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Thursday, March 25, 2010

West ham Utd & UK Plc

I happened to watch West Ham Utd get beaten by Wolves earlier this week. They are in a mess. Whatever your football allegiance, you have to admit that if they go down, they will fall a long way, further than Leeds Utd. If they stay up, they may survive.
This is David Sullivan and David Gold's press conference when they took over the club. Listen to them. The cupboard is bare. There will be no money coming in for years. The previous owners have borrowed and borrowed, using season ticket income for the next two seasons. Any money they get for selling players will only go to service debt.

It's like UK Plc in miniature. West Ham owe more money than most people can imagine, but it's nothing compared to what UK Plc currently owes. UK Plc doesn't have any assets. It no longer owns any part of the infrastructure. It owes trillions. The only thing going for it is its AAA credit rating, which is a bit like Premier League football status. Lose that, and you go into freefall.

I watched a bit of the budget yesterday. In the end I gave up in disgust. Such lies, amounting to treason.
The electorate are in denial. They don't want to hear about how bad it really is. Like West Ham supporters, they feed on past glories and believe that the good times are just around the corner.
It may just be that Labour pull it off and get re-elected. It may be that West Ham surive and live to fight another day. However, the debt is still there. It won't go away.

I can easily envisage a press conference in the near futuure where the new Prime Minister and his Chancellor sit down and tell it like it is, just like Messrs Sullivan and Gold did.

No I can't. For all their unsavoury background in pornography and sex aids, Sullivan & Gold are more honourable and more honest than any politician sitting in the house. And I never thought I'd ever think that. Dream on people, the good times are just around the corner.

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