What would Gordon do?
Douglas Carswell MP considers how far we've come since the era of Brownian economics. The results are a little disconcerting
Mulling over our economic predicament, I've recently found myself asking "what would Gordon Brown do if he was still in charge?"
I ponder this not out of any nostalgia for possibly the most disastrous British leader in modern times. Rather I ask to try to assure myself that we've moved on from the disaster that was Gordon Brown economics.
If Gordo was still running the show, I reckon the government would be;
1. Borrowing ever greater amounts.
2. Printing yet more money.
3. Holding the price of credit at near zero.
4. Credit rationing - or "credit easing" - to try to deal with the consequential shortage of the stuff.
5. Capital investment projects, using money we don't have, would be launched to try to "kick start" the economy.
6. Special inducements would be offered to rent-seeking corporatist concerns - no doubt described as a "boost to the economy".
7. Amid a blizzard of failed stimulus initiatives, there'd be talk of supply-side reform - but little to actually make it happen.
8. Plenty of triangulation against anyone suggesting tax cut - "Don't they see we can't afford to lower taxes when we're spending £billions trying to boost the economy?"
9. Blame for the Eurozone (not America this time). But also pledges of UK taxpayer cash to hold it together to dwarf any losses from Gordo's decision to sell off our gold.
10. Even some sort of taxpayer-backed sub prime debt scheme, perhaps?
Yes, it is good to see that we have moved a zillion miles away from the kind of Brownian economics that landed us in this mess.
We are wholly dependent on the kindness of our readers for our continued work. We thank you in advance for any support you can offer.