Wednesday, Jan 06, 2010
Don't mention the war - or the debt!
This is Money: Debt denial 'is worse than appeasing Nazis'
"The Government's refusal to cut debt more aggressively is as bad as the failure to combat Nazi Germany before the Second World War, a former minister claimed last night. Frank Field said the Government was living in 'cloud cuckoo land' and adding to the illusion that all is well by printing money to buy up its own debt". Mr Field made his extraordinary attack during a Commons debate on the Government's fiscal responsibility bill, which makes it legally binding for ministers to halve the size of the deficit within four years. He said it would have little effect when City firms are threatening to downgrade the Government's credit rating.
Posted by alan @ 09:58 AM (908 views) Add Comment
12 Comments
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1. tyrellcorporation said...
A lone voice sadly...
2. drewster said...
It's tragic that the only way to reach the headlines is with a Nazi analogy.
3. cyril said...
Who is supposed to be Hitler?
Funny how these city firms (a) have used the bail out money to pay themselves massive bonuses (b) threatened to move overseas if anyone attempts to tax these bonuses and now (c) threatened to reduce the UK's credit rating. Next they will be threatening to go on strike.
4. stillthinking said...
Hitler is debt, appeasement is monetising debt.
It is often forgotten that during the run up to WWII Labour were so busy disarming, that when the war kicked off amongst our weapons were raided rifles from museums or donated private firearms from the US. Had the UK maintained a credible military counterbalance to Germany history would be different. This is why Churchill is seen as more than just a wartime leader, because the country had in fact been hollowed out and beaten by Labour before hostilities began.
Quite a good comparison really, people should realise that Labour have truly shafted the UK three times in the last century, not twice.
5. Greenenvy said...
I'm not sure how Labour managed to disarm before WW2- they were in opposition. The first genuine Labour majority government was in 1945.
6. iguana said...
How many more times??? This is not our debt, it is not HMG's debt, it is the bankers and financiers debt. I presume that HMG calculate that the aforsaid debtors will have 'paid up' approx half of what they owe within 4 years - and not before time. The bankers are now crowing about the profits that they are making, so lets soak them now before they change their legal entities and leave 'shell' companies without assets with the liability for the debt.
As an aside, stillthinking, which party was in power during the 30's?
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9. Leicestersq said...
FWIW,
I think that anyone that compares something to Nazi's, when clearly the things are different, ought to have their argument dismissed entirely.
I remember someone once saying that when you start shouting you have lost the argument. So it should go with using a comparison to the Nazi party or the like. Any argument should stand on its own merits.
10. stillthinking said...
1929-31 Labour Government
1931-35 National Labour Government
Labour abandons appeasement policies in 1937.
11. braindeed said...
Frank is an Über ‘free’-marketeer – presumably quiet whilst the sheets were hitting the blades. Or can anyone correct me there?
I think he started the rumour about the connection between feet size and the dangly bits……or was it another clown?
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