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June 23, 2008



Chris - as you well know, economics is the answer to everything - and Brown and Darling haven't the faintest idea about it.
The Labour party is rather like Canute, giving out orders but unconnected to the real world.


Watch it, you'll have Tim Worstall calling you an idiot.

But there is a question this raises - doesn't this mean they shold reduce output to the lowest level consistent with paying their bills? Or maybe there are other considerations, one of which is customer satisfaction?


So why do they do this?

Maybe it's because they're a pair of idiots.

james higham

They’ve come to believe in a mystical thing called “leadership”...

How is this different to the arch-talker Blair saying, 'Enough talk, now is the time to do.' ?

Your commenter above is right - they're a pair of idiots.


I am waiting for a Brown 'bounce' at those times when I think things have bottomed out and couldn't get any worse... but every week things just keep getting worse...

Will a bunch of Eton millionaires fare any better I wonder?


william - leadership is not mythical. If it's done right, it is tangible, and leads to tangible results. Unfortunately, in the PC NuLabour world we now inhabit, NOONE will take a forward position for fear of being blamed for something - hence noone ever takes responsibility. Being a leader takes courage, principle and above all the ability to take responsibility. None of the present Cabinet have the vaguest idea what any of those words mean


Oh how I laughed when GB said that the oil sheikhs should 'invest' in UK windmills and nukes. What an idiot.


Mr D, you should explain to us your new policy of posting sense on weekdays and embarrassing rubbish at weekends.

Dr Dan H.

What is going on is not down to economic fuckwittery at all, but something much closer to home. The Labour Party now owes close to 24 million pounds, and is set up in such a manner internally that the officers of the Party are personally liable for the debts of the Party, and this liability isn't limited.

If the Labour Party goes under financially, then the officers of the Party also get landed with the bill, and since anyone with a brain and money has kept well clear they'll all be forced into bankruptcy.

Bankruptcy automatically triggers an MP's disqualification and a by-election; no ifs, no buts, no wriggle room but instant exit.

The only people who can avert this dreadful fate for the Labour Party are the Unions; it is in nobody else's interest to fund a dead donkey like Labour now. The only Unions with the money and interest to fund Labour are the Public Service unions, and they're exactly the people whose jobs and pay needs cutting to reduce tax parasitism.

Gordon is thus in a corner now. If he does the economically sane thing then the unions will all disown him, withdraw financial support and let him and his minions go bust and get auto-booted out of politics. He cannot now afford to upset the Unions, so he cannot now cut taxes, so he's reduced to dashing around like a headless chicken trying to look like he's Doing Something, whilst carefully not upsetting the Unions.

This state of affairs won't last, so my money's on Gordon and his Red Empire imploding in under a year.

stuart munro

Chris & William,

The minimum necessity of leadership is some idea of where one should be going.

Don't know much about Brown, but Blair clearly had this problem, hence "why not Iraq". Had Blair a coherent direction, Iraq would have conflicted with it.

I know the history of great leaders has been somewhat discredited, but we now enjoy the kinds of government that made people think, for centuries, that great leaders were desireable; ie buffoons.

ivan janssens

It seems that even with low expected real returns on dollars oil producing countries still could have enough incentives to raise output. Those incentives are coming from Europe's climate change policies: the more stringent those policies become in the future(carbon taxes or lower emission rights) the more interesting it becomes for oil producers to raise output now. This of course ultimately makes climate change policies that stress the demand side self-defeating.

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