'Give me lucky Chancellors'

I paraphrase Bonaparte’s oft-quoted preference to have about him lucky generals rather than clever ones and apply it with enthusiasm to George Osborne who yesterday proved himself the luckiest man in British politics for decades.  Almost without any effort on his part his budget day was Christmas Day and birthday all rolled in one!  His biggest ‘prezzies’, of course, were the totally unexpected fall in food prices, the amazing drop in oil prices and the plunge in what the Government has to pay for its borrowed money.  All of this has allowed him to hand out not insignificant baubles, bangles and beads to an electorate which is now dimly aware that they are indeed emerging from the ‘austerity’ – which of course never really existed in the first place! – into a time of rising living standards.  Not the least of the pleasures to be derived from this happy state of affairs is that it leaves Labour marooned and with nothing better to do than wander the High Streets of the land during the forthcoming election campaign waving their placards bearing the immortal words, “The end of the wold is nigh!”  Because people are, on the whole, fairly happy, they will be treated with pitying kindness, I'm sure! 

Even so, there are, as always, some ‘SHLOCK-HORRORS’ approaching over the horizon some of which may hit before election day and thus ‘frighten the horses’.  I believe that this Friday Greece will officially go broke which will merely confirm what everybody has known for years.  There will be further ructions in Europe where ‘Juncker the Drunker’ is squaring up to the ‘Kaiserin’ – good luck with that one, Jean-Claude!  If Europe goes into a spin then even ‘Dim Dave’ will see the advantage of playing up his referendum credentials.  More tricky to work out is the determination of Mrs. Yellen, the boss of the Federal Reserve, to raise American interest rates. That will instantly impinge on all those unbelievably huge dollar loans taken out by semi-private/semi-public organisations in Asia.  It could make a tsunami look mild!  But a little fright, especially a foreign fright, before the election will, like ‘a hanging in the morning, concentrate minds wonderfully’ and thus the British electorate might be more inclined to follow that excellent advice “Always keep a-hold of nurse, For fear of finding something worse”.

Comments

[Whitewall]

At some point, all of us developed countries will learn the true meaning of "fiat currencies" when someone stops the merry go round and asks the rather rude questions like--what is the true value of this asset? How many times have you pledged and then repledged this asset against other obligations? Can get ugly.

[David Duff]

Quite right, Whitewall, but I gain the impression - I put it no higher - that in this electronic media world we inhabit, some of the mysteries of high finance are becoming clearer to ordinary people who are beginning to take notice. Gradually perhaps, they will apply pressure to the pols. Well, a man may hope, may he not?

[Peter Whale]

Look here chaps this life is just for entertainment value only. We are about to witness a Greek tragedy a British farce the USA is still stuck in the mocking bird syndrome China is still Confucius but with money and power, I doubt if Livingstone can be found in Africa but it is still a dark and wild place and the French are going mad about Waterloo.We thought last week the Czar and family were on their way out. Just chose your genre.

[backofanenvelope]

I'm with you Peter!

[David Duff]

Dammit, Sir, this is no laughing matter, er, but you did make me giggle!