I guess what bothers me most right now about the Northern Rock thing, is that people were so quick to be assured by the government stepping in to protect their deposits. That people have so much faith in the state, when it was state interference (see John Redwood’s take on things) that laid the foundations for this mess.
Well, when I say “people” that’s “people, mainly in the Labour voting areas in the North”.
And when I say “government stepping in” that’s “government stepping in more obviously, other then doing it indirectly via the Bank of England”.
And when I say “to protect their deposits”, that’s “to put some sticking plaster on the crisis the seeds of which were largely sown by the government’s political meddling by setting unnecessary inflation targets for the Bank – which more recently have been based on Mickey Mouse inflation measures – rather than giving the Bank real independence.”
Oh, and when I say “the government stepping in”, that’s “Darling and Brown risking your money”.
