Douglas Carswell's Blog

Another week. Another bailout

Each household in Britain is already on the hook for £500 in order to try to prop up a currency we choose not to join.

Now you're about to be made to stump up more via a further increase our IMF contribution.   All the weasel words in Westminster about how this is not a direct Euro bailout are so much blah blah.  Ministers need to level with the British people and tell them the truth;  the government wants to send even more British money to the IMF to bailout Euro basket cases.

I would be happy to offer traditional support to the IMF - if the IMF intended to do what it has traditionally done when rescuing debt stricken countries; devalue the currency, default on the debt and downsize the public sector.

But under Christine Lagarde, it is as if the debtors have taken over the bank.  The IMF has joined the Euro elite in ruling out devaluation and default.  Until there is a default and a decoupling from the Euro, this extra IMF money will simply mean more debt.

We keep being told that these new contingent liabilities are safe as houses.  "No one has ever not got their IMF loans back" they say.  Sure.  But the IMF has never before tried a bailout by ladling more water into the boat.

Back to all posts