PBR Live Blog Here

+++ Derek Draper Will Be Here for the PBR Live Blog +++

Just got a text from the Derek asking if he’ll be welcome, on the live blog, have assured him you’ll give him a warm welcome. Go ahead Dolly, rapidly rebut away. This could be more of a laugh than even Gary Elsby….

Boris is Right, Tories Wrong. London Should Be a Shining City

Before the Mayoral elections Guido posted the article below, predictably it got much abuse. Boris is now advocating an “earned amnesty”. It is the right thing to do. Regularising people and expanding the tax base by bringing them in from the black economy (we’ll probably need to replace the wealthy foreigners fleeing the tax hikes). Boris has been attacked over his plan by Phil Woolas and Melanie Philipsa good sign.
Anyone who believes in free markets and free trade has to believe as a corollary in the free movement of people. Guido is the son of immigrants who came from Ireland and India to London in the 1950s and 1960s for economic and social reasons. They came, primarily, to better themselves. Now having lived and worked in some of the world’s greatest cities Guido still believes that London is the best of them all and is grateful that the city took in his parents.

Sure the public transport system sucks, it does in Tokyo and New York as well. Culturally New York is very self-centred and less internationalist, Tokyo is a bit of a mono-culture that just about tolerates foreigners. London is much more cosmopolitan than even New York with better French food than Paris, more bankers than Frankfurt and better nightlife than Berlin.

Many people have come here without the right paperwork, they have come here to work and better themselves. They are not the problem and should be allowed to stay and given if necessary an amnesty to make them legally resident. They enrich us all. It is the people who come here to abuse the welfare state and commit crimes that are the problem.

Cameron disavows the policy and ConservativeHomies are up in arms about Boris supporting an amnesty for illegal immigrants. They should remember that one of their heroes, Ronald Reagan, supported and implemented an amnesty. London should be a beacon to those who want to be free to prosper for themselves and their families. Disqualifying newcomers from abusing the welfare state and deporting convicted foreign criminals might reduce the opposition to immigrants. Ronald Reagan did something like that when he had an amnesty for immigrants in 1986, because to him, the ultimate conservative optimist, immigration was a vital part of his vision of his country as “a shining city upon a Hill”.

Boris is an optimist in the Reagan mould who would like London to be a shining city for those seeking freedom and prosperity. An amnesty might not be a popular stance to take, illegal immigrants don’t have any votes, but it is the right stance.

Gordonomics : Higher Taxes, Nationalisations, Property Price Collapse, Printing Money, More Government Borrowing, Economic Bust

Guido is not a fanatical gold bug, but in times of crisis gold is the timeless refuge. This is the gold/£ price chart for this year, showing gold has proven to be a sound investment. As Gordon takes the Mugabe option this has only one way to go. Without the restraining hand of Tony Blair socialism is back from the dead cheered on by Labour’s zombies. Gordon’s latest plan to bleed high earners means that the best will be driven from British shores just as they were in the seventies.

Ireland, which is taking the austerity route out of the crisis, slashing government spending, is attracting an entirely private sector solution to recapitalising banks. Property prices are becoming reasonable, tax rates are lower and big British run businesses are relocating to Ireland.

Ireland will probably be out of recession long before an economy crippled by Brown starts to recover – whoever wins the next election.

UPDATE : Ireland’s new finance bill is changing the law to entice non-doms to move from London to Ireland.

Rich & Mark’s Monday Morning View

Fear and Loathing in Leeds

Guido hears that the Cabinet will be meeting in Leeds on Friday – same drill as the last time in Brum – the public in the form of carefully chosen invitees, mostly from the public sector, will be the backdrop for a Potemkin Village show for the evening news.

Local large private businesses must be in fear that the cabinet will visit. Since the Birmingham Cabinet meeting when Gordon visited Jaguar the company’s sales have collapsed. Jaguar’s parent company JLR is now begging the government for a £1 billion loan. The accursed one-eyed son of the manse is considering it…

Northern Rock Sinking Taxpayers II

As Guido reported Thursday and all the papers followed up yesterday – Northern Rock’s £35 billion Granite Trust is in trouble, buried in the financial jargon is one important note – the percentage of delinquent loans relative to the value of mortgages in the trust rose above pre-set levels. Three different arrears triggers have been breached – remember how Brown and Darling blatantly lied that the taxpayer’s money was secured by the mortgage assets of the bank? Guido repeatedly argued that the only assets of the bank were in its branches. Net-net, the loan book will turn out to be near enough worthless or even negative in value.

The £3 billion of capital injected by the government in August can be kissed goodbye, another £3 billion will be needed soon and that will almost certainly go up in smoke as well. Well done to Vince Cable for giving the government such fulsome support in wasting billions- 28 million taxpayers won’t thank you.

This is an amount enough to give every income-tax payer in the country a £1000 reduction for a year. A targeted fiscal stimulus. What exactly is the taxpayer gaining for subsidising the winding up of Northern Rock?

Friday Caption Competition (Cappuccino edition)

The Lobby Pass Dilemma

Paul Linford reflects on the perennial Lobby passes for bloggers issue. This has come up again because Ben Brogan (current Lobby chairman) has described the issue as a “a huge headache.”

“They’ve been very reluctant to start issuing passes to

[…]

+ READ MORE +

Kaletsky v Tories

The Cameroons should take heart from Anatole Kaletsky’s condemnation of their approach to economics. Kaletsky’s heyday is long past as Mister-E-Man notes on Nick Robinson’s blog

The same Anatole Kaletsky who in January of this year, in his Times

[…]

+ READ MORE +

Liquidity Issues – Wine Prices Going Down?

During the tech boom in the late nineties Guido was buying wine faster than he could drink it (for once). When the tech collapse halved Guido’s net worth he drank all the wine rather than see it, errm, depreciate. Seemed

[…]

+ READ MORE +

Unfunded Government Spending Up £1.4 billion in October

Public sector net debt (on the Treasury’s definition) rose to £640.9 billion, or 42.9% of GDP. This does not include other liabilities such as off-balance sheet public sector pension liabilities.

Unfunded government spending is getting worse as the economy nose-dives.

[…]

+ READ MORE +



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