http://www.wvwnews.net/story.php?id=2602
By http://www.wvwnews.net/story.php?id=2401
Writing in November last for our December issue, Nick Griffin said of the global http://www.wvwnews.net/story.php?id=1325 crisis that was beginning to unfold:
“This is not a little local credit difficulty for the US financial sector and shareholders in Northern Rock, nor even a replay of the economic weaknesses of the first and final years of the last Tory government; this is going to be an economic crisis of a depth and length unseen since the Great Depression between the wars. This, in a word, is ‘it’”
Since then, the UK stock market has lost some 15% of its value, with several hundred billion pounds being wiped off the value of shares. A similar story .has been repeated in stock markets throughout the globe, with even worse collapses in Asia and Euroland. The conventional method of lowering bank rates has been either ineffective or limited because of its side effect of stoking up further inflation, particularly in rising fuel and food prices. In any case as far as Britain is concerned Government borrowing has already breached official limits, leaving little room to cut taxes or boost public spending to kick start the economy.For once we will agree with the Conservatives, where their shadow chancellor George Osborne said: “Gordon Brown could have used the boom years to prepare Britain for the lean years. He failed to take the tough long-term choices and so we are not well prepared to deal with the difficult economic times that may lie ahead.”
In the editorial of last year’s September issue of Identity we stated that the global slump that was then beginning was another long term BNP prediction coming home to roost. Although we cannot isolate ourselves completely from the erratic behaviour of the world’s money markets, the way of modifying its effects that we gave then has not changed. We must retain and regain British ownership and control of British industry and resources, including financial resources, as much as is possible. We must give protection for industry and jobs by selective tariffs on foreign manufactured goods that we can make competitively ourselves. We should stop artificially inflating the value of the pound, which makes British workers more expensive and foreign workers cheaper.
http://www.bnp.org.uk/2008/02/16/the-global-slump-the-bnp-predicted/