Most people (including many in the Labour Party) are hoping that Jeremy Corbyn never, ever gets into No 10. But elections have been unpredictable thing these days. If, heaven forbid, an unholy pact of EU Remainers gets him in, there will be a morbid fascination among us expats as to how long it will take him to lead the UK into financial ruin.
Venezuela is a sort of precedent. There, the socialists shifted one of the wealthiest countries in South America to disaster in around 7 years. In that time, of course, the destruction of the economy was pretty complete. That nightmare is, of course, not yet over for them.
Australia is another example. Its socialist Prime Minister Gough Whitlam managed to destroy the Australian economy in just 3 years. By the end of that time, having trashed public finances, he had engaged a dodgy agent from Pakistan to try to negotiate a secret bail-out by even dodgier Middle Eastern oil states and was unable to deliver supply. Happily for the Australian people, the Governor-General stepped in to Continue reading →