Cameron evokes echoes of McCarthyism

From the moment David Cameron betrayed the Conservative party (apart from losing an incredibly winnable General Election) by virtually single handed going into a Coalition with the Liberal democrats (with whom true Conservatives have no political empathy) he began an obscene blame game.

Apart from telling the Pakistan Government to sort out the Taliban and thanking the Americans for winning the Second World War he created the mantra “It’s all Gordon Brown’s fault.”

Nobody turned a hair. The seventeen Liberal Democrats ministers could not believe they were in office, many senior Conservatives were on their way to the House of Lords (a peerage is the equivalent of a £1 million annuity) and he installed Steve Hilton in Downing Street to shout at anybody he did not like (he made Andrew Mitchell seem tame).

Because he does not have the vaguest idea about finance and economics (he’s never had a proper job) he believed the  Governor of the Bank of England who told him that Britain was bankrupt.

Our country is one of the greatest democracies in the world and in its people has a resource, commitment and honesty found nowhere else. The UK also has one the greatest monarchs of all time, a judiciary which is the envy of the world, a police and public services which underpins our civilisation and arts, crafts and media unsurpassed anywhere.

Joe McCarthy was the Republican US Senator for Wisconsin (1947 – 1957) who spread fear and hatred by making wild accusations about suspected Communist sympathisers. His timing was good because of the Cold War. He died aged 48. ‘McCarthyism’ now means reckless and unsubstantiated accusations.

Cameronism can be described as ego driven speeches which have little intellectual substance, no accountability and no impact. He has saved his most vitriolic rhetoric for the financial system. He has encouraged his adoring disciples (aka the Cabinet – make no mistake, the power of the Prime Minister is such that Nadine Dorries is one of the few to speak out albeit she wants the publicity as well) to blame everybody. It really is pathetic as one Minister after another repeats the Party line.

The UK’s financial system is in total chaos. It is failing to provide its key role of redistributing capital into enterprise. The new Regulatory bodies are full of overpaid Health and Safety style officers whose main aim is to spend a budget which is so bloated it will be a millstone around the financial neck of the UK for years to come.

There are virtually no new issues and in the last four years AIM has had a net delisting of 722 companies. There is no early stage equity finance available in the UK

Regulation always follows wrong doing. While millions are being spent to police a system which will never go wrong anyway the crooks are planning (and in many cases undertaking) their activities laughing all the way to the bank.

The simple way to regulate the financial system is to recognise that banks and financial institutions are profit making organisations (which is why the shareholders have invested in them). All that needs to happen is that every board of directors should have two appointees approved by the Treasury and the Financial Conduct Authority.

That, of course, is a market solution. Nobody in the Coalition Government would understand that.

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