this means the national debt. It doesn't.

National debt will continue to rise - the interest on it will increase as our credit rating is reduced and even more savage spending cuts will be forced on future generations - all to for fill Gordon's childhood dream of winning an election as PM.

If Labour win in 2010 then the IMF will be in to help drag us out of an Argentine style financial disaster.

3 comments:

James Higham said...: The IMF will be plunging us into debt to international financiers.; 7:23 pm
Barking Spider said...: I believe Brown's dream will remain just that, MiaS. No-one in their right mind will vote for him so that only leaves the hard core supporters, and even they don't want him.; 9:37 pm
Man in a Shed said...: @JH - yes and the Chinese and Brown's new G20 where our new owners can run the world.

@BS - It occurs to me that Brown's speech was much like a Lib Dem leader's - full of promises to grab votes which are unaffordable - but safe in the knowledge he will never have to implement them.; 9:53 am

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