Thursday, January 8, 2009

+++ BoE Cuts Half Point Off Rates +++

Bank of England cuts rates half point to 1.5%, the lowest rate in over 300 years. Is it because we have the economy best placed in the world to weather the recession?

UPDATE : Am particularly impressed with the insight of Edmund Conway, the Telegraph’s economics editor, with the base rate now at 1.5% he sagely tells us Interest rates are now nearing their bottom”. Well spotted Ed.

Wheel Barrow Based Monetary Policy

Anatole Kaletsky, who incidentally has been telling his readers to buy shares for two years, has flipped. This morning he is calling on policy makers to Punish savers and make them spend money. He wants to tax savings.

He is not the only one, Rachel Reeves, former Bank of England economist turned Labour candidate for Leeds West, writes in the latest Fabian Review:

Print More Money
Quantitative easing, a radical policy option which was used in Japan in 2005 to end their 15 year recession, could be used now in the UK. Quantitative easing is a policy tool used when conventional monetary policy no longer works – as they nominal interest rate approaches zero. The Bank of England can either print more money or buy government and corporate debt so that long term interest rates fall. Quantitative easing is not without risks (it can push up inflation) but the potential benefits now outweigh these risks. Such a strategy is increasingly seen as a way to kick-start the economy and should be adopted.

Guido warned about the coming of Mugabinomics in November, when Gavyn Davies advocated a wheel barrow based monetary policy. What should you do in this situation? If you don’t have productive assets (such as being a business owner) exchange cash for hard assets, gold is the traditional refuge.

Sir Michael White sneered at Guido last year for telling co-conspirators to buy gold. In a period when stocks fell some 30%, sterling denominated investors who bought at the beginning of the year have seen it rise 41% from £424 to £599 an ounce today. If this year we see “quantitative easing” (printing money), holding gold will be insurance as much as an investment. The economic prospect is frightening, this isn’t about making a profit, it about holding on to what you have got…

Wednesday, January 7, 2009

Not a Hoon Tall Story

Cambridge educated Geoff Hoon was leaving nothing to chance with his daughter’s own entrance interview. A co-conspirator was surprised to see him back in November (Sunday, 23 November 2008) at the expensive Interview Preparation Day held at King Edward VI High School for Girls in Edgbaston run by Mayfair based Oxbridge Applications. Guido would of course do the same if he thought it would give his daughter an edge, however Guido isn’t an advocate of comprehensive education and egalitarianism like Geoff Hoon. So it is a little hypocritical to see him buying his daughter a private educational advantage.

A Guido co-conspirator writes:

With my (state school educated) son trying for Oxbridge, I decided to give him a better chance against the private school competition by shelling out £295 for an interview training day, held in Birmingham.

As I waited for my son in the foyer, I was suprised to see Geoff Hoon, Minister of Transport, sitting a couple of seats away from me. Labour Minister gives offspring an unfair advantage in applying to top university? Surely not!

Mr Hoon was studiously perusing a sheaf of papers, writing notes in the margin. Perhaps some papers relating to the third runway at Heathrow? Our Transport Minister had to answer a call of nature, and left the room, leaving the pile of papers unattended on his chair. As a loyal citizen, I kept a protective watch over what may have been very important documents. I should have taken a picture too…

In due course his six foot tall daughter emerged from the lecture room and the two left in a hurry.

Miss Hoon is in fact so tall that she was identified by the UK government’s Sport’s “Sporting Giants” scheme. The scheme was launched in conjunction with the English Institute of Sport to identify those tall athletes who have the potential to excel in handball, volleyball and rowing, and at 6ft Miss Hoon was among those attending a Manchester session in the summer of 2007.

Wonder if Hoon got his money’s worth and she got an offer?

IDF Video : Gaza Terrorists Launch Mortar Attacks from School

The deaths of women and children taking shelter in a UN school are a tragedy. The IDF do not target indiscriminately, whereas the terrorists who fire unguided rockets into Israel do not care who they kill. Nor do they hesitate to use schools and hospitals for military purposes.

This video from 2007 shows a Palestinian terrorist firing a mortar from a UN school (the Beit Hanoun Elementary School for Boys) in which he was sheltering. A clear breach of the laws of war.

Those on the extreme left accusing Israel of genocidal intent should ask themselves why then it is that Palestinian children are today being treated in Israeli hospitals.

Source : IDF News Desk

Tuesday, January 6, 2009

If Spelman is Cleared, It Stinks

The London Evening Standard’s Paul Waugh is reporting that Spelman will be cleared of wrongdoing over her taxpayer funded nanny.

If, as sources claim, the Lyon inquiry reports that there is no evidence of deliberate wrongdoing or a breach of Commons rules, Cameron will not sack her from the Shadow Cabinet.

This will infuriate many parents who have to pay for childcare out of post-tax income, to pay a nanny costs middle-class parents some £40,000 a year in pre-tax income. No private sector employer will pay for a nanny. We are expected to believe that Spelman’s nanny was actually her constituency secretary* paid for by the taxpayer and that in return for her childcare duties her only compensation was room and board. Who really believes that the money was not payment for her childcare duties? Unbelievable, it simply does not wash.

If anyone knows of a nanny willing to work for only room and board can you please let Mrs Fawkes know, because we have never heard of such a deal. This is a complete and utter piss-take out of the taxpayer. Here is the acid test – if it really was completely above board and as she claims – why stop the arrangement?

Before anyone complains that she is a woman and she was new in a tough job, bear in mind that her and her husband are more than wealthy enough to afford a nanny. She is a smart, tough cookie, not some weak innocent. She has been caught abusing the system, at the very least she should pay back the money she fiddled.

*Spelman’s family home at the time was in Kent, some 140 miles from her West Midlands constituency. The nanny, Tina Haynes, told Michael Crick last year that she also took occasional phone messages and posted documents. For this she was paid tens of thousands of pounds.

Clearly Blurred

More profound insight from Steve Richards in the Indy this morning:

“The dividing lines between the parties remain blurred.”

Tuesday, 6 January 2009

Hold on a second:

“It’s taken a recession for Brown to be candid about what it takes to make a fairer society. Suddenly the dividing lines in British politics are vividly clear.”

Tuesday, 25 November 2008

Still, it fills the space, here as well as there.

Monday, January 5, 2009

Do You Want £20,000 to Work for Draper?

A co-conspirator points Guido towards this advert wondering if it is for Draper’s new initiative. Guido emailed Derek to ask him if this advert was in fact for his new hush, hush rapid rebuttal unit, to which he retorted “well, if you applied i guess you’d find out ;)”. Loving the emoticon Derek, so down with the kidz. So we will take that as a yes.
Based in central London this person will act as the administrator / organiser for a new independent Labour supporting campaigning organisation. They will have close contact with senior party figures and will assist with a brief that includes research, media management, writing and new media initiatives. The work will be rewarding and exciting and would be an excellent step to further work in Labour circles. It requires someone with good Labour party knowledge and contacts and will initially run for a three month trial period.

Guido suspects that this means legally it should be a regulated financial unit of the Labour Party under PPERA, with all details of donations available on the Electoral Commission website.

Guido is sure Derek said it was going to launch before Christmas. Can’t wait…

Ooops

LibDem MP Lorely Burt is having data security issues for, errrm, “technical reasons”. The reason being she emailed her password to everyone:

From: BURT, Lorely
Sent: 29 December 2008 08:59
To: Commons Members Staff
Subject: Change of password

Apologies for the previous email you have received in error. It was from a brainless MP (ie myself) trying to set up an email group. Please ignore the contents.

Lorely burt

_____________________________________
From: BURT, Lorely
Sent: 29 December 2008 08:39
To: Commons Members Staff
Subject: Change of passowrd

Lol2win3

x

Doh!

+++ Tories Will Abolish Saving Taxes for basic Rate Payers +++

Cameron has just given a promise at a press conference that the Tories would abolish savings taxes for basic rate payers. This is a policy that will appeal hugely to retirees who live off their savings…

Another Jacqui Supporter is a Labour Party Pen Friend

Jacqui Smith must be really worried about losing her marginal seat. After her husband was exposed for writing letters of support (whilst being paid £40,000 by the taxpayer) it turns out that a Labour councillor who campaigns for Jacqui used her maiden name to write a letter to the press.
Patricia Lailey, using her maiden name Hill, told how the politician sympathised during a recent bereavement.

But Mrs Lailey didn’t mention she had been a Labour councillor for four years, and had worked with the MP on local issues.

She lives in Redditch, Worcs — the marginal seat Ms Smith is fighting to keep at the next election.

Mrs Lailey wrote in a national newspaper: “I recently lost my mum and Jacqui wrote a personal letter to me. She cares about us in Redditch.”

It is all getting a bit like the dying days of Nicolae Ceauşescu’s Romania; only the party faithful, the nomenklatura, senior police officers, those on the welfare payroll, the state bureaucracy and state broadcaster support a government led by a leader increasingly out of touch with reality. The ruling party is forced again and again to fake support in the media.

The Prime Mentalist told Andrew Marr* that he foresaw the economic dangers that he previously has repeatedly denied were real up until only last autumn. Taken in conjunction with his oft stated belief that he had abolished boom and bust, you have to wonder at his state of mind. Peter McKay this morning takes up the Is Brown Bonkers? meme, asking Is He Barmy?

*Andrew Marr saying on Sunday that David Frost was a “lightweight” was classic. Here is a clip of Marr demonstrating his gravitas.

Hat-tip : The Sun


Seen Elsewhere

India’s Modi Bypasses Mainstream Media | Index
Bercow on the Knife Edge | Quentin Letts
Welcome to Mississippi | Conservative Women
LibDems Select Hancock Replacement | Blue Guerilla
Carswell Resigning: “Moment Labour Won Election” | Labour Uncut
Why We Need Change | Douglas Carswell
The Howard Roark of Westminster | Guardian
Carswell, the Clacton Cassandra | James Ford
Love Bomb Carswell | ConservativeHome
Denis MacShane’s Ex is Now Hacked Off Spokesman | Speccie
How the Carswell Story Unfolded | Sky News


VOTER-RECALL
Get the book Find out more about PLMR


Douglas Carswell’s side-kick Dan Hannan MEP pours water on the obvious question:

“I won’t be joining UKIP, though I wish Douglas Carswell all the best. He has been a superb MP, and it’s honourable to stand for re-election.”



Owen Jones says:

We also need Zil lanes.


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