Reply to: Bright Days

[darmstadt]

Ah, that explains the result of the recent general election...

The economy will stabilize when the elite abandons cronyism, rentiers, and corruption; stop chasing Globalization and return to Capitalism.

Sent from my Boris

[scooterscot]

The economy will stabilize when the elite abandons cronyism, rentiers, and corruption; stop chasing Globalization and return to Capitalism.

History tells us they don't return to capitalism. Capitalism returns to you.

[TwoWolves]

The economy shall never stabilize for as long as the electorate supports short-term policies.

The economy will stabilize when the elite abandons cronyism, rentiers, and corruption; stop chasing Globalization and return to Capitalism.

[scooterscot]

The suffering of the '30s depression was not solely due to economic strategy

It's complicated. Huge debts & infective central banks played a large in the depression that followed in the late 1930's.

Governments of the time were not solely to blame. Borrowing by individuals was on par with gambling, as it is today. Risks was something you could worry about next week cause tomorrow's winnings would be enough to pay off the debt. Then the worst happened..... interest rates started to move up.

[scooterscot]

What would your solution in 2008 have been? Not to bail them out, let them all go under? What would the economics of that been?

Is the rise in debt from 2010 to 2019 also instigated by a Labour chancellor?

Exactly. And every Tory voting nitwit will deny this is their work.

Debts always have to be paid. A reset / hyper inflation is coming take your pick, it'll be ugly. The sad part is, it need never of happened.

[mb31]

I agree that Gordon brown was a decent chancellor, he was a rubbish PM, but a decent chancellor. Sure, he spent more than what was coming in but so did the vast majority of countries in the west. It was the property loving right wing and greedy financial services in the US that pushed prices up into a sub prime bubble. They knocked the first domino over to screw the global economy up. Gordon Brown could only react to a crisis that few governments saw coming.

[AtW]

The suffering of the '30s depression was not solely due to economic strategy but because we had no welfare state.

Late entry for CUK Village Idiot of the Year 2019

[scooterscot]

I'm more interested in economics.

The economy shall never stabilise for as long as the electorate support short-term policies.

[scooterscot]

This Labour party wanted to hike tax on working people.

Ohh boyo you're in for a big surprise if you think dem Torries are no going to tax you to the dark ages.

[TwoWolves]

I suggest you read a couple of books about the Great Depression before making stupid remarks on here.
Idiot.

You never substantiate anything, just vacuous claims, and insults.

The suffering of the '30s depression was not solely due to economic strategy but because we had no welfare state. Sooner or later the system will have to be reset because of these failures.

[sasguru]

I have a grudging respect for Gordon Brown. He stood up to the banking collapse and helped Europe to take action. He understood what would happen to the normal person if the banks completely failed and you're right Sas he understood the mistakes of the great depression, so I think he did the right thing. The only difference is at the time, having bailed out the banks, they didn't explain to the great British public that they had to halt spending on other things. A rock and a hard place.

The Tories have now moved into the centre/left ground and take the place of New Labour. Labour on the other hand seem to have lurched so far to the left, they're at risk of becoming the Far Right!

Can't fault that analysis.

[MarillionFan]

I suggest you read a couple of books about the Great Depression before making stupid remarks on here.
Idiot.

I have a grudging respect for Gordon Brown. He stood up to the banking collapse and helped Europe to take action. He understood what would happen to the normal person if the banks completely failed and you're right Sas he understood the mistakes of the great depression, so I think he did the right thing. The only difference is at the time, having bailed out the banks, they didn't explain to the great British public that they had to halt spending on other things. A rock and a hard place.

The Tories have now moved into the centre/left ground and take the place of New Labour. Labour on the other hand seem to have lurched so far to the left, they're at risk of becoming the Far Right!

[sasguru]

Yes I would have let them go bust because that's how capitalism is supposed to work. New banks would have picked up the business, people would have got jobs elsewhere but most importantly the debt would have been wiped out. Turmoil for a few years and then recovery for the world. By 1936 the world was recovering from the '29 crash because grown-ups ran the world.

I suggest you read a couple of books about the Great Depression before making stupid remarks on here.
Idiot.

[TwoWolves]

What would your solution in 2008 have been? Not to bail them out, let them all go under? What would the economics of that been?

Yes I would have let them go bust because that's how capitalism is supposed to work. New banks would have picked up the business, people would have got jobs elsewhere but most importantly the debt would have been wiped out. Turmoil for a few years and then recovery for the world. By 1936 the world was recovering from the '29 crash because grown-ups ran the world.

I'm not going to get into politics but Brown was a self-indulgent imbecile. We will be paying for his arrogance for decades; he claimed he saved the world - he condemned it.

[meridian]

That's a ridiculous statement and you know it. The money going out was more than the money going in, the debt was always going to rise. Labour spent more than was coming in. Once you get into debt, you're in a bit of a problem.

The ridiculous statement was the claim that the UK’s debt is all down to the Labour chancellor, and you know it.

Yes, Labour spent more than was coming in. So have the Conservatives. Only laying the blame at the door of one chancellor is ridiculous.

Of course gold soared, so we could have sold our, oh hang on Gordon hocked that off cheap as well. That's why socialists are bad with the economy.

Brown did some good things (decoupling the BoE), he did some bad things (selling off the gold). Neither is evidence of your statement.

Equally good and bad things can be found for the Conservative chancellor also, but they alone won’t be evidence that they’re bad with the economy.

The idea of austerity was to get it all under control, but the Tories have struggled to do that, and coupled with a disastrous programme such as Universal Credit we now have an increase of foodbanks which frankly shouldn't have happened and that does need addressing as that is a social injustice. But if you think voting for Corbyn was going to solve it all, god forbid the logic.

Equally, of course, voting for Boris isn’t going to fix all of the issues you’ve helpfully highlighted. It’s likely to make them worse.

I didn’t think voting for Corbyn was going to solve it all. Nobody expected a Labour win, the hope was on a hung parliament to curb the excesses of the current version of the Conservatives.

We’ll reap what has been sown, I guess.