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Osborne’s Interest-rate Cap

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10474201/Surprise-reversal-as-Osborne-puts-cap-on-payday-loans.html

I note that Osborne is planning to cap interest rates chargeable on loans, a full decade after I suggested that this was a moronically simple and effective thing to do.

Brown of course would never have thought of anything so bleedin’ obvious in a million years, but then he studied history at uni, so what do you expect? But perhaps I do him a disservice. It is possible that he DID think of it and dismissed it on the basis that the more people borrowed the more consumption and growth there would be and the more successful he would seem in growing the economy. Yes, I think that must be it – an economy build on vast borrowing whose catastrophic effects would only become clear after his departure as a noo-socialist hero and Champion Pledger and which could of course be blamed after his demise on the Tories – and Mrs Thatcher, naturally.

Thank God Brown is now out of harm’s way s(k)ulking in some Scottish castle, preferably near a deep Loch he could throw himself into. The dream scenario would be for him, Blair, Mandelscum and Campbell to do a hot-air balloon trip over Loch Ness as part of a triumphal “Didn’t-we-do-well” reunion and Brown letting the air out in revenge so they all plunge to the bottom of the loch to be devoured by the Monster – all filmed for the masses by a submarine manned by a joint Sun and Daily Mail crew. One can only dream.

But the horrific thing is that his acolyte Balls is STILL there and according to the polls STILL likely to be the next Chancellor, unless Minibrother does something sensible for once and chucks him out of the balloon.

As I have said before, the world is indeed insane and does not deserve to survive.

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Posted by on November 26, 2013 in Britain, Politics

 

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MPC FIASCO

The WHOLE POINT of the BofE’s Monetary Policy Committee is to control inflation. It is NOT their job to deliberate on economic policy, possible recession and so on.

They are supposed to keep inflation at 2% max; They have FAILED. They should ALL BE SACKED.

The Governor said: “It would have been below 2% without higher energy and import prices.”  SO WHAT! It’s as useful as me saying that I wouldn’t weigh 30 stone if I didn’t live on 25 burgers and 10 pizzas a day washed down with 20 pints of beer.

The reason why inflation is so terrible is that it DESTROYS the value of the plebs’ money, since their income is BOUND to rise more slowly than inflation. It is like a VAST TAX INCREASE.

And it ALSO reduces DEBT – which suits bankers and governments, but THEY are responsible for the debt in the first place, not the plebs.

Inflation is NOT the answer to the problem, though it might appear so to economists in the short term.

But what gets me is the flagrant breaking of rules just because things are difficult. What is the POINT of having rules if you break them just when things get tough?

4.5% inflation is VERY bad news …. the Governor of the BofE should GO.

 

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