Britain In Good Shape Declares Top Economist

[BlueColorSlave]

Britain is emerging from the worldwide recession in better shape than many rivals, and voters should give Gordon Brown the credit, Nobel prize-winning economist Paul Krugman says today in an interview with Observer columnist Will Hutton.

Check out the rest at: http://www.guardian.co.uk/politics/2009/ju...my-gordon-brown

I just wanted to see how many history re-writting Gordon Brown haters out there would react to this nobel prize winners analysis and see if it changed any of their minds. I doubt it, a simple man likes nothing better than an easy hate figure. All responses welcome.

ps Go easy on me :-)

[Prescience]

Back in the late 1980s, when he first came to effective prominence, I had significant respect for Hutton: once he became a NuLab Luvvie, however, my respect rapidly evaporated.

WHilst Krugman also has quite a heavweight reputation as an economist, I fear he is focused on the simple metrics of Quantitive Easing etc, for a serious systemic financial meltdown that with adequate controls on banks and mortgage lenders would never have happened.

Unfortunately for this facet, it is now abundantly clear, that much of the liquidity pumped into the financial system has been used to discharge bank etc debt to overseas capital markets (global interbank market e.g.) and the the process of Quantitive Easing has been highjacked by overseas holders elling back UK bonds and taking the cash out of the UK.

The simple reality is that Brown's much vaunted "Economic Miracle" was predicated upon two planks: insane house price rise - and all the support activity which went with it, such as EAs, Mortgage Brokers, Surveyors, Solicitors engaged on conveyance etc - and the over import of mainly Asian consumer junk, sold mainly on consumer credit and the associated logistics: customs clearance, warehousing, distribution, transport and multiple retailing. Additionally, when most people moved and became "Wealthy" temporarily, on paper, they seemed to throw off any normal caution and discernment and proceeded often to junk much of the house they had just acquired, and buy/install new carpets, curtains, kitchens, bathrooms, conservatories, block-paved front gardens and etc: and much of the materials were again imported.

All this frenetic activity caused a boom in building and associated services: hence the huge increase in white panel vans with bits of gutter pipe strapped to their roof, driven by maniacs, hacking constantly around the M25 etc.

A low currency is good, eh Mr Krugman? Well, yes if a country mainly exports manufactured goods. Britain, unfortunately relies heavily on imports: much from the EU priced in Euros: and the rest in US dollars.

With unemployment now rising rapidly, and little hope in terms of viable new jobs in sight, one is compelled to wonder what Hutton and Krugman were smoking when they held their meeting!

One also notes they make no comment on Britain's hugely dysfunctional Balance of Trade Deficit: this reality is one which no one much has commented upon: I have been tracking it now for over six years and it has remained massively in deficit and one day soon must be addressed.

[winkie]

Your posts speak the truth...the truth is not always kind.

[Seydel]

Krugman needs to have a word with Niall Ferguson. He's a Glaswegian Harvard University professor and economist who wrote two books about the Rothschild outfit. He was also at last May's Bilderberg Conference. Put another way, the fella doesn't need a Nobel prize or crystal ball to accurately predict the future.

Here's what he wrote two days ago http://www.niallferguson.com/site/FERG/Tem...aspx?pageid=207 and this is an interview with him published in a Belfast newspaper late last month. http://www.belfasttelegraph.co.uk/business...ml?startindex=0

[Goat]

I just wanted to see how many history re-writting Gordon Brown haters out there would react to this nobel prize winners analysis and see if it changed any of their minds. I doubt it, a simple man likes nothing better than an easy hate figure. All responses welcome.

What he's saying (in the pro-labour Guardian) is that the UK is biblically f***ed as opposed to truely, unbelievably biblically f***ed like some other countries out there. It's true but hardly comforting.

In terms of hating the cretin Brown, any strengths that the UK might possess (flexible labour market, comparatively low public debt) predate the cretin and generally have suffered under 10 years of his misrule as chancellor.

[Prescience]

From your post, YG, one could rapidly reach the conclusions that you believe the UK economy is toast and that you are not much of an admirer of dear Gordon!

[Goat]

From your post, YG, one could rapidly reach the conclusions that ... you are not much of an admirer of dear Gordon!

Sorry, I don't think my original post was quite clear enough.

Gordon is a imbecilic, gurning, one eyed mentally defective clueless incompetent f***ing disaster of a PM and I’d rather have the real Joseph Stalin running the country than this p*** poor imitation of him.

I hope that clears things up.

[Warwick Yellow]

Sorry, I don't think my original post was quite clear enough.

Gordon is a imbecilic, gurning, one eyed mentally defective clueless incompetent f***ing disaster of a PM and I’d rather have the real Joseph Stalin running the country than this p*** poor imitation of him.

I hope that clears things up.

I wouldn't normally do this but just to congratulate you on a most excellent post - to the point, descriptive and entirely accurate.

Hats off sir.

[godless]

I wouldn't normally do this but just to congratulate you on a most excellent post - to the point, descriptive and entirely accurate.

Hats off sir.

Not true.....he forgot the word c.u.n.t