"Did you hear the noise of digging?!" Arturo asked.
"What are you on about? No one digs up the roads at the weekend!" I replied.
"That's what you think!
'Genius Georgy' Osborne - him next door - is digging a hole large enough to swallow the whole country! Just read these." He indicated a series of articles.
Britain's credit rating downgraded from AAA to Aa1: The Government’s economic strategy has been dealt a serious blow after a leading credit ratings agency downgraded UK debt on its expectation that growth will "remain sluggish over the next few years".
That was one headline in the
Telegraph.
James Hurley wrote:
Moody’s announced on Friday night that it had cut the Government’s bond rating one notch from ‘Aaa’ – the highest possible level – to ‘Aa1’.
The move is a significant setback for Chancellor George Osborne, who has faced criticism that his strategy for dealing with UK’s huge debt burden is failing to deliver.
Hurley added the following comment:
Mr Osborne responded to the downgrade by insisting he would not change course on the Government’s austerity programme.
He called Moody’s decision a “stark reminder of the debt problems facing our country – and the clearest possible warning to anyone who thinks we can run away from dealing with those problems”.
“Far from weakening our resolve to deliver our economic recovery plan, this decision redoubles it.”
http://www.telegraph.co.uk/finance/economics/9889410/Britains-credit-rating-downgraded-from-AAA-to-Aa1.html
Well, well, well!! There's a fine howdy-do! Just think about it, for a minute or two. Imagine a man observing a small hole that has appeared at one corner of his house. He decides to investigate. He digs up the earth in front, then starts digging down and under the wall. "Hey!! Don't do that, the house looks pretty unstable already", someone shouts from behind him. "It's fine", shouts the man, spade in hand. "I know exactly what I'm doing." He continues digging with zest! Crunch - Crunch - Bang! Down falls the side of the house!
That is basically the scenario the Telegraph article has reported.
'Genius Georgy' Osborne saw a hole in the
UK economy, so he began digging! Various agencies shouted warnings. He replied he had a 'plan' and would not deviate from it. The hole got bigger - Osborne still stuck to his plan. The walls are now crumbling. Still he is digging!
Patrick Hennessy, also in the
Telegraph, wrote:
Mr Osborne insisted that the Coalition will not change course on the economy, saying the downgrade made it all the more important to stick to attempts to cut Britain’s deficit.
He said: "I think we've got a very clear message, a loud and clear message that Britain cannot let up in dealing with its debts, dealing with its problems, cannot let up in making sure that Britain can pay its way in the world. "Britain's got a debt problem. I agree with that. I've been telling the country for years that we've got a debt problem, we've got to deal with it.
"What do they also say? That if we abandon our commitment to deal with that debt problem, then our situation would get very much worse and I'm absolutely clear that we must not do that."
http://www.telegraph.co.uk/news/politics/georgeosborne/9889605/George-Osborne-no-let-up-in-plan-to-cut-deficit-after-AAA-downgrade.html
'Genius Georgy' Osborne is in trouble! That is plain for all to see. His
Plan A is not working. The walls are really cracking around him. If he doesn't find a Plan A1 or Plan B, then no doubt
Moody's will cut their rating still more. The UK will not be AAA or AA1 it will be in free-fall! When you're in a hole, 'Genius George', the sensible thing to do is STOP DIGGING!
Georgy has a Budget coming up! Will he be still digging? Wait for the next exciting instalment, folks!
Meanwhile - Arturo and I are fine dining tonight - left-overs from the caviar tea!
Bye
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