‘My politics are based…on things I and millions like me were brought up with. An honest day’s work for an honest day’s pay; live within your means; put by a nest egg for a rainy day; pay your bills on time; support the police.’ (1981)

Derek

It is probably worth mentioning that the loan for the war effort was only paid in full just a couple of years ago.

Now compare that with the current and future debt levels and I seriously doubt it will ever be paid off even in my onw children’s lifetimes.

I noted your quick swipe at the money pit, namely Europe. Well said, needs more. I also noted that you constantly used the term Britain and British. How refreshing, thank you. These terms now banished by most politicians and all of the mass media, replaced by our European State designation as the UK. In fact I know of one Labour Council that has banned the word British as it is offensive and can be taken as a racist remark.

Finally, I am saddened by your speech. It reminded me of better days when these wonderful speeches such as yours, were delivered from the front benches. Of course that was before New conservatives. A pale blue, user friendly, PC kind of new Labour type Conservative. Where as you sir are indeed a true blue Tory.

This worked in the 80’s and early 90’s but once China really opened up it meant the economy was skewed with massive deflation in imported manufactured goods. As the monetary policy was based on the overall inflation rate, interest rates had to be slashed in order to get domestic inflation roaring to offset the deflation from manufactures.

This would only work until the deflation ran its course which it did by 2006. Unfortunately the end of imported deflation meant the end of domestic inflation so rates had to be hiked. As the Govt had told everyone that the steady state was with massive domestic inflation the banks set out their policies to work within this guidance.

It was wrong so when rates shot up their models crashed. The real asset values were much lower than their models showed so they became insolvent.

There was incompetence in the banks but ultimately the man to blame is Brown with his no more boom and bust (and globally Greenspan with super low rates). It was a mirage and obvious to anyone with a grasp of economics.

In fact the central banks knew it would happen, look back at speeches by and on Ben Bernanke (fed chairman) and you will see continued discussion on his study & understanding of the great depression. How fortunate to get this man just when we hit another great depression…….

It is also my perception that, au fond, Brown and Darling no longer have any idea what they are doing, and are probably past caring. What underlines this budget is a naked, desperate bid to cling on to power with a last mad borrowing gamble, combined with a return to Old Labour petty spitefulness. The country could pay for this gamble by being ruined.

Talking of Billboards, I thought of the ‘Demon eyes’ posters, updated to include Brown (not Darling – he is too pathetic),

Demon eyed Blair in the background, Demon eyed (singular) in the forground. caption:

“We told you so ..”

Or

“You were warned.”

The scale of our projected debt is truly terrifying, and makes me wonder why the Conservatives actually want to win the next election at all.

Just the interest only is going to drag the country down, and there’s no running for to the yanks for a loan like we did in the second world war

We’re fubar’d

In the meantime could you possibly send me a transcript of your Damian Mc Bride Memorial Lecture to forward to friends and relatives?

Let’s get rockin’ n kickin’ Nu-labour into Oblivion!! Up the Blues!!
Sorry got a bit carried away there. I’m afraid words cannot adequately describe the deepening & simmering sense of injustice with the incompetant Lefties lying their way out of it again.

Chris