Five years on, the Great Recession is turning into a life sentence,

So wrote Ambrose Evans-Pritchard Sunday Telegraph 12/08/02

Five years into the Long Slump it almost seems as if we are back to square one, he continued and here's a response -  by kind permission of - manonmidlandmainline

A life sentence heh! Clearly Mr A.E-P with your vast experience, you above all should have recognised this at the outset. It was always going to be this way. After six failed dalliances with Socialist Chancellors since 1924.  Personally I warned of it back in 1997 when the then Chancellor turned over the setting of the bank rate  to the MPC

I reckoned he just wanted someone to point a finger at when things went belly up, for he had no faith in his own judgement. Always the final call should be with the policymaker in the Treasury. That's where the buck should stop.  

My sympathies lie with the present Chancellor in his quest to find the best possible fix for the overstretched millions who thought there was such a thing as a new paradigm

You cannot grow yourself out of this Fabian Socialist debacle when the demand curve lags behind the supply curve. That's how markets work. No matter if it's commodity markets  or otherwise.

When the entire world is choking on production at tuppence per hour, it is inevitable if you are reliant on the home economy and  exports and that it has got to be a long game.

All that much longer when the main protagonist  let things rip on the premise that he ended 'boom and bust'  Genesis Ghapter 41 verses 29/30. Seven years of plenty followed by seven years of famine.

Though as you rightly point out, it could be a generation and more. Especially now we can begin to see the true consequences of 'Laissez-Faire Socialism' at work, courtesy of our former Chancellor the self-proclaimed - ' Son of the Manse'.

Watch this space I'll be back!

Tom.