Most lawyers will identify the "happiness in numbers syndrome" (HINS). A punter starts by showing a charge sheet alleging some joint enterprise. Several defendants standing in the dock together benefit from the advantage of being with others. There's some sense there. The group is comprised of those who were the ringleaders-infrequently your client-those on the periphery and those who had no clue what was going on.
Although Gordon Brown is no trained lawyer, he certainly knows about the HINS.
Hardly a day goes by when, on being asked to consider his responsibility as PM or Chancellor for the wretched state of our economy, he comes out with the same reply. It started in America. All the world is in the same pickle. Classic HINS Gordon.
And of course it's true that most countries are in financial difficulties. But like those in the dock, they are unlikely to suffer the same consequences.
A couple of press reports in the last few days may explain what I mean.
Take
this from Friday's Guardian. According to the IMF, the UK is using a greater proportion of her GDP bailing out the banks that the US. Surprisingly we have spent twice as much. Most European countries do not approach our massive 19.8%. Norway follows with 13.8%.
As St Vincent of Cable, the LibDem economics spokesman, concluded
"This is a direct consequence of playing host to international banks. Britain is in an extremely exposed position. These are global banks, but they're not being rescued by the globe."
The
two more reports, again in the Guardian and concern the fall in house prices across the globe. Rather like the bank bail out, virtually all of the 42 countries, surveyed by estate agents, Frank Knight suffered from house price falls. But the UK suffered significantly worse. In fact only Latvia's fall was greater. A report by the Royal Institution of Chartered Surveyors found a simliarly dismal picture.
"The surveyors group said the Baltic states saw the sharpest falls last year - with Estonia sliding by 23% - followed by the UK with a drop of 16%, France falling 10%, and Ireland, where values fell 9%. It warned that countries where house prices had not boomed in previous years had still been hit hard by the credit crunch - Germany had a second year of price falls, down 2.2% in 2008."
As a country, we also suffer from a huge overhang of debt, both personal and public. And this will certainly hamper our recovery.
So when you next hear Gordon wittering on about the responsibility for our problems think HINS!
many of us see the reduction in house 'values' as the one desirable outcome of the present situation and not needing any 'correction'
I agree.But you never hear Broon saying that do you?
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Posted by: Pat Warren | 09 March 2009 at 01:05 PM