Sunday, 22 February 2009

Governmental Effrontery

The Prime Minister has called for prudence from the banking sector and exhorts the public to save now that interest rates are practically zero, following 11 years' of extravagance, mismanagement of funds, waste and inefficiency, and squandering of resources.
Sheer effrontery.

R.C. Cardinal Cormac Murphy-O'Connor suggests that a spell of spiritual poverty and abstinence may bring about a new philosophy to replace the present hedonistic life-style and allay the ills of society.
Possibly the culture of groups such as the Amish has a great deal to commend it, but would it catch on? Doubtful! This view is not meant to be cynical but realistic.

4 comments:

Plaid Gwersyllt said...

I think its fair so say Gordon Brown is not responsible for what is happening to our economy. The problems here are no different to the rest of world. Germany, France and the US are in a worse position than we are.

alanindyfed said...

It is fair to say that if one is a member of the Labour Party, I mean the British version.

kerdasi amaq said...

This is for Iceland, but it may come in handy for Britain.


They should convert their debt into 0% bonds payable in 50+ years or whenever they have the money.

Also they should set up a special fund to buy US government bonds, take the interest from these bonds and use it to pay off their 0% bondholders at random.

That is, every three months, take the interest from their bonds, select bonds at random, and pay-off the bonds until all the interest is gone. Repeat every three months until the debts are paid off(eventually).

If the creditors don't like it, fuck 'em, maybe it'll teach them to lend more carefully in future.

Anonymous said...

the financial sytem sucks and as long as such a system exists the economy is predistinated to collaps, thx to the imperialistic english world ... GB and the U.S.A ... whatever, who cares....