Dithering De-Regulator Becomes Sagacious Regulator

Gordon Brown: “I called for global financial reform ten years ago” – Prime Minister Gordon Brown during his speech on Britain and the Global economy at the Foreign Press Association claimed today that he had been warning for ten years that the international financial markets needed to be more strongly regulated.

Source: Press Association, January 26, 2009

“by moving away from the old blanket approach, of 100 per cent form-filling and 100 per cent inspection that is inefficient and wasteful of your time, to a new approach based on risk… And I believe, too, we should consider how we can continue to extend our risk-based approach, applying the concept of risk not just to the enforcement of regulation, but also to the design and indeed to the decision as to whether to regulate at all… And we will take the fight on deregulation to Europe.”

Source: Speech to the CBI, 5 June 5, 2006

You are often left wondering if he really believes what he says. Does he really think Britain is best placed to weather the financial storm? Does he really think Britain has a low debt economy? He says these clearly untrue claims which are not accepted by any independent observers or global financial investors.

If Gordon does believe what he is saying you have to assume he is delusional, if he doesn’t believe it, than he’s a liar. Not much of a choice…




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