January 15th, 2012

Balls Claims the Mantle of Keynes
Cable Says Keynes Would Support the Coalition

Ed Balls told the Fabians that one of his most precious material belongings is a first edition of a Keynes pamphlet, “The Economic Consequences of Mr Churchill”. Keynesianism is the chosen intellectual mantle that Balls is trying to use with the Labour base to justify pivoting towards the voters and away from union demands for ever more deficit spending and borrowing. Already the Labour left are screaming “sell-out“.

Earlier this year Vince Cable argued that Keynes would not support the demands of latter day über-Keynesians. Cable reminds us that the politicisation of Keynes as a heavy spender is misplaced because Keynes was a liberal, not a socialist and he was writing at a time when the level of state spending in the economy amounted to half of today’s level. Keynes was not a friend of socialism, his policies were intended to save capitalism. Would Keynes have believed government deficit spending at twice the share of GDP as in the 1930s was desirable or sustainable? Cable thinks not, does Balls?

The proof will be in the policy pudding, Labour politicians reflexively oppose every reduction in welfare spending, they are conditioned to do no other. Even when senior Labour politicians know it is electorally toxic, for example opposing the £26,000 housing benefit cap, the “progressive” logic of maximum welfarism that grips their activists brooks no reason. Ed Balls can’t command credibility until he accepts that the deficit is a problem that has to be addressed rather than just acknowledged in theory. In interviews he now says vaguely that he wants to bring down the deficit, yet he is on the record during the Labour leadership election, where he ran from the left, as opposing even Alistair Darling’s modest deficit reduction proposals. Balls ideologically opposes as “too fast, too far” spending restraint by the Coalition. It is hard to believe that Balls isn’t now repositioning towards the centre again for purely electoral reasons, rather than some Damascene rejection of deficit denial.


157 Comments

  1. 1
    Gordon Brown (Bingo Caller, Eye down) says:

    Well i had a look at Eds Guardian piece yesterday and they were not happy bunnys i tell you.

    I am very concerned that the Labour party might dump Ed Miliband and replace him with someone who stands a chance against the coalition.

    Like

  2. 2
    King carlos says:

    the mans idiot

    Like

    • 49
      Ludwig Vons' Mrs says:

      Seconded

      Like

    • 147
      Geoff says:

      But how can Balls, idiot that he is, oppose spending cuts that don’t exist? Spending has gone up every month. Wait a minute – maybe he believes the BBC, hotbed of left wing propaganda and misinformation.

      Like

  3. 3
    timprobert says:

    Keynes was right you silly flange, Guido

    Like

    • 68
      Stiffanny Flanders says:

      Tosser

      Like

      • 99
        Sod em all says:

        We have 150 bn of spending (the deficit) to stimulate the economy. It’s not working.

        We have had lots of borrowing and spending, which is Kenynsian. It’s what’s caused the mess. More borrowing and spending won’t cure it. That is economic Voodoo.

        Like

  4. 4
    I hate Milton Keynes says:

    Who will blink first?

    Like

  5. 5
    speak as i find says:

    Balls is just looking to get re-elected. It’s the same old same old, tell the punters what they want to hear, then do what you like once you got their vote. The left has always been the same, spend, spend spend, don’t worry its other peoples money and i don’t have to account for it. Wouldn’t trust labour with a piggy bank let alone the nations finance. Their track record speaks for it’s self

    Like

    • 136
      Handycock Phd (Troughing) says:

      Are you surprised politicians want to get re-elected? In my case, I don’t do any work, yet have been travelling the world for years on expenses, again doing no work, and shagging thousands of young girls in poor countries, particularly eastern europe. Is it any wonder we want to get re-elected? A salary of £60+k plus annual expenses of £200k for doing, in my case, nothing at all but shagging, bring it on!

      Like

    • 142
      Anonymouse says:

      Balls always talks about reducing the deficit. When will he start talking about reducing the debt? After all wasn’t the Brown and Balls mantra theory; “the government should balance the budget over the economic cycle?”

      Well that went out the window.

      Spend spend spend seems to be the Bollocks economic theory these days.

      Like

    • 153
      M says:

      The thing about spend spend spend is the last word is always skint

      Like

  6. 6
    Andy Capp says:

    By ‘eck Flo, it says here that “Ed cons Tories”. Whatever next?

    Like

  7. 8
    Taxpayer says:

    Its is all so much flimflam, smoke and mirrors. There have been no cuts. The government is bigger now than it has ever been. The waste and thefts continue and our grandchildren are being sent the bill.

    Like

    • 12
      Pawn Sandwich says:

      You know that, I know that, anyone who looks at the figures knows it.

      Unfortunately no one is looking at the figures. Don’t tell the BBC.

      Like

      • 27
        Dave "Little Dictator" Camoron says:

        Hello. Would you like me to borrow £33billion – in your name – and spend it on a railway line that no-one wants? And then borrow another £33billion when the project goes over budget?

        No?

        Well tough titty-do-da!

        Like

        • 41
          Lord Mandelsum 'Labour's best man' says:

          Hello
          Would you like a great big white tent near Canary Wharf.

          Would you like me to borrow £4 billion for a big party? Then another £2 billion when that’s run out, and the visitors don’t attend my Millennium experience because its shit?

          No?

          Well tough scroty-do-da!
          I already did!

          And I sold the whole redeveloped, fully functioning, perfect stadium site for £1. Now its the most successful concert venue in Europe.

          Like

          • "In the Dome we have a creation that, I believe, will truly be a beacon to the world" ..Tony Blair says:

            “The Millenium Dome Experience” that made a second rate trade fair in East Germany look exhilarating….New Labour successful innovation at its very best when “multiculturalism” was the mantra…build a big white tent and fill it with total shite and above all whatever you do don’t mention “Britain ,British Achievements or British Heritage” anywhere near it

            Like

          • Behind The Rusty Curtain says:

            You are being unfair on the East Germans there. I once had a very enjoyable afternoon wandering round the east German pavilion at an Exhibition centre in Czechoslovakia. 1980. Very interesting. You would be astonished what they could make out of plywood. I was not so happy to see what they were doing to all those poor moggies they were skinning to make into ‘fashion’ items. They also made two sorts of hair dye.

            Like

  8. 9
    smoggie says:

    He can claim the Milton of Keynes. Bold and brash but soulless, depressing and simply doesn’t work.

    Like

  9. 10
    Trinny says:

    Another live TV car crash from Ed this morning

    Like

    • 13
      Pawn Sandwich says:

      Lol – was it that bad?

      Like

      • 17
        Labour voter hiding behind the sofa says:

        Not only did he talk complete rubbish but he is self delusional and arrogant. He really appears to think that it is his right to govern the country. Watching him closely this morning he appears to be the frankenstein creation of Brown/Kinnock.

        Like

        • 28
          Dave "Little Dictator" Camoron says:

          He has NO right to govern the country. The country belongs to ME! It is mine, to saddle with debt and cover with concrete in whatever way I please!

          What’s that, you say? You don’t want me to do that? Tough titty, plebs!

          Toodle pip!

          Like

    • 30
      Suntanman says:

      V. Strong and assured performance from @Ed_Miliband on Marr this morning

      Like

      • 47
        Phil says:

        If you mean that he has reinforced the public conception of himself and Liebour then yes I totally agree with you.

        Like

    • 38
      a non says:

      Just wasted a Sunday morning watching Ed M on the BBC show myself. Same old, same old beeboid faeces with Ed ignoring Labour’s catastrophic legacy insisting he would put the cart before the horse and create new jobs to reduce youth unemployment without first finding the money to do it. Sadly nothing new. Appropriate that Marr asked him about the NHS breast implant saga. With the 2 Eds being considered by many to be the greatest tits on the political front at the moment I expected more than a 32AA answer.
      Hated his new coiffure devoid of the silver streak. Makes him look more of a 6th form schoolboy. Do hope Guido is not planning the oxo browning treatment himself.

      Like

  10. 11
    Rowan says:

    Giodo is not, and has never been a group of Gorillas.

    Like

  11. 14
    The Stilton Eater says:

    Company directors who fail can be barred from ever holding office again.

    Ed Balls should be blocked from parliament after such a disastrous time in government as Gordon Brown’s sidekick.

    Like

  12. 15
    Ooops!! says:

    Work for a white Conservative: What Abbott told Tory-voting graduate who asked for a job

    Read more: http://www.dailymail.co.uk/news/article-2086722/Work-white-Conservative-What-Abbott-told-Tory-voting-graduate-asked-job.html#ixzz1jWMIyHYo

    Like

    • 25
      Olt Tory Bigot says:

      She is clearly incapable of learning any lessons from the Twitter debacle.

      Abbot is not only a racist but an extremely thick one. Either that or she feels she’s untouchable and doesn’t give a shit.

      Like

    • 33
      I don't need no doctor says:

      Obviously Abbott’s comments were taken out of context – again.

      Like

      • 64
        A Divvi & Equal Titty Ofsa at a Town Hall near you (tomorrow) says:

        Yo am not to make da ray cyst remarks ‘bout da Fatbot Wimmin, – dey is not da whitey an yo can make all da remarks bout da whitey coz dem laws say so.

        Like

    • 71
      Diane Abbotts Apartheid says:

      I require an “Us and them” situation as it keeps me in power

      Like

      • 100
        Hackney Innit says:

        She is playing dog whistle politics as her ‘black’ constituents are divided at the moment between the law-abiding and those who support looters. Her lefty white voters are leaving the borough in droves.

        Like

      • 106
        Truth says:

        True.

        Like

  13. 16
    Houdini says:

    Balls ideologically opposes as “too fast, too far” spending restraint by the Coalition.

    You don’t, can’t, shouldn’t believe that Balls has any ideological bones in his body. He is a money grubber power hungry knob who would go with anything that promised him the mantle of power and cash.

    Like

  14. 18
    My Lord Kinnockio, Uber Pratt, Dickhead, over-paid EUSSR deadweight, still out of touch with reality says:

    Now look here boyo you should listen to wise people like me and Glynnis my wife and equally if not better paid than me by the EUSSR to talk crap to little people like you who don’t believe like I believe that all this talk of cuts is beyond little people like you and other twats that have never been to proper socialist training camps like me and Glyni bless her if you want to see real masters then look at the pictures of those two giants at the top of this thing and LEARN boyo, – learn who the real masters are and if they keep squabbling it’ll kill the labaa party and that’s the truth in the hills I can keep this up all day you gone to sleep boyo?

    Like

  15. 19
    Mike Thomas says:

    Ed Balls is an economic incontinent and liar….

    You are right about Keynes being a liberal, however, compared to Hill, Smith et al… and later Hayek & Von Mises. Keynes was of the left.

    Like

  16. 21
    Tian Tian the panda says:

    ed balls should not be left in control of the tv remote let alone the economy of this country.

    Like

  17. 22
    Peter Hain D.U.E.M.A Champion says:

    Like

    • 24
      Jasmin Alibi Cunt says:

      Haven’t you got a think tank to open Hain?

      Like

    • 32
      I don't need no doctor says:

      Why does Peter Hain spend a lot of time trying to look the same colour as Diane Abbott. Is he not happy being White?

      Like

      • 43
        Ah! Monika says:

        He’ll never make it. The closer he gets the blacker she’ll become. Got to keep these whiteys at bay.

        Like

    • 76
      Preaching at the absentee voters says:

      Slight problem in the strategy ….The people that Ed needs to persuade to vote Labour though Peter don’t actually watch The Andrew Marr Show or the BBC on Sunday Mornings

      Like

  18. 23
    Jasmin Alibi Cunt says:

    Fawkes you nonce, why even ask if Balls is lying?

    His lips moved, and his eye lids went on auto didn’t they?

    Like

  19. 34
    I don't need no doctor says:

    Balls is a delusional fool, in denial, and a nasty piece of work.

    Like

  20. 35
    Dreary Steeples says:

    you bale out the losers there is no end to the cost.

    Like

  21. 37
    Fish says:

    Ed (I set the agenda and others move onto my ground) Milband now jumping on the implant bandwagon. He says he wants to instigate cross party talks on this, ignoring that Lansley has already established a review of this.

    Utterly shameless.

    Like

  22. 40
    Keith Dovkunts says:

    “B – B – B – B – Balls by name, balls by nature . . .”

    Like

  23. 42
    Chris Huhne says:

    Good Morning all.
    Not much post this year.

    Like

  24. 44
    Anonymous says:

    The ongoing lies and manipulation of all facets of money-changing are keeping afloat the myth that what was broken is being fixed. No, what is broken is unfixable.

    Attempting to patch up the current mess is futile; our fatally-flawed governance has reached a point where it must return to democratic principles and then expand upon them.

    It is necessary to do away with the crumbled, corrupt foundation before a new basis for banking, commerce and fair allocation of the world’s capital can be solidly built. Some of our most astute economists are saying the same—the United States is bankrupt, and when its total and utter economic collapse comes, and it probably shall some time later this year, the fallout will be felt around the world.

    There is now a vomiting out of the old and it will inevitably result in hardship for many people. We simply cannot go back to the old ways. These are defunct and a totally new money system is required, a precious metals backed system. Total economic collapse is inevitable, though I think it will be short-lived. It is necessary to clear the deadwood from positions of economic power. The cleansing is well under way!

    Like

  25. 45
    Neil Pillock says:

    We’ve got our party back!

    Like

  26. 52
    Gordon Brown (Bingo Caller, Eye down) says:

    The answer is to invest more.

    Like

  27. 54
    Peter Hain says:

    Have I got to keep this up for another 8 years FFS?

    Like

  28. 55
  29. 67
    Ah! Monika says:

    Just wondering what Standard and Poor’s would be rating an independent Scotland. C- at best

    Like

  30. 72
    anonymous says:

    data protection by this government – all in it together

    A few months ago – again, thanks to FOI requests – we found that the forms we must fill in to apply for ESA (Employment and Support Allowance or “sickness benefit”) were not all opened by Atos, the private company in charge of “assessing” our ability to work. Instead, they were being opened in a Royal Mail sorting office and sent on.

    The DWP later admitted that “at least 5″ assessment centres did not open their own mail.

    Like

  31. 75
    Bill Quango's spad says:

    The only opposition to this government is the Libdems

    Like

  32. 78
    I don't need no doctor says:

    In parliament, when the division bell ring, is it now YES, NO, and Abbotts, for the votes to be counted.

    Like

  33. 81
    Has anyone seen Mike Hunt? says:

    Anyone worried that we have no decent opposition to hold the Government to acount?

    Like

  34. 82

    Has anyone seen my champagne glass?

    Like

  35. 83
    Will I need diversity training now? says:

    Ed was a total Hunt on Marr this morning. His advisers have trained him to be aggressive in interviews. The only thing they haven’t fixed is his cartoonish facial expressions which make him look like a retard.

    Like

  36. 85
    a non says:

    Miliband supporters still labouring…..

    http://ukpollingreport.co.uk/

    Like

  37. 86
    Gordon Brown says:

    With great power comes great responsibility. Who am I? I’m Spider Man.

    No, sorry, that should be I’m Stupid Fucking Hunt Man.

    Like

  38. 88
    boo boo says:

    Vince Cable would say many things, he still talks cock

    Like

  39. 89
    Donald McTavish says:

    I hope that the Scotch vote for independence

    I fucking hate being lectured by a thick Scotch accent for late payment of tax

    Like

  40. 90
    Chucky Yomomma says:

    That was a strong and assured performance by the dear leader.

    Like

  41. 94
    Richard Dawkins says:

    Working hard to discover whether the Labour Party came about by evolution or by non-intelligent design.

    Like

  42. 97
    Ah! Monika says:

    Has Schrodinger’s cat finally met his demise, or just changed his moniker?

    Like

  43. 102
    Anonymous says:

    Ah yes, John Maynard “In the long run, we’re all dead” Keynes.

    Now Keynes is dead, but his pernicious Ponzi scheme is still alive to plague us. Why ? Because it gives politicans a chance to buy votes and popularity by spending the taxpayers’ money.

    And when that runs out out, borrow it. And when that runs out, print it. And when that runs out, erm …

    Maynard, are you there ? Maynard ?

    Like

  44. 103
    Rob Roy says:

    Balls gets up Cameron’s nose because everyone knows who got the better first class Oxbridge degree.

    Keynes is dead just like Lenin and Marx. All yesterday’s men addressing yesterday’s problems. Have seen the future and I will tell you it is garlic bread.

    Get Goldman Sachs in court for financial misfeasance and seek financial restitution orders. that will sort things out.

    And them Greeks are going to stick two fingers up at the Eu any day soon.

    Just wait until the English wake up. There will be more than two fingers heading towards Cameron and his condemned friends.

    I tell you the days when they can scoff Merlot at 2.35p a bottle are well and truly numbered.

    I am not making all this up. Remember you heard it here first.

    Like

  45. 107
    Englishman at home says:

    No change from Blair or Browns chameleon politics. Just says what he thinks people want to hear. No policies, no integrity and no sense. In fact a typical Labour politician

    Like

  46. 108
    Hackney Innit says:

    Someone of that name was posting on one of the newpapers’ this morning. I can’t remember the details as it wasn’t very interesting

    Like

  47. 109
    Dianne Fatbott says:

    It is impossible for me to be a racist about anything or anyone.

    Like

  48. 113
    Ah! Monika says:

    Watching iplayer of Ed on Marr show and I noticed a couple of ‘jumps’ . Is this show really live or recorded and edited?

    Like

  49. 116
    Tel Itlikeitis says:

    Can we talk about Ron Paul on here ?

    Like

  50. 118
    Fuck off you twat says:

    Off topic but am I alone in loathing Paul McCartney?

    Like

  51. 119
    Tel Itlikeitis says:

    Guido, get your mod sorted out FFS.
    It’s pretty stupid when we can’t openly refer to Ron P.a.u.l on this site, of all places.

    Like

  52. 122
    Anonymous says:

    Meanwhile in the real world, Andrew Neil’s hilariously simplistic and superficial questioning of Gove allows him to get away again with doing his thing of lying with a torrent of omissions, half-truths, and distortions.

    Yet more evidence of the BBC being a waste of taxpayers’ money. Sooner it’s closed down the better.

    Like

  53. 123
    She loves a bucket of rìce and peä says:

    I object to racism wherever it comes from, be it by a white or black person. And yet Diane Abbott still has a job despite repeatedly making racist comments. She made her remark about blonde Finnish nurses coming to work here, her comment that west indian mums will go to the wall for their kids, and now her tweet that whites love to play divide and rule. She is clearly an unrepentant virulent racist, not to mention hypocrite for having sent her son to a mostly white private school. As Brillo asked her, if west indian mums do such a great job, why is there so much crime and violence in their families?

    Like

  54. 148
    Rinka Scott says:

    Milligan should give her her marching orders.

    we need a new Socialist MP with real fire in his belly who will point out that the Costa Concordia is part of a FTSE 100 company the type of city of London company our Dave is doing so much to protect because everything which comes with city of London accreditation is really the dogs bollocks.

    Like

  55. 156
    pigs in space says:

    James Callaghan admited in the 70’s that Keynesianism awas just a load of complete balls

    We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.

    Labour Party Annual Conference Report 1976, page 188.
    Speech at the Labour Party Conference, 28 September 1976. This part of his speech was written by his son-in-law, future BBC Economics correspondent Peter Jay.

    When we reject unemployment as an economic instrument — as we do — and when we reject also superficial remedies, as socialists must, then we must ask ourselves unflinchingly what is the cause of high unemployment. Quite simply and unequivocally, it is caused by paying ourselves more than the value of what we produce. There are no scapegoats.

    Labour Party Annual Conference Report 1976, p. 188.
    Speech at the Labour Party Conference, 28 September 1976.

    Like

  56. 157
    AbleTheSpaceMonkey says:

    Keynes was a great admirer of Fascism (with some reservations), believing his economics far better employed in such societies (see his forward to the German translation of general theory). He also thought highly of the achievements of the Bolshevism under Stalin (praising the work of the Webbs). Revisionist historian Ralph Raico documents this here (and elsewhere):

    http://mises.org/daily/891

    As for Keynes the man see:

    http://keynesatharvard.org/

    If Keynes was a ‘liberal’, he was a ‘liberal’ in the Clegg mold, and not of Lord Acton.

    Like


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VOTER-RECALL
Find out more about PLMR


Rob Colvile reviews Russell Brand’s new book:

“Oddly, the person I feel sorriest for isn’t Brand himself – although he certainly comes across as a rather pitiable figure, projecting his own brokenness on to the world around him – but Johann Hari. Drummed out of Fleet Street for plagiarism, the former Independent columnist has washed up as “my mate Johann, who’s been doing research for this book”. For a genuinely talented polemicist, it would have been a humbling experience to have to treat this sub-undergraduate dross as the scintillating wisdom of a philosopher-king.”



Mycroft says:

Have you read the last bit of Animal Farm?

You know where the animals are looking through the Farmhouse window?

My TV screen was that window at lunch-time today.

Be careful, the sudden self-congratulatory tone, the slightly pudgy outline of indulgence and you become exactly what you should despise.

The jolly face of the Quisling Cameron poses for your camera has mesmerised and deceived you, you who were once not so deceived.

You were no firebrand, you were a damp squib in my opinion, sorry.

You need a damned good kick up the ahse!


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