Osborne plunges UK into debt?

[David Johnson]

As you all know, I am not particularly interested in politics, leaving that to the BGAFD resident, political analyst, James Slip, the man to whom 10 Downing Street is a second home. !wink!

However, most of us who actually read a newspaper, listen to radio and have a gander at the box, will probably be a tad peed off with the incessant, "coalition saved country from bankruptcy, we were five minutes away from disaster, we were just like Greece, now due to our wonderful austerity measures (no pain without gain, you fucking disabled shirkers out there) everything is going to plan.

And as James Slip pointed out Christine Lagarde ( what a MILF, Jimbo, get her booked) said she "shivered to think back in May 2010 what would have happened if no fiscal consolidation programme had been decided".

Shock, horror, forumites look at this article by Fraser Nelson, right wing journalist on the Spectator, hardly a supporter of Gordon Brown.

http://www.spectator.co.uk/coffeehouse/ ... logy.thtml

It explains how Ozzy Osborne according to the Office of Budget Irresponsibility has increased net debt in real terms more than Alistair Darling planned in his "fiscal consolidation" plans.

Bloody hell, we are just like Greece, Ryanair fly me to Switzerland toute suite.

[Arginald Valleywater]

Sorry mate but Ozzy is still trying to swim through the shit that McBroon and Darling left. Another 20 years of prudence and we should half solvent!

[Porn Baron]

Lagarde should know that he can't possibly do what labour suggest and cut VAT. The tories are not for turning. No plan B. Austerity misery and job cuts for all! Frighten everyone to half to death so they spend nothing!

[img]http://img.thesun.co.uk/multimedia/arch ... 49956a.jpg[/img]

[img]http://www.bluelou.net/osbornCut.jpg[/img]

[David Johnson]

THought you might appreciate this Steve Bell cartoon.

http://www.guardian.co.uk/commentisfree ... ne-cartoon

"Best in shit". About sums it all up.

Oh and whilst I am on my high horse (not courtesy of Rebecca bloody Brooks) , I would point out that Lagarde came up with the possibility of more quantitative easing.

Now correct me if I am wrong, but didnt Cameron tell us in autumn 2010 we were now on the mend under his stewardship? Since then we have had over ?300 billion given to the banks in return for the purchase of various assets - in effect, printing money. Now the whole purpose of this was to see it flowing out into the business world. Business world, my arse. More like being used to fund bankers bonuses for failure.

Dunno about you lads, but I havent seen any "quantitve easing" money round our way.

[Porn Baron]

Yes very naughty cartoon. I liked the comment that Osbourne gave her the pearly necklace

Quantitative easing! And they wonder why inflation is stubornly high. As soon as inflation starts to come down print more money to take it up again eroding peoples savings and making goods more expensive. Give the dosh to the banks to keep. Thieving cunts!

[img]http://a8.sphotos.ak.fbcdn.net/hphotos- ... 8685_n.jpg[/img]

[jimslip]

God Almighty you never cease to amaze with the total and utter bollocks that you endlessly spew out! Go on tell us all how New Labour never borrowed a single penny and were at all times prudent and any views to the contrary are as a result of Tory lies!

So this is all lies?


"We were borrowing in good times and in fact had had a structural deficit (ie not related to prevailing economic conditions) for the seven years before the recession even began.
Labour entered the financial crisis with a larger structural deficit than France, Germany, USA, Japan, Italy and Canada.
The vast majority of the deficit - ?123bn of the ?156bn borrowed in 2009/10 - was structural.
By the time Brown, Miliband and Balls left office Britain had the largest deficit in the developed world.
National debt doubled during the Labour years.
Under any measure Britain under Labour did worse than other countries. Having gone into the recession unprepared we then suffered the longest recession of the world's twenty biggest economies and suffered the deepest in our recorded history.

The over-spending might have been half-excusable if things had got better but Britain slid down league tables for educational competitiveness. Youth unemployment soared. The welfare state became a maze of complexity. Extreme poverty grew. NHS productivity fell. Defence procurement became a shambles. Britain missed its green targets.

And this all fabricated by evil Tories?

"The main driver of the deficit rise was that Labour stuck with plans to raise spending considerably (plans set in 2007 - mainly driven by rises in health and education spending) even when it became clear that the economy was going south.? Now what the other guys say is that that means it wasn't the spending rises that caused the deficit, but the economy going south.? I say that is like the claim of a man who had planned to buy a ferrari hoping to win the pools, didn't win the pools but decided to go ahead with buying the ferrari anyway, and then said the reason he had a ?400,000 debt wasn't that he had bought a ferrari - it was that he *hadn't* won the pools!"

Of course this is nonsense as well:

Working with Taxpayers' Alliance research this morning's Independent on Sunday has published the extent to which the Labour government has mismanaged public spending projects. The costs total ?22bn or ?330 for every person in Britain.

Listed below are five of the worst examples of Labour wastefulness:

Project: NHS national IT programme
Budget ?2.3bn
Current cost ?12.6bn
Percentage overspent 450%
Established in October 2002, under Alan Milburn, scheme to link 30,000 GPs in England to nearly 300 hospitals has been derided for huge costs and technical problems.
Project: 2012 Olympics
Budget ?2.4bn
Current cost ?9.3bn
Percentage overspent 289%
The euphoria that greeted the decision to award London the 2012 Games has largely given way to concerns over spiralling costs.
Project: Astute Class submarine
Budget ?2.5bn
Current cost ?3.8bn
Percentage overspent 48%
The order for three of next-generation nuclear fleet submarines for the Royal Navy was announced in 1997 and subsequently increased to four. Only one has yet arrived.
Project: Pensions Transformation programme for DWP
Budget ?429m
Current cost ?598m
Percentage overspent 39%
An NAO report subsequently criticised the delays and overspend.
Project: A46 Improvement
Budget ?157m
Current cost ?220m
Percentage overspent 40.1%
More examples and commentary in the Independent on Sunday.

And we all know this was a pack of lies:


The Times describes Mr Brown's reverse Midas touch as "the definition of calling the bottom of the market".

David Robertson writes:

Britain lost over ?6bn: "Gordon Brown?s decision to sell the bulk of the Bank of England?s gold at historically low prices has cost the country $10 billion (?6,260 million)."
Patient France have made more profit by waiting and selling less gold: "It is made even more galling by France?s decision to hold on to its reserves and start selling only in the past couple of years. This year France sold 73.4 tonnes raising $2.5 billion. That was on top of 113.5 tonnes sold last year at an average price of $872, raising $3.5 billion. The French have made 50 per cent more than Mr Brown by selling half as much gold."
Britain now sits below Venezuela in the gold reserves league table: "Mr Brown?s firesale means that the UK now ranks 16th in the world for gold reserves, according to the World Gold Council. It is between Venezuela at 15th and Lebanon at 17th."
The gold sales were probably part of Labour's scheming to join the eurozone: "At the time of Mr Brown?s gold sale in 1999 there was speculation it was part of a plan to ensure that the UK was prepared for entry into the European Union?s single currency."
The sales were against good practice by central banks: "Other central banks were also unhappy with the decision to sell as they had agreed to limit their collective sales to 500 tonnes a year."
Is there a more powerful example of Brown's incompetence?

David Johnson! Of all topics its perhaps better not trying to airbrush, it is the topic of "Reckless squandering" by New Labour. They were the masters of this and no one will "better" their achievment of bankrupting the country!

[David Johnson]

Congratulations, Jim. This looks like an attempt to produce detail rather than endless insults. Good stuff!

"Go on tell us all how New Labour never borrowed a single penny and were at all times prudent and any views to the contrary are as a result of Tory lies!"

Never stated that. Never would, so the point is irrelevant. Of course, the Labour government borrowed.

Now onto your chat about the deficit.

Please click on the link below and if the graph is not zoomed up, just click in the graph.


http://www.guardian.co.uk/news/datablog ... '_Alliance

I draw your attention in the above link to

"In September 2010, it was reported that the TaxPayers' Alliance was organising an event sponsored by several American lobbyists and groups involved in the Tea Party movement, including the Americans for Prosperity Foundation, the Cato Institute and the Heritage Foundation.[11] The Alliance has also sought advice from the Tea Party leadership, with Matthew Elliott stating in September 2010: "We need to learn from our European colleagues and the Tea Party movement in the US. It will be fascinating to see whether it will transfer to the UK. Will there be the same sort of uprising?"

And finally on the subject of flogging gold. Was it a mistake? No idea. We all have plenty of hindsight re. the price of gold. What we don't know in advance is how the price is going to go up in the future. Otherwise we would all be millionaires.

I have accepted here and elsewhere that Labour made a load of mistakes. However what is absolutely undeniable is that over 2 years into a Tory led government, the debt reduction plans of Alistair Darling which were called "reckless and unsustainable" at the time, have not been met by Osborne i.e. we are borrowing more than Darling planned - the same Ozzie Osborne who in 2006 said in Dublin that he was here to understand how to build a tiger economy.

Always easy after the event? Thank you for your post.

[David Johnson]

http://www.guardian.co.uk/news/datablog ... ed-picture

Then click in the graph.

[Gusset Sniffer]

The bank of England threatened to print another ?200 Billion for the bankers if Greece leaves the Euro. Waste of time saving money or having a pension.