Saturday, May 11, 2013

British Peer sees sunny side of depressed economy

You have to admit the octogenarian multi-millionaire is a glass-half-full kind of guy.

Lord Young of Graffham was one of the intellectual giants behind the rise of Thatcherism in the UK, and he's been busy as an adviser to the Conservative Party ever since. He's attracted a bit of bad press over his recent ruminations about how great the current depression is for entrepreneurs like himself.

He's absolutely right of course; when rents are down and unemployment is through the roof, at least some businesses have an opportunity to enhance their bottom line. Nothing like letting "market forces" push British wages to Bangladeshi levels to plump up the profits.

His seems a remarkably short-sighted view, though, for a man sought out for the calibre of his "advice." The predatory pursuit of lowest costs at all cost will only further corrode an already tattered social contract.

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