Another load of Tosh (Courtesy of the Telegraph)
The only doubt worth talking about, is the doubt that would exist, if we had no deficit reduction plan in place to satisfy the shylocks. What does AAA rating stand for these days after the debacle these Rating Agencies had in place back in the dark days of 2008. Especially now inflation is heading off into the stratosphere. A valve cap for removing the valve, bought yesterday £1.00. I’m flabbergasted, should have gone in the shed and made one.
A big problem for the generation that went on a plastic spending spree back in the decade from ‘98 to ‘08 however, is the fact that realisation has yet to dawn. So the lessons which flow from that realisation have been swept under the carpet for the past three years by low interest rates and the printing of IoUs, briefly described as Quantitive Easing.
For a while it can and did create a false dawn, but like all false dawns it will bring no respite when it comes to the hard-head bankers, intent on re-building the reserves and the bonus pool they believe themselves to be entitled to. The main reason for this mentality of course, is fear, as they lost control of their senses and jumped on the Blair/Brown, ♫It can only get better♫, bandwagon.
Who knows what ghosts of past indiscretion still lurk in the deep dark recesses of the banking world’s ledgers of despair? Several well known economists have been urging them to ‘fess up’, be as honest as the day is long, ever since the day their profligacy was called to account, but are we any wiser as to the true obligations of their loan book.
It’s practically impossible to know for they dare not reveal the true state of their obligations, though we know when we see the total public liability in round figures including maxed out credit cards, personal loans and mortgages that thousands of millions are outstanding, mostly supported by sky-rocketting property vales that still have someway left to fall, if reality is to prevail.
It’s not over yet and though 0.2% growth is not brilliant, we need to ask where we might have been if the present shadow chancellor and his plan ‘B’ were in fact holding sway. It’s easy to say things could have been better but the truth is it could never have got much worse and anykind of growth in the present situation is to be welcomed. so we should be pleased to have a chancellor in place who will not waver.
Power to your elbow Rt. Hon. George Osbourne MP., Chancellor.
Watch this space, I’ll be back!
Tom
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