Wednesday, January 21, 2009
Crisis! What Crisis?
You don't need Jim Rogers (above) to see that Labour is not working in Britain. Today's bad news sees unemployment top 1.9m, the highest since 1999.
This is the tip of the icebrg. With sterling falling to the lowest level since 2001 versus the dollar as well as dropping a fourth day against the euro, the pound appears without a parachute. Then there's the small matter of the taxpayer shelling out a few hundred billion quid for the banks' toxic assets. Oh and did we mention a possible sovereign debt problem of IMF-sized proportions? So there's a possible run on banks, the pound and the nation's pile of debt.
On whose watch did this mess occur? At some point voters are going to turn on the current administration. Gordon Brown may have to sack a lot of people (start at the Financial Services Authority for failing to squeeze the banks until they squeaked) to save his own job.