U.S. economy predicted to collapse under socialism

Pete Chagnon - OneNewsNow - 1/26/2009 7:00:00 AM
A U.K. official says his predictions of economic collapse are coming to pass.

The Telegraph is reporting that British Prime Minister Gordon Brown has brought the country to the brink of bankruptcy. Christopher Monckton, the Viscount Monckton of Brenchley, agrees. He says the Labor Party's continual borrowing for social programs is to blame.

"Every Labor government there has ever been from 1926 to the present day has always ended in exactly the same way because they essentially try to run a communist financial system," he contends, "and it doesn't work any better here than it worked in the Soviet Union."

He adds that hope does not trump experience. "We have politicians who simply haven't had enough experience in the real world before going into politics to know how things run, to know how many beans make five," Monckton notes.

Monckton says U.K. markets are starting to realize that tax revenue is collapsing, which in turn makes investment in debt undesirable.

"So you've got government revenues collapsing and government expenditures rocketing because not only do they have to pay the cost of unemployment and other very lavish benefits for people who are no longer employed," he points out, "they're also having to pay eye-wateringly large sums to bail out the banks whom overspending and over-regulation drove under."

He believes the U.S. is poised for the same collapse should they hold fast to a doctrine of socialism.

"She is a large, and for the time being, a relatively prosperous nation, and I think that the likelihood I'm afraid is that Obama is going to change that for the worse. He has all the kindliness intentions I have no doubt; the left usually do," he adds. "They would love to have motherhood and apple pie, as would we all. But they are so busy working out how to distribute the apple pie, that they never think about the people who are going to have to roll up their sleeves and bake it. And that's the difficulty with socialism. It is all about redistribution and not about generation of wealth."

Monckton says both the U.K. and the U.S. need to return to Margaret Thatcher's "handbag economics," or living within a person's means.

"What it meant was that you always knew you had enough to buy your baked beans because you were careful with your money," he concludes. "And if the government is careful with the people's money, then the people can prosper."