If Gordon Brown is right and we are the country best placed to deal with the recession, how come our currency is dropping like a stone against all the other major currencies?
While the underlying cause of this downturn cannot fairly be laid at the feet of Gordon Brown, the fact that we seem singularly unprepared for it can. Repeating the mantra "end of boom and bust" is not the same as having an economic policy, neither is taxing as much as you can and burning through the money raised as if there were no tomorrow.
I have never thought much of Brown's economic competence, I had hoped that it wouldn't take our economy being screwed up for everyone else to realise how weak he is.
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Which US President once said : 'You can fool all the people some of the time, and some of the people all the time, but you can't fool all the people all the time' ?
I admit I was fooled into voting for New Labour three times. I fell for Brown's 'abolished boom and bust' economic illiteracy' and his so-called Golden Rule, which he's now quietly dropped because it's too embarrassing for him. I've got a new Golden Rule for him, to replace it : NEVER AGAIN VOTE LABOUR
Not even the Dishonorable M'Lord Mandelson, with his 'used car salesman' plausibility, will fool me again.
may be UK should seriously consider joining EURO. Our economy is no different from Iceland - isolated, dependent upon being able to borrow from outsiders, with minimal manufacturing activity. Therefore our currency can easily come under speculative attack once the momentum turns against it (which it already has - just look at GBPJPY/GBPUSD/EURGBP charts). UK treasury does not have enough ammunition to defend currency - given already that the treasury is stretched to bailout banks and therefore borrowing heavily.
UK needs to detach from the mentality of being in control of our own monetary policy which it clear is not in the current global economic climate. UK economy is slipping behind others (even Italy) in terms of size of the economy and tomorrow's world would need the support of currency blocs to have stability. Those who are not part of such blocs will be attacked by speculators and savvy investors.
But joining EURO is something no major party is talking about in the current environment. May be it is too "unpopulist" a choice.
James, you'd obviously been on the booze when you wrote "While the underlying cause of this downturn cannot fairly be laid at the feet of Gordon Brown"!
Of course it can! This cretin was the chancellor for 10 years before becoming the unelected leader of this country. The blame lies squarely at his door.
An interesting idea, VS. Essentially it boils down to the theory that, having proved themselves to be incompetent, those running our economy should pass the task to an unelected external body so that they can avoid ever having to face the music.
Perhaps we could call it "The Italian justificiation".
Not sure it would work here, though.
"The Italian Justification" is an interesting concept. The traditional approach - which I favour - is that when the government have proved themselves incompetent, we throw them out and get a new one. Giving the problem to a body we haven't elected because it is "too difficult" raises the awkward question of what we do if they too prove to be incompetent, or - more likely - not to have our interests at heart.
when the government have proved themselves incompetent, we throw them out and get a new one
That would be my preferred option...
Brown could easily save the Pound but he does not want to he wants us in the European Project.
Had he not sold off our Gold to his Bilderberg Puppetmasters he could have backed the Pound with gold.
With most of the Worlds currency being nothing more than worthless IOU's ( backed by our and our childrens labour of course ) how popular would the Pound be now.
Give me control of a nations money supply, and I care not who makes its laws.
It's all deliberate, Brown could stop this TODAY, all he has to do is Print, rather than Borrow.
This is about global enslavement.
If westminster had Printed EXACTLY the same amount of money as we have Borrowed over the past decades, would our children be enslaved by £1Trillion worth of Debt.
http://adrianpeirson.spaces.live.com/blog/cns!CB609AA4E892F479!121.entry
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