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..There's a little Samuel Pepys in all of us..

Friday, September 19, 2003

A somewhat disturbing wakeup call for Tony yesterday..
There is a constituency, Brent East, which has for generations been staunchly Labour.. a guarranteed seat for what had traditionally been the 'working man's party'..
Even Maggie Thatcher, who during her time in office managed to sweep seats away from the opposition with ease, failed to take Brent East..
Labour lost Brent East yesterday, in a byelection necessitated by the death of the former Labour MP.. and not only did they lose, they watched 29% of their most faithful supporters, turn instead to the Liberal Democrats..
A sign to Tony, that the country is not happy. And while perhaps not ready to move completely to the other side of the coin and vote Tory, they obviously are looking for something other than that which Labour has become.
The LibDems are as close as you can get.
For those who have never heard the name before, the leader of the Liberal Democrats in Charles Kennedy. It's a name one might become more familliar with in a year or so..
'It's a matter of trust'.
Ahh.. and poor Jacques.. there are problems for France looming..
Recall the Ontario Provincial Government of Bob Rae.. the first NDP government in the province's history was a knee-jerk reaction to the mammother 28 year run of the Conservatives, ending with Bill Davis..
The NDP came to power, and began a policy of uncontrolled social spending, coupled with the detemination not to raise taxes. Two years they spent and spent.. while the triple-A credit rating Ontario had always enjoyed slipped.. and the provincial deficit soared..
France is in this position now.
The problem is this. One of the foundations of membership in the EU, and tied to it, the use of the single currency, is the stipulation the various governments do not allow their deficit to exceed 3% of the GNP.. France's deficit is now over 4%, and it would seem it will still climb before coming down.
What a predicament.. is France now going to be put on probationary status within the hegemony it has dedicated itself to forming? And what does this bode for the future of the Euro, when France's economy cannot itself support it's use..

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