the corner office

a blog, by Colin Pretorius

Debt and democracy

Of course, whether a nice pensioner is a racist or not makes for good TV but the real issues facing the country aren't really being spoken about in this election.

  1. no matter what the leaders say (or more accurately don't say) about the economy and cuts and deficit reduction, when the people who normally lend to the UK government decide they no longer trust the UK government to pay that money back, the UK government will start laying off public sector employees and slashing salaries and will start pushing up taxes and will stop spending money on public services. And if they don't do it fast enough, then bad things will happen. The 'financial crisis' has to date been banks looking wonky, what happens when entire countries go belly up?

  2. policy schmolicy. Even though hedge funds had mostly bugger-all to do with the financial crisis, many European countries resented the fact that London is the hedge fund capital of the world. So the EU is pushing through legislation that is guaranteed to send hedge funds (and all their taxes and tax-paying staff) elsewhere, leaving the rest of the country having to cough up the billions in lost tax revenue. Every week since this legislation was proposed has seen some or other bigwig or politician or cabinet minister or think tank saying how it's lousy and destructive - and their warnings and admonishments will all amount to nothing. Brussels will decree and Britain will comply.

    When people vote for a UK political party, they're mainly just choosing who's going to put a British spin on the legislation handed down by the EU. This is not a route to prosperity.

So I'm slowly coming to the view that it doesn't really matter who wins this election and that voting may be symbolic but is otherwise pointless... what really happens to the country over the next few years has desperately less to do with who's in power than anyone would like to admit.

{2010.04.28 18:12}

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