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SHOOT THE MESSENGER..

By ATWadmin On November 16th, 2008 at 9:31 am

Shows what a strange world we live in when a politician actually speaks the truth and is immediately damned for doing so. The press reports that Conservative shadow Chancellor George Osbourne is in political trouble because he stated that Labour’s policies could well create a devastating run of the British Pound. He has been castigated for saying this since it is apparently etiquette that politicians do not predict a currency collapse! Well, I think that is ONE etiquette that needs trashed and a little bit of honesty is allowed to creep in.

The FACT of tha matter is that the policies being advocated by Gordon Brown have ALREADY wrecked the £Pound and Osbourne is 100% correct to point it out. If he doesn’t and the pound collapses entirely, then the Government will turn around and say that no one could have foreseen such an outcome. This is a lying malevolent economically incompetent government and anyone who thinks that it can lead us out of the recession is has led us into is living in cloud cuckoo-land. It suits our left wing media to portray the utterly useless Gordon Brown as the saviour of the universe even as he puts in place policies that will cause economic ruin in the medium-term. The strategy at the moment is to attack anyone who dares critique Labour and the media is playing along with it. Nothing that Osbourne said was silly, rather it was deadly accurate and for that the conservative messenger will be shot.

DOWN THE DRAIN…

By ATWadmin On October 28th, 2008 at 8:56 am

The government has suggested, with a straight-face, that the British taxpayer will see the repayment of the colossal £50 billion loan it has afforded British banks. Oh really?

“Britain’s banks may need to raise capital above and beyond the £50 billion of taxpayer-underwritten money already earmarked for them. The Bank of England’s report into financial stability today suggests that a recession as severe as that of the early 1990s would lead to credit losses of £130 billion for Britain’s six biggest financial institutions and possibly wipe out the entire government-backed funding package. The losses were predicted for the country’s five biggest banks and the Nationwide Building Society if mortgage arrears and business failures rise as high as in the last recession.”

I think there is EVERY liklihood that arrears will surge and business failures rocket – so kiss bye bye to £50 BILLION and thank the Prudence of the Government which told you it would be paid back.

THE GREAT BAIL OUT – MONDAY UPDATE

By ATWadmin On October 27th, 2008 at 8:59 am

As we all know, the financial bail out put forward by UK PM Gordon Brown is the template which the world has adopted and it seems apt to provide a Monday morning update as to how all those BILLIONS of our money that Brown has lavished on the banking system is working.

“Sterling plunged again against the dollar this morning, having fallen through $1.60 for the first time in five years on Friday. The pound lost a further 3 cents to $1.542 amid mounting fears of a prolonged UK recession. The same fears forced down the FTSE 100, which plunged 185 points, or 4.7 per cent, after the opening with banks and insurance companies leading the way.”

Yip – the plan is working REAL well. Now, which part of the economy shall we socialise next….?

DARLING NOT SO DARLING…..

By ATWadmin On October 25th, 2008 at 8:15 pm

Interesting to read that plans put forward by Alistair Darling, the Chancellor, to spend his way out of the recession facing Britain have been branded “misguided” by 16 leading economists.

They state that his plan, based on the interventionist policies put forward by John Maynard Keynes in the last century, is too risky. The economists also claim that the plan could boost the state to such a “dominant position” that it would “stunt the private sector’s recovery once recession is past”. They argue that taxes should be cut and interest rates varied to cope with economic downturns, rather than spending being ramped up.

I think that theses learned gentlemen are both right and wrong. Of course the Keynesian approach is PROFOUNDLY wrong insofar as it will have no economically beneficial impact but that is beside the point. The main point of what Darling is doing is to ensure that the State does grow to a dominant position and that the weath-creating private sector is stymied. That’s what socialists dream about and it is the essence of Mr Darling’s neo-Keynesian fantasy.

The plan is not misguided, it is malicious – an elephant trap for the free market.

THE GREAT BAIL OUT – STILL WORKING…

By ATWadmin On October 24th, 2008 at 12:37 pm

So a few weeks on from the great bail out of the UK financial system by the government throwing billions of taxpayers cash at failing business, where are we? Well, I see that the UK FTSE has plunged again today, this time to another staggering low. Why? Well, the media is full of talk of the UK plunging into recession – and who can doubt this? Government prepares to help us all by throwing even more money into the public sector and raising taxes on small business. Lucky Gordon Brown and his advisers knows what they are doing, eh? Gordon is now the unofficial leader of the free world, except with this level of performance not sure how long it will remain free. Which part of the economy will the Government seize control of next? In our best interests, of course….

REPEATING BAD PRACTICE..

By ATWadmin On October 23rd, 2008 at 7:53 am

Anyone who operates in the commercial world knows that it is vital that business adapts as it goes forward and that it ensuring best practice in all possible areas of activity. Self evidently this means learning from mistakes and making sure they are not repeated.  So far, so good? 

How then, do we explain the bizarre “advice” that Government is now offering to the British banks that they must revert to the levels and terms of lending to small to medium sized business that they offered last year? I think this is lunatic! Banks have ALREADY been stung by making inappropriate loans and so this should be reviewed and tougher conditionality introduced, where necessary. It was the folly of unfettered bank-lending in the first instance that got us INTO this mess, now the politicians (“We are the master’s now”) want to ensure this is repeated to ensure their short term electoral popularity. In this manner, banks will be encouraged to follow the same road to ruin that we have all just witnessed. THIS, my friends, is the danger of socialising banking – it gives the politicians a chance to cause even more damage than they normally do. In fact, you can bank on it.

A DEGREE IN THE BLEEDING OBVIOUS…

By ATWadmin On October 22nd, 2008 at 12:25 pm

Have you seen how UK stocks and shares have been PLUNGING in value again today? And did you see the £ fall to a five year low? This is all on the back of first the Governor of the Bank of England and now PM Gordon Brown confirming that the United Kingdom is heading into recession and nothing can now stop it. I was entertained to hear Brown state that this recession would have economic consequences. Well, how’d have thunk THAT? Brown seems to delight in telling us what we all can see whilst distancing himself from any financial culpability. And some sucker buy it!!

INFANTILE OR JUST MAD?

By ATWadmin On October 20th, 2008 at 6:39 pm

First of all – the harsh facts.

Britain is in a shockingly perilous financial state. Figures show government borrowing has hit a record £8bn
in September – bringing the figure for the year so far to £37.6bn. As Conservative leader David Cameron puts it..

“Isn’t it the case that Britain is heading
for a record budget deficit, contrary to what he said, put by some
independent forecasters as high as £64bn?  Will he confirm that has happened after 14 years of economic
growth, and when half the OECD are entering the downturn with a budget
surplus? Isn’t the £64bn question this: why, when business and families need more help, has he left the cupboard so bare?”

Quite so. Gordon Brown was the man who was at the heart of the government which causally spent our national surplus in growing an army of State workers during the summer months but  now the winter months loom large there is nothing left.

So – his culpability is clear – there can be no doubt about it.

So, why is it that Brown has become more popular in recent weeks as the degree of Britain’s disastrous financial status becomes clear. Brown is the guy who has frittered away so much of our wealth and now – it seems – people turn to him for security. Have we become infantilised or have we simply gone mad?

MARXISM IS BACK…

By ATWadmin On October 20th, 2008 at 2:21 pm

The BBC reports that Marxism is back .. in Germany.

“Karl Marx is back in fashion, says one German publisher, who attributes his new popularity to the economic crisis. Publisher Karl-Dietz said it sold 1,500 copies of Das Kapital this year – up from the 200 it usually sells annually. Written in 1867, sales of the tome rarely hit double digits but have been on the rise since 2005. Marxist economic philosophy – and in particular its Russian Leninist
version – fell out of favour with the collapse of the Soviet Union in
the late 1980s.  “It’s definitely in vogue right now,” said the publisher’s director Joern Schuetrumpf. “The financial crisis brought us a huge bump.”

I prefer Groucho to Karl myself but I suppose we should be thankful that the writings of another infamous German leader are not also proving quite so popular.

IN A RECESSION…

By ATWadmin On October 20th, 2008 at 7:06 am

There is a stark difference between how the Labour and Conservative parties seek to help small business in a recession.

Labour seeks to increase taxation on small companies –  by 2%.

The Conservatives seek to reduce it by seeking an NIC cut.

Cui bono?