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Paxman utters stupid falsehood, twice, on tonight’s Newsnight April 5, 2013

Posted by larry in economics.
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In a discussion of Trident in tonight’s edition of Newsnight, Paxman claimed twice that Britain was broke. If this was a clumsy attempt to embarrass the Tory guest who supported Trident by contrasting paying for Trident, which experts and the MoD contend is an outmoded technology for dealing with today’s conflicts, while hammering the welfare budget, it didn’t work and the bait, it that was what it was supposed to be, wasn’t taken.

This approach doesn’t seem to be the best strategy: employ a gross economic falsehood as a tactic to embarrass or wrong foot a program guest whose opinons you possibly disapprove of. The best and most fruitful means of embarrassing or wrong footing people whose views you wish to expose is with the truth or at the very least a semblance thereof. You don’t achieve much by uttering a moronic falsehood.

If the UK was truly broke, as Paxman contended twice tonight, then it would be on the verge of insolvency if not actually insolvent and, therefore, unable to pay its current debts. And the credit agencies would be hovering around like vultures over a dying carcass. But Britain is nowhere near being in this situation and there is no likelihood whatsoever that it won’t be able to pay its debts, at least those that are denominated in its own sovereign currency, either now or in the future.

In making such an extraordinary statement, Paxman was either utilizing a poor political tactic or illustrating that he is economically illiterate. Shocking!

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