Vince Cable
British politician, MP for Twickenham, the Liberal Democrats' Deputy Leader, and the Business Secretary under Prime Minister David Cameron.
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These masters of the universe must be tamed in the interests of the ordinary families whose jobs and livelihoods are being put at risk... The Tories won't say anything about the current crisis as they are completely in the pockets of the hedge funds.
The House has noticed the Prime Minister's remarkable transformation in the past few weeks from Stalin to Mr. Bean, creating chaos out of order, rather than order out of chaos.
The big, looming, monetary issue is "quantitative easing": that is, printing money. What happens is that the government borrows from the Bank of England, not from the markets. It expands the money supply to keep the economy going and also to counter deflation without simultaneously increasing government debt. The attractions are obvious, as are the dangers. The Robert Mugabe school of economics provides a salutary warning about uncontrolled monetary expansion in generating hyper-inflation. The road to Harare is not as long as we might hope. Monetary easing may prove to be necessary but will have to be managed with great skill and care: Too little easing and the crisis drags on – as in Japan. If there is too much, the authorities face the messy task of mopping-up liquidity by issuing bonds which add to the burden of borrowing or else we lurch back from deflation to inflation. So interest rates may soon become yesterday's story.
The House has noticed his remarkable transformation in the past few weeks from national treasure to Treasury poodle.
We're being held to ransom by these pinstripe Scargills...
We have to be careful of Vince Cable, he's extremely sharp and clever. In fact, he's almost as sharp and clever as he thinks he is.
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