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UK Minister: Nutters Endanger Global Finance

From an admiring Reuters:

Congress "nutters" risk global finance: UK minister

Sun, Jul 24 2011

LONDON (Reuters) – Right-wing "nutters" in the United States Congress holding up a deal to prevent a catastrophic debt default are a greater risk to the global financial system than problems in the euro zone, a British minister said Sunday.

Business Secretary Vince Cable said "irresponsible" people who had been gleefully anticipating the collapse of the euro currency had been confounded after European leaders agreed a second rescue package for debt-stricken Greece last week.

Is Mr. Cable unaware of the draconian spending cuts being made by his own government as well as Greece and all across Europe? They are far more drastic than anything the Republicans have suggested.

"The irony of the situation at the moment, with markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few right-wing nutters in the American congress rather than the euro zone," he told BBC television.

So far the markets seem to be yawning at "the biggest threat to the world financial system."

If Mr. Cable and Mr. Obama and the rest of the Democrat Party do not get their way, and the world markets don’t tank — can we just assume that the rest of their threats are just as hollow?

Cable, a former economist known for speaking his mind, has previously denounced bankers as "spivs and gamblers."

Last December he was removed from his role overseeing News Corp’s bid for all of British pay TV firm BSkyB after being recorded saying he had "declared war" on News Corp chief Rupert Murdoch

Mr. Cable sounds quite unbalanced, doesn’t he?

The U.S. Congress is seeking to hammer out a deficit deal and assure investors before Asian markets open that America can avert a default and hold onto its prized credit rating.

At worst, the international markets seem to be down less than 1%. The sky is still blue and the birds are still singing.

Besides, we thought the drop dead deadline was next week? Doesn’t anyone know how to read a calendar?

The United States will run out of funds to service its debt on August 2 if Congress does not approve additional borrowing

If Reuters will lie so blatantly about something like this, why should we believe them about anything?

This article was posted by Steve on Monday, July 25th, 2011. Comments are currently closed.

One Response to “UK Minister: Nutters Endanger Global Finance”

  1. NoNeoCommies says:

    If he “speaks his mind” it must only be “small talk”.

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