Indeed it was beyond crass. It was competely economically illiterate'' as government finances cannot be compared to a household budget because it is not a currency user but a currency issuer. Central government is more akin to the score keeper in a cricket match who can neither have or not have runs themselves.
Well that's where you and I will have to depart. And I say this as someone who may get an inheritance soon, unfortunately. But I also don't like private schools either. And I do like the principle of taxing assets more than labour.
It’s a fairly well established thing that outgoing ministers leave amusing notes for their replacements. It’s not some sort of anonymous confession, it’s a gag which some charlatans used as a campaigning device.
The Lehman brothers caused the financial crisis in 2008, and Gordon Brown along with Mervyn King, took Lloyds, TSB and TBS into public ownership.
Before the markets opened on Monday, it was announced that the Government was taking stakes in HBOS, Lloyds TSB and RBS in return for a £37 billion injection of capital while Barclays would be recapitalising from private sources. The state was now the majority shareholder of RBS and would own 40% of the new bank created by merging HBOS and Lloyds. Britain's banks opened their doors that morning. The cash machines still worked. As far as most people knew, it was business as usual.
One very senior civil servant, in many ways a sceptic about Gordon Brown's leadership skills, gives him much of the credit for bold action in this crisis: "Gordon was prepared to say: 'We need to bail them out' despite the political risks. He took the lead and then allowed Alistair to do it."
The weekend Gordon Brown saved the banks from the abyss
The Prime Minister's leadership qualities were to the fore on the weekend in October 2008 when financial calamity was so closewww.theguardian.com
Greece was bankrupt. It either massively devalue the drachma or join the euro. Stop blaming Germany.
I know. I have friends in Athens.
Greece, dropped the Drachma and joined the euro in 2001.
Germany insisted on Greek austerity measures to release EU bailout funds (primarily funded by Germany) over a decade after they were in the Euro.
Greeks financial problems caused in many parts by Greeks dodging taxes.
Wrong on all counts.
QE didnt rescue the banks. It was a pretty pointless exercise in swapping interest bearing bonds for bank reserves.
Yes, I’m being lazy because I’m more interested in tonight’s game. I’ll say more tomorrow. You have also assumed a lot.
I might be in a minority of one, but it was particularly galling to see Hector Sants rock up at Barclays.
Very fairNot really, Harry, it is the chippiness of some on here that grates. Although I was educated at a private school, I really don’t have a strong feeling about them. I always said that one of the best days of my life was the day I left school and I still maintain that view.
I don’t particularly dislike Labour, but I cannot ally myself to them, unlike some of the Labour supporters on here who really hate the Tories. As I said in my post, I do hope Labour make a success of their time in office for the good of the country, and that the Tories get a grip of themselves in Opposition and come back to their collective senses. I am always in favour of a strong Opposition regardless of which party is in power.
P.S.My sister, also privately educated, is a bit of a Lefty over many things and I am sure she wouldn’t give a monkeys if private schools disappeared. She spent her whole career teaching in the state sector and lives in Brighton. She’d probably fit in quite well on NSC.
@Beach Hut doesn't believe Starmer/Labour, but he does believe every word written on a post-it note by a spotty intern 14 years ago.
1. Never hear of him. I can't be very left, then... so much for all that Marxism training I've supposedly had (according to the late Fairy, formerly of this parish).
You are, now. Innit.
