Monday, October 17, 2011

John Redwood's Diary 17/10/11

The entry on John Redwood's Diary, this morning, is discussing the 2/3 trillion mystically sourced EU rescue fund, which drew the following comment of the walking disaster area that is David Cameron as follows:

Posted October 17, 2011 at 6:45 am Permalink

I agree fully – as you say – nothing they propose seems to solve the underlying problems there still needs to be a solution which enables the uncompetitive countries in the south to become more competitive to earn their living. If they cannot do that by the stealth of devaluation, they need to cut wages and other costs sharply, which is unpleasant and difficult to do.
I agree with the administration of the banks and the living wills for the banks. Nothing should get in the way of lending to sound businesses, if they want ever to see any growth. The French and other banks need to accept the losses they have made on duff Greek and other bonds not dump them on everyone else in the EU.
Cameron is still not leading, not giving a sensible vision, not cutting government expenditure, not getting the NHS to work, not getting bank lending going, not cutting waste and regulation and not taking actions to encourage growth.
Is he intending to do anything positive, before he loses the next election I wonder?
It seems his idea of leadership is to go from silly Gimmick or Photo Op to silly Gimmick/photo op, to new royal town photo opportunity here, to a gay marriage proposal here, a new female minister there or similar.
At the same time claiming he is making the UK business friendly and making state sector cuts but is actually doing the complete opposite.
Just saying it will not work and time is short.


Martin Cole

Posted October 17, 2011 at 8:28 am

Quite so lifelogic, and although you do not say so, Cameron is quite able to continue so to do, as he has the unquestioning support of all his backbenchers – to the eternal shame of those of them fully aware of the coming consequences.



Anonymous Anonymous said...

I am not sure all of them are aware of the consequences. I am afraid there are one or two chinless wonders who neither know nor care much about economics and others who have simply swallowed the group-think party line whole. Even some of the ministers seem confused, I caught an interview Justine Greening did on the QE announcement and it became hard to watch as she clearly did not understand what was going on

9:34 AM  
Blogger Martin said...

Thanks for the link!!

11:53 AM  

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