Sunday, July 27, 2008

Brown's Requiem (2nd movement)

And of course, operating from a position of weakness: where the press are keen to attack and every chancer MP thinks they can get their 5 minutes on the airwaves by protesting their opinions, Gordon Brown walked headlong into credit crunch.

Even though you could argue it was tangentially partly his fault, the recent financial problems would have faced any UK leader, and are, ironically, a lot to do with the Tory obsession with Reaganomics.Obsessive Chile-style privatisation of public utilities were sold on the basis that it would bring prices down. But after a bit of consolidation, it turns out your utilities are run by two or three giant companies who can then turn he screw and put prices up at will. The price of gas shadowing the price of oil is a myth peddled to us by greedy corporates in order to gouge profits. What used to be British Electricity is now EON and EDF, French and German corporates respectively, who care nothing for British customers apart from how much they can make from us.

The ridiculous acceleration of the oil price is the work of the Bush/Neocon oligarchs. Even if Britain didn't send a couple of hundred troops to Iraq, we'd still be at the mercy of the Sheikhs and the Texans. Similarly, the mortgage crisis and credit crunch is the result of rampant monetarism - not really Brown's fault. The problems that people are pinning on the PM really are the result mainly of global conditions. Perhaps Labour shouldn't have sold us the endless economic miracle of ballooning house values, credit and standards of living.

Basically he's done little wrong in policy terms, yet placed himself in prime position to take all of the blame.

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