Brown and Darling have managed to find three times as many economic illiterates to write them a letter telling them they're right, compared to the 20 economists who wrote to endorse the Conservative's opposing view a week ago. Well now, three times as many you say? They must be the ones who are right then, eh?
These people are worse than ignorant of the real world around them. These are people that have fancy titles and expensive educations behind them. People that the man in the street feels like he should trust their opinion, for those reasons alone. They know far more about the way things work than the average Joe, eh? But you just cannot buy or be taught common sense, or honesty, unfortunately.
The article cites past bad experiences of withdrawing fiscal stimulus prematurely, stating that this caused a worsening of those recessions. Most notable, they include Japan in this list. This is truly stunning, given that the Japanese government have still not to this very day, 20 years on, removed any fiscal stimulus -- they're still piling it on like cheap margarine, as thick as they can get it to stick to the crumbing bread that is their economy. No matter how much they slap on of this toxic hydrogenated vegetable fat masquerading as a tasty and healthy natural substance akin to soothing butter, their economy goes nowhere. They have built unnecessary roads and bridges to everywhere and nowhere, invested in wholely unnecessary items like for example their bullet train network (the country isn't that big, and it's mired in a 20 year recession; how much speed-of-sound inter-city travel is strictly necessary and at such massive cost?). They print up yen every week of the year and use it to buy their own bonds (just like Zimbabwe did, and the US and UK have done for the last year). If Japan shows you one thing, it is that these government fiscal initiatives just waste money and prolong the economic pain for much, much longer. It could not be any more clear. The situation is, without any hint of a possible question now, the exact opposite of what these "economists" claim is the case. But that just doesn't happen to suit their personal agenda I guess -- will tell lies for political favour.
My view is that Gordon has admitted defeat for Labour behind closed doors and is laying the groundwork for playing politics with "we told you so" in opposition. He knows that the goose is cooked and the Conservatives will be running the show very shortly. The Conservatives can see clearly that they have no choice but to cut public spending and to reduce the national debt -- because overseas investors are not and will not buy our government bonds, so the debts already cannot be financed legitimately. The only people allowing the government to run up this national debt over the last year are the members of the Bank of England's monetary policy committee, and if you think they are truly independant of the government, think again. Perhaps you would like to buy London Bridge from me sometime? Gordon is stating clearly that Labour would do what the Conservatives will not, they will continue to rack up national debt for as long as they can get away with it by any means open to them (money printing). It is a lie because if by some miracle Labour were to find themselves voted back in again, they will have no choice but to do the same thing -- if they keep up this money printing, it is being made very clear that our currency will find itself quickly on the rocks and heading for the graveyard of history, alongside ye olde Zimbabwe Dollar of yore and many others throughout history. Cameron can look forward to being held up as the New Thatcher over the course of the coming years, a new figure of popular hatred for having "caused" the pain everyone will be experiencing, as fiscal reality and balance sheet repair is once again necessarily forced upon us all by the Conservatives, after and as a direct result of another extended period of Labour economic incompetence and mismanagement. Wonderful.