What on earth is wrong with the man? He threw 30 odd Billion Pounds at the banks just three months ago in order to free up lending and stimulate the economy. Did it free up lending? No. Did it stimulate the economy? No. The whole fiasco has been brewing for years as Britons now have personal debts in excess of 1 Trillion Pounds and what does our stupid Prime Minister tell everyone to do. Go out and spend more.
Far from going out and spending more, I like everyone else have cut back spending. Trying to hold on to the one thing everyone is scared of loosing. Hard earned cash.
I was once given a self improvement CD by a gentleman called John Rhon. There is a line in it that I always remembered. After every winter, no matter how cold comes a spring, after every night comes a day and after boom comes a bust. It always happens. But as sure as the bubble bursts, gradually, over time, the economy starts to grow again.
Now I knew that. All everyone was saying for the past 3 or 4 years was how house prices could not keep rising at 15% plus per year. We all knew the bubble would burst. We all knew it except for one man, our former chancellor of the exchequer. How can the man who once ran the countries purse for 10 years not know that things could be prosperous forever? Further more make statements such as "I am the man who ended an era of boom and bust. Well far from end it. Apparantly we are up the creek without a paddle. Our national Debt was £612 Billion, meaning every child that is born today is born owing a deficit of £17,000.
Meanwhile Gordon and his chimpanzee's are talking about lending £300 Billion more to the troubled banks in order to free up lending again. How much more will this be costing us in tax pounds in the years to come?
Its one thing for me to disagree with their current policy. But when they tear up their own rules on fiscal spending (Currently 44% of GDP is Debt and last year the interest payments on this Debt were £38 Billion. Over half a billion per person in this land!
Maybe new labour are not that different from old labour after all. Wasn't there a time when Income Tax was 90%.
While I don't have the answers to the problems I have to raise the question, when can it ever end? Will they borrow and borrow until we finally have to go begging the IMF for a hand out? If they dont end up soon we will be like Iceland, bankrupt. Who ended boom and bust again Gordon?
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