With the US Federal Bank cutting its rates by 0.75 points to 3.5% has panic set in? 

With the world stock exchanges being so volitile and the colapse of Northern Rock many comentators are using the “R” word for both the US and UK economies… Indeed the whole global ecomomy is in danger of a servre downturn.

So Gordon, what ever happened to “No more boom and bust”  Remember the story of the “7 fat years followed by the 7 lean”…. Why has personal debt sored to record levels? Why has house price inflation got out of control?  Energy inflation and food inflation are also at 1980’s levels.  why is public borrowing so high? and why have we had the first run on a Bank in the Uk for 130 years? The Bible story teaches us to prepare for the bad times during the previous good times. Patently this has not been the case with this Government.

And who has been in charge of the Treasury for the last 10 years?…