One of my readers has suggested that the article by Jim Sillars in today's Scotland on Sunday deserves wider coverage. I am happy to oblige.
It's not always I agree with Mr Sillars but every word he writes expresses my view and I'm sure the opinions of many others.
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8 comments:
If Sillars is right, and I think he is spot on, we are heading into a double dip recession of frightening depth and consequences.
The Bank of Gordon Brown has melted the credit card and we are within a whisker of having our credit rating downgraded.
Still Brown wanders on denying everything, lying yo himself and to us. His acolytes and fellow ministers do nothing when the man is clearly mad and ruining the country.
To understand what that means look at California, the 8th largest economy in the World, which cannot borrow at the moment because it's credit rating has been downgraded.
It cannot pay it's employees and soon schools and other services will have to stop. Remember that Arnie cannot print money.
I have no assets in the UK and I advise those of you who do to convert your liquids into carrots and potatoes; you'll need them.
Thanks for your contribution bugger lugs. My only asset in the UK is my property otherwise I have nothing. Fortunately I've never had anything worthwhile although I've lost out badly on endowment policies and pensions. Too late now.
Sillars's analysis is spot on. When will the people rise up and tell this man, Brown, that his time is up. We need him and his failed cadre to go and to go now.
None of the labour party has the courage Ted, that's the problem.
I suggest, Subrosa, that none of the current Opaque of Politicians (it's my favorite so far!) has the intelligence or honesty to come up with considered solutions to the problem that besets unionist Westminster. We therefore drift in the morass of self-serving pond-life - Mandelson being the arch- double-agent sabotaging what's left of unionist backbone (particularly Brown's) in order to surrender a brokeback nation to the worst imperialism of the EU.
Silenced by the sinister infiltration of Political Correctness and revolted by the institutionalised fraud of MPs expenses - we have lost our reason of WHY we NEED to find a better way to live as we have been contaminated and diverted by How we WANT to live as dictated by the oppression of fear and, surprisingly, Elf'n Safety laws!
Cat Brown is away - Cape Cod again perhaps (how appropriate)- Mouse Mandelson is bound to play but I would like to see many more Sillars-style rodent-traps laid down, further clearing the road to Independence. Great opportunities don't come along too often - so where is that leadership that must step forward now - Your Country Needs You?
Re MoD - I agree, why are we never told the numbers of wounded until one dies from their injuries? A contemptible avoidance of 'transparency' and respect for our armed forces and families.... and just who is Elizabeth 11?
Brown knows he has no chance at the next election. He knows perfectly well that the cuts have to come and that they will be horrific, but he keeps telling us that HE won't cut, and that the Tories will (it's become his mantra; there's never a sentence without "Tory cuts" in it). After the next election that's what the Tories will do, because they will have to. Brown hopes that (and he could be right) this will make the Tories incredibly unpopular within a very short time, and after 5 years Labour will return, with wee Milliband or Ball-up as it's leader.
Unfortunately, the Tories will not have cut enough, and there will be another 20 or 30 years of cuts to come.
Good articel from Sillars.
http://duncanseconomicblog.wordpress.com/2009/07/06/a-pay-freeze/
A Pay Freeze?
Posted in Uncategorized by duncanseconomicblog on July 6, 2009
I have been reading Audit Commission Chair Steve Bundred’s thoughts on reducing debt.
Red meat of course for the Telegraph:
It has been left up to a civil servant, Steve Bundred, chief executive of the Audit Commission, to name a sum. He said yesterday that the national debt will require a £50 billion package of spending cuts and tax rises. Health and education could not be ring-fenced – and a pay freeze should be imposed on six million public-sector workers.
By my count that would be a structural deficit around 3.5% of GDP – possibly a little low.
But the key question for me is, when does Mr Bundred suggest we make these £50bn of cuts?
If we make them this year we risk an exact repetition of mistakes made seventy years ago – the dreaded double dip recession. One of the most important lessons of the depression is that fiscal and monetary stimuli should not be withdrawn too quickly.
Let me be clear on this. If we announce a public sector pay freeze starting this Summer, that would be a colossal policy error. A £5bn reduction in public spending, in the context of a deficit of nearer £200bn is small change in terms of savings. In terms of the effects on growth it is potentially much bigger. And the best way to pay down debt is growth.
Duncan unlike you naysayers KNOWS' what he is talking about
What naysayers Niko? Good link though, thanks.
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