The news that Gordon Brown is to spend up to £200billion to bolster our ailing banks is very bad news indeed unless you believe it is 100% guaranteed to work! While it is right to do everything we can to avoid complete disaster it is wrong to take risks and gambles and to accelerate our national debt by an additional £200billion given he already intends to leave us owing £1.1 trillion by the end of 2011.
Could we be looking at bankrupt Britain? I very much fear we might be if the true level of toxic debt held by our big four banks is greater than the money now on offer. If it is they will surely go down - rendering our shareholding in them worthless.
If Plan B fails, (given this is his second attempt to bale out our banks), we should prepare ourselves for the IMF to declare us a basket case and to take over the running of our economy. The thought of external influences setting our levels of taxation, deciding how much capital and interest we repay to the world before spending anything that remains on the NHS, eduction or defence is simply frightening as a British patriot.
And what is the good news, I hear you ask? Well ,if there is nothing else to cheer me up before the Summer, I am to become a father for the first time in July - thanks to my beautiful wife Elaine. So, no matter how bad Gordon Brown makes the economy of our country and how difficult it becomes to make ends meet, I know there is something worth working for on the horizon and someone for whom I must fight to make our country better in the future!