Friday, Jul 16, 2010
At last
Telegraph: George Osborne is wrong on Bank of England's innocence in crisis
When the captain of the plane walks from the crash unharmed (and unchallenged) you know there's a problem. When he's then given control over a fleet of planes, you know there's real problems. Remember this article is written *by an ex-MPC member*.
Posted by paul @ 08:18 AM (954 views) Add Comment
10 Comments
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1. peter said...
Not surprised to hear this. Osborne is a dud and always will be. He hasn't a clue how wealth is created or what it is to do a real job (he's +never+ had one).
As for the B of E, like all the other central banks, it is the primary engine of inflation. By systematically inflating the money supply, it must bear the lion's share of responsibility for the bubble and subsequent crash.
One only has to look at the figures for monetary growth over the years immediately preceding 2007. By some measures, it was around 14%. All the bank had to do to stop this madness was raise rates...and it failed to.
Why? Because the government wanted a boom for political reasons.
2. alan said...
According to Mandelson's memoirs, Darling tried his best to balance the books and instill some order as chancellor, but was voted down by Brown. Its really interestingto see some analysis of the MPC and their role in the banking crisis.
Darling wanted VAT increased to 18% and 19% but it was vetoed!
As Paul says...
"Because the government wanted a boom for political reasons".
In the end, Brown trashed the UK's finances. Perhaps he had the last laugh after all those funny "Downfall" postings on YouTube.
3. mark said...
wonder where Brown vanished to? wonder if he is actually doing the charity work he promised he would do when on GMTV
4. tyrellcorporation said...
I doubt Brown has a charitable bone in his body!
'Osborne is a dud and always will be. He hasn't a clue how wealth is created'
Peter, what is your evidence for this statement? I can certainly understand this comment if used in relation to the previous two idiots but at least Osborne seems to have a handle on what's required to bring down a deficit.
5. simon68 said...
To: tyrellcorporation
Gordon knows how personal wealth is created but only at the expense of the society at large.
6. tyrellcorporation said...
@Simon.
True, and he certainly had a good understanding on how to spend it!
7. Peter said...
Consider this gimmick of Osborne's for example:
http://conservativehome.blogs.com/platform/2008/01/pro-growth-econ.html
Only someone who knew nothing about economics would have said that on the eve of a worldwide economic crash.
And I would not get too excited about his 'austerity' measures either. As the Adam Smith Institute has pointed out, the so-called cuts are based on +what they would have liked to spend+ rather than current spending.
In relation to current levels of waste they are trivial.
8. Peter said...
Here's an example of Osborne's ignorance:
http://conservativehome.blogs.com/platform/2008/01/pro-growth-econ.html
Only someone who knew nothing about economics would have come up with a gimmick like this on the verge of a worldwide economic slump.
9. the number cruncher said...
The Hon. Gideon Oliver Osborne is a neo-con hawk with some very dodgy American friends. His wealth comes from a offshore trust fund and his original family made their money from enslaving the Irish as part of the 'protestant ascendancy'. He is married to another daughter of a Lord. An associate of mine knows his dad and reckons he's a right dodgy character, probably involved in the Lucan affair and in the much talked about plot to launch a military overthrow of the Wilson Government.
10. iguana said...
NC
Good to hear about that Lucan feller again! Back to boy george, you should also mention his apprenticeship in the Bullingham, that renowned seat of scholarship sobriety and civilized behaviour.
This is the 'one' delegated to steer us through economic armageddon????
monument punishment
I kid you not