| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Safety of Post Office/Bank of Ireland savings | |
| Posted by: | Thomas Barry | |
| Date/Time: | 19/11/10 11:33:00 |
| "And Guy's post highlights why the Ireland example (which Osborne not long ago held up as a shining example to follow) could be a warning to us." True, but not in the way stated - if the UK were in the same position as Greece or Ireland in May then cutting this hard would result in a spiral of decline (as in Greece or Ireland). However, we haven't actually cut much yet, and the bond market is fairly placid for the UK, which suggests we weren't in the position that Greece or Ireland were in (which any mug with a brain could see). Either way, Osborne's ideology is shown up as contradictory nonsense - we weren't like Ireland in 2006 becomes we must be like Ireland in 2010 or end up like Ireland despite not being Irish enough to have the kind of scale of fiscal disaster seen in Ireland which we must now help them out of by borrowing money at a lower rate than Ireland can to lend to Ireland, because we can borrow money without much difficulty. Er. |