Could it be?

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as final and total catastrophe of the currency system involved."

Ludwig von Mises from "Human Action" (1949)

Von Mises seems to have a word for us. There is no way of avoiding some pain over the next few years, - it's a bit like indigestion after eating an over-large meal.

G.Brown has obviously not read von Mises, or feels that he knows better than him and a growing number of economists. They all fear what will happen if Brown tries to carry out his programme of spending in the present conditions. What is worse is that potential creditors are also looking on, and wondering whether to take out their money and whether to invest further in an over-expanded public sector commitment in the UK.

Brown cannot plunge us into further public debt, or von Mises will haunt us for years to come.At the moment, we wait to see if Darling has won any sort of victory over Brown, and offer plans to reduce the accumulated deficits reasonably quickly.

Of course, Brown's promises could be mere window dressing to catch a few votes. Does he ever do anything which does not have potential political advantage for him and his party?