To get economic growth there must be saving and investment. Who will save if interest rates are lowered to 1% (effectively zero, liquidity preference cuts in). Do we really want to emulate Japan for another miserable decade? Hasn't a decade of Brown's economic and financial incompetence and lack of foresight been enough? What is this - the plagues of Egypt?
Our system rewards conformity and subservience rather than creativity because financial betting is protected by the state, while entrepreneurial risk-taking is not.
Our animal spirits have been caged. Indiscriminate protection of employment regardless of merit heightens entrepreneurial risk - there are 2100 too many Alitalia workers who face the sack ('so they effing should', says a frequent flier passing through); are they worth protecting? No. Workfare not welfare is essential or a 'rights' mentality develops.
A fair day's work for a fair day's pay is a more profound statement about our current economic and financial predicament than its status as an inverted 19th century slogan suggests.
Either we release our entrepreneurial spirits or we shall be nothing but a nation of corner shopkeepers.
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