| Topic: | Gordon Brown should resign | |
| Posted by: | David Giles | |
| Date/Time: | 12/10/08 20:18:00 |
| Gordon Brown bears a very heavy responsibility for the present crisis because: 1. He establshed the present tripartite regulatory system of the Financial Services Authority, the Treasury and the Bank of England which failed to prevent, detect or control the situation; 2. He has presided since 1997 over a massive explosion of public and private debt; 3. He sold a huge part of the nation's gold reserves when the gold price was low; 4. He has raided and weakened our pension funds and other savings; 5. He has greatly expanded governement expenditure thus encumbering us all and future generations with higher taxes and a massive national debt including the costs of the so-called public private partnerships; 6. He failed to save money and add the the nation's reserves when the economy was doing well as a result of reforms made by the Conservative Governments of 1979- 1997; 7. He has squandered bilions of our money on the unreformed health, social security and educationsl systems without a proportionate immprovement in the performance of these systems; 8. He has squandered billions on the war in Iraqaoritarian nd on foreign aid to corrupt and authoritarian foreign governments; 9 He has dithered consistently, chopped and changed economic policies, complicated the tax systems , increased the tax burdens on the poor and the working class and lost the confidence of the British people; 10. He has failed dramtically to end poverty, esp[ecially child poverty, increased the income discrepancies between rich and poor and made millions more dependent on state benefits; 11. He has consistently undermined public and investor confidence in British banks and financial institutions; 12. By their actions, inactions and leaks, he and his colleagues have systematically devalued the capital values and assets of British banks thus forcing them to turn to the Government for assisdtance, funds and shareholders; 13. He has failed to protect investors, borrowers and shareholders by failing to regulate and limitethe explosion of credit which has led to an explosion of property prices well beyond sustainable levels; 14. He has presided over a huge wave of uncontrolled immigration which has resulted on huge pressures on housing, education, health, social security and other services; 15. He has allowed banks from outside the UK and the EU (e.g. Iceland and the USA) to take depositis from UK local government, charities and individuals without ensuring that these deposits are adequately protected; 16. He has failed to ensurre that the Government's plans to deal with the crisis were announced properly in such a way not to allow speculators and traders take profits at the expense of shareholders, savers and depositors. 17.The Government has leaked like a sieve feeding market sensitive information to to the media, particularly to Borwon's biographer, Robert Peston of the BBC, in a way that has enable speculators make billions, which has encouraged the flight of capital out of the UK and UK banks and other companies; 18. He does not understand global momey, share and commodity markets; 19. He has no qualifications in economics or finance and has no private sector business experience; 20. He lacks the confidence of the British people, the City of London and the global banking and financial communities; 21. He has not been elected by the British people. Therefore he should resign as soon as his resignation will not lead to a deterioration of the present crisis he has been so much responsible for. |