12 Things You Should Know About THe Royal Mail Sell-Off

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The Madness of Saint Vince

In the wake of the global financial sector meltdown the Lib-Dem Treasury Spokesperson Vince Cable earned himself the reputation as a politician that actually understands economics, with several economically literate observations about the ongoing crisis and for the fact that he had repeatedly raised concerns about the levels of debt within the economy before the crisis happened.

Given his background in economics and his reputation for economic credibility "Saint Vince" seemed like the ideal choice for Chancellor of the Exchequer in a coalition government, however the Tories were unwilling to let souch an important office go to the Lib-Dems, so instead the UK was lumbered with the economically illiterate buffoon George Osborne, whose commitment to neoliberal pseudo-economics is only surpassed by his inability to actually understand the the fundamental basics of the economic ideology he promotes.

After being sidelined by the Tories, Vince seems to have been slowly going mad. The early signs became visible when he began promoting his conception of "responsible capitalism" to anyone that would listen, but did so at a time when corporate executives and shareholder dividends were soaring, paid for at the direct expense of productive capital investment and labour force wages. The corporate response to the economic crisis was to hoard cash and to fill executive pockets like never before, George Osborne facilitated this process by slashing corporation tax and deliberately opening up tax-loopholes for the benefit of British corporations, yet "Saint Vince" was waffling away irrelevantly about his utopian conception of ethical capitalism.

By 2013 "Saint Vince" had gone completely mad, the most visible demonstration being his decision to compare the Bank of England to the Taliban because they wouldn't relax the tiny capital reserves they expect private banks to hold in comparison to the amount of money they lend out. Not only was the Taliban comparison insanely disproportionate, the demand that capital ratios be relaxed directly contradicts the "too much debt" stance that won him so many plaudits when the financial crisis hit, because his comments were essentially a desperate and offensively worded appeal for the Bank of England to allow the creation of even more debt!

Vince Cable's fingerprints are all over the Royal Mail undervaluation. In my view ths is hardly a coincidence. The Tories knew that this appalling privatisation scam was going to be extremely unpopular with the public (see the Alan Duncan quote above), so it clearly suited their interests to lumber some naive Lib-Dem patsy with it. Essentially they've got sick of "Saint Vince" and his inconvenient ramblings, so they've shoved the mad old bastard under a bus.