The Brown Shoots of Non Recovery

Perhaps this should be entitled the Brown Shoots of Non Recovery

This is a superb article about Gordon Browns mismanagment of our economy and a sound reason why it would be a big mistake for him to not only be considered for the top job but in my opinion any role in the IMF

Surely it would be like letting a kid loose with your life savings in a sweet shop wouldnt it?

The article taken from a Mortgage Magazine indicates the following view point

When economic historians review the last 20 years they will condemn Gordon Brown as one of the worst Chancellors (and Prime Ministers) we ever had.

How can any coherent case can be made for him to be considered as the new head of the International Monetary Fund in the wake of the departure of the disgraced Dominique Strauss-Kahn.

It then talks about 5 sound reasons in my opionion as to why appointing Mr Brown would be a grave mistake with dire consequences.

Here are 5 suggestions that offer five outstanding reasons why history might judge his handling of the economy so harshly.

From the moment he took office he set about destroying our pensions system with new taxes. We are left with a legacy of a mammoth pensions funding crisis.

He presided over an unsustainable consumer credit boom despite the constant warnings of economists.

The system of regulation he put in place was bureaucratic, expensive but, ultimately, ineffectual and we are still clearing up the mess. Just look at the millions of PPI policies it allowed to be mis-sold. And don't even start on the mortgage market, the investment banks, the derivatives market.

When the out-of-control banks hit a brick wall he threw public money at them but with no conditions attached, no public control and not a clue about what an exit strategy would look like.

He is praised for his prompt response to the banking/credit crisis but actually he just laid the foundations for the next crisis by pushing billions into the economy through quantitative easing, again without any control. Now our money is, among other things, creating a boom in commodities speculation which is pushing up inflation so that ordinary people end up paying twice to bail out the banks. And still the banks are not lending to decent, well-run businesses.

That will do for starters.

I totally agree with these five points i could go on and list another 5 but the above are sound enough for me.

The writers final viewpoint is that

If the great early 20th century economist J M Keynes were alive I have little doubt that these would form the first five chapters of a searing condemnation of Gordon Brown's record entitled The Economic Consequences of Mr Brown.

In essence I would summarise further and say that Mrs Browns 13 Years in his Role of Chancellor and Prime Minister has derailed the British economy to such an extent it may be have to wait for our granchildren to rebuild it

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