Monday, Oct 27, 2008
Golden Rules are Meant to be Broken
FT: Darling to scrap Brown’s fiscal rules
"Alistair Darling is planning new targets for cutting borrowing and formal external oversight of the public finances as part of proposals to replace Gordon Brown’s fiscal rules." .............."But the chancellor will make it clear he plans to ditch fiscal rules that are perceived as too rigid – including Mr Brown’s “golden rule” only to borrow to invest over the economic cycle – and which economists say have been already been bent."
Posted by renting2 @ 01:00 PM (361 views) Add Comment
4 Comments
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1. goweresque said...
What a joke - the rules are to be abolished once it becomes obvious the Govt can't live within them. Zero credibility now. Probably will mean higher debt financing costs as foreign lenders require a risk premium.
2. beartil2010 said...
Golden Rule my a*se
It's like a BTLer saying 'I will maintain a rigid 15% capital cushion so as not to overextend myself or introduce too much risk to my portfolio'.
It's alright until the wind changes, then suddenly everyone realises it's just tosh, and you should be horsewhipped for being so stupid.
I am seriously expecting some assassinations of world leaders over the next 2 years. There are going to be so many dispossed, random shootings are unavoidable.
3. matt_the_hat said...
2. beartil2010
Be careful - people in speaking in public gyms in the US have been 'interviewed' by the FBI for saying much less
4. beartil2010 said...
I can happily say I don't have a gun, I'm emotionally balanced, and also I'm emigrating.
Emigrating to avoid the other people who will be driving their cars off bridges and shooting people they blame for this crisis!