A Forced Spend or a Spent Force?

Sean Corrigan

    LI-PAPER. As the sense of crisis deepens, the authorities are beginning to abandon all restraint in their urge to stimulate what they call ‘spending'.

    ‘Practical men of affairs' the world over are once again proving — by their renewed thraldom to his warmed-over Mercantilism - that Keynes was a far greater aphorist than ever he was an economist.

    To widespread acclaim, Messiah- (sorry, President)-elect Obama has been promising a large dollop of fiscal ‘stimulus' aimed at putting 2 ½ million people back to work over the next two years, while Chinese politicians up and down the whole Communist Party hierarchy are said to be eagerly scouring their shelves for previously rejected expansion plans to dust off and thrust before their anxious masters in Beijing.

    As Doris Leuthard apes Chancellor Merkel, President Sarkozy, and their Latin counterparts in mulling over how best to support whichever failing business it is whose rescue will be most politically productive in their respective countries, UK Prime Minister Brown has abandoned all pretence that his heart does not beat to the strains of the Internationale by unveiling a massive unbalancing of the budget to be paid for five years hence — or so he pretends — by a nakedly demagogic assault on the bloated plutocrats who happen to ‘trouser' more than £150,000 a year.

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    December 2008

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