Paranoid Conspiracy Theories.

July 5, 2010

As European governments prepare to deal with the failure of their banks- it turns out we are looking at cuts of 40%across government departments. Wouldn’t be preparing for another round of bank bailouts would we? You think William Hill will give me odds?



  1. it turns out we are looking at cuts of 40%across government departments.

    Except we’re not. And the way elements of the media are reporting it is equally annoying now as it was when they were lying about Govt policy under Blair/Brown.

    Cuts averaging 25% across Govt (up from Darling’s proposed 20%), with some depts much lower than that, meaning others will be higher, with up to 40% being looked into.

    Regardless, if the banks need bailing out again, we’d nationalise them (it’s Vince’s job) or do something else sensible (like let the investment banks fail but ensure retail banks don’t), and they’d issue bonds to cover it, same as they did for the others, won’t affect govt spending directly, just as it didn’t under Darling.

    William Hill’ll give you odds, but not a bet I’d want to lay myself.

    • And which departments will be asked to make up the brunt of those cuts? I know which departments it won’t be. To be fair- the William Hill bet was never the best idea. Hence the title of the post…

      (Also, have dropped you a quick email)

      • Don’t know, neither do they, hence the way they’re doing it. If some depts, like Education, are to be saved as much as possible (which is the stated plan), then others need to lose more.

        I suspect the biggest cuts will be in Business; Vince favoured abolishing the whole dept and simply stopping doing what it’s doing, so I suspect he can find stuff that’s pointless; sending Prince Wossname overseas on an arms trade sales trip for a start (the arms industry can pay for its own sales trips I reckon).

        I’m pretty sure some of the cuts’ll hurt in some areas, but I’m also sure some of the hyperbole, on all sides, is just a little bit silly; just read Dave Osler’s article on LC, and while I know he’s a trot, it still looks silly when he’s talking about middle England in open revolt.

  2. Except that because we bailed them out, the banks that will be too big to fail last time will be too big to protect next time, which will mean that the entire system is likely to collapse. Bonfire of the vanities, anyone?

    • Might reread.

      • Was actually thinking of the phrase, rather than the book – the idea that if we start burning the objects that led us into sin, the resulting conflagration will likely engulf everything we own.

        Having said that, I think I have a copy knocking around here somewhere… really must read it the first time. 😉

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