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Economy Hits A Rock

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OMG, I'm definitely turning sociliast.

Bangs head on wall.

http://www.socialistparty.org.uk/2007/502/...l?id=mp1847.htm

Editorial

Economy hits a rock

FOR TEN years Gordon Brown has claimed that New Labour have created economic stability, overcoming capitalism's "cycle of boom and bust". In the last week this claim has been shattered.

The Northern Rock crisis, the first full-scale bank run in Britain for over a century, has laid bare the reality of Brown and Blair's Britain.

In reality Britain has become a giant hedge fund, a casino, with an economy dominated by the City of London's endless drive to make a quick buck by any possible means. Under New Labour the number of workers employed in manufacturing has fallen to the lowest level since 1841.

British capitalism, like US capitalism, has continued to grow only as a result of a series of huge credit (otherwise known as debt) bubbles. Personal debt has trebled under New Labour to £1.3 trillion. Our collective personal debts are now greater than Britain's Gross Domestic Product.

As the socialist has repeatedly warned this situation cannot last forever. Capitalism remains a cyclical system, at a certain stage economic crisis is inevitable; and the unprecedented use of credit to prolong the boom will only make the crisis worse when it comes.

The events of the last week mark a turning point - Britain is on the road to recession with all the horrific consequences which will result for working and middle-class people. However, even if this does not develop immediately, New Labour will no longer be trusted on the economy. Just as the ERM crisis of 1992 wrecked the Tories reputation for economic stability, this will fundamentally damage New Labour's.

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Funny, isn't it.

There's nothing essentially wrong in what they say: capitalism is indeed cyclical; and recklessly encouraging booms is certainly stupid and deleterious to stable capital formation.

Greed is always ugly.

Etc.

What's absolutely hilarious is their alternative.

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What's absolutely hilarious is their alternative.

Yeah, all those European socialist countries with their great health services, education systems, infrastructure, quality of life, standard of living. Running trade surpluses as well. Hilarious.

We are truly blessed to live under the Anglo-Saxon model.

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Damn those Swedes and there social democracy. Simply taunting us with their wealth, excellent public services, and high standards of living. Why don't those commies get with the program and trash their public services, get everyone in debt, and lower their standard of living to that of the UK. Don't they want to be poor debt slaves?

We have an economy, when did this happen?

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Err... guys, we're not talking about Sweden (where I've lived, and incidentally it ain't great), we're talking about the Socialist Workers' idea of paradise, which is (near) post-Stalinist Russia.

Maybe hilarious wasn't the right word. "Horrifying" might be better.

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FOR TEN years Gordon Brown has claimed that New Labour have created economic stability, overcoming capitalism's "cycle of boom and bust". In the last week this claim has been shattered.

So Gordon stopped the Boom so he won't see the bust if thats what he thinks.

20% HPI is a boom but like so many things the Bust may run a lot faster than 20% pa.

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