Self-styled “Saint Vince” Cable, a legend in his own mind, is shooting off his mouth again in the interests of self publicity.
Vince Cable was busy trying to smear US Republicans. The primary objective was to promote Vince Cable. The technique was a simple slur implying a link between US Republicans and the tragic events in Norway.
The US economic position is terrifying. A failure by Hussein Obama, the Democrats and the Republicans to reach an agreement that will enable the US to avoid a default, will plunge the world into a major economic turmoil that could make the Great Depression of the 1930s seem like a minor inconvenience. However, a loose mouthed British Whig politician will not help the situation one little bit. The attempts by Cable to pretend he is the British Chancellor wont help either as he strokes his own ego.
The Republicans and the Democrats may both stand somewhere to the right of the British Tories and to the extreme right of the British Whigs and Labour’s national socialists, but that does not make them “nutters”. They also replicate the British divide on policies and in the current frontier environment of a disturbed global economy, where no one has a monopoly of answers, both Parties may be right and both Parties may be wrong. However, neither Republicans nor Democrats have a Party-wide consensus on economic policies. Within each party there are Representatives and Senators who are uncomfortable with the general policy of their Party. Neither Party is completely behind the Obama Administration, or against it.
The current crisis is a failure of the Obama Administration. There has been a strong desire to concentrate on re-election and a failure to keep an eye on economic dangers. That has placed the US in a position where a decision on raising borrowing limits has a very short fuse when work should have begun much early to negotiate and reach agreement with Republican and Democratic Representatives. Demanding a significant increase in borrowing and in public spending with a pistol to the heads of Representatives may be the behaviour of a Nutter, but it is also the behaviour of an ineffective and arrogant Head of State who has done much to place the US in the dire position it stands in today.
Where Republicans and Democrats believe that public spending must be reduced and borrowings managed better, it would be mad to give in to blackmail from a spend thrift President who is more interest in managing the decline of the US.