"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Thursday, 29 April 2010

Sovereign Debt Implosion

All the front pages of the papers this morning are examining Brown's unintended revelation that if anyone's bigoted, it's him.  Mandelson, Harman, Johnson and other Labour spinners have been out in force making excuses for his comments in a damage-limitation exercise which is going nowhere.  I've only one more thing to add: people are quoting other 'off-mic' moments such as John Major's "eurosceptic bastards" or Bush's "yo Blair".  The fact is that none of the instances cited can be compared to Brown's - of all those mentioned he is the only one who insults an ordinary, decent voter and reveals his contempt for the British public.

Tonight is the third and last of the Leaders' Debates and will concentrate on the economy - supposedly Brown's strength where his intelligence and fiscal competence will shine.  I doubt it.  In the last forty-eight hours Greece has been downgraded to junk status, Portugal to A- and Spain to AA.  Investors are now fleeing Italy so can Ireland be far behind?  Britain can't be shielded from events in the eurozone and I'm only surprised that carpet-baggers have held off from attacking Sterling for so long.  British banks have £25bn exposure to Greece and Portugal but £75bn to Spain so while Germany drags its heels and its MPs whine that Greece should be kicked out of the eurozone, nothing is actually being done and the problem spreads.

President of the European Council, van Rompuy, had this to say about the crisis:
“The sun is rising
sleeping yet in Europe
still the same sun.” 

So  we can all rest easy in our beds and not worry that the EU has also demanded we raise our contribution to their budget by another £450m. In perverse double-speak EU Budget Commissioner Janusz Lewandowski said:
the huge spending increase is needed to allow Brussels to help aid the economic recovery.
The social and financial consequences of international socialism and wealth redestribution has never been so exposed for what it is: as an unworkable and wicked ideology.
UPDATE: Andrew Neil explains why what happens in Greece can affect the UK.


  1. I never thought I'd say this, GV, but the only hope for our economy is a Con victory. Should Labour come to power again, our rating will drop and the cost of borrowing will increase.

    Sovereign debt will be the 2nd dip in Labour's depression.

  2. Hi Fausty - yes, sovereign debt defaults were what deepened the 1929 Wall street crash. It will be interesting to see what Brown does on May 7th if Cameron doesn't get enough seats for an outright majority - he's bound to try and cobble something together with the LibDems so he & Labour can stay in power - depressing thought! How much of it is engineered and how much incompetence is hard to say though.


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