Ignore Darling, buy gold
MoneyWeek is not a political magazine. We aren’t much interested in who belongs to what party; we have no connections to any particular group; and we don’t care who is in government, as long as they act with a degree of competence. So the fact that we often have a go at Gordon Brown and Alistair Darling has nothing to do with how we feel about the Labour party as a whole (we feel nothing).
No, with these two it’s purely personal. We think they’re shamelessly incompetent idiots. Just look at the Pre-Budget Report. The cut in VAT is a classic. It will cut tax revenues significantly but have no effect on spending. Given that a glance online will get you 20%-40% off anything you fancy, who would get out of bed for 2.5%, let alone head to the shops?
We look at the pointlessness of the rest of the report in this week’s issue. But the real point to note is that none of the fiddling will make any difference to our recession. It’s already well underway.
• Read the full editor’s letter here: Ignore Darling, buy gold