Michael Hudson -v- Gordon Brown...who do you believe?

Gordon Brown wants to infect the leaders of the G20 countries with his Walter Mitty fantasies.* If he succeeds in luring them into his make-believe world the collective denial about the roots of the global economic crisis will mean the depression may well exceed the worst excesses of the ’30s.

The Prime Minister is scheming hard to transmit his tragic syndrome for when they arrive in London on April 2.Brown will cajole them into focusing on a narrow set of strategies. He wants them to think that the cause of the crisis is international – and entirely due to America’s sub-prime mortgage scandal. It isn’t.

If he succeeds, he will have conned these nations into misdiagnosing the problem. And that automatically means their “remedies” will be so far off the mark, that they are bound to fail.

“Don’t blame me, Guv”

During his visit to Washington, to bask in the reflected glory of Barrack Obama, Brown refused to apologise for his due diligence failures whilst he was steering the UK economy. Why should he? After all, there was nothing wrong with the British economy! Or so the Prime Minister would have us believe.

In the briefing for the G20 summit, Brown authorised an account that will for years to come be studied as a key document in the black art of state propaganda. This is how the UK is portrayed in Road to the London Summit:

“The global economy was growing strongly when the sub-prime crisis hit. In the UK, the economy was close to trend, inflation was close to target, public sector debt was relatively low and unemployment remained low. The US economy was the first to slow, but the crisis quickly spread to other advanced economies.”

* Walter Mitty is a James Thurber character who lived a life of fantasy. The name is now used to refer to an ineffectual dreamer.

Thanks to;
The Renegade Economist

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