Minister Brown is coming to America to sell more economic crap-throw him out!!!! [Archive]

HOLLYWOOD

03-02-2009, 02:51 PM

Gordon Brown is as dirty and manipulative as they come... they're all Devils in Wool suits. Yeah since England is broke and full of debt, he's the biggest pusher on the G20 for the one global currency. I'm also getting tired of the Federal Reserve using America to bailout the Bank of England via BS "so-called currency swaps"

This week, Gordon Brown becomes only the fifth British prime minister to address both American houses of Congress. He will speak against the background of the gravest economic times in living memory. Each of his listeners will know that, without massive American government support, both the U.S. banking system and its car industry would now be bust. Instead of unemployment rising by a sickening 600,000 a month, it would be going up by more than a million.

Over the last three months of 2008, American exports plunged by 24% with the annualized decline in GDP dropping by a stomach-churning 6.2%. The new president has submitted a 2009 budget anticipating a deficit of 12% of GDP -- in British terms, around £180bn.

America's travails are reflected in a crisis enveloping the entire world. Japan's industrial production fell 10% in January; its exports fell by 46%. Eastern Europe is emerging as the most economically vulnerable part of the EU, so that Austria's banking system, exposed to East European lending, is suddenly looking fragile. The interconnectedness of the global system makes no place or bank safe. The open question among economists and, increasingly, the financial markets, which touched new lows last week, is whether an acute recession is toppling into a global depression because so much economic poison is being inserted into every corner of the system on such a scale at the same time. Britain's economic policy makers are using maximum and thought-through force to underwrite our stricken banking system, but what disturbs them is that so few other countries seem to understand - beyond the rhetoric -- that the problem is global. Anything Britain does would be so much more effective if it were part of a collective and coordinated effort.