Thursday, August 26, 2010

Orthopraxy or oligophrenia: official output...

Feeblemindedness or correct action? Merkel 'advocated stimulus for those who could afford it, restraint from countries already up to their necks in debt and subsequent austerity all round, or sensible control of public spending, to clear the way for expansion' [Iain Martin, WSJ]. Brown, as we know, fiddled whilst the UK burned; "Britain had entered the recession without the advantage of its government having been prudent on the public sector spending front."
"Mr. Brown’s much talked of stimulus for the U.K. was a puny affair involving a temporary cut in VAT and a bit of industrial pump-priming. When he said stimulus, he really meant that already high public spending continued unabated while tax revenues declined and borrowing shot up. To pay for this, British taxes are about to go up. It is difficult to see that doing anything other than adding to the existing pressure on business and consumers, and thus restricting growth prospects."
Please remember this: the shit state of the UK is indeed the covering of the olid Brown stuff.

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