Tuesday, October 14, 2008
The credit crunch can't help but make me think of the bank run in "It's a Wonderful Life". In particular there is a lot more Mr. Potter than George Bailey in our monomaniacal Prime Minister. Remember that we used ant-terrorism legislation against Iceland last week. How the Government be trusted now, not to misuse any other anti-terrorism law?
While the world and his wife is praising the great Economist Statesman to the skies, let's observe that we ain't out of the woods yet. The money to be "invested" in the Government stakes in the banks will have to come from issuing bonds, so it will increase the national debt, but I bet you they'll keep in off the books by classifying it as a financial transaction with no asset implications because the shares purchased have the same value as the money used to buy them. Compare and contrast the Private Finance Initiative con. I wonder what the real National Debt will be at the end of this year?
At least, thanks to the House of Lords, I can't be banged up for 42 days for speculating.
at 6:55 am