The Mudcat Café TM
Thread #139632 Message #3205661
Posted By: Don(Wyziwyg)T
10-Aug-11 - 06:25 PM
Thread Name: BS: London Riots
Subject: RE: BS: London Riots
""The debt is owed by the government, not by bankers. Its cause was overspending by Gordon Brown. Even at the peak of the cycle he was running a deficit (but then, that didn't matter, did it, as he'd got rid of boom and bust? Oops!)""
The last curbs on the bankers' activities were removed by Gordon the Prudent, and debt was encouraged. To pay for all the inadequate and ineffective "initiatives" with which New Labour tinkered around the edges of mounting problems, Gordon sold this country's gold reserves and squandered the money raised in short order.
Now, I'll admit that, in dire straits, I might sell off the family silver (if we had ever had any), but I sure as hell wouldn't sell it when silver was at its lowest price for thirty years, which was when he cashed in the nation's reserves.
And I certainly wouldn't spend it on contracting for aircraft carriers which will have no planes for eleven years, and similar halfwitted projects to which his successors have been contractually bound.
Let's face it, he cocked up ROYALLY and had he possessed the brain God gave a goose, and hung on to the gold, we would now be in a position to clear all our deficit by selling at the highest price for thirty years.
The collapse was outwith our control, the ability to float over it without effort was not. That WAS the responsibility of one man, GORDON (not so prudent) Brown.
So the above statement is essentially irrefutable.
Don T.