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英国経済の構造的な問題、ブラウン蔵相のインチキ経済政策を暴く。飲み食いに納税者の金を使う以外に能のない、無能な官僚をわずか数年で90万も増やしたその罪は万死に値する。ろくに仕事もないのに高級と安全な年金を保証されたこれらの寄生虫がじゃんじゃん消費に金を使って、景気をふくらましたのである。つけは将来の世代が支払うのである。ブラウンの経済成長は将来のための富を目先の景気浮揚目的に、麻薬のように使うことででっちあげられた砂上の楼閣である。
To be honest, British economy does not have too many real value creators. Financial services and pharmaceutical are examples of the few sectors that have real competitive edge, besides some intellectual-property-orientataed sectors. Unfortunately these sectors are not big enough to sustain the livelihood of the 65 million. Strong British economy created by Gordon Brown is just another New Labour fiction, as bolstered by:
*900,000 strong public sector jobs, which had nothing to do with the real business activities but were created by political necessity on taxpayers' burden, This undoubtedly contributed to the consumption-led boom. It is comparable to the old Keynesian stimulus such as TVA (Tennessee Valley Authority)in the 1930's US. The difference is TVA left a good physical infrastructure such as dams, but Chancellor's measure left an army of useless bureau-fat cats, only good at wining and dining.
*Historically low IR which fueled spending spree as underpinned by the introduction of the disincentives towards savings (including pension savings)
*Frenzy in house market as engineered by the cheap money supply, along with the shift of investable money from stock market triggered by the burst of the dotcom bubble. (In the UK house price increase has much more important role in boosting consumers morale than share price, as the latter is typically owned indirectly via mutual funds, thus less keenly appreciated)
False economy is an appropriate term to describe the reality in this country, thriving on "fictitious wealth" created by rising house price which does not involve real value creation, but sheer speculation, and consumer debt which was not earned.
Friday, November 11, 2005 10:48:55 AM
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