September 9th, 2011

Obama Has Listened to Balls!

Every time he hears Ed Balls harp on about a global Plan B, Guido wonders what that might be. And now we know – Plan Barack. The President is staring into an abyss, the prospect of him losing the election is now very real. Around his neck is a failed $825 billion stimulus package, the first downgrade in US history and the highest spending and debt since World War II, and his solution? Another $450 billion stimulus package of course…

Faced with defeat, Obama has taken a leaf out of Gordon’s book by throwing as much money as he possibly can up into the air, and hoping that people won’t notice that he’s mugging them to do so. This is like Christmas for Balls as it gives a semblance of credibility to his economic lunacy…


  1. 1
    Janet Streetwise Porter says:

    The Bible got it wrong……lets reverse the lessons of Joseph and the pharoahs……spend more than we can afford in the good years and keep spending in in the leans years!

  2. 2
    Ian Hislop says:

    He’s not Balls he’s a Hunt

  3. 3
    Fiscal Gerrymandering says:

    Like Balls, Obama now has the lowest approval rating ever.

    It all started so well and we had such high hopes

    Hero to zero

  4. 4
    smoggie says:

    At least if he sells the US gold reserves he should get a bloody good price.

  5. 5
    Steve Miliband says:

    Balls is going to be insufferable now, crowing about this.

    Gutless fucking socialists. When the going gets tough invent some money to throw at the problem, especially when an election is looming.

  6. 6
    Yeah, right says:

    Obama and Balls both know that the bulk of the electorate are too stupid to know or care about how their children’s futures are being pissed away. Guido, your piece above reminds me of a quote from the sage Bill Bonner in Moneyweek.

    “Asians make things and sell them to Americans, who borrow money from their suppliers (on the inflated value of their houses) in order to continue living beyond their means. Asians take their profits and either relend them to Americans…or use them to buy more productive capacity, in America and elsewhere.

    For those who wonder where this trend will lead, we offer a guess: The average American will be left with a shoeshine kit and instructions on how to say ‘please’ and ‘thank you’ in Chinese….”

  7. 7
    Ol' Blue Eyes says:

    Obama is a chat show host masquerading as a leader. He has the charm to get elected but it’s been clear from day one to anyone not looking with rose coloured specs that he had no idea what to do once he got in. Gerald Ford was charming too, ditto Jimmy Carter.

  8. 8
    Sir Aston Clinton says:

    Soul Man and R Soul Man.

  9. 9
    Dan Garthwaite says:

    No point spraying around money until you’ve tackled the banking system and reformed the tax system. True in the UK and US.

    When he’s not knifing colleagues in the back, Balls loves spending other people’s money, whether he’s flipping his home several times, showering money on bankers or borrowing from the bond market.

  10. 10
    Col. Nut says:

    Balls has the appearence and behaviour of someone beginning to border on real lunacy. Seen on television his sweatiness and pressure of speech look like the beginnings of hypomania. If he’s ever let loose with our money again God help us.Hopefully he’ll end up in a funny farm somewhere if there are any still open.

  11. 11
    Steve Miliband says:


  12. 12
    Billy Blofeld says:

    Gordon and Ed Balls proved that buying votes doesn’t work. This should be fun.

  13. 13
    bergen says:

    Obama was on about “American jobs” and it reminded me of “British jobs for British people” demanded by Brown until he was told it was both illegal and parrotted the BNP.

    He really was an arse.

  14. 14
    Sophie says:

    Utter fiscal lunacy.

    Obama & Balls & Brown still believe you can spend your way out of debt.

    Taking money, resources & raw materials away from the real economy is a sure way to lose a decade or two of real growth.

    Look at Japan – they spent the future wealth of the unborn building roads & bridges & railways to nowhere – all they succeeded in doing was denying private enterprise & wealth creation in the private sector the fiscal resources & raw materials to actually create real jobs & sustained wealth in the economy.

    America must realise that third way socialism does not work in the free market – this latest desperate attempt to spend their way out of debt will not kick the proverbial can further down the road – it will launch it into far orbit.

    Goodbye America.

  15. 15
    labourunionsbbc we are one says:

    The B-bbc are going to love this, win win for them, obama and balls up singing off the same socialist hymen sheet.

    Foreign junkets all round.

  16. 16
    What you didn't already know pt 94 says:



  17. 17
    Monkeyballs says:

    Hasn’t every American president over the last 30 years done exactly the same?

    And who was the Fed boss that promoted the Goldilocks economy – why none other than that strict Hayekian Greenspan.

    Best when you don’t try and play politics with the facts, Staines.

  18. 18
    Fiscal Gerrymandering says:

    Borrowing your way out of a debt crisis always works for socialist sociopaths

    Just look at the Soviets

  19. 19
    W.W. says:

    You speak for yourself.

    I had very low hopes, and he has failed to achieve them.


  20. 20
    labourunionsbbc we are one says:

    Your right about him being just a pretty face, clinton was the same, all smarmy charm, but there’s also the fact of leftism as opposed to common sense pragmatism.

    Christianity, socialism predecessor never grasped that nettle either.

  21. 21
    sockpuppet #4 says:

    They could try to remember how to make stuff. good stuff.

  22. 22
    John Moss says:

    Obama is making “deeper cuts elsewhere” to pay for the stimulus package and tax cuts, at least according to the BBC. Not sure that is true, but if so then Obama is taking the Osborne line.

  23. 23
    Gordon says:

    I’d like to bathe those two boys…

  24. 24
    Gordon Brown (sociopath and git) says:

    I shall shortly make a statement to the House laying out my plans for revealing my choice of biscuit, – should conditions prove favourable, this will leave the country well able to meet any future crisis.

    It is the right thing to do and I commend it to the House.

    (Loud cheers from Blinky)

  25. 25
    Grumpy Old Man says:

    A semblance of credibility? Doing more of what has been a disasterous FAIL everywhere it’s been tried in the last 5 years? When O’Bummer’s latest ploy brings even more poverty and joblessness to the US, Balls will be shown up for the economic fantasist he is.

  26. 26
    larry the cat says:

    No doubt the BBC will wheel out the smug Labour front bench groundsheet Flanders to justify this!

  27. 27
    Some q u e e r at AlJaBeeba says:

    Trust the BBC?!

    Ooohhh my life! You can always turst the BBC -

  28. 28
    Gonk says:

    Balls proves the theory that democratic politics
    cannot exist as a permanent form of Government.
    He encourages and actively promotes a loose selfish
    fiscal policy followed by selfish supporters.
    Democracy doesn’t work.

  29. 29
    Billy Bowden is the greatest umpire ever ! says:

    So if the first stimulas failed you just keep doing more stimulas until it does work?

  30. 30
    Gurning Goon, Barry and BullyBoy says:


    Let’s go for BUST and DEPRESSION

  31. 31
    Mzzzzz. Mad Hatty HaHaHaPerson, - the gift that keeps on giving! says:

    Leave our virgin treasures out of this. Mine belongs to Jack – if he ever gets round to doing anything about it.

  32. 32
    Christine Largarde says:

    It seems there are many mentally defective in high places in the Anglo Saxon world…

  33. 33
    Economist says:

    Buy agricultural land and gold

    They are the only protection against these financial hooligans

  34. 34
    Grumpy Old Man says:

    Really? The parables of the 7 fat years and the 7 lean, the maids with the lamps, and the 3 servants with the Talents demonstrates a common-sense pragmatism, as do St Augustines prayer. “Lord. make me chaste – but not yet”, and the Roundhead cry of “Praise the Lord! but keep your powder dry”.

  35. 35
    Barry O'Bama the last Irishman in America says:

    Look at my great armies losing all over the world

    And paid for by the Chinese !

  36. 36
    Loungelizard says:

    He devalued the dollar and the Nobel Peace Prize, what else can he do?

  37. 37
    Gibbon says:

    Read “Decline and Fall” Barry

  38. 38
    Der GruppenMeisterFuhrer Herr Rumpy Pumpy says:

    zer Inglisher pigdogs vee hav by zer short curlys! Ha Ha Ha!

    Unt Camerhoon zer liebchen fanny ist.

    Ha Ha Ha!

  39. 39
    Sir William Waad says:

    Fourth time lucky for Mr Obama? This round of spending looks more likely to do some good, as the money will go where it is more likely to be spent usefully, rather than disappearing into the financial system.

  40. 40
    A City Banker (still taking a hige annual bonus every year) says:

    We will need another bail out soon

    When all that sovereign debt goes bad and we have no capital left (again)

    This time it will cost even more than the last time

    I am warning you

  41. 41
    A market economist says:

    You bansters have discredited the whole market economy system you know

  42. 42
    Daniel D. says:


  43. 43
    Billy Bowden is the greatest umpire ever ! says:

    Guido, he is not cutting either, he has a super committe looking into cuts after the first one he didnt agree with, he has briefed that it will be paid for by closing tax loopholes which he hopes will pay for the extra spending.

    When arguing for the first stimulas Obama said that if passed unemployment will not go above 8%,

  44. 44
    Merv says:

    I could print some more funny money if you like.

  45. 45
    Anonymous says:

    Wow. So Obama offers $200 billion of tax cuts, and apparently he’s listening to Balls.

    So, your position is that Labour is the tax cutting party?

  46. 46
    Lord Mandelson says:

    We are all in this together


  47. 47
    Sir William Waad says:

    I can’t remember who it was, but somebody said that “The stupidest thing in business is to do the same thing today that you did yesterday, and hope for a better result.”

  48. 48
    Anonymous says:

    Interest rate on US debt is much lower than UK. Osborne only success even according to Osborne is low interest rate. What does this mean?

  49. 49
    Anonymous says:

    No he isn’t. Simply because the stimulus figures include massive tax cuts, which Balls doesn’t want.

  50. 50
    Caretaker says:

    Certainly Sir, – would Sir like a private cubicle?

  51. 51
    Splooge says:

    “Balls is going to be insufferable now”

    Now?! What’s with the now? He’s always been insufferable!

  52. 52
    Moral Collapse Blair and Slotgob says:

    Us too…

    Double convulsive ROFL

  53. 53
    Lord Lucan says:

    Obozo is going to go down in history as worse than Jimmy Carter. Not even topping Osama is going to save him. As Clinton knew, “it’s the economy Stupid”. If he had of tacked to the centre like Clinton did, rather than to the left he would have had another term.

  54. 54
    The BBC's unofficial spokesperson says:

    This is not true.
    If you consider that the greatest ever President of the US is going down the same line as Ed Balls then this must prove that it is the right thing to do and that Labour is the natural party of good Government.
    Only Keynesian policies will bring us back from the brink of collapse unlike the no plan-B Tory led coalition and we all know that the rot set in under Thatcher.
    Thank you.

  55. 55
    Billy Bowden is the greatest umpire ever ! says:

    “Obama Has Listened to Balls!”

    Is he selling Gold then?

  56. 56
    Noble Lord 3 Jags, 2 shags and many cruises says:

    Is there a crisis boys ?

    I am on my fifteenth cruise for the year

    My life loves it and the staff call her My Lady

  57. 57
    Jack Dromey (Ms) says:

    I must say I never had high hopes. Heard him first on the radio and thought he was a ranting demagogue, dangerous with it, a sort of café-au-lait Blair.

    As Moose Palin says, “How’s that hopey-changey thang working out for ya?”

  58. 58
    lola says:

    Whaddaya mean ‘going to be insufferable’? He already is insufferable.

  59. 59
    Obama says:

    It all started in the UK

  60. 60
    Dickie Bird says:

    It’s the progressive way. If their theories fail, it’s the fault of reality, not the theories. They just do it again, and keep doing it until reality gives in.

  61. 61
    imnumbervisperson says:

    Doesn’t it?
    Why are the BBC being forced to move ooop North?
    Why are some areas of the Country now 60-70% employed by the state?
    Why has the benefits system pervaded all areas of the underclass?
    Labour will win the next election – with a little help from the BBC and postal votes too..

  62. 62
    Engineer says:

    Interest rate in UK 0.5%. Difficult to get much lower.

  63. 63
    Jack Dromey (Ms) says:

    Early night tonite, Sweetlips!

  64. 64
    lola says:

    I am not so sure that the bulk of the electorate are now as you say. It feels more and more that the Man on the Clapham Omnibus is beginning to see the chaos and deceit of Balls and his crew.

  65. 65
    More Anonymous Than You says:

    Your point being what exactly? The interest racking up is still deferred taxation for the future and the US economy ain’t exactly overheating. Their banking system has a shedload of toxic debt and interesting personal debt levels.

    Spending your way out of that is a novel approach. Still, nice to see Obama’s re-election campaign is being publically funded.

  66. 66
    lola says:

    No, he, like Bliar, is a gifted snake oil salesman that got lucky. He’s shallow and ignorant, but by God he’s a great rep. I wish he worked for me.

  67. 67
    Pete H says:

    Print more??????? Have a look at…

    It sums it all up!

  68. 68
    Sir Aston Martin says:

    Are we related?

  69. 69
    Engineer says:

    Democracy is OK, it’s Balls that’s the problem. His approach to losing the argument is not to modify his thinking, it’s to smear his opponents. However much he smears, he’s still wrong.

  70. 70
    lola says:

    I heard BO on radio news. Straight out of 1930’s Roosevelt playbook. The ‘remedy’ didn’t work then and it won’t work now – unless he is ‘lucky’ enough to start WW3.

  71. 71
    Engineer says:

    Blimey, a sensible comment!

    Why is the blindingly obvious so difficult for so many politicians to grasp?

  72. 72
    Billy Bowden is the greatest umpire ever ! says:

    Actully Guido there is a bit of history on this, When Obama first faced questions on deficit reduction it he who first used the “halving the deficit in 4 years” that was then borrowed by Gordon.

    Obama is well and truley Jonahed.

  73. 73
    Lord Lucan says:

    Why did Lord Mandelson and George Osborne meet with Saif Gaddafi on a yacht off Cyprus?

  74. 74
    Hava Nagila says:

    Guido, Guido, Guido. Get with it, man: you can’t use the words “Obama” and “credibility” in the same sentence unless the words “has no” are in between them.

    Even the moronic British public can see the unprecedented damage done by the economically illiterate policies of President Hunta Kinte and can extrapolate the damage that would have been done here if we’d let Eddie the Nutsack run wild.

  75. 75
    Hava Nagila says:

    Are you mentally retarded?

  76. 76
    lola says:

    Quote from BO speech – “Building a world-class transportation system is part of what made us an economic superpower. Classic stupidity. Listen prat hooks, you built a world class transport system because you became a superpower.

  77. 77
    stun says:

    Not sure if ‘much’ lower applies: 10yr Gilts 2.25%, 10yr US Treasuries 2.0%

  78. 78
    Hava Nagila says:

    British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum. The evil honkey white devil british crackers smacked my grandpappy around and all he ever did was ritually murder some honkey (and random member of non-Kikuyu tribes). British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum British Petroleum.

  79. 79
    Anonymous says:

    You are thinking about BOE base rate not bond rate US bound rate is 0.75% cheaper than UK. This means market has more confidence in US than UK, also Bank of England (BOE) own 25% of UK government debt in US Fed only own 10% of US debt. BOE is expected to print more money while in US Fed will not.

    Debt is not the problem how you use it, you can borrow use it to start a business or use it to have a good life. One is going to make you richer other is going to make your situation worse. In UK we are borrowing and paying benefits its not going to make this country grow.

  80. 80
    Budgie says:

    Talking of the BBC did anyone else hear the interview with Balls on the R4 Today program Thursday about 8:20am? The interviewer told Balls that Labour had been a tax cutting government. I think even Balls, who was wittering about a VAT cut, was stunned. Trust the BBC.

  81. 81
    labourunionsbbc we are one says:

    That’s all in the bible; I was talking about how the church – hardly ‘lean’ – went about implementing it.

    “That same horse philosophy, is a good steed in the stable but an arrant jade on a journey”.

    O. Goldsmith

  82. 82
    Ed the Axeman says:

    Fix the tax system? We’re being fucked over enough already.

    We need massive tax cuts so the productive can be entreprenuerial

    We need massive bonfires of regulations. Sack Vince Cable for a starter. Any minister who thinks reforming regulation involves being triumphant about regulations of Belgium chocolates is an idiot.

    We need government to stop borrowing sucking up investment cash, and that means no deficit. 30% cuts in spending across the board.

    Will it happen? No

    So its going down the shitter.

  83. 83
    Yeah, right says:

    It means that the USD is a global reserve currency (for the moment), the GBP isnt.

  84. 84
    sockpuppet #4 says:

    OI! I do make some sensible comments!

    Heres a harder one to grasp: Its harder to make money actually making things. And its getting even harder as the lifespan of goods gets shorter and shorter. Easier to make a health spa or sell them holiday treats.

    And just for equilibrium: I remember these arguments from the 80s. I even noted a quote from the once famous Anthony beaumont dark bemoaning the standard 80s attitude to the rather tricky subject of “making good stuff”.

  85. 85
    Yeah, right says:

    Should the President of the United States of America really be taking financial advice from a man with a CCJ against his name?

  86. 86
    Billy Bowden is the greatest umpire ever ! says:

    The only stimulas the USA needs now is Obama out of office and someone in the oval office that will face up to reallity.

  87. 87
    Socialism Ate My Future says:

    And ironically enough was built on the back of cheap Chinese labour.

  88. 88
    sockpuppet #4 says:

    I see what you’re saying: But think you’re not quite on target.

    What he says is sort of true:
    But the kind of thing that happened in industrialising countries was that there was a need to transport stuff from A to B, and when someone opened the infrastructure to do that better, people made more in A , and transported more to B.

    It is of course less obvious that if the government decides to make a road from A to B that anyone will actually start using it. Its a question of whether you trust the government to make the right transportation system in the right place.

  89. 89
    Budgie says:

    It’s all so odd. Politicians know that, if they back off, ordinary people will deliver the goods. But statists like Obama cannot stop themselves from imposing myriads of rules which they think will bring about a promised land. Yet it never does.

  90. 90
    Anonymous says:

    I do agree with you Obama is useless. But if his opponents stop him from doing this they will get the blame not him. If Obama’s bill is passed it will create jobs outside US not in US. Only way to create jobs in US to reverse globalisation, this is the only solution.

  91. 91
    Engineer says:

    Obama has listened to balls!

    Clinton did that when Monica Lewinsky was in the room, and look where that got him.

  92. 92
    mrangry61 says:

    according to the knowledgable,the majority of bullion in fort knox s only 22 carat (melted down currency). anything under 24carat cant be traded as bullion, apparently.

  93. 93
    G Brown says:

    I heard that it was the softest interview in a long time, balls was u turning all over the place, he now advocates deficit reduction, spending cuts and sound money and tax cuts or the poor (what about the 10% band?) and the rich (CGT down to 18% from 40%-he boasted about this on the int), completely at odds with rhetoric of, erm, 2 months ago. R4 let him blab on regardless…

    just went to the R4 running order and found the interiew has been swapped for one with Pesto – why?

    see here

  94. 94
    Engineer says:

    It wasn’t world class, either. That’s why they needed to invent airplanes and big trucks.

  95. 95
    Gawd Help Us says:

    Brilliant, cheered up my day.

  96. 96
    Sir William Waad says:

    Lucky, you old blackguard, what about that money I lent you? And the passport?

  97. 97
    Ah! Monika says:

    About time we started teaching sums in our schools and in 30 years we may have politicians who can add and subtract.

  98. 98
    Ah! Monika says:

    Somebody talking about me?

  99. 99
    Engineer says:

    Whether it’s spent usefully or not (and when do governments ever spend usefully, except by happy accident), they still haven’t got it spend in the first place.

  100. 100
    I don't need no doctor says:

    What is Balls personal debt? How does the Balls household finances work?
    Do they have enough money that they don’t have to have a mortgage or loans?
    If Balls is so right why did labour lose over 100 seats at the last election?
    Doesn’t Balls realise that the country has had enough of his stupidity. Shut it Balls and do us a favour, you are only trying to promote your own ego.

  101. 101
    Steve Miliband says:

    Missed the ‘even more if that’s possible,’

  102. 102
    Dave Cam and his global warming scam says:

    It’s an ill wind that blows nobody any good!

  103. 103
    Tex says:

    We got the biggest darn thangs yo’ ever dang saw!

  104. 104
    Steve Miliband says:

    He reminds me of Commissioner Dreyfus.

    He will be developing nervous twitches soon enough

  105. 105
    Mine d'Boggles says:

    As usual, it may have been the Aussies who showed the way. Didn’t they have a Department of Primary Industries? Dedicated to assisting basic productive profitable industries that actually made or produced stuff?

    We need one now, with a tax regime to suport it.

  106. 106
    Clintonescou says:

    I’ve got that all-American get-up-and-go syndrome!

    Look at Hillybilly babe, – see what I mean?

    Seen my cigar? – I laid it down somewhere.

  107. 107
    Free Market Prevails says:

    Referral fees to be banned? More nanny state political correctness…I smell LibDem conference.
    Let the market decide, not big government. If lawyers are prepared to risk acting for free when they sense an injustice, who are Cameron and Co to stop them?

  108. 108
    Bystander #41 says:

    Fuck off?

  109. 109
    Ah! Monika says:

    Moll had a purpose

  110. 110
    Bystander #41 says:

    ‘was’ . . . ?

  111. 111
    Anonymous says:

    So not the Republicans, then.

  112. 112
    CMD says:

    I’ll make sure of that.

  113. 113
    Loungelizard says:

    Of late I’ve wondered if even the Beeb have got a little fed up with Balls banging on about his deluded spendenomics. Without them Balls would cease to exist.

  114. 114
    Engineer says:

    Wasn’t having a go at you, most of your comments tend to be quite sensible. It was more a reflection on the fact that some people still seem to regard the idea that you can build a thriving economy on fresh air and financal markets alone as credible. Surely even the daftest of the so-called economic experts can recognise an idea that’s been tested to destruction when the evidence is overwhelming?

    Yes, it is harder to make money by making things, and indeed by providing quality services. However, we’ve tried the ‘easy-money’ methods and they didn’t work, so we’d better roll our collective sleeves up and get on with some honest hard work.

    Oh, and we can’t afford regiments of Diversity Co-ordinators any more, either.

  115. 115
    Anonymous says:

    Debt is not the problem how you use it, you can borrow use it to start a business or use it to have a good life. One is going to make you richer other is going to make your situation worse. In UK we are borrowing and paying benefits its not going to make this country grow.

  116. 116
    The BBC are cunts says:

    Stuffinme Stephanie.

  117. 117
    Godron Brhoon says:

    Come into the kitchen and say that

  118. 118
    Revd. Phoney B£iar says:

    Hi! – I love it when you talk about me!

  119. 119

    Please don’t try to do economics, anon.
    Its embarrassing.

    just stick to platitudes and focus group approved Pavlovian response buzz words.
    Such as ‘nurse’ ‘progressive’ ‘hardworkingfamilies’ and ‘It started in America”

  120. 120
    Greychatter says:

    Whenever Ed Balls or any of the “Labour lot” appear on TV giving their “advise” on the BBBC we turn off.
    I wonder how many others people do the same and how much viewing figures BBBC have lost by backing the Champagne Socialist line of spend as much of other peoples money as you can get away with?
    Although that seems to be the BBBC policy with license fee.

  121. 121
    Lady Virginia Droit de Seigneur says:

    But Balls is a Huhne as well.

  122. 122
    smoggie says:

    The global economy needs to do some cold turkey and come off this government spending dependency before it gets hooked.

  123. 123
    Tax Payer Joe Public says:

    Listen Gordon (Rabies Snydrome) McDoom, Hurricane Katia is heading for your beloved Jock Land by early next week, why don’t you fcuk off up there to save them, like you claimed in saving the Universe & beyond.

    And with luck you will sucked up into the stratosphere never to be seen AGAIN!
    also you should take your depostic side kick Ed Blinky Balls plus your illegtimate off spring Ed Milliepeed The Minor

    The English electorate rest assured will be eternally gratefull this has happened to such a nice bunch of prize Berks !!

  124. 124
    smoggie says:

    Didn’t you used to do two cruises a day, steward? Talk about a busman’s holiday!

  125. 125
    Mr & Mrs Ball-Scooper, Triple Flippers says:

    Hahaha !! We don’t have debt in the Ball-Scooper household !! We’ve been feeding off the Taxpayers’ Teat for years now !! Expenses, flipping and three digit salaries each . Kerching !!!

    Our future income streams are secure as we will both end up as European Commissioners. ( What’s the German and French for Kerching ?? )

  126. 126
  127. 127
    Aaron D Highside says:

    …with British Petoleum

  128. 128
    smoggie says:

    This means market has more confidence in US than UK,

    Not exactly. This means markets have the confidence that the US will simply print more money to pay off its debts rather than default. Unfortunately this debases the currrency, as the strength of the dollar indicates.

  129. 129
    Asking of Loughborough says:

    Why did the Americans elect a pinko socialist muslim as their president?

  130. 130
    Anonymous says:

    Bill Quango MP says: September 9, 2011 at 10:38 am

    I studied economics, your view might comes from reading right wing press.

    Leaving this aside, Osborne policy is not working is it? He was expecting growth of 2.5% this year but now UK might not even get 1%. If this government policy on economy has worked I would have supported him. I live in real world, I don’t care whether it is Tory, Labour or LD policy as long as there is jobs and people’s stand of living increases its fine for me.

  131. 131
    Tessa Tickles says:

    Insanity: doing the same thing over and over again and expecting different result.
    – Albert Einstein (attrib).

  132. 132
    Quantrill says:

    Try this: The job creation plan is for 50,000 jobs per month, x 12 = 600,000 jobs per year. Cost 480 billion dollars. 480000,000,000/600000 = $800,000 per job created. We don’t know whether this projected cost is per annum or ad infinatum but if 12 months, the cost of $800,000 (£500,000) per person looks rather expensive. It still looks expensive if the cost is for a 10 year programme (£50,000). Is Barry O’Barmy out of his tree or does he hope nobody can add up?

  133. 133
    Steve Miliband says:

    Stops the ambulance chasers

  134. 134
    stun says:

    I think there is something not right about these referral fees. My son, who is now 14, was a passenger in a car two years ago which was involved in an accident, caused by a third party who admitted liability. The car was a write-off and the other driver’s insurer duly paid out. Since then, he has been getting texts on his mobile phone to say that he can claim £3750 (how did they get to that figure?) based on us telling the insurer that a cursory doctor’s examination after the accident revealed minor whiplash. It had all cleared up within a week.

    We refuse to pursue the claim because it’s not reasonable and would only have the effect of driving up premia for all. Despite the attraction of free money, my son feels the same way.

    Some questions remain however: How did the firm of ambulance-chasers know about the accident? How did they get my son’s mobile number? Bizarrely, it app_ears that the insurers themselves sell the info to the shyster lawyers.

    I don’t think this is PC nanny state, just common sense and curbing conflict of interest.

  135. 135
    Britain's Obama says:

  136. 136
    Sir William Waad says:

    +++ Major New Source of OPM +++

    Officials at the US Department of Mining and Geology confirmed Thursday that a massive deposit of OPM had been found under the Chickasaw Mountains of upstate West Dakota. Promising to transform the US economy, OPM is amazingly versatile and can, in fact be used for any purpose whatever. “OPM is even beneficial when flushed down the sewers” enthused leading economist Lafayette P Toadthrush.

    Tea Party Republicans are grumbling that OPM – or Other People’s Money, to give its full name – is not inexhaustible and should not be squandered, but President Obama is enthusiastic. “Mah fellow Amurrikins” he said……

  137. 137
    sockpuppet #4 says:

    Did you do economics at manchester university or something?

    Either way, the great thing about economics is no-one actually knows what would have happened if osborne had been doing things differently.

  138. 138
    stun says:

    Oops modded (green veggies I think):

    I think there is something not right about these referral fees. My son, who is now 14, was a passenger in a car two years ago which was involved in an accident, caused by a third party who admitted liability. The car was a write-off and the other driver’s insurer duly paid out. Since then, he has been getting texts on his mobile phone to say that he can claim £3750 (how did they get to that figure?) based on us telling the insurer that a cursory doctor’s examination after the accident revealed minor whiplash. It had all cleared up within a week.

    We refuse to pursue the claim because it’s not reasonable and would only have the effect of driving up premia for all. Despite the attraction of free money, my son feels the same way.

    Some questions remain however: How did the firm of ambulance-chasers know about the accident? How did they get my son’s mobile number? Bizarrely, it ap_p_e_ars that the insurers themselves sell the info to the shyster lawyers.

    I don’t think this is PC nanny state, just common sense and curbing conflict of interest.

  139. 139
    Red Red Red says:

    Lagarde is a socialist. The IMF is ruled by Socialists. The Euro zone is ruled by socialists. Nuff said.

  140. 140
  141. 141
    t says:

    Osama Ben Laden got it all wrong.

    All he had to do was make sure the Socialists stayed in power, spent us into bankruptcy, then he could have just come and bought England.

    Apparently Osama has a friend in the White House.

  142. 142
    stun says:

    One last attempt to avoid the mod (conduiseur):

    I think there is something not right about these referral fees. My son, who is now 14, was a passenger in a car two years ago which was involved in an accident, caused by a third party who admitted liability. The car was a write-off and the other dr*iver’s insurer duly paid out. Since then, he has been getting texts on his mobile phone to say that he can claim £3750 (how did they get to that figure?) based on us telling the insurer that a cursory doctor’s examination after the accident revealed minor whiplash. It had all cleared up within a week.

    We refuse to pursue the claim because it’s not reasonable and would only have the effect of driving up premia for all. Despite the attraction of free money, my son feels the same way.

    Some questions remain however: How did the firm of ambulance-chasers know about the accident? How did they get my son’s mobile number? Bizarrely, it ap_p_e_ars that the insurers themselves sell the info to the shyster lawyers.

    I don’t think this is PC nanny state, just common sense and curbing conflict of interest.

  143. 143
    Anybody But Ed says:

    obamaballs the the spawn of crap economic thinking

  144. 144
    Anonymous says:

    smoggie says:

    Pound has almost fallen by 20% to US$, this means UK£ is weaker than US$.

    I don’t mind which policy work as long as it works. Osborne’s policy failed. I don’t have high hopes for Obama’s one either, I expect Obama’s policy to create jobs outside US not in US. Obama could cut tax for manufacturer (even farmers) and balance this by having import tax; this will create jobs but not in the short term interest of big co-operations, so he is not going to do it.

  145. 145
    t says:

    Get a job with Islington Council.. no wait… that really would be too radical, even for a closet-Marxist.

  146. 146
    Anonymous says:

    sockpuppet #4 says: September 9, 2011 at 10:58 am

    Same applies to Brown.

  147. 147
  148. 148
    Aaron D Highside says:

    “They could try to remember how to make stuff. good stuff”…sure. And perhaps the rest of the world will introduce a minimum wage, max hours, paid paternity/maternity leave, stupid competition rules, etc, so we can have a level playing field.

  149. 149
    sockpuppet #4 says:

    Next you’ll get a text from a company offering you sue them for text message harrassment, with a guarunteed payout. hundreds of them.

  150. 150
    Fiscal Gerrymandering says:

    If you run a zero interest rate policy (ZIRP) like Japan has for the past 22 years, banks are not compensated sufficiently to take credit and counterparty risk so they do not lend to their peers and the interbank lending market fails to work properly, if at all.

    If you look at Paul Kasriel’s piece “If Some Dare Call It Treason, Was Milton Friedman a Traitor?” (see where he establishes a clear link between economic growth and the willingness of banks to lend.

    You have to fix the interbank lending market and that may mean getting rid of a few zombie banks (like Japan did not) before any recovery will start. This will never happen in the USA as the 12 regional member banks of the US Federal Reserve System are since 1913, owned by a private cartel of US and European Banks that are not necessarily working for the American people.

    Cheap government printed money thrown at non lending banks gets funnelled into proprietary trading operations. This does the government bidding of supporting the stock and bond markets with an upward bias through HFT and algorithmic trading, as long as the cash keeps coming and gives the bankers lovely bonuses.

    The other problem is that all major banks and corporations have installed lawyers and accountants in the top executive positions over the past 15 years replacing industry experts.

    The accountants demand maximum profits and minimum costs for the shareholders they serve and have few morals about how they achieve it – it’s not personal, it’s business!

    The lawyers want to ensure they are not legally liable for anything and will deny and abdicate responsibility where ever they can.

    These two morally absent, avaricious professions combined with subservient politicians, central bankers and civil servants are responsible for the mess we are in.

  151. 151
    Engineer says:

    Not trying to have a go at anyone, but it does strike me that a lot of our current woes were caused by people with a bit too much economic theory and bit too little common sense.

    The problem with Obama’s proposal is that you can’t solve a debt crisis by racking up more debt. At some point, somebody is going to have to cut government spending and allow the private sector to generate more wealth.

    Even the much mis-quoted John Milton Keynes (or whatever his name was) promulgated building a store of wealth in the good times.

    Debt is like chocolate cake. In moderation, it’s life-enhancing, but in excess it causes many problems. Why so many economists find that hard to grasp is utterly beyond most of us.

  152. 152
    Oh really! says:

    Greenspan: “we face new challenges in maintaining price stability, specifically to prevent inflation from falling too low.”

    Hayek: “You idiot”

    By July 2003, the Fed funds rate was at a new record low of 1%, where it stayed for a year. This set off the mother of all modern liquidity cycles and, as members of the Austrian school anticipated, this credit boom ended very, very badly.

  153. 153
    Displaced Brummie says:

    Oh, Balls!!!!

  154. 154
    MrAngry61 says:

    A BBC Spokesman says

    Racism and leze majesty are unwelcome and will not be reported by this organ.

    We will be concentrating on the lack of credibility of George Osborne’s fiscal planning again.

  155. 155
    Bernard Tapie, socialist and millionaire says:

    She’s brilliant. Leave her alone.

  156. 156
    Anonymous says:

    Is that a tear I see in Boners eye?

  157. 157
    Henry Crun says:

    Like TV evangelists; all smiles and shirtsleeves but very little substance.

    Obama and St. Tony – not a fag paper’s difference between ‘em.

  158. 158
    Yeah, right says:

    Do you not think it more likely that we are going to have to reduce our ‘entitlements’ to improve competitiveness?

    I can’t see how any fast growing developing economy is going to look at the western european model for burdening it’s businesses with additional costs and think, yep, thats what we need now, a Working Time Directive.

  159. 159
    A proper right winger! says:

    It’s an interesting experiment pump an additional half a trillion dollars into the economy and see what happens. This should show us if Keynes was right or not? Get the pop corn out tbe next year should be interesting, either the experiment will flop or succeed?

  160. 160
    Tell it like it really is says:

    I did say yesterday that I listened intently and came to the conclusion that Balls is, honestly, mentally disturbed.

  161. 161
    Free Market Prevails says:

    Good for you, stun, doing the right thing. But you had the choice. Your government is trying to take that freedom away. And it’s supposed to be right wing!

  162. 162
    Tell it like it really is says:

    Carpetbagger is the term I have used consistently since before he was elected.

  163. 163
    Fiscal Gerrymandering says:

    Absolutely briliant

  164. 164
    nadine suckmeoff says:

    why warning?

    surely just helpfully updating us on the next advance of the UK’s world class financial system, one of the reasons that our well balanced economy is on the verge of sustained growth.

  165. 165
    nadine suckmeoff says:

    market economy – you’re so 19th century

  166. 166
    nadine suckmeoff says:

    bit harsh on steph – she’s like a dog with a bone

  167. 167
    nadine suckmeoff says:

    yes you are my boy

  168. 168
    nadine suckmeoff says:

    we’re on the road to nowhere

  169. 169
    I Hate Blue Labour says:

    So, as any astute observer noted about Obama when he was elected: he’s an empty suit.

    And now he’s f*cked the US just as Brown ruined the UK.

  170. 170
    nadine suckmeoff says:

    they balance the books by yvette’s moonlighting rent boy activities

  171. 171
    Nemo says:

    Ginny, but how many Huhnes make up the HoP they seem to be all over

  172. 172
    Nemo says:

    Trouble with this country we also have a massive trade deficit, strange you never hear the powers that be, talk about that. It seems to be that a lot of the PIGS that are in trouble seem to owe an awful lot to Germany in Euros of course, the UK owes it to the rest of the world

  173. 173
    gildedtumbril says:

    I think balls would make an excellent marxist prime monster He is all balls his wife is all balls. His ‘policies’ are all balls. He talks nothing but balls. It is all just a load of balls.

  174. 174
    V says:

    How can Obama who himself has no credibility lend Balls the gift of credibility?

    Guido, this makes no sense.

  175. 175
    Reger's Bastard Son says:

    I am in the smallest room in my house reading the Tea Party Economic Manifesto.

    At the moment it is before me.

    Soon, it will be behind me.

  176. 176
    jgm2 says:

    I think your wrong on the kudos Balls can glean from this.

    Consider. Balls and the Maximum Imbecile (and the BBC) have spent the last three or four years complaining that this ‘global economic downturn’ ‘started in America’ and was entirely the fault of ‘reckless lending’ over there.

    He can hardly now claim that his imbecile plan is vindicated if the ‘solution’ is more reckless borrowing just like the Americans.

    Talk about not learning from your mistakes or the mistakes of others.

  177. 177
    Empty Ballsack says:

    Balls didn’t appear to have much of a Plan B on R4 Today yesterday morning- despite a few helpful tips from his ex Stephanie Flanders.
    Even my teenage son, who usually takes no interest in such matters, recognised that Balls was an empty vessel who spent the whole interview dodging easy questions and attacking Osbourne rather than producing a credible argument.

  178. 178
    Anonymous says:

    Time to settle that West Lothian question once and for all.

  179. 179
    backdraft says:

    Not if he watches BBC or C4 he doesn’t.

  180. 180
    M says:

    If you want the economy to grow get people back to work.
    If you want people back to work reduce the cost of going to work reduce insurance cost ( under 25s pay the equivalent of a mortgage just to run a car ) train & bus prices going up
    Why not redirect the welfare into bridging this cost targeting areas of the economy that need stimulus , it’s money that’s gonna be spent anyway.
    This would be an incentive to work and to employ

  181. 181
    Col. Nut says:

    Balls has just been on Sky News, still spouting the early 1930’s Keynesian solution as the proven best way forward to resolve worldwide depression. Looking at what happened at the end of the ’30’s, Keynes’s famous comment “In the long run we’re all dead”, came true prematurely for many. Balls was also hoping China’s growth continues. Is he subconsciously wishing for World War 111 as an economic solution. He does have the look of a nazi apart from the blink.

  182. 182
    Will Podmore says:

    Are you guys serious? Are you really against investing in Britain and British industry? Where do you stand re the government’s anti-British Bombardier decision?
    Britain’s last train manufacturing plant, owned by Canadian-based Bombardier in Derby, is threatened by the government’s decision to give “preferred bidder” status to Siemens in Germany for the contract to supply 1200 new train carriages for London’s Thameslink commuter route, which crosses the city from north to south.
    Transport Secretary Philip Hammond has so far dismissed all the opposition to his decision. When challenged by the trade unions at a recent meeting, he admitted that in considering the bids, it did not factor in to the calculations the costs to the British taxpayer of the redundancies at Derby that would result, nor did it consider the long-term future of British train manufacturing. The wider economic impact of their decision on Derby and the British economy was ignored.

    Hammond has sought to hide behind European Union procurement law, knowing full well that the French government ensures that French trains are built in France, and that Germany sees to it that their trains are built in Germany! If they can do it, why can’t – or won’t – the British?

  183. 183
    Milton Friedman says:

    The Markets are certainly giving the President’s $450Bn stimulation and jobs creation plan the thumbs down. For the advice of our economically ignorant Politicians, particularly the ‘tax and spend’ variety like Gordon Brown, Ed Balls and Barrack Obama, here is a little advice:
    If you manage your economy through deficit spending (increasing debt), one day you have to pay the debt off. Delaying the payment of debt, by kicking the debt can down the road, which is happening in the US and elsewhere, will just exacerbate the situation, create more debt and make the problem worse.
    For years politicians have been increasing the debt burden on their citizens, just to get re-elected. This is entirely understandable, as most of them would be unemployable outside politics. It is, however, not the right thing to do.
    The debt has to be faced up to and paid off. This will mean austerity for citizens and politicians losing their jobs. So what! They deserve to lose their jobs for getting us in the mess we are in now.
    Remember my famous quote ‘ Any Government put in charge of the Sahara desert, would run out of sand in 5 years.’
    Just about sums it up, doesn’t it?

  184. 184
    Little Sir Hacko says:

    He’ll be a guest on Piers’ TV show soon. That or QVC Home Shopping.

  185. 185
    Funny Farmer says:

    I think that there has already been a bumper crop from the Labour funny farm, such good quality ravers, glad to see we can still produce real quality fuc*wits – Britain still the best at somethib

  186. 186
    O'bama should read Atlas Shrugged says:

    The workd class transportation network in Britain built between the 1780’s and 1860’s (canal and rail) were a) built with private capital b) designed to make a profit c) intended to meet economic demand for transportation. The fact that many cos’s went bust and George Hudson and a set of venal MPs made a packet didn’t transfer the moral hazard from the private to the public purse.

    Our transportation network was built because we needed it, we could afford it an many people believed in the returns suficiently to invest their hard earned. O’Barmy is clearly economically illiterate. If you build a transport network from nowhere to nowhere via nowhere all you have is a rusty set of tracks and a f’ing big debt with no means of servicing it. It is the basic theme of “Atlas Shrugged” (building and subsidising a lossmaking line to Mexico as a “stimulus”)

  187. 187
    Ed Balls says:

    Barack got it wrong. Instead of cutting employment taxes, which gets people to work, he needs to cut consumption taxes like VAT which gets us importing as a country again.

  188. 188
    oddly helpful says:

    “The definition of stupidity is doing the same thing over and over again and expecting different results.” — Albert Einstein

  189. 189
    mark patrick norris says:

    Tony Blair on the run

    T.B is trying to make a mini Through hearts and minds as david cameron
    heard through the grapevine as T.B cannot carry Ed Miliband if he wants
    to survive skulls and bones florence and the wind machine humans are
    long vehicle Ron as they hold pole.

    Strait flip George Osborne said OZ CS Lewis who wants to hold that
    gold in loo W.C

    Italian Job 3

    Michael Caine = Police Commissioner on Resolution 1941 to be given a
    key roll

    Go’s back in time to good night sweet hearts

    Nicholas Lyndhurst = Gary Sparrow

    Ron = Senior Minister



    Gary === May say to Ron how did get through the voices I mean how did
    you get through the gate..

    Phoebe === May say don’t be silly gary he came through Pub and light
    skin Door

    Reg === May say the Gerrys blue the door off wind 2 make a shoulder 2
    shoulder 2 sea

    Michael Caine = Police Commissioner === May say cos your in and not a
    lot of pressure then

    Drinking in last orders

    Bran van 3000

    Michael Caine did nothing that day to the lobby in day in loo W.C

    job creation for the good of the people that day in loo so we end


    king strange gate government legislation Calm’s me and in every

    As we sanitary and con-serve a tree said alastair campbell as I keep a
    breast of Tampax of up up up Minster first past the bedpost kings MI6
    wind Zimbabwe gov internal leak Viagra shouts D.C with land mark to
    open debate as we pinewood as we have a dick chain on mercy mercy me
    signed sealed delivered.

    Now I’m back not a shape or crime in me on cross member said god to
    white wash star chamber.

    mopping up process

    mark patrick norris

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Rising Stars
Find out more about PLMR AD-MS

Alan Milburn says Labour’s scaremongering campaign for an unreformed NHS will not win election…

“It would be a fatal mistake, in my view, for Labour to go into this election looking as though it is the party that would better resource the National Health Service but not necessarily put its foot to the floor when it comes to reforming. Look, reforms are not easy, but the Labour Party is not a conservative party. It should be about moving things forward not preserving them in aspic. You have got a pale imitation actually of the 1992 general election campaign, and maybe it will have the same outcome. I don’t know.”

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