Labour's Public Spending Mania Must Take the Blame for Uk's Financial Crisis
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Summary
The wailing and gnashing of teeth over the Budget have well and truly begun. Like so many with a lefty mind-set, Philip Gaskell and Alasdair Rankin (Letters, June 24) appear to believe in what the German Finance Minister once called "crass Keynesianism": just spend, borrow and print money, like there is no tomorrow. Never cut the public services because that would be 'unfair'.
It helps if you also believe that bankers caused the mess; after all, we know that they are "greedy" and forced people to borrow from them. While certainly not angels, bankers can lend only as much easy credit as government makes available at low interest rates. And low interest rates make it cheap for government to borrow too, which is precisely what the UK and US governments did, and to excess. So sloppy monetary policy led to a financial crisis and a fiscal hole.See the full content of this document
Extract
Labour's Public Spending Mania Must Take the Blame for Uk's Financial Crisis
In Britain, Gordon Brown and the Left's public spending mania must take most of the blame, much to the ruination of Scotland in particular, as the opportunistic Mr Salmond cheekily reminded us today at First Minister's Questions. Talk about pots and kettles.
Instead of keeping spending less than tax revenues and paying down the national debt during the 2001-2008 boom, ...See the full content of this document
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