We have heard the term 'technocrats' quite a bit recently with the news that the Italian Government has been cleared of all politicians and replaced by people with an economic background.
The theory is that people with experience of high finance are the best people to get the Italian economy back on its feet and it is a theory that i have some sympathy with even if i have misgivings with the Democracy side of things being swept to one side.
Whether this works or not we shall have to wait and see but it is obvious that in the UK, we do not have Technocrats so much as, well, idiots like George Osborne as the latest news from Northern Rock demonstrates.
The bank cost the Government £1.4 bn who then priced it at £1.12 bn but have now sold it to Virgin for £747m who had an original bid of £1.25 bn turned down a few years ago.
The Chancellor described the sale as 'The best deal for the British taxpayer' while his fellow Tory colleagues said it had been 'sold for a song'.
How the man in charge of our finances can call selling something for £400m less than the asking price a good deal is baffling, especially when you hear that what Virgin has paid for is only the profitable parts of the bank, we have helpfully broke off and keep hold of the parts of the bank that holds the £20 bn of toxic assets.
The idea of having people in charge who have an idea of what they are doing is sounding attractive so expect to hear how the Conservative Christmas Party at the local brewery has been cancelled this year. George Osborne is organising it. Smug faced moron.
2 comments:
Absolutely right. Didn't Gordon the (other) moron set the precedent by giving away our gold at a knock down price?
Yes, he sold the gold just before the price sharply rose. In his defence though, he was an idiot.
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