After 12 years of ceaseless Brownian motion, British public finances have gone from being comparatively healthy to being catastrophically bad. In order to expand vastly the public sector in which he is a true believer, Mr. Brown has raised taxes by stealth, undertaken government obligations that appear nowhere in the accounts and that will weigh on future generations, and eased credit to encourage asset inflation and give people the illusion of prosperity. For the duration of his time in government, Britain has been like a consumptive patient, with an excess of bogus well-being shortly before expiry. If the world is an opera stage, Britain has been playing Violetta or Mimi in the last act.
Sounds familiar.
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