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Friday, 7 December 2012

Posh boys out of their depth

Britain has had an interestingly depressing week; slightly enlivened by news of a royal pregnancy which two Australian yobs turned into a personal tragedy.

The Conservative Prime Minister showed how  far he was out of touch with the strongest conservative element in society by expressing his determination to bring in [and push through] legislation to permit homosexual couples to 'marry'; while denying civil partnership to heterosexual couples.

The worst news of the week, however, was the demonstration of ignorance by the finance minister, the Chancellor of the Exchequer, in his 'autumn statement'. George Osborne had to admit that his strategy had failed abysmally: and then he announced that he would intensify his pursuit of it. He would take yet more money in taxation; a small part of which would be used to support 'shovel-ready' projects to build tunnels and road improvements and schools that would employ people and increase demand for construction materials. He will increase old-age pensions and maintain the hugely-unpopular overseas aid budget while reducing allocations of finance to most other areas of government, including the health service. Despite the benefits to millions of people being reduced or capped, the total allocation to benefits will increase because the misery generated by moral and economic collapse is spreading to an ever-expanding cohort of underpaid as well as unemployed and helpless people. The need to pay benefits has developed the deficit and will further reduce economic growth, which will soon be in the negative.

These are the consequences of over half a century of ruinous economic policy, implemented by machine politicians [regardless of party] at the behest of Economists. I have spent the last few months again revising my presentation of the basic principles of political economy, which were set aside in favour of the fantasy theories that form the basis of Economics. When the 'iron laws' derived from political economy were followed, Britain had the most dynamic and successful economy in the world. So much wealth and power were accumulated that the country has been able to pillage the last vestiges of national wealth until now: but the stock is now very close to exhaustion. Ordinary people can sense it, and recognise the incomprehension displayed by the political class [and, of course, by Economists]. The lack of confidence is near crisis point.

There is a way forward. It will be no less stressful to follow it than it will be to sink into the morass into which Cameron and Osborne are conducting the nation: their way points to abject poverty and despair on an unprecedented scale: the alternative must be worth a try.

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