Economic Recovery Needs the Audacity of Hope

The City, home of eternal optimists, has begun to seriously price in the all too real risk of national bankruptcy. It would be the first time Britain has defaulted on the national debt since the dark ages. An historic legacy for the former chancellor who, ironically, once claimed to be prudent.
Guido had lunch with a Labour MP recently, when the conversation turned to the economy it became clear that the City and finance were a foreign place, far away, not really understood. The important thing was that there were new hospitals and schools. That the lights may go out with teachers and nurses left unpaid as result of New Labour’s Peronismo policies was not contemplated.

In contrast the writers on the Telegraph have gone into apocalyptic group-think; Simon Heffer wants the IMF in immediately to deal with the insanity of Brown, horrified that £37 billion has been wasted on the banks “a sum larger than our defence budget”, Iain Martin reckons history will see Gordon Brown as the Neville Chamberlain of economics, Ambrose Evans-Pritchard warns of the perilous mismatch between Britain’s foreign reserves at £61 billion (less than Thailand’s reserves) when our foreign liabilities are $4.4 trillion.

Clearly the dire economic situation is of an historic and epic magnitude. Brown is doing the only thing he knows, throwing taxpayer’s money down the plug-hole. The opposition response has been slow to coherence, now under the slogan of sound money they tentatively advocate fiscal responsibility coupled with measures to boost business lending. When seeking to blame Brown for the perilous debt situation, they need to avoid being relentlessly negative, Labour will accuse them of “talking down the economy”. It is a long dark tunnel, yet the opposition needs to offer some optimism and hope that there is light at the end of the tunnel.




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Jeremy Corbyn in the Evening Standard

“… we must also face the uncomfortable fact that a small number of our members and supporters hold anti-Semitic views and attitudes, which need to be confronted and dealt with more rapidly and effectively.

The evidence is clear enough. Labour staff have seen examples of Holocaust denial, crude stereotypes of Jewish bankers, conspiracy theories blaming 9/11 on Israel, and even one member who appeared to believe that Hitler had been misunderstood.

So let me be clear. People holding those views have no place in the Labour Party.

… we have not done enough to get to grips with the problem, and the Jewish community and our Jewish members deserve an apology. My party and I are sorry for the hurt and distress caused. … We must strive to understand why anti-Semitism has surfaced in our party…

… when criticism of or opposition to the Israeli government uses anti-Semitic ideas — attributing its injustices to Jewish identity, demanding that Jews in Britain or elsewhere answer for its conduct, or comparing Israel to the Nazis — then a line must be drawn.  Anti-Zionism is not in itself anti-Semitic and many Jews themselves are not Zionists. But there are also a very few who are drawn to the Palestinian question precisely because it affords an opportunity to express hostility to Jewish people in a “respectable” setting. Our movement must not be a home for such individuals.

Second, there are people who have come to see capitalism and imperialism as the product of conspiracy by a small shadowy elite rather than a political, economic, legal and social system. That is only a step from hoary myths about “Jewish bankers” and “sinister global forces”.

These views do no service to the struggle for a just society.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Labour Parliamentary Candidate: “I’m In The Mood to Beat Up Prince William” Labour Parliamentary Candidate: “I’m In The Mood to Beat Up Prince William”
Mogg: Number 10’s Customs Partnership Is a ‘Cretinous Betrayal of Good Sense’ Mogg: Number 10’s Customs Partnership Is a ‘Cretinous Betrayal of Good Sense’
Why Brexiteers Are Worried Why Brexiteers Are Worried
Two More Labour Candidates Posted About “Illegal Sexuality” and “Jewish Money” Two More Labour Candidates Posted About “Illegal Sexuality” and “Jewish Money”
Labour Spent £2 Million on Private Mailshots Labour Spent £2 Million on Private Mailshots
May Told to Ditch Customs Partnership “Turkey” May Told to Ditch Customs Partnership “Turkey”
Ministers Warn May: We Must Leave Customs Union Ministers Warn May: We Must Leave Customs Union
Adam Spliff Institute Celebrates 420 Adam Spliff Institute Celebrates 420
Nick Timothy Leaves Twitter Nick Timothy Leaves Twitter
Owen’s Descent Continues Owen’s Descent Continues
Producer of Labour’s Race Row Election Broadcast Tweeted About “Jewish Kapos” Producer of Labour’s Race Row Election Broadcast Tweeted About “Jewish Kapos”
UK Tech Investment Surges 115% UK Tech Investment Surges 115%
Corbyn Forgets Israel Independence Day Corbyn Forgets Israel Independence Day
Thornberry: I Don’t Accept Russia Blocked OPCW Inspectors Thornberry: I Don’t Accept Russia Blocked OPCW Inspectors
Convicted Charity Thief Canvassing for Labour Convicted Charity Thief Canvassing for Labour
Anti-Brexit Bias of Former Top Civil Servants Anti-Brexit Bias of Former Top Civil Servants
Labour Candidate Deletes Website and Twitter Account Amid Anti-Semitism Row Labour Candidate Deletes Website and Twitter Account Amid Anti-Semitism Row
Bully Bercow’s “Medicament” Slurs Bully Bercow’s “Medicament” Slurs
Government Loses Lords Customs Union Vote Government Loses Lords Customs Union Vote
Gallery Guido’s PMQs Sketch: Mission Accomplished Gallery Guido’s PMQs Sketch: Mission Accomplished