Too often in recent history liberal governments have been wrecked on rocks of loose fiscal policy.

Summary

This quote suggests that liberal governments have frequently been unsuccessful due to their tendency to have lenient fiscal policies, which have resulted in negative consequences. The phrase "wrecked on rocks" implies that these governments have faced significant challenges or failures as a direct result of their loose financial practices. The quote implies a critique of liberal governments, insinuating that their lack of fiscal discipline has been detrimental to their overall effectiveness and long-term success.