Saturday 20 December 2008

Darling's last roll of the dice and the spectre of wheelbarrows of banknotes

Daily Mail
"This week it became clear that both Alistair Darling and Gordon
Brown are beginning to lose control of the British economy.Their
attempt to end the crisis by bailing out the banks with £37 billion
of taxpayers’ money in October has failed."...."More terrifying still,
ministers have lost their grip of government finances.".........."As a
result, the Chancellor has lost almost all powers to recharge the
British economy — either through extra spending or through lower
interest rates.In this state of despair, and faced with a national debt
likely to rise rapidly, he now has one final, desperate roll of the
dice: to try to save the British economy by printing extra money.
Indeed, I can reveal that Bank of England officials are already
studying this option.Historically, it has been a sign of total
catastrophe when any government resorts to seeking financial
salvation through this disreputable method."
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PS. "Britain no longer has any stake in the production
of its nuclear warheads after the Government
secretly sold off its shares in the Atomic Weapons
Establishment in Aldermaston."
(Independent)

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