| Let them eat chips! on 11:34 - Nov 12 with 6965 views | Tonto |
did you expect anything else?
For decades the Tories have wanted to do this, but never had the guts. This austerity thing has given them the perfect opportunity to finally do so.
I llove this "we need to do more with less" mantra... There are mathematical equations which may help explain the impact of that... |  |
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| Let them eat chips! on 11:54 - Nov 12 with 6938 views | gueRRilla |
Paul Krugman wrote a great piece on Sunday on the current campaign against France being led by the austerity-clique. One segment in particular stood out for me:
"Oh, and when people start talking about the wonders of “structural reform,” take it with a large heaping of salt. It’s mainly a code phrase for deregulation – and the evidence on the virtues of deregulation is decidedly mixed. Remember, Ireland received high praise for its structural reforms in the 1990s and 2000s; in 2006 George Osborne, now Britain’s chancellor of the Exchequer, called it a “shining example.” How did that turn out?"
http://www.nytimes.com/2013/11/11/opinion/krugman-the-plot-against-france.html?s
In separate but related news the UK Health Secretary, Jeremey Hunt, stands to pocket £17m from selling a stake in his business. Government of the millionaires, by the millionaires, for the millionaires.
http://www.telegraph.co.uk/active/10436237/Jeremy-Hunt-to-make-17million-from-sa [Post edited 12 Nov 2013 11:55]
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| Let them eat chips! on 12:15 - Nov 12 with 6892 views | izlingtonhoop |
Of course "it's all the fault of the previous administration' has been their refrain for four years.
Liars, liars, liars!
It was your mates the bankers, that caused the BANKING crisis, that led to economic meltdown.
Let them in again, and it is us, the middle earners, who will be bent over and...
Till we bleed! |  | | |
| Let them eat chips! on 12:23 - Nov 12 with 6873 views | Metallica_Hoop |
That lady has a rather ornate napkin. |  |
| Beer and Beef has made us what we are - The Prince Regent |
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| Let them eat chips! on 12:35 - Nov 12 with 6842 views | Tonto |
the trouble is, the alternative isnt much better. Osbourne or Balls in charge of the economy... oh joy what a choice! | |
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| Let them eat chips! on 12:51 - Nov 12 with 6812 views | Nov77 |
| Let them eat chips! on 12:15 - Nov 12 by izlingtonhoop |
Of course "it's all the fault of the previous administration' has been their refrain for four years.
Liars, liars, liars!
It was your mates the bankers, that caused the BANKING crisis, that led to economic meltdown.
Let them in again, and it is us, the middle earners, who will be bent over and...
Till we bleed! |
Liam Byrne, Chief Secretary to the Treasury in Gordon Brown's Government. |  |
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| Let them eat chips! on 12:51 - Nov 12 with 6811 views | smegma |
Whatever happened to his BIG Society ??? |  | | |
| Let them eat chips! on 12:59 - Nov 12 with 6786 views | Tonto |
| Let them eat chips! on 12:51 - Nov 12 by smegma |
Whatever happened to his BIG Society ??? |
it got sold off with the water and the air. | |
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| Let them eat chips! on 13:04 - Nov 12 with 6779 views | scot1963 |
I like chips and I like cake so am happy for anyone to tell me to eat them but this lot are so out of touch I can't listen to them and their inane solutions to problems they have absolutely no understanding of, any more, in case I get high blood pressure |  | | |
| Let them eat chips! on 13:10 - Nov 12 with 6753 views | Trom |
| Let them eat chips! on 12:15 - Nov 12 by izlingtonhoop |
Of course "it's all the fault of the previous administration' has been their refrain for four years.
Liars, liars, liars!
It was your mates the bankers, that caused the BANKING crisis, that led to economic meltdown.
Let them in again, and it is us, the middle earners, who will be bent over and...
Till we bleed! |
That's not strictly true. What the bank crisis did do was end the ability of consumers and governments to borrow recklessly at very low interest rates. Our debt to GDP levels remain dangerously high and unsustainable and can be viewed here http://www.usdebtclock.org/world-debt-clock.html
The bank crisis brought the level of debt for both consumers and governments into sharp focus but cannot really be blamed for the levels of debt that we (and many other countries) had prior to the bubble bursting. Ultimately the budget deficit has to be controlled. You can point to Labour for running deficits in the boom times when they should have been running surpluses. Of course many economists and famously Gordon Brown believed we were at the end of the boom bust cycle or as they called it "the great moderation" |  | | |
| Let them eat chips! on 13:23 - Nov 12 with 6690 views | TheBlob |
| Let them eat chips! on 13:04 - Nov 12 by scot1963 |
I like chips and I like cake so am happy for anyone to tell me to eat them but this lot are so out of touch I can't listen to them and their inane solutions to problems they have absolutely no understanding of, any more, in case I get high blood pressure |
Did he really say let them eat chips?He's getting my vote then.
Wellllllllll probably not,he looks like a Pox Doctor's clerk in that outfit.
Or a pimp..... |  |
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| Let them eat chips! on 13:24 - Nov 12 with 6682 views | izlingtonhoop |
Not blaming the Tories.
I'm saying they can't continue to blame, as even now they do, a Labour administration for economic straits caused by a GLOBAL banking crisis.
11 years of Labour government in the UK did not bring down the Irish economy among others, as your post can be construed as implying.
http://www.economist.com/news/schoolsbrief/21584534-effects-financial-crisis-are [Post edited 12 Nov 2013 13:35]
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| Let them eat chips! on 13:31 - Nov 12 with 6652 views | Phildo |
Long term growth rates are forecast to be around the 1% level for the medium to long term as opposed to the postwar average of nearer 3%. If that proves to be the case we are in for permanent austerity even if Paul Daniels gets elected. Politicians have very limited control over these issues. It is unfortunately a case of which party proves best at putting lipstick on a pig. |  | | |
| Let them eat chips! on 13:32 - Nov 12 with 6649 views | Nov77 |
| Let them eat chips! on 13:24 - Nov 12 by izlingtonhoop |
Not blaming the Tories.
I'm saying they can't continue to blame, as even now they do, a Labour administration for economic straits caused by a GLOBAL banking crisis.
11 years of Labour government in the UK did not bring down the Irish economy among others, as your post can be construed as implying.
http://www.economist.com/news/schoolsbrief/21584534-effects-financial-crisis-are [Post edited 12 Nov 2013 13:35]
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You say it was the Tories mates, yet it was labour who deregulated the banks, and who gave Fred Goodwin a knighthood?
From feb2009,
"Labour has given 23 bankers honours, brought three into the Government as ministers and involved 37 in commissions and advisory bodies
Seven have got jobs on quangos and agencies, ten have been appointed to various councils, and four were given life peerages.
Two banking chiefs have been appointed to senior posts inside Number Ten." | |
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| Let them eat chips! on 13:38 - Nov 12 with 6631 views | derbyhoop |
On the basis of normal financial crisis management, which is to either spend less OR get more money coming in, Perhaps the answer is to take more in tax? |  |
| "Travel is fatal to prejudice, bigotry and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the Earth all one's lifetime." (Mark Twain)
Find me on twitter @derbyhoop and now on Bluesky |
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| Let them eat chips! on 13:39 - Nov 12 with 6624 views | Tonto |
you can popint to many things that led to the crisis: selling off the nationalised assets and services, the move away from industry, the deregulation of the banks etc. etc. All sides of the political spectrum are to blame.
but it was a global crisis that started in the US that led to this. it was pot luck who was in charge over here when it started.
the difference is the reaction to it. Austerity vs Spend to save.
History may show Gideon to be correct, but there is no denying austerity has come with a cost. To some it may be an acceptable cost, but those people are usually the rich ones, and have hardly been affected by the crisis.
It comes down to this - do you beleive the state should help out a little, or just let everyone get on with it, and sod anyone who cant manage it... | |
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| Let them eat chips! on 13:39 - Nov 12 with 6627 views | scot1963 |
| Let them eat chips! on 13:23 - Nov 12 by TheBlob |
Did he really say let them eat chips?He's getting my vote then.
Wellllllllll probably not,he looks like a Pox Doctor's clerk in that outfit.
Or a pimp..... |
I think it could be a vote winner - you know it makes sense
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| Let them eat chips! on 13:42 - Nov 12 with 6618 views | izlingtonhoop |
| Let them eat chips! on 13:39 - Nov 12 by Tonto |
you can popint to many things that led to the crisis: selling off the nationalised assets and services, the move away from industry, the deregulation of the banks etc. etc. All sides of the political spectrum are to blame.
but it was a global crisis that started in the US that led to this. it was pot luck who was in charge over here when it started.
the difference is the reaction to it. Austerity vs Spend to save.
History may show Gideon to be correct, but there is no denying austerity has come with a cost. To some it may be an acceptable cost, but those people are usually the rich ones, and have hardly been affected by the crisis.
It comes down to this - do you beleive the state should help out a little, or just let everyone get on with it, and sod anyone who cant manage it... |
This | | | |
| Let them eat chips! on 13:46 - Nov 12 with 6603 views | MrSheen |
What does spend to save mean? |  | | |
| Let them eat chips! on 14:09 - Nov 12 with 6547 views | izlingtonhoop |
| Let them eat chips! on 13:46 - Nov 12 by MrSheen |
What does spend to save mean? |
Roughly, invest in prevention, rather than not and then having to deal with the more expensive problem that accumulates. | | | |
| Let them eat chips! on 14:11 - Nov 12 with 6534 views | Tonto |
spemnd to save means invest in stuff (e.g. infrastructure), and take advantage of the cheaper costs.
Double galzing is a very good example... yes it costs money to buy (spend) but your fuel costs go down (save), so in the long term you end up better off. But even better buy the double galzing during a sale. | |
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| Let them eat chips! on 14:14 - Nov 12 with 6521 views | Trom |
| Let them eat chips! on 13:39 - Nov 12 by Tonto |
you can popint to many things that led to the crisis: selling off the nationalised assets and services, the move away from industry, the deregulation of the banks etc. etc. All sides of the political spectrum are to blame.
but it was a global crisis that started in the US that led to this. it was pot luck who was in charge over here when it started.
the difference is the reaction to it. Austerity vs Spend to save.
History may show Gideon to be correct, but there is no denying austerity has come with a cost. To some it may be an acceptable cost, but those people are usually the rich ones, and have hardly been affected by the crisis.
It comes down to this - do you beleive the state should help out a little, or just let everyone get on with it, and sod anyone who cant manage it... |
Well that's where the problem lies. Historically the reaction to a recession is to cut interest rates and increase government spending to kick start the economy.
The issue in this down turn was that initially cutting interest rates had little effect as the banks losses meant they needed to recapitalise to meet capital adequacy rules, rather than lend out. LIBOR rates only started to come down once quantitative easing kicked in. How much of the recovery is a mirage of quantitative easing both hear and in the US remains to be seen.
Expansionary fiscal policy was not an option as the previous labour government left the nations finances in position where increasing budget deficits would have certainly led to government debt ratings downgrades. I'm no fan of the Tories but Labour certainly left the nations finances in a state where fiscal stimulus was not an option. [Post edited 12 Nov 2013 14:15]
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| Let them eat chips! on 14:21 - Nov 12 with 4025 views | QPRMUSO |
| Let them eat chips! on 13:10 - Nov 12 by Trom |
That's not strictly true. What the bank crisis did do was end the ability of consumers and governments to borrow recklessly at very low interest rates. Our debt to GDP levels remain dangerously high and unsustainable and can be viewed here http://www.usdebtclock.org/world-debt-clock.html
The bank crisis brought the level of debt for both consumers and governments into sharp focus but cannot really be blamed for the levels of debt that we (and many other countries) had prior to the bubble bursting. Ultimately the budget deficit has to be controlled. You can point to Labour for running deficits in the boom times when they should have been running surpluses. Of course many economists and famously Gordon Brown believed we were at the end of the boom bust cycle or as they called it "the great moderation" |
Trom, Spot on and to add to that a unique problem the UK had was too many public sector jobs and final salary pension schemes that private sector workers can only dream of, we know which government increased the public sector spend don't we. I am just glad we have a government in place right now that recognises if you don't get spending under control borrowing becomes too expensive then it's all out of control. It's not about the have's and the have nots as some people seem to indicate but I would rather have intelligent business minded people running UK PLC than idiots that want to give everything away and spend money we don't have. Common sense. Gordon Brown totally screwed us over and watch, Ed Balls will do the same. | | | |
| Let them eat chips! on 14:23 - Nov 12 with 4014 views | QPRMUSO |
| Let them eat chips! on 12:51 - Nov 12 by Nov77 |
Liam Byrne, Chief Secretary to the Treasury in Gordon Brown's Government. |
And Liame Byrne is still in the shadow cabinet - what a joke he is. | | | |
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