In These New Times

A new paradigm for a post-imperial world

Vince Cable: Britain faces another economic crash

Posted by seumasach on May 26, 2011

The imminent explosion is there for all to see. Looking round Glasgow, from the commercial centre to suburbia, to inner city tenements, “for sale” and “to let” signs are everywhere. This is the next wave of bad debts to hit the banks. Traffic is noticebly thin, shops are closing, restaurants and pubs are emptying; you don’t have to queue at the supermarket checkouts even though half of them are closed. Britain is heading for shutdown, the consumer economy is on its last legs: there is no other. Meanwhile, in his Downing street bunker, Cameron and his remaining faithful live out their fantasy of a global Reich following on from the pacification of Libya, the latest madcap imperial venture: we’ll go down bombing till the end.

Incidently, Cable is making a clear move to distance himself from the Coalition leadership who he has upset by claiming, in a veiled reference to Britain’s dilemma, that just cutting will not solve Greece’s debt problems. Even more upsettingly for Cameron and company, he claimed that the euro wouldn’t collapse. The cracks are beginning to appear in the monolithic British elite.

Telegraph

25th May, 2011

The Business Secretary said other economic “hydrogen bombs” were “out there” and accused the Coalition and other governments of failing to “get to grips” with the threat.

The remarks are likely to antagonise David Cameron, who leaves today for a G8 meeting in France with other world leaders, during which the economy is not expected to be high on the agenda.

In an interview with the New Statesman magazine today , the Liberal Democrat Cabinet minister also rated his party at only “one or two” out of ten for its political acumen since the election.

He said he did not think that Nick Clegg deserved “pity” but described the “relentlessly hostile” pressure the Deputy Prime Minister faces.

But Mr Cable said he was most worried by the potential for a repeat of the recent global financial meltdown.

“I was very impressed with that Warren Buffett metaphor that asset-backed mortgage lending was the atomic bomb, and that there are hydrogen bombs out there.

“I just don’t think that, collectively, governments have got to grips with this at all.” When asked whether one of these “bombs” was about to explode, he replied: “It’s not imminent. But you can see this happening.”

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