Douglas Carswell's Blog

España no es Uganda

Spain is not Uganda, observed the Spanish Prime Minister, Rajoy, on learning that his country's banks were in line for a $100 billion bailout.

Indeed, on that at least, he is right.

According to the World Bank, while Spain’s economy (red line on graph) contracted over the past few years with 0.9 percent, -3.7 percent and 0.1 percent growth, Uganda (blue line on graph) cruised along at a merry 9 percent, 7.2, then 5.2. 

They might be having a little inflationary problem with their paper currency over in Uganda. But it does not seem to be in immediate danger of collapsing alongside the banks.

Not long ago, the letters IMF meant rescuing the so-called developing world. Today, it has become synonymous with saving indebted Westerners from the consequences of their bloated addiction to Big Government. 

Methinks the days of Western conceit are coming to an end .....

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