The Cupboard is Bare...

...at least according to the Bank of England. To use the words of Mervyn King:

"Given how big those deficits are, I think it would be sensible to be cautious about going further in using discretionary measures to expand the size of those deficits," he said. "I think the fiscal position in the UK is not one where we could say, 'well, why don't we just engage in another significant round of fiscal expansion'."

Of course, being the killjoy cynic that I am, I do wonder why he didn't voice these concerns before the government went away and spunked away billions on "fiscal expansion". Of course, Brown probably wouldn't have heeded any early warning - just as he probably won't let King's comments stop him from continuing to spend money to save the world. Yet King's comments leave him wide open to being accused of locking the stable door not so much after the horse has bolted, but rather after the horse has bolted, found a new place to live, died of old age and been turned into fucking glue.

Still, at least the billions that have been spent have all been spent in a good way. Oh, wait, that's not right either. They've been wasted. We have nothing to show for our "fiscal expansion" other than massive debt, part ownership of toxic banks and a bunch of unworkable and unimplemented programmes to help those who have been fucked over by the government.

Seldom before, in the field of human history, has so much money been wasted by so few on behalf of so many. This will be the legacy of the Gordon Brown administration; a country crippled by debt and the next government unable to do anything other than try to manage the mountain of debt inherited from the worst Prime Minister in living memory.

Thanks for your comments, Mr King. Too little, far too late.