Speaking of across the water, Stalker couldn’t help but notice the input of US based economist David Blanchflower about the proposed cuts the UK government is planning.
Mr B was member of the MPC, the bank of England’s Monetary Policy Committee up until quite recently.
His comments were: “ This government is proposing a programme of spending s and tax increases that have no historical precedent. The latest data especially from business and consumer surveys suggests that confidence is collapsing. The cuts look likely to generate a long decade of slow growth. “ He also labelled the proposed cuts as the “greatest macro-economic mistake in a century.” There’s confidence for you.
Of course in economics there are always two opposing views that are current. There are a bag load of commentators out there too, who say that all this cutting is necessary to stave off later pain. It all comes down to which economic philosophy or camp one subscribes to.
Perhaps both sides have it wrong.
The old chess maxim of – when in doubt push a pawn – seems like a potentially apt strategy.
Basically when you don’t know what to do, or what will work or what won’t work, then make the least possible movement to minimise cocking it all up dramatically.
Stalker wonders does the current chancellor and his master play chess?
