Friday, Jan 23, 2009
"Then you will see the return of what happened under Labour in the 1970s, including emergency cuts t
telegraph: David Cameron warned that Britain may go bankrupt and have to ask the International Monetary Fund for a bail-out because of the government's "irresponsible" handling of the economic crisis.
Jim Callaghan went cap in hand to the IMF to save the pound in 1976, with the Labour government forced slash spending as a condition of the emergency loan.
Posted by chris @ 06:58 AM (840 views) Add Comment
13 Comments
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1. beartil2010 said...
I never knew that the 3 day week in the summer of discontent was caused by the labour government having to go to the IMF. History really does repeat itself.
It's like Tanzania or the Congo or something... or, dare I say it, Zimbabwe. Unbelievable incompetence and corruption, so bad it bankrupts the country and someone has to come and save us. It's pathetic really.
2. andrew said...
Yes, unfortunately with Labour in power, history does repeat itself. Just reading comments in all newspapers from the Guardian to the Telegraph, almost everyone is crying out for GBrown to go along with his corrupt Labour mob.
Everyone is on their knees pleading for an election to get rid of Labour but they still will not listen.
3. japanese uncle said...
'Good morning Sir Crash'
'Don't call me that, ever again! You understand.'
'Yes I do, Crash'
4. troy said...
3 day week winter of discontent ~~~ middle east oil ~~~ USA
5. mrmickey said...
As we owe so much to the Chinese aren't we already in effect a client state of the Communists, can't we just bypass the IMF and go straight to our Communist masters for more funds.
6. str 2007 said...
What is so frightening to me is that when we thought times were good it was a con.
Therefore we borrow now, but the good times will probably never return.
We are making very little investment into anything that will actually make us money as a nation.
7. troy said...
How dare a government claim it cannot find the money to pay for this or that essential service when they do not bother to create any money?
In the context of the responsibility of government to create money, the annual budgets in which politicians divide up 'the national cake' are nothing but a preposterous patronising pantomine; a cheap propaganda exercise in debt-money economics, as a result of which workers and businesses and various sectors of the economy are turned against each other, and jealousy and social division are fostered.
The current position is that, whilst farmers, factory workers, businessmen, inventors, house builders, teachers and hosts of others work together to make available the wealth of a country, they are not able to exchange the goods and services that they make without borrowing money into existence. They cannot eat, sleep, take shelter or obtain clothing for themselves and their families without borrowing-to-buy.
Michael Rowbotham ~~~ January 2002
http://www.prosperityuk.com/prosperity/articles/mosimprt.html
8. goweresque said...
The 3 day week wasn't due to the IMF bailout, it happened under Ted Heath in '74 to try and conserve electric and coal stock due to the miners strikes. The IMF bailout was later in about 1976 under Wilson/Callaghan.
9. Chilli said...
I think everyone is making far too much of China's power these days.
What is the average education level in China vs the UK? They have significant problem at home.
What we need is a reality check. The UK populace needs to get back to work, run their own country for a change.
And Brown needs to go, if for no other reason, than that he has set policy and may find it hard to renege on them. A new government has the wonderful option of discarding the bad and holding onto the good.
I also like what Cameron is saying about a smaller decentralised government.
10. troy said...
3 day week? and there was me thinking it had something to do with the USA doing their sums on oil depletion and entering the middle east market in a big way.
Hang on, wasn't it around about then the BBC pulled Andy Pandy and Teddy?
11. stillthinking said...
The IMF will set fiscal policies that would be unacceptable politically for a domestic party, which relies on being elected. What is likely to happen under the IMF seems to me the best step forward for the UK, although making clear quite how stupid we have been over the past decade.
12. letthemfall said...
goweresque is right - 3 day week was during a Cons govt. Economic messes have plagued all govts at some time or other. In YC land all is always rosy (powder blue?) when Labout are not in power. "Progressive conservatism". The latest vacuous phrase to come from a politician.
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