April 11th, 2014

Osborne to IMF: I Told You So
Third Year of Expansionary Fiscal Contraction

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Chancellor Zero is no more. Growth is back, even the neo-Keynesians at the FT and the wonks at the IMF can’t deny that the UK expanded faster than the rest of the G7 last year and will probably do the same this year. George Osborne is in Washington today to gloat that

“despite warnings from some that our determined pursuit of our economic plan made that impossible. All of this demonstrates that fiscal consolidation and economic recovery go together, and undermines the pessimistic prognosis that only further fiscal stimulus can drive sustainable growth. Indeed that is precisely the wrong prescription for our economies…”

Ed Balls got it wrong is the core message. Labour will point to per capita GDP which is still 10% lower than it was in 2007 – that will be a second term objective for the Chancellor. Balls will less convincingly say George has missed his deficit target, less convincing because Labour would have missed it by more and opposed almost every measure needed to reduce the deficit. The neo-Keynesian argument that higher unemployment would increase the welfare bill and thus the deficit has been proven to be wrong. Unemployment is down from what it was under Gordon Brown, with the warnings from the likes of David Blanchflower of 4 to 5 million unemployed having turned out to be political hyperbole that has fatally damaged his career as a sage. That “expansionary fiscal contraction” that left-wing wonks and economists said would never come is entering a third year…

Leading left-wing wonk and wannabe Labour MP Will Straw argued in 2011 that Britain’s economy faced the risk of a Japanese-style “lost decade” and that “expansionary fiscal contraction” was a “voodoo theory”, and even that there was no such thing as an expansionary fiscal contraction. In 2011 Guido argued the point at length with Will on the BBC’s Daily Politics:

Having failed at the time to get an on-air apology from Will for his role in Gordon Brown’s Treasury, three years later he must now accept that he was wrong about a lost decade and wrong that there was no such thing as an expansionary fiscal contraction. Over to you Will – as growth is expected to hit 3% you have a second chance to offer an apology…


141 Comments

  1. 1
    Nu Attack Dog says:

    Now – about that referendum………

  2. 2
    Mitch says:

    Not sure this is genuine, sustained growth, though. There are signs that it’s another credit/housing bubble fuelled rise. Which would be extremely shakey to say the least.

  3. 3
    nell says:

    It all just highlights the gross economic illiteracy of labour and reminds us how they trashed our economy with their mismanagement.

    Let’s hope they never get their shifty hands on the nations bank account ever again!

  4. 4
    brown-dog says:

    It’s just the foreign moneyed London housing boom you fuckwits!

    British economy too reliant on people spending money, warns IMF

    http://www.telegraph.co.uk/finance/economics/10758923/British-economy-too-reliant-on-people-spending-money-warns-IMF.html

    Britain is still too reliant on consumer spending to drive growth and further action is needed to foster stronger exports and investment to ensure the economy is “three engines powered”, according to the head of the International Monetary Fund.

  5. 5
    Alex says:

    The government is still borrowing one in every six ponds that it spends. My granny could grow the economy with that level of borrowing, and she’s been dead for the last 20 years.

  6. 6
    Duncan Makyor says:

    Only reason we have ‘growth’ is foreign money pouring into the safe-have battleship that is London, both European, Chines, Russian, and American.

    We are the least bad option for wealthy cowboys of all creeds; they think their money is safe with us, ha,ha,ha.

    For us locals, there is no recovery. Artificial interest rates, non-performing banking sector for us plebs, and thousands of secret taxes and ‘legalised bribes’ .

    Not saying pop-eyed Straw and Bollix would be anything but 10 times worse, but lets not start saying ‘best Chancellor ever’, we know where that leads.

  7. 7
    BBC News and Propaganda Unit says:

    We won’t be reporting any good economic news.

  8. 8
    Told you so says:

    George Osborne has got it right. He stuck to the course and Britain has delivered world-beating growth that will soon reach everyone’s wallet and paypacket, welfare-scroungers excepted.

    The entire Left called it wrong. From Ed Balls to Paul Krugman, Danny Blanchflower to Will Straw, Ed Miliband and Francois Hollande and a thousand Guardian editorials. Their alliance of waste and debt is the road to ruin and yet again they’ve been proven wrong.

  9. 9
    Mornington Crescent says:

    Look, my name is Straw. I have a famous daddy who has been in politics all his life and is part of the Westminster Establishment. Ergo, I am right and you are wrong.

    The fact that neither of us has ever been outside Zone 1 of the Tube and has never had a proper job is irrelevant.

  10. 10
    still walking into darkness says:

    ‘Let’s be clear about this’, was that where this phrase originated?. Will Young looks about 15 in this clip, which means he would have been pre teen as an adviser to Gordon.

  11. 11
    Anonymous says:

    Who’s a pretty boy then.

  12. 12
    Anonymous says:

    Apology?-boys of straw and all that.

  13. 13
    Labour Voting Alliance of homo asylum seekers, breeders and claimants, illegal and legal says:

    We expect our fair share of the new enrichment then, more bennies for us and our cousins families, average one hundred each. Or we will make troubles.

  14. 14
    a ribbleasian intern says:

    there’s nowt like rectal fistitude

  15. 15
    Labour Voting Alliance of homo asylum seekers, breeders and claimants says:

    We have seen mr jack in Black Burned where he MP. He not see us as burka on.

  16. 16
    Socialism is theft says:

    The left’s apologies are as abundant as their economic credibility.

  17. 17
    Cut taxes and the State says:

    Anybody heard from Blanchflower?

  18. 18
    All socialists are hypocrites says:

    The underlying tenet of socialism is NEVER EVER apologise and ALWAYS blame others for your mistakes

  19. 19
    Allegedly Posh Jock says:

    The ‘Housing Bubble’ is a purely London/English phenomenon which if interfered with will adversely affect the already dire situation in the rest of the UK, not that anybody in the Westminster ‘Bubble’ will give a shit………Vote ‘Yes’ in Scotland.

  20. 20
    The most amusing claim ever says:

    It’s in the genes as they say…. his Dad never apologised for supporting Blair in the latter’s Wars of Terror

  21. 21
    Ma­q­bo­­ul says:

    There have been all the signs of recovery in the UK nationwide for a couple of years now for anyone who does business and plays the stockmarket.

    The very recent property rise in London is an effect not the cause of growth in the economy. The help-to-buy no doubt has an impact as well.

    The lefty smearers will try to tell you otherwise but I’d love to hear them explain how it is affecting growth.

  22. 22
    Strongarm of the BBC says:

    Growth is simply a negative recession.
    Vote Labour.

  23. 23
    David Cameron says:

    I’m addicted to high taxes. The higher the better!

  24. 24
    Ma­q­bo­­ul says:

    Gordon couldn’t.

  25. 25
    Helpful says:

    The per capita GDP argument is nonsense; you can get that up by just removing all the people with marginal productivity from the work force. That we have imported hundreds of thousands of immigrants who will do low paid work and we are moving low skilled people from benefits into work will reduce per capita GDP.

    Going on about per capita GDP means “we want high waged, high skilled workers” but that leaves those with no or no skills nowhere to go.

    The meaningful measure is the percentage of the population that is in work. The more that move off benefits and into work the better for them, for us and for our society as a whole. Once they start acquiring skills they will move up the productivity scale and per capita GDP will start to move up a bit.

  26. 26
    Tony Blair is a war criminal says:

    He’s never off Newsnight

  27. 27
    Smoke and mirrors says:

    So it follows then that if he had made some actual cuts instead of increasing borrowing, the country would be in an even better state….

  28. 28
    How to satisfy Westminister inhabitants, including GGuido says:

    This is gay economics.

  29. 29
    Dorkass says:

    If your business relies on usury but interest rates are low, then self-evidently the only way to keep profit at the level you’re accustomed to at high rates, is to multiple the principal in proportion. Viz Japan’s quantitative sleazing – racing everyone to the interest rate bottomfloor. ‘Sustainable growth’ in this regine entails sustained low interest rates, and all that implies.

  30. 30
    just asking says:

    Is it true that Will Straw was responsible for the
    anti-UKIP ‘Indian reservation’ poster?

  31. 31
    Oppose the Labour vote base of breeders and claimants says:

    Time for a new PM. This one is sho’t, ####ed, give Gideon a chance now. Da’ve wants to be the new Princess Tony.

    It is quite evident that the pace of modern politics and associated scandals is sapping the energy of anybody, there is only a short shelf life.

  32. 32
    Vince Cable's rucksack says:

    I told you so.

  33. 33
    Newshite says:

    We only interview leftie sympathisers who suit our agenda.
    Even if they are clueless.

  34. 34
    Sitting Bull, Chief and head honcho, casino boss says:

    Me thought funny and true.

  35. 35
    Ed Moribund says:

    Well…Cost-o’living-cwisis! So There!

  36. 36
    men in frocks says:

    You need to travel more if you think the situation in the UK is “dire”. The jocks will overwhelmingly vote No and you know and secretly hope that they do. God forbid that Salmond and his cronies would have to deliver on his pie-in-the-sky promises to let Scotland “flourish”. It would descend into a corrupt seething mass which would even embarrass a Venezuelan.

  37. 37
    Ed Moribund says:

    I oppose all cuts.
    Except for newborn J’ish boys. They need a trim.

  38. 38
    Mornington Crescent says:

    Ca-moron’s Cutie smearing Our Norman:

    http://www.bbc.co.uk/news/uk-northern-ireland-26984719

    Theresa Villiers, eh? Just what the fuck has she ever done in her poxy little life? Another absolutely insignificant, talentless, achievement-free parasite – the kind of person Dave loves.

  39. 39
    MrNedward says:

    They either have never heard of the laffer curve, or they think it is at its most efficient well above 60%

    Cutting taxes of the wealth creators stimulates them to create more wealth, which when taxed at a lower rate, creates even more incentive for thrm. There is a level below which it stops working, and a level above which it stops working. I think 40% seems about right.

    Cutting spending means

    One thing is indisputable. Nobody in the labour party has made a correct economic prediction in several years. They have been wrong so often that they have absolutely no economic credibility whatsoever.

  40. 40
    C.O.Jones says:

    Especially since the media have been going on about these fictitious cuts for the last four years anyway. He was getting blamed for something that never happened, he should just have gone ahead and done it.

    A little exposure to the BBC and one would swear that he had a scorched earth policy.

  41. 41
    Blowing Whistles says:

    Why is it that ‘failed banks’ can “rely” on being bailed out by ‘the taxpayer’ …

    This anomaly is surely beyond a joke … if a bank fails and they have the ‘comfort of being ‘protected’ by the taxpayer no matter what’ – this is an abuse of the public purse. Thus there are no true safeguards against abuse.

  42. 42
    Gordon says:

    I could!

    I borrowed one of the six crayons I used to do my last budget, and look how that turned out.

  43. 43
    Lord Stansted says:

    Great news rather weakened by thieving what’s-her-name and dirty-other.

  44. 44
    Anonymous says:

    Please Scotland vote yes! that will be the end of 41 Labour MP’s, no more Gordon Brown or Tony Blair (<_<).

    While we are at it shouldn't Shetland vote count independently, if they vote to stay with the UK and Scotland votes to go alone – the Shetland islanders should be allowed to stay. (^_-)

  45. 45
    C.O.Jones says:

    And his grandfather never apologised for refusing to fight the nazi’s in the second world war.

  46. 46
    Charmed I'm Sure says:

    You thick c*u*n:T, this is all smoke and mirrors, Guido the fat weird looking paddy puff is paid to promote these stories. The WHOLE fucking world is fucked, capitalism, communism, conservatism, socialism does not fucking matter anymore dicksplashes like you and the aforementioned fat puff who pretend to believe what the scum in parliament tell them deserve to be painfully euthanised.

  47. 47
    Maria Miller says:

    If Reeva Steenkamp had taken a shit with the door open all this palaver would never have happened

  48. 48
    Nemesis. says:

    I watched last night a Panorama programme that I had recorded about benefit caps. It featured, amongst many others, some family from Ethiopia moaning because they have to move to cheaper (but very decent) property in Luton from Brent. A fucking Palestinian guy with seven kids (all born since he moved here) all under nine years old moaning because he had to move to cheaper property etc etc. No wonder they all want to come here, I’d ship every bloody one of them back to their own countries and see what benefits they get there.

  49. 49
    Mark Menzies,Moderator says:

    System unavailable

    Sorry, the system is currently unavailable. Please try again later.

  50. 50
    Ed Balls - Shallow Chancer says:

    Over to you Will – as growth is expected to hit 3% you have a second chance to offer an apology…

    Don’t know much about Labour politicians, do you, Guido ?

    1) We NEVER apologise.
    2) We never, EVER resign.

  51. 51
    C.O.Jones says:

    So, now that the low grade bank clerk has stirred the Russian bear, what is he going to do about it?

  52. 52
    Straight Talker says:

    If we stopped inventing terms such as ‘ expansionary fiscal contraction’ perhaps the man in the street would have a chance of understanding what is really going on.

    Or is that the intention?

  53. 53
    SIZE 14 CARBON FOOTPRINT says:

    The only ‘cuts’ we are not getting is to the benefits bill , the overseas aid racket and the growing EU budget.
    In the meantime the ‘cuts’ that are causing real damage such as to the Police ,Armed forces, and education are going ahead.
    What is really required is a cut in VAT to 8% , an increase in interest rates, and an immediate withdrawal from the EUSSR, only then can there be a return to prosperity

  54. 54
    Daniel Finkelstein says:

    “He’s never off Newsnight”

    You’re mistaken…you’re thinking of me!

  55. 55
    Labour is the nasty party. says:

    You sound like a typical UKIP supporter .

  56. 56
    Lefty twitter mong says:

    Waaaaayciiiist.

  57. 57
    Gerbil 7 says:

    Ah yes, those demanding more of other people’s money whilst incessantly breeding and putting not a single thing back.
    I would be very interested in the angle the Palestinian would take if he were to argue the same in, say, Palestine.

  58. 58
    Labour is the nasty party. says:

    When is the Labour party going to back their cheap loans back to the Coop Bank ?

  59. 59
    bergen says:

    I’m glad Guido has mentioned the utterly useless Blanchflower. I got increasingly tired of his deluded ramblings on Radio 4 where he was always wheeled out as some wonderful expert when it was clear that he hadn’t the faintest idea about business.

    In the end he became quite reliable-listen to his forecasts and prepare for the opposite.

  60. 60
    Blowing Whistles says:

    ‘pay’ back time.

  61. 61
    Duped voter says:

    But they are enriching us. All right-thinking politicos and media types keep telling us. Only a handful of fruit cakes and loonies agree with you(and me to be honest).

  62. 62
    Incapable Vince, deputy Chief Cockroach says:

    I wrote all of Blanchflower’s predictions.

  63. 63
    SIZE 14 CARBON FOOTPRINT says:

    AND PROUD TO BE SO !!

  64. 64
    Cornish pasty says:

    I also want Scotland to vote yes.
    Then they can sort their own currency,NATO and EU membership,
    NHS, education and benefits systems,BBC etc.

  65. 65
    Ukipper says:

    They’ll be legalising buggery next. Mark my words or I’ll call you a dicksplash.

  66. 66
    just remind me says:

    How much did the Co-op pay Balls courtesy of
    Rev.Flowers?

  67. 67
    China says:

    Ha!

    You call that growth?

  68. 68
    Barnehurst Bob says:

    If the economic news had been bad the BBC would be all over it, like they were at the beginning as it was turned round. Chasing Osborne to get a comment, and taking that tedious trail in Africa off the screens. Inviting all their trusted economic experts to pontificate about how it should be done. Now they and Labour have been proved wrong, nothing. Not a word.

    QUESTION: Where is Ed Balls? Couldn’t get out off the media when the economy was ‘beam on’. Now we appear to be sailing away from the rocks you can’t find the bugger. Say something Ed or we’ll think you’ve thrown the towel in!

  69. 69
  70. 70
    Blowing Whistles says:

    There should be a minimum of a one generation ban on the sins of their fathers and mothers entering Parliamnet – that’d start to make em think a little.

  71. 71
    the mystic mould with the appearance of the face of Jesus says:

    why is growth a good thing ? surely on a spherical thing eventually everything will be used up, or do people imagine colonizing other planets ?

  72. 72
    Táxpáyér says:

    That’s just one of the problems.
    The main harm caused by income taxes is to comparative advantage.
    i.e. Tax causes you to employ less people.

  73. 73
    Mark Oaten (LibDem) says:

  74. 74
    Táxpáyér says:

    Peak Conspiracy!

    I wish…

  75. 75
    Kinnochio says:

    Fuck off !

  76. 76
    Táxpáyér says:

    Signs?!?

    The falls in land affordability are obvious. This economy needs to be purged of rent-seeking (and income tax cuts) if it’s to grow sustainably.

  77. 77
    Gordon Brown, Prime Minister says:

    I’ve just had a lovely enormous, but prudent poo.

    I couldn’t count how many days I’d been constipated , so I worked it out with a crayon.

  78. 78
    Anonymous says:

    The Jocks will vote, “No”, mores the pity but they’re just a bunch of fearties who wish to cling to Nanny’s apron for another century or two.

    Deep down they know they’re not up to it.

  79. 79
    Táxpáyér says:

    But rent-seeking ABSORBS wealth, so there’s no recovery.
    QE also makes investment more expensive (despite claiming the opposite)

  80. 80
    Táxpáyér says:

    Exports are the PRICE of imports.

    I wouldn’t listen to those debt pushes and looters @ the IMF.

  81. 81
    Táxpáyér says:

    GDP = Debt.

    It treats what you’ve put on your credit card as if you earned it! Madness.

  82. 82
    H.Harman, T.Blair, J. Straw says:

    Hear hear!

  83. 83
    Táxpáyér says:

    You’re being looted is what’s going on.

  84. 84
    Green Nutter says:

    Osborne is not consistent with Agenda 21. Growth is dangerous. The planet will die because of him.

  85. 85
    Táxpáyér says:

    The’re enriching US (Where US is the establishment). The state pays their rents, and the increased housing demand bumps up rents nicely!
    They also put pressure on wages for the lower paid, which means the establishment can pay their staff less = more profits for them!

    Win win (unless you’re an average British person).

  86. 86
    Pieman says:

    Shhh! That’s how rumours start!

  87. 87
    Táxpáyér says:

    Racist means “Not an Oikophobe”.

  88. 88
    Táxpáyér says:

    Because the communist states are much cleaner…

  89. 89
    C O (Ξ7p) says:

    All Osborne has achieved is a slow down in the accumulation of government debt, and that has largely been at the expense of investment.

    With short term money heading into L’ondon, as a safe haven (and in part due to UK’s failure to impose sanctions on R’ussia) that money is finding its way into the economy through an uptick in mainly business loans and a new housing credit bubble, but that is not a stable foundation.

    The proliferation of Zero Hour contracts speaks directly to where business confidence is at, as well as the confidence in the general ‘recovery’ being reflected in the government needing to stimulate a housing credit bubble with its help to buy scheme.

    All of this looks great from a pure numbers perspective, and one thing Labour taught is that credit bubbles do help create the illusion of GDP growth as numerically they bring that number up.

    Looking at the number of boarded up shops and £1 stores on most high streets I see around the UK, cannot see any real sign indication of growth or general economic improvement.

    Labour are wrong, but the economy is still broken and will not be winning anyone an election.

  90. 90
    Will Straw says:

    I used to get invited on the telly all the time despite having done nothing and then go home to watch myself on the £8000 flatscreen my daddy ponced off the taxpayers.
    He deserved a bit of luxury. He was poor as a child because his useless dad left his wife and kids to fend for themselves. He also refused to do any kind of work the help the country in 1939, but that didn’t stop his sense of entitlement or my daddy going on about how “we” had stood together against the Nasties.

  91. 91
    the mystic mould with the appearance of the face of Jesus says:

    when the day arrives when everything that anybody would ever desire can be magicked from nothing then there will be no concept of growth, just change

  92. 92
    Winston says:

    Some truth in this. The UK’s balance of payments is dire. Public sector borrowing keeps increasing. Austerity is not happening. Private debt is increasing again. The UK’s combined private and public debt per capita is the highest in the World (correct me if the US is higher). It is not sustainable. The political elite keep kicking the can down the road, but the road will end some day, then…..

  93. 93
    The Economic Aardvaark says:

    That’s very valid question and one that isn’t asked enough. What we need is shrinkage not growth – particularly of the human population. If we don’t control ourselves then we will soon be in shit street with no way back. Endless growth is the policy of fiscally incontinent lunatics and it will end in tears for all of us.

  94. 94
    the mystic mould with the appearance of the face of Jesus says:

    probably I should have put forward the idea first of magicking one thing from another thing which would have made more sense.

  95. 95
    Will Straw says:

    My grandfather was not jailed metrely for beign a conscientious objector. Only 5% of them or less were ever jailed. He must have refused to do non-combatant service and also to do “useful civilian work”. Now doesn’t that ring true for a family of politicians.

  96. 96
    PPE Graduate says:

    GDP/capita: Surely per-capita includes everyone, not just those in work

  97. 97
    the mystic mould with the appearance of the face of Jesus says:

    by constructing and elemental construction machine it would be possible to recycle rusty old things into shiny new things and there would cease to be necessary the idea of growth. the idea of growth could be allocated to off planet activities by the construction of an elemental construction machine with rocketry type propulsion and self replicating capabilities, sometimes called a Santa Claus machine.

  98. 98
    LibLabCon says:

    I see only three colours in that bag.
    Well done, BBC.

  99. 99
    Anonymous says:

    Guido,
    I think its about time you realised you don’t have the face for TV
    Stick to the internet and radio

  100. 100
    The British Economy says:

    Have you seen my AAA rating anywhere chaps?

  101. 101
    the mystic mould with the appearance of the face of Jesus says:

    by thinking in interplanetary terms, globalization can be an idea for good, By relinquishing ideas of copyright existing countries might assist in space development and in the construction of an elemental construction kit, with this activity and the provision of global internet infrastructure non of the fuckers will actually have to come the the UK

  102. 102
    To answer your question says:

    Run like hell for the hills, probably, leaving others to clear up the mess.

  103. 103
    Mine d'Boggles says:

    Is that the same as “sustainable growth”? Or have I misunderstood the nature of most natural resources?

  104. 104
    BBC - Labour Says, Labour Says. says:

    Don’t worry will will not be reporting this at all but if we do it will be in a negative manner with our usual lies. BUT we will be reporting on Germany’s recovery with NO new debts.
    Up the Comrades.

  105. 105
    Ed Millionaireband says:

    Thith ith going thtwaite into our manifethto for 2015

  106. 106
    Idon'tneednodoctor says:

    Will’s economics are built on straw. He should do very well in labour.

  107. 107
    Fred the pensioner says:

    But zat is what ze lurvley long-legged Christine just told us – “we must find new ways to growth”.

    Seems these cvnts have never heard of the word ‘consolidation’.

  108. 108
    Fred the pensioner says:

    If he gets in, that will probably be the straw that finally breaks the proverbial camel’s back.

  109. 109
    the mystic mould with the appearance of the face of Jesus says:

    so in hindsight it would probably be better to give all the olympic money and all of the allocated trainset money and all of the fuck knows what money to a university for the development of an elemental construction kit.
    HTH

  110. 110
    Anonymous says:

    For the umpteenth time the 2007 GDP figures were a figment of the imagination. They included all the banking rubbish in the numbers.

  111. 111
    Peed off Non Trougher says:

    Smoke and mirrors. The only growth most of us plebs can see is the proliferation of foreigners ass raping this country. A glance at last nights Panorama and ITV’s Exposure would confirm this and the only benefit we seem to get is a cheap car wash….

  112. 112
    Potemkin Village says:

    As far as I can see, the improvement in the balance of payments is due to the fact that imports are down. We are still not making enough of the goods that the rest of the world wants. This is not the basis of a sustainable recovery, and nor is the influx of hot money into ‘safe’ property. Lib / Lab / Con lies, as per.

  113. 113
    Anonymous says:

    Got out of bed the wrong side today sonny? Maybe not getting enough- or any.

  114. 114
    Anonymous says:

    Ed Balls has a face for my fist, boot and AK47

  115. 115
    just saying says:

    I wash my own car.

  116. 116
    Mine d'Boggles says:

    What is “sustainable growth”? Growth sustained for a year? 24 hours? Two weeks? Until we shut down the last three deep coal mines? Until we start importing electricity from France (Oops, negative growth there), just asking.

  117. 117
    the mystic mould with the appearance of the face of Jesus says:

    I used to view the western world as a gambler trying to win with a doubling up system, Spending exponentially more and more of his resources hoping that one bet will pay off. Now I do not think they are even trying. I think they have given up they are so interested in the game that they have forgotten why they walked into the casino in the first place.

  118. 118
    Peed off Non Trougher says:

    Me too I get get delight at telling the Tesco mob to F off….

  119. 119
    jgm2 says:

    David Blanchflower of 4 to 5 million unemployed having turned out to be political hyperbole that has fatally damaged his career as a sage.

    David Blanchflower.

    A man brought in to cover for the Maximum Imbecile’s idiocy. A useful idiot that Brown could point to and say ‘He agrees with me’.

    The entire fucking economic world trawled for somebody who was as deluded as Brown but happened to have economic ‘credentials’. A fuckwit. An arsehole. An independent’ member of the MPC. Appointed with Brown’s approval.

  120. 120
    bergen says:

    Straw senior must have been a wrong ‘un. As said, the position of conscientious objectors in WW2 was very different to the previous war. If a tribunal exempted someone, the duty of non combatant service or useful civilian work was not a high bar. I remember my father telling me that a Quaker friend of his satisfied it by market gardening.

    And Jack Straw sent brave men to their deaths based on lies for his own advancement-Gromyko indeed.

  121. 121
    jgm2 says:

    I don’t. I just leave the fucking thing to accumulate dirt. Let the rain wash it off. As long as the headlights are clear and the windscreen clear who gives a fuck?

  122. 122
    Harriet'sHairPie says:

    Why do we even give Blanchflower the time of the day? Who the fuck is he, and why should we give a shit about his completely discredited economic opinions & forecasts? Bugger off back to Canada or America or wherever the hell you’re from you patronising condescending smug twat!

  123. 123
    Nemesis. says:

    Danny Blanchflower was a bloody good footballer.

  124. 124
    firefoxx says:

    Concise and excellently put.

  125. 125
    Harriet'sHairPie says:

    What about me? Don’t you just love watching me on the Front Bench with my serious Deputy PM look ? Do I make you horny bay-bay?

  126. 126
    Grumpy old man says:

    The only thing you need to remember about natural resources is that the Stone Age didn’t end because people ran out of stones. Have you perchance come across,”The Ultimate Resource 2″ by julian Simon? The doomsayers are torpedoed most satisfactorily.

  127. 127
    Grumpy old man says:

    And when a socialist government founders with all hands, it’s because Socialism wasn’t done ENOUGH.

  128. 128
    Peter Grimes says:

    Guido you will never get any sort of apology from any of the gang of incompetents who egged Mad Gordo on in the Treasury – not from Miliminor, Bollox, Mr Cooper-Bollox or Selfseekingminor. If they were to admit their responsibility for fucking-up the UK economy even the 35% of idiots who would vote for them come-what-may might change their minds.

  129. 129
    Mine d'Boggles says:

    G-O-M

    Your comment doesn’t have a reply tag. Have you annoyed someone?

    Just a point: don’t really regard stone as a resource; but oil, gas, and minerals, certainly are. That’s what I meant.

  130. 130
    broderick crawford says:

    You can see by Gideon s smirk that he is really going to enjoy verbally screwing Lagarde , Blanchard , Blanchflower and all the other policy wonks who claimed he was wrong .

    Although admittedly revenge is a dish best served cold I am not so sure he can trumpet victory just yet — small matter of the fact the recovery is fuelled by credit card/overdraft based internal demand plus the housing bubble and no upturn in exports yet … plus debt /gdp at all time high and deficit nearer six than three percent (!!??)

  131. 131
    Anonymous says:

    So, a housing bubble and increased consumer debt is what passes for ‘growth’ these days?

    Aren’t these the exact same circumstances that led to the crash in 2008?

  132. 132
    The Economic Aardvaark says:

    Consolidation be buggered. These idiots (politicians of all nations) just want us to keep eating the pie. The pie is getting very small now and it’s going to get bloody ugly as we all scrap for the remaining crumbs.

  133. 133
    optician says:

    Are you colour blind?

  134. 134
    pedant says:

    I’m afraid your last sentence is somewhat oxymoronic old boy

  135. 135
    Tom Catesby. says:

    Guido. Get some weight off you fat b^stard, Think about your children you selfish c^nt!

  136. 136
    Tom Catesby. says:

    Danny Blanchflower was a top rate footballer and a gentleman!!!!

  137. 137
    Tom Catesby. says:

    I would starve balls and then k^ll him

  138. 138
    Tom Catesby. says:

    Yes guido,you are better on this site and radio. The occasional appearances I have seen of you on the ‘box’, are not complimentary. sorry.

  139. 139
    Dave T says:

    Yes, please do us all a favour and fuck off.

  140. 140
    Dave T says:

    Kill the c unts,kids and all.

  141. 141
    Mr. B'Stard says:

    Will Straw? Oh, you mean the Will Straw who was cautioned by the police for drug dealing? And whose granddad was a conscientious objector in WW2, thus not willing to fight the very Nazi scum who were wiping-out his own wife’s ancestral line. A pedigree to be proud of.


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Dan Hodges on Labour unity

“We’ve heard a lot over the past few years about how Miliband has united Labour. But he has not united Labour. He has pacified Labour. He has placed it into a medically induced coma following the trauma of the party’s 2010 defeat.”


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