I was going to write a post about the insane spending plans being touted by the UK Prime Minister Gordon Brown, but this rapidly spreading youtube video of British MEP Daniel Hannan does a far more eloquent job. He does have the luxury of having Gordon Brown in front him though.
To get an example of how things should be done, take Chile. Sure, they enjoyed their revenue windfall from the boom in copper prices. The difference versus their "developed" peers is that they saved the money. As the Chilean President put it, her country is in a better place "because of our decision during the good times to save some of the money for the bad times."
It's a sad reflection on the state we're in that such basic financial sense seems to have evaporated. The fact that most financial blogs (including my own) have to spend so much time commenting on political statements is, I confess, a depressing development.
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