Friday 20 February 2009

Borrowing to save the economy is like trying to sober up a drunk by giving him a large whisky

Daily Mail
"Hard though it is to believe, Chancellor Alistair Darling still claims that borrowing is under control, while Gordon Brown continues to insist that the British economy is built on ‘sound fundamentals’.
..These latest official figures show that Britain’s financial state is now far, far worse than countries such as Greece or Italy, which we have traditionally looked down upon and sneered at for their profligacy.
....The Prime Minister is currently set on a spending surge unmatched by any other government in British history. Tragically, however, this extra spending comes at a moment when government revenues are collapsing at a record rate.
....Rather than making the national balance sheet add up, the Chancellor is resorting to the printing presses in a desperate attempt to save the day. This is a technique which only the most improvident and short-termist governments ever use — Weimar Germany after World War One, Argentina in the 1970s, Zimbabwe in the past few years."

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