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Monday, 12 October 2009

More Assets to be Stripped

The government is trying to sell its holding in the Channel Tunnel, the Dartford Bridge, the Tote and other assets, to reduce the deficit on government spending.
The deficit arose because the stability of society was seriously threatened in 2008 by the near-collapse of the banking system. That failure was due to the disastrously incompetent manner in which the 'financial services' were regulated; and regulation in turn was burdened  by its dependence on nonsenical propositions that were asserted in Economics.
The revenue that may be received from these sales will be a mere drop in the ocean as a supplement for normal government revenue; but a much more important question is whether it is right or sensible to sell yet more 'public goods'  to be administered for private profit.
The Tote was established by Winston Chrchill in 1928, when he was Chancellor of the Exchequer, and it has supplied stable funding for the sport of horseracing ever since then. There is a broadly valid old adage: 'if it ain't broke, don't fix it'. We may add, if it's useful as it is, why change things?
Such tinkering will not make a ha'peth of difference to the economy, or to the financial position of the government. It is action for the sake of action: gesture politics. The real issues are demanding, and should properly be addressed.
To see a realistic assessment of the issues, refer to Nuclean Economy, via this site.

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