Curtains come down on Brown's bankrupt Britain.

WTF?_2

bubblesmoney wrote: »

arent uk and usa doing that with quantitative easing etc as well. arent they trying to devalue their debt by down valuing their currency by opening the printing presses.

is the problem the person who produces who expects their credit to be paid back or is the problem the person who gorged on debt and wants to devalue that debt and keep gorging on debt.

Sovereign nations can devalue the debt by printing (if it's denominated in their currency) but the problem comes when they try to get more.

However, the devaluation creates relatively fast-manifesting short term benefits - whereas the ramifactions are longer term and won't be immediately obvious to the average punter.

No prizes for guessing if that sort of thing appeals to the typical politician. Especially one with an election coming up soon.

torontoboy45

roddydogs wrote: »

Here we go again-another "Its All Maggies Fault".......Labour has been in 11 years, why didnt they reverse these changes?

that is a good question, and one I've spent the last 11yrs trying to find the answer to.

Rochdale_Pioneers

Reverse the changes and do what? Thats like asking why Macmillan didn't reverse the changes of 45 and abolish the statist approach to welfare. You can operate within the political settlement on the ground at the time. Labour tried to abolish the free market with Kinnock and it got them nowhere. So they adopted political reality and became electable.

baby_boomer

They didn't reverse Thatcher's changes because they came to agree with them!

While continuing to use her as a demonic madwomen when talking to their own at party conferences.