June 15th, 2012

George’s Mangled Medicine

George Osborne has taken a bashing this morning following his decision to fork out another £140 billion to the banks. The Institute of Directors warned that Funding for Lending will do nothing to make businesses want to borrow, noting that the move fails whatsoever to address fears over the Eurozone crisis.

The Institute of Economic Affairs were particularly damning, chastising the Chancellor for getting into a “terrible muddle” over banking policy and suggesting that “the left hand of the Treasury does not seem to know what the right hand is doing”. They highlight the fundamental contradiction between FSA regulation reducing the flow of funds to borrowers while the government subsidises lending from the very same banks. That GCSE maths textbook might come in handy.

Meanwhile Ed Balls backed the plans, saying “I welcome any action”. Says it all really…


57 Comments

  1. 1
    Spotty Lizard says:

    Guido, when are you going to run naked through London having lost your bet on Osborne putting more money into the Eurozone?

  2. 2
    Sally Bare Cow says:

    Get us some fags John!

    And by fags, i mean smokes..not what you was finkin’.

  3. 3

    It might be better for our sanity if the windowlickers agree to write that particular debt off.

  4. 4
    Penfold says:

    Ed Ball’s support means that this notion is a pile of steaming turds destined to be transported on the RMS Titanic.

  5. 5
    Spotty Lizard says:

    I think he should be made to do it, given what a self-righteous little ponce he is.

  6. 6
    lolathebeautiful says:

    Osbrown has shown that he has no effing clue what he is doing, or what to do. He is a complete twat. How the bloody Hell do we get saddled with numpties like this? How? Just tell, how FFS?

  7. 7
    Hamish Macbeth says:

    When he’s had some Benzo Fury

  8. 8
    Its says:

    OsBrowne!!!!

    Debt raising !!!!

  9. 9
    Labour = Waste says:

    This smells like something Gordon “bonkers” Brown would have done.

    Osborne should get out of the way. All these schemes are part of the problem, not the solution.

  10. 10
    Anonymous says:

    You mean get the banks to lend, not borrow.

  11. 11
    Sophie says:

    Further evidence, if it were needed, that Blue Labour are merely following Balls and Browns fiscal lunacy to the letter.

    The more money & resources they take away from the productive side of the economy the worse the situation gets.

    Cameron & Osbourne have to go – & real Tories put in their place.

  12. 12
    Rage Against the Politcal Elite says:

    With a CSE in economics any one could lose these Fu-kwits. Pumping money into a broken economic over Taxed system, will NOT work. Propping up your School chums frauds wont HELP things and may only make things worse. This state of affairs started in 2006 with the WANK-RS Blair and Broon who borrowed too much and took the country into Wars with NO end. I hope the 10 million Blair made out of it, he chokes on it.

  13. 13
    'ere stop messin abhaart says:

  14. 14
    Steve Miliband says:

    Is this the caption contest or what?

  15. 15
    Scary Biscuits says:

    What baffles me is why Conservative MPs are putting up with this pure socialism. Surely they don’t want to repeat their predecessors’ mistake of following Major off a cliff? They need to call a leadership election BEFORE they lose their seats, not afterwards… Doh!

  16. 16
    Jimmy says:

    Really pleased to see George accepting that Labour are and were right all along.

  17. 17
    Rage Against the Politcal Elite says:

    All educated at schools where money is a dirty word that Great Grandpa or Daddy made. And didn’t know what its like to have hunger in the belly.

  18. 18
    What would Balls do? says:

    Yes, I reckon the Balls test is the way to go. If he approves then it is a load of Bollocks and it should never see the light of Day. If he reckons that it is all Balls then it is the right thing to do.

  19. 19
    nellnewman says:

    +Sigh+

    When will government learn. You can’t spend more than you earn.

    And why is this government still supporting money guzzling quangoes and regional government departments that achieve nothing and cost us a fortune. georgieporgie has got to cut the public sector down to size.

  20. 20
    cscopes@onetel.com says:

    What a pity there are so few in Government or indeed Parliament who have started and run their own businesses and have met a payroll. They need n’t even have been successful as at least you can learn from your mistakes. It is a lack of cemmercial eduactaion that is so worrying. It appears to me that there is little diffrence between running the natuional economy and running a company’s finaces just a few noughts on the end.

  21. 21
    anonymous says:

    all the old etonians may be great at running a brothel or a cocaine den but they are fucking crap at running the country

  22. 22
    Scary Biscuits says:

    He’s always agreed with them. That’s why he believed that Brown had abolished boom and bust and wanted to share the proceeds of growth. His only disagreement with Labour was personal; he thought he should be Chancellor.

  23. 23
    Ministers do as they are told. says:

    You fail to see the point. Chancellors do what their advisers tell them and dress it up with a few party political crumbs to keep their back benchers on side. You can be sure that if the Postman or Balls were now doing George’s job exactly the same strategy would be deployed but this time with a slight lefty dressing to keep Loony Left from revolting.

  24. 24
    Martha Payne says:

    Nearly time for lunch !

  25. 25
    Technomist says:

    His word is his bond.

    It might be fun though if he were joined by a few thousand others in protest at the government once again taking the shirts off the taxpayers’ backs.

  26. 26
    Come on the Loony Left and dump the Euro says:

    Never before have I wanted the Loony Lefties to win an election but in the case of Greece I have made an exception.

  27. 27

    Agree wholeheartedly, Bill.

    We should treat it as de minimis.

  28. 28
    Number 11's CV says:

    Does seem rather odd that the qualifications required to look after the country’s purse are so varied. From History teacher, to postman, to wallpaper maker, to post neo-classical endogenous growth theory balls.

  29. 29
    Pawn Sandwich says:

    This 9 year old up in Scotland has been banned from taking photos of her lunch. Her blog has received over 2 million hits.

    http://neverseconds.blogspot.co.uk/

  30. 30
    Tony Blair says:

    “Well, that’s democracy for you!”

  31. 31
    Spangle says:

    Just in time for cover (some of) the losses the banks will make when Greece defaults. That money will go nowhere near UK businesses. Nearly as good a wheeze as getting Italian banks to borrow at 7% to give to Spain at 3%. Yet we all bend over and say “more please”

  32. 32
    Baxter Basics says:

    George,

    If you are struggling with the GCSE book – then have a go on this water powered economics calculator of yesteryear.

  33. 33
    Fat Tom Twatson says:

    I’ve been writing a blog for years and a kid with a camera gets 2 million hits posting pictures of her school dinners. Hard to swallow

  34. 34
    Roger says:

    Watch this video, Its absolutely true, all this angst is for the simple purpose of feathering the nests of private banks that we simply do not need as they are currently constituted.

  35. 35
    Baroness Waziristan of Dewsbury says:

    Sit back and relax we are the Tories world renowned for our fiscal sobriety and prudence. We will undo all the damage of Labours wasteful years and are now well embarked on the steady process of spending our way back to prosperity. This process will in no way hurt or effect the common man in the street or shires as all of this money has either been borrowed or simply printed out of thin air. Now I want all of you ungrateful little Englanders to get behind your local Tories and stop voting bloody UKIP. Try and show some gratitude for the way in which we are cracking down on immigration and the underclass scum on Labours sink estates. We are doing this for you.

    PS Don’t worry about the Liberals we,ve got them right were we want them and their comeuppance is getting ever nearer – he he.

  36. 36
    Forkbender says:

    Yup, What have all the*ankers done with all that QE and can they account for what they have had, if they cannot, take some back

  37. 37
    JCisJD says:

    OK a little clarification:

    – THIS IS NOT A BUBBLE! It is a cliff edge

    – THIS SYSTEM WAS NOT SAVED FROM COLLAPSE! It was propped up

    – THE BANKS R INSOLVENT! This is through Fractional Reserve Banking & insuring this debt based system with more DEBT through DERIVATIVES

    – THE ENGINEERS & PROMOTERS OF THIS NEED TO BE LOCKED UP! Do not look 2 the politicians 2 do this, they R there simply 2 give the illusion of choice.

  38. 38
    UnionRep says:

    The next round of QE will just about demolish what’s left of the final salary pensions and other savings.

    This “money” will sit on bank balance sheets. This won’t strengthen the banks one iota – the inflated assets their holding onto – property (~40% overvalued), interest rates at an all time low as a result have jammed the system.

    Result = stagnation.
    Solution = let the banks fail.

  39. 39
    Chris Butler says:

    If you haven’t figured out by now that the banks are simply using this printed money to pay for PPI mis-selling, you need to have a serious word with yourself.

  40. 40
    Tony Blair says:

    “Well, that’s democracy for you!”

  41. 41
    anonymous says:

    you mean its the looney righties who made the mess then??

  42. 42
    Tony Blair says:

    The profits were privatised long ago and now the losses are being socialised…or aka socialism for us the rich and predatory capitalsim for the rest of you.

    Ha, ha!

  43. 43
    Mornington Crescent says:

    He can start here in Bent Kent, where the “Managing Director” (ha!) left, after 18 miserable months, with a payoff of over £400k.

    http://www.kentonline.co.uk/kentonline/news/2012/june/15/payout_for_kerswell.aspx

  44. 44
    Socialism Ate My Future says:

    Cut taxes give us some breathing space

  45. 45
    Spotty Lizard says:

    Heh:
    Whenever a fellow called Rex
    flashed his very small organ of sex
    he always got off,
    for the judges would scoff
    “De minimis non curat lex”

  46. 46
    Rev. Stinker Pinker says:

    Is George having a trouser wank? Or just does he always walk round with that soporific look on his face? What the dozy wanker should be doing is cutting spending £150 billlion and giving the taxpayer a £50 billion tax rebate. Giveing ‘cash’ to the banks from an inkjet printer will just boots the banks while the productive sector goes down the tube

  47. 47
    Jeffrey Bernard says:

    @anonymouslabourtroll
    Osborne didn’t go to Eton. Plank.

  48. 48
    Norman Smith says:

    What a great photo. And what a great stunt by that impartial, public service broadcaster, the BBC.

  49. 49
    Seeking solutions says:

    To paraphrase the Blessed Maggie: Every blogger needs a (small) Willie

  50. 50
    John Prescott's Ringpiece says:

    Why is this not the caption competition?

  51. 51
    The Golem says:

    +1. A Chancellor of the Exchequer with an innate understanding of his brief and the determination to think for himself would be seen as a menace in Whitehall.

  52. 52
    Ed balls The alchemist says:

    I can sort the globle economic crisis , with my chemistry set .

  53. 53
    Anonymous says:

    Yes but can George Read?

  54. 54
    Forkbender says:

    +100

  55. 55
    Forkbender says:

    The so called great public schools groom their pupils so that automatically they assume that they are meant to lead, the public schools and of course Oxbridge is where the students build social networks, so that to an extent, everyone knows everyone else and except for a few individuals, they all think in the same way.

  56. 56
    lojolondon says:

    General rule of Osborne : anytime that Balls or Harman thinks you are doing the right thing, that is a REALLY good hint that you are facing the wrong way.

    PS. Now would be a good time to do a u-turn, that is if you are planning any?

  57. 57
    Ivor Tapeworm says:

    Propping up the housing bubble with easier-to-obtain mortgage loans will ensure property prices remain inflated, and that business costs remain higher than our foreign competitor’s costs.

    Can’t have the landed classes suffering can we?

    Foot – aim – shoot!


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