Thursday, June 04, 2009

James Purnell quits Cabinet

Brown is finally dead in the water. The Bismarck is finally holed beneath the waterline, the rudder is stuck, and the torpedoes are coming in.

Thank the Lord.

James Purnell, Work and Pensions secretary, quits the Cabinet and calls on Gordon Brown to resign for the good of the Labour Party. No links. Just getting this hot off the telly.


UPDATE: Link to Times. Link to Sun. Link to Sky News.


denverthen said...

It is good news. I wonder how the topsy-turvy markets will react...

Jack Maturin said...

The general feeling will be one of personal relief, however the state is now so entrenched into what is left of the free market that the the results of the the paralysis and chaos of Gordon Brown refusing to go until the entire Red Army is shelling Berlin and fighting against seven-year-olds armed with water pistols, will be extremely complicated.

The entire bond market, and most of the fractional reserve banks, are so bound in with government, especially at the moment with the quantitative counterfeiting scam, that they will all panic that the end may be night for that policy.

Plus, hundreds of malinvested companies (eg. most car manufacturers) will be terrified of losing their subsidies and government contracts, many pharmaceutical companies will be scared of losing their cash flows from the NHS, etc, that they will be in a state of panic too.

For whoever comes in, after the imminent general election MUST start cutting government consumption and start sacking government employees.

This may well be accompanied by interest rate hikes, which are necessary to bring on a cleansing recession.

But it's no fun being cleansed if you are a malinvested company which is only surviving at all due to artificially low interest rates.

The pain of societal adjustment to living within its means and the re-allocation of people and capital to better ends, as really required by the market, is going to be tough.

It will also be prolonged, because Cameron won't be able to resist sticking his oar in, and making things worse with subsidies, ie. stealing from one struggling sector, thereby sending it down, to prop up other sectors which need to go down.

Frankly it's a gigantic mess all round, but finally we will be able to rid ourselves of the man who created it, who refuses to acknowledge that it exists, and the incoming government, whoever they are, will have a mandate to at least start clearing up the mess.

Whether they do so, of course, is a moot point. But at least the malevolence and stupidity of madman Brown, our very own Stalin, will be out of the way.

No doubt until he can finesse his way into another tax-fed position in the IMF, Europe, or the World Bank, to try to screw us up from a distance.

But that won't stop me from rejoicing when he finally is brought to bay, and is then despatched by an expert marksman.

It's not been much fun being self-employed in Brown's IR35-taxing Britain, so we've got to find our rosebuds where we may.

denverthen said...

Quite so. Comprehensive and I agree on every point.