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Saturday, 18 October 2008

Darling promises to print money to deflate debt

Formally announcing that he is abandoning the country's savers, Darling is reported in an interview to appear in tomorrow's Telegraph to committing Zanu Labour to spend its way out of the recession by printing money.

As Brown's financial advisor, Mr Robert Mugabe, has found, this will result in inflation. Good news for the improvident with large debts but the value of savings will be destroyed. And as happened thirty odd years ago, the binge will be followed by the arrival of the IMF and the misery of the late '70s. It was Jim Callaghan who mused ruefully "you can't spend your way out of a recession". It seems Brown's pig-stupid incompetence is immune even to the wisdom of an ex Labour PM.

Oh well. I really need to get that wheelbarrow wheel fixed for a trip to the cash machine for the £0.5m for a sliced loaf and a four-pack.


Blue Eyes said...

I can't help thinking that this is a deliberate strategy to destroy the pound so that the electorate votes yes to the euro. ECB bail-out rather than an IMF loan?

Nick von Mises said...

Darling will TRY to inflate. It won't work.