Tuesday, January 29, 2008
Brown and his Euro Buddies to Global Combat the Credit Crunch
Euro leaders unveil global economy blueprint
You can just smell the BS as Brown, Sarkozy, Merkel and Prodi sign a bit of paper setting out three guiding principles for addressing "turbulence" in financial markets. Darling then has the cheek to pronounce; "Because we have got very low debt levels and because we have historically low interest rates we can then support the general economic policy and take the right action."
Posted by enuii @ 10:30 PM (829 views)
5 thoughts on “Brown and his Euro Buddies to Global Combat the Credit Crunch”
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alan says:
“Because we have got very low debt levels and because we have historically low interest rates we can then support the general economic policy and take the right action.”
I’m amazed! The UK is built on debt. Has Captain Darling completely missed the obvious or is he trying to bluff it out.
If he is playing a political game, then I’m not to bothered. Politicians are adept at being “economical with the truth” or lying. However, if he actually believes the statement, then we could see IR drop significantly as the asset bubbles inflate again.
I was just refecting on how gently the air was coming out of the House Price bubble with nobody jumping out of windows – the last thing we need is jacked up debt levels on the back of higher house prices.
drewster says:
I’m absolutely flabbergasted. How can Darling say that with a straight face? This government has spent its way through the last eight years raking up a massive deficit! Hopefully another MP will ask him about it in the commons.
Maybe he’s just economically illiterate. Maybe Gordon told him a load of porkies before offering him the job of Chancellor, and now nobody has had the guts to tell him the truth. Either way it doesn’t bode well for the future.
nopensionnohouse says:
What a plonker.
pendulum says:
Unless he’s referring to the “official” 40-50% debt:GDP ratio rather than the more likely 103% debt:GDP as published in the tabloids lately.
M3 says:
We’re saved! Thank God for that. Can I call my mortgage broker now?