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vinny

Brown - Best Chancellor Ever!

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Gordon Brown WILL be remembered as the best ever Chancellor.

Well perhaps not, but imagine if you will what has kept his reputation in tact - so far.

I would say he has been helped hugely be circumstances beyond his control. The many things wrong with Britain and her economy at the moment actually make him, and New Labour look good. Lets take a look at some things he has taken credit for (list not exaustitive) and some of the reasons that occur to me for them, coincidentally in most cases, to have come to pass during his No 11 stint.

LOW INFLATION : Imports from China and others, buissiness efficiency, cut thoat retail conditions, up to recently low energy costs, interest rates being too low.

FTSE Recovery: (so far) nothing to do with Brown. In fact, in spite of his meddling.

Britain Better off: Well, actually feeling better off. Ermm, house prices high, new cars on drive etc etc etc. Debt, Debt and more Debt. I think this may have been mentioned somewhere before????

Families better off: what I mean here is rubbish such as tax credits. Really few being "helped" are doing so at my and others expense. It has been the hard working tax payer who has bought votes for Labour by helping "hard working" families.

Boom and bust eliminated. Ok folks, he HAS eliminated, so far, Boom and bust. I'll mention later* why he will have been perceived to have done so, REGARDLESS of what happens from hereon. But nothing has significantly "cycled" so far, stuff has been seen to go in only one direction

Errm, I think I'll stop there before I rant too much and move on to why he will be remembered as the best ever. Looking at the above it has been political jiggery poke plus national and mainly global conditions which have allowed him to cover himself in glory. The key then and now are GLOBAL conditions.

Now lets look at oil (and other commodities) prices being high - global scale.

Inflation going higher - global scale.

Imagine a House price crash - global basis.

Stock markets down (possibly) - global basis.

Recession - Global basis.

Katrina - Nuff said

ETC ETC ETC.

All of a sudden, nothing is Gordon's fault. He had it right of course. What could he or Britain do faced with global conditions? We did'nt go bust* we are the victims of a global down turn. (incidentally the coming house price crash will be blamed on something other than the housing market itself being in error). The conditions which helped his illusory success, will mask his failures. That is my fear.

Rant endeth. Vinny.

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Gordon Brown WILL be remembered as the best ever Chancellor.

Well perhaps not, but imagine if you will what has kept his reputation in tact - so far.

I would say he has been helped hugely be circumstances beyond his control. The many things wrong with Britain and her economy at the moment actually make him, and New Labour look good. Lets take a look at some things he has taken credit for (list not exaustitive) and some of the reasons that occur to me for them, coincidentally in most cases, to have come to pass during his No 11 stint.

LOW INFLATION : Imports from China and others, buissiness efficiency, cut thoat retail conditions, up to recently low energy costs, interest rates being too low.

FTSE Recovery: (so far) nothing to do with Brown. In fact, in spite of his meddling.

Britain Better off: Well, actually feeling better off. Ermm, house prices high, new cars on drive etc etc etc. Debt, Debt and more Debt.  I think this may have been mentioned somewhere before????

Families better off: what I mean here is rubbish such as tax credits. Really few being "helped" are doing so at my and others expense. It has been the hard working tax payer who has bought votes for Labour by helping "hard working" families.

Boom and bust eliminated. Ok folks, he HAS eliminated, so far, Boom and bust. I'll mention later* why he will have been perceived to have done so, REGARDLESS of what happens from hereon. But nothing has significantly "cycled" so far, stuff has been seen to go in only one direction

Errm, I think I'll stop there before I rant too much and move on to why he will be remembered as the best ever. Looking at the above it has been political jiggery poke plus national and mainly global conditions which have allowed him to cover himself in glory. The key then and now are GLOBAL conditions.

Now lets look at oil (and other commodities) prices being high - global scale.

Inflation going higher - global scale.

Imagine a House price crash - global basis.

Stock markets down (possibly) - global basis.

Recession - Global basis.

Katrina - Nuff said

ETC ETC ETC.

All of a sudden, nothing is Gordon's fault. He had it right of course. What could he or Britain do faced with global conditions? We did'nt go bust* we are the victims of a global down turn. (incidentally the coming house price crash will be blamed on something other than the housing market itself being in error). The conditions which helped his illusory success, will mask his failures. That is my fear.

Rant endeth. Vinny.

Boom & Bust...............I have wondered if even if there was a recession, would Labour admit it, they would not try to hide it, put some spin on it, lets face it, they are Fuc7 ing good at spinning other things they meddle with.

And to cap it all, most Sheeple would believe them.

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Remember though that even though Lawson and Major practically championed Boom & Bust economics, it didn't stop the Tories getting back in again in 1992.

And then as now, it was a global phenomenon.

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Just to remind you all:

"I will not allow house prices to get out of control and put at risk the sustainability of the future."

Gordon Brown, Chancellor of the Exchequer November 1997

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Just to remind you all:

"I will not allow house prices to get out of control and put at risk the sustainability of the future."

Gordon Brown, Chancellor of the Exchequer November 1997

I read two things into that statement:

1) He's pre-admitiing (I hope you like that term, I just made it up) responsibility for knackering the economy.

2) He was lying.

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Just to remind you all:

"I will not allow house prices to get out of control and put at risk the sustainability of the future."

Gordon Brown, Chancellor of the Exchequer November 1997

did he honestly say that...?

bless him..

I bet they will blame the tories when its time to pay the piper..

(by piper I mean the banks, and who pays.. that would be mewers, btl and misguided FTB's)

Honestly, he is a hero in the news.. although.. reporters might be seeing their expensive london properties devalue..

that should swing the press to our side..

Bless the, the impartial lot..

"The people get the government they deserve"

Someone said that once..

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Remember though that even though Lawson and Major practically championed Boom & Bust economics, it didn't stop the Tories getting back in again in 1992.

And then as now, it was a global phenomenon.

Indeed, Paul Volker did the same in the Federal Reserve, the idea was that after each cycle you would 'clear the decks' and kill off inflation, so feared was inflation that they even put it ahead of the unemployment figures.

It's quite a brutal way of running things, but it did set the stage for a somewhat solid recovery, I doubt any politician would countenance it today, mainly because in the 80's that generation remembered how debilitating it was in the 70's.

It's amazing how much national debt was run up during that period though, but by modern standards it looks negligible, even then they didn't screw up the money supply like we have today.

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BuyingBear, I think you are eluding to the fact "inflation" has been high actually? If so could not agree more.

Classic inflation, i.e the supply of money, has been unbelievably high - hence housing bubble amongst other effects .

Inflation, as I think you mean, the ACTUAL cost of living, has also soared (re; tax bands static, NI limit removed, increased pension payments, council tax etc) - I have to earn more money to give myself the same disposable income to spend on "cheap goods". One of my points being that Brown/Labour have taken credit for a low RPI their own low CPI figure (fudged of course)!!!

Would not be suprised if they move the goal posts on inflationary measures when things head up!!

I think we agree??

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Would not be suprised if they move the goal posts on inflationary measures when things head up!!

I think we agree??

Indeed, and the internal balancing in CPI breaks down thanks to oil (which is deflationary of course ;))

It's quite sinister, when you understate inflation, you overstate GDP.

Money supply growing at 10% per annum, inflation at <2%, growth ?%

Edited by BuyingBear

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Gordon Brown may not be perfect. He has been far too cautious in terms of putting up top rate tax IMO, and he was involved in the disterous PPP for the Tube fiasco.

However, the aims of full employment, reducing child poverty and aiding the developing World are three examples of why he is a thousand times better than the awfuul Tory chancellors who committed untold amount of damage to the British economy during their years in power. They too, had benign economic conditions, with historically low commodity prices, and the benefits of North Sea Oil coming on stream. The bonanza was squandered on tax cuts for rich and unemployment benefits for the 3 million out of work.

With regards to house prices, everybody, including Brown, has been surprised by the extent of the property boom. The challenge is to create a crash without it feeling like a crash ie. reduce prices, make housing more affordable and not hurt too many people. I subscribe to the view that a 20-30% fall in prices would be beneficial to the country as a whole. How to achieve this, and "sell" it, is the political and economic challenge.

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I think your all being a bit unfair after all he did sell gold and buy dollars at exactly the right time!!

Yep, has not gone unoticed amongst the aware, but, do the masses know or understand the size of the mistakes?

This was perhaps another one where Brown/Labour curry political favour with EU / US with our wealth? Heaven forbid!!!

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I think your all being a bit unfair after all he did sell gold and buy dollars at exactly the right time!!

Err, he sold gold during an absolute slump and his selling drove prices down further, Bullion hit a 17 year high above >$450 recently.

He moved the reserves into Euro's. Problem is, the BoE doesn't have enough gold reserves to drive prices down these days, the sort of thing needed to make paper currencies like Sterling attractive in rough waters.

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Guest Charlie The Tramp

Don`t just blame Gordon, Ed Balls the next Chancellor pulled his strings. It appears Ed was always called for advice before Gordon made decisions.

There you go the new A team, Brown PM and Balls Chancellor the reason Brown got him to stand as a MP, ready for the bigger Balls up to come. :(

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Would not be suprised if they move the goal posts on inflationary measures when things head up!!

Hasn't it already been hinted at that house prices will be put within the scope of the inflationary measures? i.e. now house prices are dropping put them back in the measures to keep inflation artificially low still. Or was I dreaming that??? :unsure:

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Don`t just blame Gordon, Ed Balls the next Chancellor pulled his strings. It appears Ed was always called for advice before Gordon made decisions.

There you go the new A team, Brown PM and Balls Chancellor the reason Brown got him to stand as a MP, ready for the bigger Balls up to come.  :(

Sounds like this bloke has him by the Balls, I don't buy it, Gordon knows exactly what he's doing regardless of his advisers. He even appoints people to the MPC, dictates their inflation target and yardstick, it's doubtful how much he can pass the buck on to the Bank of England.

Even if he sucessfully blames the BoE for any forthcoming problem it still rebounds on him, who decided the BoE should responsible for running such things? Yup, Brown.

I feel sorry for Brown in a way, these should be other peoples' problems by now, no doubt he fully expected to be in No 10 by 2003.

Edited by BuyingBear

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BuyingBear,

I feel sorry for Brown in a way, these should be other peoples' problems by now, no doubt he fully expected to be in No 10 by 2003.

Not half as sorry as the following generations are going to be when they have the IOU to pay for the public sector liabilities and paying off the debt.

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BuyingBear,

I feel sorry for Brown in a way, these should be other peoples' problems by now, no doubt he fully expected to be in No 10 by 2003.

Not half as sorry as the following generations are going to be when they have the IOU to pay for the public sector liabilities and paying off the debt.

There will be raging hyper-inflation when the boomers arrive in the happy land of retirement, the presses will be running so much that present public debt levels will seem benign :o

Off-balance sheet PFI pales in comparison to unfunded pension liabilities.

Edited by BuyingBear

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Guest Charlie The Tramp
Sounds like this bloke has him by the Balls, I don't buy it, Gordon knows exactly what he's doing regardless of his advisers.

Brown at the dispatch box acts as if he is reading a script, screenplay by advisors, directed by advisors, and executive production by the Treasury.

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hasn't GB sold off phone licneces, gold and ern.. whatever else we had to sell?

To be fair, the phone licence thing was a stroke of genius/extrordinarily good timing. After he sold them, the telecoms market crashed.

And what's more, the last lot were also pretty good at selling off the country's assets at knock-down prices.

Edited by doogie

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Err, he sold gold during an absolute slump and his selling drove prices down further, Bullion hit a 17 year high above >$450 recently.

He moved the reserves into Euro's. Problem is, the BoE doesn't have enough gold reserves to drive prices down these days, the sort of thing needed to make paper currencies like Sterling attractive in rough waters.

It was a joke! :blink:

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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