THE LAST DITCH

Financial crisis: Gordon Brown vows to borrow way through recession – Telegraph

All over the country, businesses live in fear of their overdrafts being cut. If they don't have short-term facilities to cover the period it takes to collect their own debts, some perfectly good businesses will go down. It's already happening. How is the PM proposing to help them? He is going into the debt markets to compete with them for the limited supply of money. Given the choice between a debtor underwritten by taxpayers, both living and yet to be born, and a regular business, which do you think the financiers will choose?
Reagan's wisdom was never more apposite.

One response to “Gordon Brown vows to borrow way through recession”

Leave a comment

Tom is a retired international lawyer. He was a partner in a City of London law firm and spent almost twenty years abroad serving clients from all over the world.

Returning to London on retirement in 2011, he was dismayed to discover how much liberty had been lost in the UK while he was away.

He’s a classical liberal (libertarian, if you must) who, like his illustrious namesake, considers that

“…government even in its best state is but a necessary evil; in its worst state an intolerable one.”

Latest comments
  1. Lord T's avatar
  2. tom.paine's avatar
  3. Lord T's avatar
  4. tom.paine's avatar
  5. Lord T's avatar