Sub prime lending by banks to people who were likely to default on their loans got the world into a terrible two & eight, now more sub prime borrowing, this time by the banks from the UK government is going to get us out of it, according to the newly endowed superhero of our times...
...who is about to be outed by the
It may do, but one suspects as much for psycological reasons as economic.
Who is really lending the dosh? The British Taxpayer is who. Why does the Government not have the readies to hand? Well one reason might be that Gordon sold off half the countries gold reserves precisely when the price of gold had bottomed out. Now of course it is riding sky high. Just like government borrowing that has now hit an all time high.
If he had actually been canny or even prudent, as he likes to spin himself and hung onto it to a more opportune moment (almost any other time since, but now would have been good) maybe he could have got a good price for it and not hocked us all up to our eyebrows.
What strikes me as crazy is that there are people out there who believe the spin and feel safer with him in charge than anyone else.
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