The British budget
Posted by alifinmath on March 12, 2008
In The Guardian:
Alistair Darling’s first budget today will be overshadowed by growing fears for the economy after the world’s central banks resorted to large-scale intervention in money markets yesterday in an attempt to head off a dangerous escalation of the global credit crunch.
Amid warnings that the world could be heading into its worst recession for decades, and as oil prices leapt to another record, the chancellor is likely to reduce his growth forecasts for this year and next, which could deepen the budget deficit.
Not the world, you chumps: mainly the United States, along with its loyal sidekick vassal state, Britain. Both are crucially dependent on a system of finance capitalism they jointly developed to arrest their declining fortunes. Both will emerge from the current crisis of this finance capitalism fundamentally weakened.
Commodity producers — Russia, Argentina, the Middle East — are doing just fine.
