Is Brown's plan to rescue the world's financial system really his?
Fraser Nelson 11:50pm
Not content with saving us poor souls in Britain, our Dear Leader now wants to save the world – and says so in tomorrow’s Times. He is demanding that other dithering countries copy his bold plan. It’s become the major theme of Saving Private Gordon – that the rest of the world will be inspired by the Dear Leader and show their love for him by adopting a similar bank recapitalisation scheme.
Brown has mentioned the international element of this so often that I have started to smell a large, whiskered rat and I’d like to run a theory past CoffeeHousers. Gerard Baker tells us that the G7 had been talking about a co-ordinated response to the financial crisis. Originally the G7 wanted to announce the 50bps interest rate cut at their meeting in Washington this weekend. But their central banks (all nominally independent) wouldn’t play ball and wanted an independent Wednesday announcement. Now, might the G7 nations also have discussed a co-ordinated bank recapitalisation? If so then the embattled Brown could break ranks and announce his before the rest of them – allowing him to falsely claim that everyone is following his bright idea.
PS Deliciously, Baker says Brown was phoned by George W Bush on Tuesday and told to take his finger out – not an image our Dear Leader would welcome. But the £50bn bailout was already on the table then. We know this as the story was broken not by Robert Peston but by my former colleague Bill Jamieson of The Scotsman. He had the £50bn bailout story by the time the first edition hit the street at 11pm on Monday evening.
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Dirty Euro
October 10th, 2008 12:18am Report this commentIt was nothing to do wth President Bush. That guy could not even run Texan oil company. Does anyone seriously think presiduuuuuuuuu Bush came up with complicated scheme, or that president bush had more impact that the pressure from the banks and share prices that nearly caused RBS to collapse. This is just some neocons tryin to pick on the UK left.
Dirty Euro
October 10th, 2008 12:21am Report this commentSo it was President Bush's idea.
He also invented the telephone, and was the first man on the moon. Bush is pathetic.
M Dowding
October 10th, 2008 1:01am Report this commentIt isn't working so it probably is Brown's!
luke
October 10th, 2008 1:40am Report this commentBrown is completely dominating the intellectual debate - its sad really although very impressive in truth.
alexmartin
October 10th, 2008 1:45am Report this commentThe fact that we are reduced to rumours about phonecalls and who said what first, whilst a LABOUR government saves the banking system says it all really.
I am thoroughly disenchanted with the absence of serious thought in the tories and the right generally at the moment.
We deserve the battering we are getting in the press in truth.
David Preiser
October 10th, 2008 1:56am Report this commentGood to know that someone's still paying attention, and isn't falling for the endless spin. Keep it up, Fraser.
alex t
October 10th, 2008 3:54am Report this commentWhat are the hedge funds, sovereign wealth funds and especially types like Soros up to. Is there an element to this plan which can be exploited?
mac
October 10th, 2008 8:52am Report this comment"Is Brown's plan to rescue the world's financial system really his?" It surely is, he's an intellectual colossus. Ask Luke.
DES: the mop, bucket and bleach for cleaning the crapper are round the back. Hop to it.
Mike, Brighton
October 10th, 2008 9:16am Report this commentYo DES: Is this the same Bush that your previous leader so slavishly followed?
The Labour narrative is falling apart, I give it until the Sunday's which won't be pretty for Liebour
Dirty Euro
October 10th, 2008 10:44am Report this commentMac why did you you make a mess again,.
TrevorsDen
October 10th, 2008 11:01am Report this commentThe American administration is headed by Bush and has a Federal reserve bank and a treasury and business departments - just like our own really.
They are more than capable of coming up with options.
Right now all Browns horses and all Browns men are incapable of fixing the Humpty Dumpty mess of the stock market crash - so all the Dolly Trollys out there should really keep quiet about the opposition. Like all of us they are just spectators watching a terrible train crash.
Brown is the engine driver of this crash - and he is grinning like a lunatic.
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