I start with a quote – and I ask again, just how dumb do you have to be?
“A modern industrial economy is built not on money as such, but on the stable and reliable availability of credit,” he told his audience at Mansion House.
I want to know which economy Mandelson is talking about – and the answer is…
[T]he UK would emerge stronger and better from the global recession.
Lord Mandelson said he had spent months explaining to “angry” businesses why banks had an “urgent and unique claim” on the taxpayer’s support.
He had “bruises and scars to show” from that experience, and added: “The demand for a sounder, more sober model of banking will shape the expectations of a generation of businesses.”
He means the UK! Yay – the UK is going to be a manufacturing based economy again – well that’s a start!
But back to the first quote.
A modern industrial economy is built not on money as such, but on the stable and reliable availability of credit
The very same thing that got the western world into the shit it is in – that is the answer? But of course he means a way of a line of credit to businesses, not the Joe on the street – he/she will have to wait.
He promised “renewed focus” on public sector reform, referring to the controversial plan to sell off 30% of Royal Mail.
The minister said there would be constraints and opportunities in the next decade, with controls on public spending.
That is Mandelspeak for “There will be enormous cuts in public spending which the LSE will love and reinvestment will begin because as, you, all know this party is for the businesses of the UK – the banking system and the way it used to be. We will screw the tax payers as much as possible giving them no return for their tax payments and will assure them that each and every pound they are hiked for will go to bringing down the national debt – the status quo will be restored and all will be well in the world.
Except we may have to airbrush some regulations on you – but don’t worry about that!”
Lord Mandelson said that despite the current economic downturn, the UK’s strengths built up over the past had to be recognised – including in the City.
“It is important to recognise that whatever went wrong in some City institutions, the legal and commercial expertise that has developed here has not somehow been wiped away in the last year.
“They will remain central to the UK economy in the decades ahead, just as they have been for centuries.”
He’s a wanker!