Friday, February 13, 2009
Once again, Kettle excels and even manages, at the end, to quote Conrad. In the words of Henry James, 'I'm a total sucker for that kind of posh stuff.' Kettle sees that Brown is like Luke, Han and the Princess, desperately trying to stop the walls closing in and crushing him. Unlike them, he will fail because of his abject lack of self-knowledge and his dismal 'it's not our fault, gov' litany, the default claim of Labour politicians down the ages. All you really need to know about Brown's record is the Business Monitor paragraph quoted by Jeff Randall - 'Despite enjoying 11 years of growth between 1997 and 2007, the UK ran a budget deficit of 1.7 per cent of GDP over this period, fuelling a fiscal time bomb. Faced with the financial burden of bailing out the banking sector and kick-starting the economy, the budget deficit will to an unsustainable 9.3 per cent of GDP in 2009.' Face it, Gordo, we're a basket case. Now, I'm no economist, but I want to know something. Large parts of the growth in GDP claimed since 1997 we now know to be delusory. In financial services the growth has been entirely wiped out - indeed, the banks have been largely destroyed - and I would guess the cataclysmic fall in asset values has negated most, perhaps all, of the wealth Brown claims to have created. Should we not, therefore, recalculate the growth figures on a realistic basis, stripping out the property bubble and the zero sum nonsense of the City? I'm only asking.
Posted by Bryan Appleyard at 8:09 am