Speaking at an interfaith conference at the UN General Assembly in New York this morning, Gordon Brown has just called for global tax cuts, "a temporary and affordable fiscal stimulus" was needed to tackle the downturn he said. Gordon told journalists that he intends to ask leaders at the G20 summit to produce fiscal stimulus packages of tax cuts and spending increases to “stimulate growth in our economies”. Perhaps Gordon didn't notice that George Bush actually got his temporary stimulus in at the beginning of the year, whilst our far-sighted financial genius has yet to even announce his growth package, which is probably why US GDP growth last quarter was not quite as bad as UK GDP growth (-0.5). How is he going to blame that on America?
Friday, November 14, 2008
Guido, Gordon, George W & Growth
Guido has a very interesting post on Gordon Brown's visit to Washington. He writes...
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5 comments:
You are stretching the meaning of 'very interesting' a bit here Iain. Just the usual pompous guff from Guido, followed by a torrent of insane comments.
Watching the FTSE 100 and the Dow reminds me of a junkie who, after he receives his fix, goes higher and then falls back, to be even lower.
Having watched the Daily Politics this morning to be treated to Clegg trying to palm off a tax redistribution as a tax cut, it is no wonder politicians are held in such low esteem.
Yeah but no but.....
GeOrge Bush may have got his stimulus package in at the beginning of the year but it is not working.
Any stimulus package by our Govt will not work either. The Japanese have the answers and the G20 need to listen to them. The stimulus must come to deal with the social consequences of mass unemployment as FDR did in the 1930 Great Depression - but before that the burden of debt within the banking system must be written off and banks must be allowed to fail. The Japanese rightly admit that this is why they failed to deal with the deflation they had over the last decade - their knowldege and experiennce is being willfully ignored by all of the G20.
The UK and USA must write off the banking system debt first - the banks must not be bailed out. The bailout just prolongs the pain while banks repair their balance sheets and refuse to pass on interest rate cuts.
Word Verification: hesters
(Now that is odd - Stephen Hester has just been appointed the CEO of RBS).
How? With the support of the BBC of course.
"Cheeseburgers,which started in America,and then spread over to Europe,and are responsible for the shocking amount of fat slags in the UK.
Michael Jackson,who started in America, and spread to our shores, and caused a 96% decline in skiffle and beat combos in this country.
"Friends" which started in America and flowed across the ocean and has caused a large deficit in programs like Terry and June and On the Buses, and I believe, quite rightly, that if I keep blaming America for everything, people won't realise the almighty cock-ups I made that have left Britain the best placed debtor nation in the world.
Best wishes.
Crash Gorgon.
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