Friday, August 05, 2011

A thought on when it's a good time to take a holiday

The world's stock markets are going south and so, apparently, have our leaders. As economy's tank all over the world and the prospects of recession loom ever larger, the prime minister, deputy prime minister and chancellor have all gone on holiday, leaving the hapless chief secretary to the treasury to defend the UK's totally irrelevant deficit reduction plan, as if our protestations of austerity will save us from the financial tsunami brewing off-shore.

The current crisis is a political one born of our inability to reform financial markets in the wake of the credit crunch. So it is not a time for our politicians to take their eyes of the ball and head for the beach. A massive restructuring of the way money of all kinds is managed around the globe is urgently required so that the poor stop bailing out the rich every time there's a market panic.

We need a more creative approach to getting out of the mess we're in than the slash and burn policies of the IMF, EU and our own governments, cheered on by the nutters in he US tea party movement which merely lead to rising unemployment, falling output and a squeeze on the incomes of those least able to cope in the hope that the system will magically correct itself.

Now is maybe not the best time for our leaders to be on the beach.

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