The Governor of The Bank of England, Mervin King, has publicly stated what anyone with a brain bigger than an ant, has known all along – you cannot spend your way out of trouble!
After distributing £20bn of borrowed money on a so-called stimulus package last year, the government have failed to ‘kick start’ a financial recovery. In short, they have not managed to persuade people to start spending again or to save thousands of lost jobs.
Mr King told the Treasury Select Committee: "Given how big those deficits are, I think it would be sensible to be cautious about going further in using discretionary measures to expand the size of those deficits."
Translated into plain English, he is saying to the government: ‘for god’s sake stop borrowing money, or we will never get out of the s**t you incompetent idiots have gotten us into. Nothing you have done is working and you are just making certain that future generations will still be paying for your mistakes.’
Of course, given his distinguished position, Mr King is not able to speak in plain English.
I can only hope that MPs on the committee, fully decrypt the coded message he has been sending and pass it on to the idiots in the Treasury!