Saturday, Nov 15, 2008
Merry Christmas from the Goblin King
Telegrath: Gordon Brown prepares to unveil tax cuts for Christmas
Brown says that the case for trying to rescue the economy through tax cuts was now "unanswerable", and "What you want is fiscal action that can show results as quickly as possible." Doh, about as much use as a sticking plaster on a broken leg then.
Posted by enuii @ 09:43 PM (829 views) Add Comment
16 Comments
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1. jackas said...
We are reaching the end game of the debt-fuelled consumer propping up an unproductive economy.
What comes next? Being paid to borrow money and spend it? (oh, hang on...)
2. renting2 said...
Anything these clowns conjure up will be tied to tax credits, be extremely complex, benefit almost no-one, be big on promise and zero on delivery.
3. The Equaliser said...
If The Goblin King does his very worst and gives £500 to every family in the country then even this is too little to late.. It will simply get absorbed by debt interest and maybe a few extra things for Christmas.
If you've just lost your job then £500 is nothing.
Confidence has gone and £500 [ or even double that] will not buy it back.
All it will achieve is to cripple the recovery with an extra tax burden.
The cycle will take its course.........
4. planning4acrash said...
I think that the only thing they can do is a global devaluation of all the currencies. In the Great Depression, and that was led by the same band of Wall St Crooks, they confiscated gold for a price, then doubled the gold price, aka devalued the dollar. They paid off the debt this way and got very, very rich, helping them finance another world war and almost a century of the American Empire. We let them do it this time, and we get a century of globalized tyranny.
5. jonb said...
If the changes are to be in time for Christmas, they need to be on the November payroll, which means that the payroll software companies need to get the updates on our doormats by no later than Monday morning.
This hasn't been thought through properly, but that's nothing new.
6. little professor said...
Exactly jonb - there's no way this can be rolled out in time for xmas.
7. markj69 str05 said...
Maybe in time for the January sales!
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9. Fjcruiser said...
3. planning4acrash said...
I think that the only thing they can do is a global devaluation of all the currencies. In the Great Depression, and that was led by the same band of Wall St Crooks, they confiscated gold for a price, then doubled the gold price, aka devalued the dollar. They paid off the debt this way and got very, very rich, helping them finance another world war and almost a century of the American Empire. We let them do it this time, and we get a century of globalized tyranny.
Not true. US debt was twice the GDP in 1946, hence they did not forgive the UK debt towards them which the UK finally repaid in 2006.I agree they did develue the $ by doubling the price of gold but in the end it did not help the economy. Entering WW2 did unfortunately.
Tax cuts ? rich people will save it, poor people wont but it will not be enough to prop up the economy. You need the rich people to spend not the poors.
10. bellwether said...
P4aC I agree that effective devaluation of currencies and therefore bad debt is the likely way out of this (if there is a way). The purists prefer liquidation but our only clear reported experience of that was US 1929 - 1932. Which option you prefer is really a matter of personal taste. There could easily be greater serfdom either way. One thing is certain the elite will remain the elite. The communist experiments have bourne that out.
11. planning4acrash said...
My earlier post about deflation is clear, I want bankcruptcy for those that have over borrowed, savers can then, with their savings worth more, via deflation, can come in and buy up assets at prices capable of being turned into productive action.
12. bellwether said...
planning4aC - savers tend to be lousy at allocating capital, that's why they are savers. I have some sympathy with your view but really only from a theoretical perspective.
13. landofconfusion said...
12. bellwether said...
"savers tend to be lousy at allocating capital"
Yeah, just look at the government and all those in debt.
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