In all the talk about government debt however the emphasis is only on liabilities. One situation accounts for not all, but a substantial part of the increased government debt over the last couple of years. Of necessity the government stepped in to prevent the utter collapse of what is a largely artificial financial system. The consequences of a collapsed banking system are not something easy to comprehend.

As a result of that action vast liabilities have been incurred which is all that the pundits want to talk about. Also as a result of that action the government has acquired outright ownership of Northern Rock, an 80% stake in RBS and a 70% stake in Lloyds/HBOS. These are assets bought at fire sale prices. At the very least they are worth what was effectively paid for them. As rescued going concerns they are worth considerably more.

It is reported that the current chairman of RBS is on a £12 million bonus on condition that he raises the value of his bank to a point where it can be sold back to the market showing a 15% profit for the taxpayer. Given the low base from which he starts that should be achievable. The longer the government holds its stakes the more valuable they should become.

In his conference speech the Prime Minister made a comment which has not been noticed.  He said "The banks will repay the taxpayer". I suspect that is a card he holds up his sleeve.

I have no time for aspects of the ideology which Gordon Brown espouses but let us be fair. He is the man who, in his early years as Chancellor of the Exchequer, reduced the National Debt to levels never before achieved which, fortuitously perhaps, made it possible to borrow when the need arose. Only yesterday I read that the National Debt in Germany is 91.4% of GDP whereas in Britain, in spite of all, it is 87.8%. On that front things could be worse.

He is the man who kept Britain out of the euro to its advantage, and to the discomfiture of those powerful international forces which have sought to eliminate England from the scene ever since Britain bankrupted herself in the role of architect of victory in world war 2. He did so to his own political disadvantage.

Those powerful international forces which he annoyed then and has further annoyed by taking the lead in effective action to deal with the global financial crisis are now lining up against him and seeking to get rid of him. As evidence of this we have the withdrawal of support by the Murdoch newspaper the Sun. Perhaps they think that the alternative, young, superficially attractive, ambitious and opportunist will be more pliable - more easily persuaded to their way. Perhaps they already know that he will.

Compare the situation of Gordon Brown with that of Tony Blair who, having betrayed his country at every turn,basks in international approbation and consequently collects the millions.

Certainly the desire to be rid of the obdurate Gordon Brown has little to do with good governance in Britain or the best interest of the British people. Rhetoric apart, there is little difference between the alternatives. They are both increasingly puppets of Brussels, only there to give a semblance of local control. The spheres in which they exercise real power will almost have vanished when the Lisbon Treaty comes into effect. The three things a puppet cannot be are opinionated, obdurate and right. That is Gordon Brown in a nutshell.

As a result of action he has taken the consequences of the global financial crisis have not been as severe as they could have been. A 1930 style depression has been avoided. The destruction of institutions which could have occurred has not taken place on the scale that some might have wanted. The City of London, which might have been a target, is reported to be in good heart and prospering.

Not enough note has been taken of the fact that the so called toxic debt with which banks were lumbered originated in the USA. Even less note has been taken of the fact that US credit agencies gave to these instruments AAA rating which is why banks bought them. Billions of pounds, euros, yen and the rest were paid for this rubbish. Where are those billions now? The fact that US financial institutions have equally been victims emphasizes the international nature of this huge scam. Somebody benefitted. Who was it?