Gordon Brown is New Labour's Grim Reaper

By: Nadeem_Walayat

Gordon Brown the formerly smart and intellectual chancellor who was thought to have carried a grinning and increasingly shallow Tony Blair to three election victories. Now past events are increasingly being seen in a new light of who carried whom.

Gordon Brown's Labour party was delivered a near knockout punch in the Local elections where the natural party of local government is fast being pushed out of political power. The final Labour scalp to go was its biggest, Ken Livingston the London Mayor replaced by the Tory comedian Boris Johnson.

Local Election Results 2008   Councilors Councils Party Total Total CON 256 3154 12 65 LAB -331 2368 -9 18 LD 34 1805 1 12 PC 33 207 -1 0 OTH 5 893 0 0 NOC - - -3 64

Gordon Brown will rue the day that he bottled out of an October 2007 General Election, as I speculated at the time this gross failure of judgment would set in motion events that could lead to a leadership challenge before the next Election. To date Gordon has done everything in his power to further reinforce the view that he is a ditherer and incapable of making the 'right decision'.

Labour ministers are quick to blame the weakening economy as a consequence of the credit crisis. However the true reasons for the election losses are Gordon Browns 10% Tax band followed by the Tax U-turn just prior to this weeks election. After 10 years as a finance minister, Gordon Brown is showing himself incapable of thinking and acting like a Prime Minister. A great Number 2, but an incompetent Number 1, who is destined to be ousted by panicking Labour MP's well before the next election. The bell is definitely tolling for Gordon Brown's premiership, he now has less than one year to perform a miracle!

Watch for UK government debt to mushroom as Gordon Brown attempts to buy the next election and the support of his fellow Labour MP's.

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By Nadeem Walayat

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Nadeem Walayat has over 20 years experience of trading, analysing and forecasting the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 120 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

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