Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Its different money being spent on banks. The money being spent on banks is replacing dud assets, and its just newly created fiat-currency purchasing power to replace the credit-money purchasing power that is vanishing as banks accept loan repayments without extending new credit. IOW, it IS "money" being spent ... not income.

The "money being spent" on the military is a diversion of national real income ... and given the collapsing phony-economy sector in the UK, it seems highly likely that the MP's "representing" y'all in the UK will forget to consider whether or not to continue with building the QE class ships. These ship-building projects are like boulders rolling downhill ... they are a lot easier to stop before they get moving than when they are on the move.

But there seems to be very good prospects for France backing out of their penciled in plan to buy one or two of their own, so that's good news at least.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Oct 16th, 2008 at 09:47:36 AM EST
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