Tuesday, March 24, 2009

VIDEO: Bank of England Head; No More Stimulus "Economy In Too Much Debt"!

It's a sad state of affairs when Socialist Britain is saying enough is enough!

Maybe Obama and Pelosi and the American socialists will heed the warning...

...nah... no chance... what am I thinking?

'Economy In Too Much Debt' The Governor of the Bank of England, Mervyn King, has said the economy is saddled with so much debt there's not enough cash to finance another stimulus package.

"We've run out of money, no more stimulus... "

The Daily Mail reports:

The Governor of the Bank of England stunned Downing Street yesterday by warning against a giveaway Budget next month.

Mervyn King said public finance deficits were too high for big tax cuts or bumper spending increases on April 22.

The extraordinary warning to Gordon Brown not to blow billions on a second 'fiscal stimulus' came perilously close to breaching the convention that the head of the Bank does not question Government policy.

Tories said it blew a hole in Mr Brown's plans for next week's G20 summit in London.

Mr King's intervention was especially embarrassing for the Prime Minister because it came as he was using a speech to the EU Parliament in Strasbourg to call for 'the biggest fiscal stimulus the world has ever seen'.

The governor's warning underlined mounting concerns - both inside and outside Government circles - about the scale of public borrowing.

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