Big Fibs Coming

[aka Calum Da Jazbo]

Next Wednesday...
us Graun readers have been warned

http://www.theguardian.com/commentisfree/2013/nov/30/george-osborne-autumn-statement-economy

http://www.theguardian.com/business/2013/nov/30/europe-austerity-eu-prophets-suffering-growth

Will Hutton's tale is of a prophet ignored, his comments on a Mr M King are telling; i had thought Mr Keegan ret'd but no he writes deftly of the EU Austerians panicking that the USA might end quantitative easing ....

[amateur51]

I'd read the Will Hutton and was going to post about it but I'm glad you linked it with the William Keegan piece, Calum.

Many thanks for posting these. I'll be listening on Wednesday, keeping a porkie count.

[teamsaint]

seems to me, just a simple observer, that what the current government have done is not reduce the size of the state, but redirect its spending power away from individuals and towards the banking and corporate sector.

Socialism for the rich, capitalism for the poor, as somebody said.

[Serial_Apologist]

Interviewed on the Marr[ed] show this morning, Osborn was able to wash his hands as regards future growth prospects, pointing out that (Brown had already made sure that) forecasting was the job of the Band of England, not himself. As to the enormous matter of personal debt, this was a matter for families, not himself. Well, that's a bit of a giveaway; after all, the recovery was on track. Oddly enough, this seemed to conflict with evidence that manufacturing firms are not investing in new machinery for an export-led boom, because the current growth in the economy is as Hutton says a Keynsian one. One of his chums, a black Tory MP, later admitted as such to Andrew Neil on his show (while making it seem he wasn't), adding that any recovery, as long as it was greater than that happening in the rest of Europe, is surely better than none. Erm............. so, personal debt, then... doesn't matter??? <Scratches head>

2 minutes later: I'm trying to figure out the significance of all this, long-term. Presumably at some point our rulers hope that the British economy will get so disconnected from the EC that, with blame being put on the latter for pursuing "the wrong policies", and Balls and co still unpersuasive of the Brit public, the Tories will come up with an electoral pact with UKIP around exiting the EU, and economic thinking will once more be directed to transatlantic links.

[amateur51]

Interviewed on the Marr[ed] show this morning, Osborn was able to wash his hands as regards future growth prospects, pointing out that (Brown had already made sure that) forecasting was the job of the Band of England, not himself. As to the enormous matter of personal debt, this was a matter for families, not himself. Well, that's a bit of a giveaway; after all, the recovery was on track. Oddly enough, this seemed to conflict with evidence that manufacturing firms are not investing in new machinery for an export-led boom, because the current growth in the economy is as Hutton says a Keynsian one. One of his chums, a black Tory MP, later admitted as such to Andrew Neil on his show (while making it seem he wasn't), adding that any recovery, as long as it was greater than that happening in the rest of Europe, is surely better than none. Erm............. so, personal debt, then... doesn't matter??? <Scratches head>

2 minutes later: I'm trying to figure out the significance of all this, long-term. Presumably at some point our rulers hope that the British economy will get so disconnected from the EC that, with blame being put on the latter for pursuing "the wrong policies", and Balls and co still unpersuasive of the Brit public, the Tories will come up with an electoral pact with UKIP around exiting the EU, and economic thinking will once more be directed to transatlantic links.

Osborne's justified mockery of Brown's 'an end to boom & bust' boast is proving a mite premature, perhaps?

Whichever, tis the public who'll pay, eventually.

[aka Calum Da Jazbo]

we had the austerity before the bust; wages have been falling since 2004 and the link between wages and growth is now defunct ...

[aka Calum Da Jazbo]

not just a load of Balls