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Call me an economic illiterate (and you wouldn't be far wrong), but haven't Gordo and Darling managed to achieve by accident what Ronald Reagan and Maggie Thatcher did by design - Ramp up the national debt to such an extent they've deprived themselves, and would-be opponents (which for Ronnie & Maggie was the idea), of the ability to announce new megabuck spending projects. I mean, given that they can't politically or economically afford to raise taxes much further.
In effect they've sort of painted themselves into, or certainly a long way towards, a right-wing corner despite nationalization being on the face of it a lurch to the left.
Hmm, if I can think of a more pithy way of expressing this, and others here don't persuade me its a load of tulip, I'll post a comment in the NR repossession thread at Guido's blog - Many UK politicians read that thing avidly!
The country is going to hell and we're powerless to do anything about it, other than hand out cups of tea and biscuits to our comrades, in the hope they'll do the same to us when it's our turn.
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