Tony Blair is now Sir Tony.

[Vinty]

Interestingly enough, some of Blairs "intelligence" reports were plagiarised from a Hollywood movie called The Rock,
Something about chemicals in glass spheres, in Blairs reports they were referred to as glass balls, which just about sume the whole debacle up.

 

[ajohn]

That is another propaganda lie, due to sanctions he was only allowed to sell enough to keep his people alive.
He would have sold oil to the Americans at a knock down price but they weren't buying.

Oil price increases. Later the west did the usual - sanctions.

 

[Vinty]

Interestingly enough, some of Blairs "intelligence" reports were plagiarised from a Hollywood movie called The Rock,
Something about chemicals in glass spheres, in Blairs reports they were referred to as glass balls, which just about sume the whole debacle up.

 

[crystal ball]

Socialists ( aka Labour Party ) make good governments until they can no longer spend other people's money.

Whose money are the current administration spending?

 

[JohnD]

Bernard has no comprehension of post-1930 economics.

A defect he shares with the late Thatcher woman.

He must struggle to use Socialist roads, paid for with taxes. A Socialist police force, paid for with taxes. A Socialist NHS, paid for with taxes. A Socialist Parliament, paid for with taxes. Even Socialist street lamps and Socialist public lavatories.

 

[bernardgreen]

Bernard has no comprehension of post-1930 economics.

And JohnD has no comprehension of my knowledge and experience of the financial management of Socialist economies in the 1960's and 70's

 

[gas112]

Blair PFI contracts , say no more about the naivety of labours fiscal policy's

 

[JohnD]

Tell me again about the evils of State Education, paid for with Socialist taxes. And Socialist school meals for the children of the poor.

And Socialist public lavatories and Socialist street lighting.

Looking on the bright side, Socialist theory did not include giving multi-million pound contracts to neighbours of Cabinet Ministers.

How do you feel about Socialist fire engines, paid for with public funds for the benefit of the community?

 

[bernardgreen]

Whose money are the current administration spending?

Probably the tax payer's money and maybe some loans,

I recall the International Monitory Fund refusing to bail out a Labour government until they sorted out the UK economy and repaid some of the debts that they had run up.

 

[JohnD]

And JohnD has no comprehension of my knowledge and experience of the financial management of Socialist economies in the 1960's and 70's

How did Sweden manage?

 

[JohnD]

And JohnD has no comprehension of my knowledge and experience of the financial management of Socialist economies in the 1960's and 70's

Being old does not mean you know anything about economics.

 

[bernardgreen]

Tell me again about the evils of State Education,

In 1967 I spent 10 weeks in the then Socialist East Germany and saw some of the evils of Socialist State Education, bright children taken out of main stream and given special education, sometimes against the wishes of their parents.

I also saw artificial jobs created to ensure the un-employment figures were very low. An indication to the capitalist West that socialist governments worked.

The reason for me being there was a training course on electronic office equipment. https://www.soemtron.org/thoughts.html

A very large percentage of production was for export to western countries to bring in desperately needed western cash.

 

[JohnD]

Probably the tax payer's money and maybe some loans

Actually, you've got that the wrong way round.

https://www.statista.com/statistics/282647/government-debt-uk/

 

[JohnD]

In 1967 I spent 10 weeks in the then Socialist East Germany

'Tag, Genosse.

You will be shocked to learn that the Labour Party did not rule East Germany.

It was operated as a colony of the Soviet empire.

 

[bernardgreen]

https://www.nationalarchives.gov.uk/cabinetpapers/themes/sterling-devalued-imf-loan.htm

Sterling devalued and the IMF loan
Devaluation of the pound
The left wing of the Labour Party defeated the Public Expenditure White Paper in the Commons in March 1976. Subsequently, Harold Wilson resigned and James Callaghan took over as Prime Minister. Around this time, investors became convinced that the pound was overvalued and that the government might devalue. A large-scale sale of sterling began, which rapidly lost value against the dollar.

In spite of further efforts to reduce inflation, the pound continued to lose value, reaching a record low against the dollar in June 1976. The US Treasury Secretary now agreed with officials in the International Bank of Settlements that the pound was undervalued. He offered to partially fund a stand-by loan of $5.3 billion to support the pound. He insisted, however, on repayment of the loan by December 1976. Proposals for further cuts in expenditure and tax increases to reduce the budge deficit were debated in Cabinet in July. By September 1976, Britain had already drawn heavily on the short-term loan and it was apparent that a loan from the IMF would be necessary to fund repayment.

The 3.9 billion dollar loan
As pressure on the pound continued, the government approached the IMF for a loan of $3.9 billion in September 1976. This was the largest amount ever requested of the Fund, which needed to seek additional funds from the US and Germany. The IMF negotiators demanded heavy cuts in public expenditure and the budget deficit as a precondition for the loan. Healey's proposals for a cut of around 20 per cent in the budget deficit were hotly debated in Cabinet, particularly by Anthony Crosland and Michael Foot. Eventually they acceded, as it seemed likely that the refusal of the loan would be followed by a disastrous run on the pound. Healey announced the forthcoming reductions in public expenditure to the House of Commons on 15 December 1976.

Following the agreement with the IMF, the overall economic and financial picture improved. Interest rates were soon reduced and the pound quickly appreciated in value. By the end of 1977, partly as a result of new oil revenues, there were improvements in the balance of trade. Britain did not need to draw the full loan from the IMF. Nevertheless, the IMF crisis reinforced a change in policy orientation away from full employment and social welfare towards the control of inflation and expenditure.