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Frightening Thought

nadger
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Frightening Thought

Brown is possible candidate to head IMF  Lips are sealed
http://www.bbc.co.uk/news/uk-politics-13127225
16 REPLIES
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Re: Frightening Thought

We're doomed...doomed Cheesy
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Re: Frightening Thought

People seem to not understand how the Brown plan at the height of the financial crisis averted utter disaster.
If you have seen interviews with other nations chancellors (of the time) and the heads of international finance organisations (IMF etc) you will note that they all genuinely believe that the very next day the banking system would end, that all banks would go bust, that what you didn't physically have in your hand was going to be worthless, the head of the IMF at the time called his partner and told them to go to the cash machine that night and withdraw all the money they could as he didn't expect they would be able to get any later.  One of the chancellors who was visiting New York was worried about how he would pay his hotel bill as he didn't expect his credit cards to work.
To a person, they say that Gordon Browns plan saved us all from that fate, from mass unemployment, from the collapse of just about everything (if you have no money you can't pay the supermarkets, if the supermarkets can't pay for food then farmers, hauliers and much more besides go bust).
These people thought they were going to wake up to the end of the world as we know it, and (to use the words of the IMF) "then Gordon Brown".
It doesn't surprise me in the least he would be considered for the job.
alanf
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Re: Frightening Thought

What is required is someone who can avoid disasters not someone who copes well after a disaster which he played a part in allowing to happen in the first place.
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Re: Frightening Thought


Wonder if DSK (current head of IMF) is resigning to enable him to seek the Socilaist Nomination for the President of France next year.
David_W
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Re: Frightening Thought

The entire world saw that a major recession was brewing, long before the banks crashed.  Intelligent countries started to save up for a rainy day to help them get through the recession as painlessly as possible (Australia for one).  Brown denied a recession was coming and continued to spent more and more outside our means.  He didn't put into place the legislation required to prevent banks from taking down the economy, he let toxic debt fester and build and grow because hey, it brought in tax and after robbing pensions he needed to get the money from somewhere.  As chancellor he had a nasty habit of giving 10p on one hand and taking £1 with the other hand, which you couldn't see until you read the small print.  Between him and Blair it's nothing short of a miracle the UK didn't go under, instead we're lumbered with debt that'll be with us for goodness knows how long.  Leader of the IMF?  I wouldn't even let him manage my piggy bank.
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Re: Frightening Thought

I'll second DavidW.
Wouldn't trust Brown with a basic cash point card yet alone a cheque book.
I need a new signature... i'm bored of the old one!
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Re: Frightening Thought

Quote from: David
didn't put into place the legislation required to prevent banks from taking down the economy,

Though the other parties (now in government) were even less inclined to do so at the time.......  Lips are sealed

Hindsight, as they say, is a wonderful thing.  Grin
pierre_pierre
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Re: Frightening Thought

unless you wear a blue eye patch
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Re: Frightening Thought

Quote from a "Financial board" acknowledge BEE
Quote
The main function of the IMF is to impose harsh austerity measures on countries that fall into financial difficulties and need to turn to the IMF for funding. Their secondary role is to give advice to countries to run sustainable fiscal situations - but they generally come down on the side of prudence.
Gordon's whole ethos is totally contrary to what the IMF stand for and promote.


sums it up very well
David_W
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Re: Frightening Thought

@HP - Labour had an absolute majority, Blair didn't lose a single issue he raised for 10 years or something, the first one he lost he only lost because he didn't vote himself (if he had, he would have won).  With that kind of majority you can change the country in any way you possibly want, the opposition stands no chance of blocking legislation (except through the Lords which Blair tore down).
Even as PM Brown was in control of the budget, he could easily have cut back on spending and started to save, but he didn't, cuts are unpopular with the unions who bankroll Labour.  The Conservatives are deeply unpopular with the unions so can cut all they want without worrying about the unions.
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Re: Frightening Thought

I agree with David W.  Brown was a disastrous chancellor, an even worse PM and would not make a good head of the IMF.  He has been here in the US trying to rally support.  Media opinion is divided on the issue.
VileReynard
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Re: Frightening Thought

An old article - Time 1999
http://www.time.com/time/magazine/article/0,9171,990614-2,00.html
Quote
Yet Keynes' largest influence came from a convoluted, badly organized and in places nearly incomprehensible tome published in 1936, during the depths of the Great Depression. It was called The General Theory of Employment, Interest and Money.
Keynes' basic idea was simple. In order to keep people fully employed, governments have to run deficits when the economy is slowing. That's because the private sector won't invest enough. As their markets become saturated, businesses reduce their investments, setting in motion a dangerous cycle: less investment, fewer jobs, less consumption and even less reason for business to invest. The economy may reach perfect balance, but at a cost of high unemployment and social misery. Better for governments to avoid the pain in the first place by taking up the slack.
The notion that government deficits are good has an odd ring these days. For most of the past two decades, America's biggest worry has been inflation brought on by excessive demand. Inflation soared into double digits in the 1970s, budget deficits ballooned in the '80s, and now a Democratic President congratulates himself for a budget surplus that he wants to use to pay down the debt. But some 60 years ago, when 1 out of 4 adults couldn't find work, the problem was lack of demand.

I wonder where Brown got his ideas?

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Re: Frightening Thought

daily mail's version
http://www.dailymail.co.uk/news/article-1378773/Snow-White-panto-axe-850-week-dwarfs-theyre-expensiv...
Would never of happened if Brown was PM, good to see the Mail is ontop of current events Roll eyes It's a warm sunny day and I've lost the plot
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Re: Frightening Thought

Gordon Brown takes on World Economic Forum role - http://www.bbc.co.uk/news/uk-politics-13171942