You Can’t Handle the Truth
Remember the scene in A few Good Men where Colonel Jessup (Jack Nicholson) and Lieutenant Kaffee (Tom Cruise) trade insults? Following some pretty intense questioning, Kaffee yells at Jessup: “ I want the truth”. With the deadly glare that only Jack Nicholson can muster,Jessop retorts: “You can’t handle the truth”.
I was reminded of this rather famous moment in film history when along time reader of the Absolute Return Letter asked me recently: Why don’t you tell the truth about the UK economy? Why don’t you tell it as it is – that the situation in the UK is worse than it is in the eurozone? I decided to take up the challenge from the reader. I am not sure that I actually agree that the UK is in a worse position than most eurozone countries; it is worse in some respects but better in others. More about this in a moment
The UK government’s strategy appears to be based on the age old philosophy that the best line of defence is attack. In recent months, Prime Minister Cameron has been unusually vocal about the short comings of the other major European powers at a time when everything is not plain sailing back home. On the major issues facing the UK domestic economy, Cameron and his government have beendeceivingly quiet – perhaps because we can’t handle the truth?