Monday, 6 October 2008
Money, Money, Money - It's A Rich Man's World
Is it really going to happen? Are Brown and Darling really going to part socialise the City? If so, this is the economic equivalent of 1940, real 'backs to the wall' stuff.
Because, unlike Sweden, I really don't see how they'll ever get their money back...or at least not any time soon. In effect they're paying a huge premium to allow the City of London to continue as one of the major financial centres of the world. No, on second thoughts - it's not a premium, it's a flutter which might not work.
& it's not their money - it's ours. So we're betting the farm on keeping the system going. Even if this works it is going to be absolutely dreadful for ordinary people as the cuts and redundancies kick in. if it doesn't work, however, that's Britain with the living standard of, say, Spain or even Greece....
For the first time in my lifetime I really think the conditions are right for the emergence of a mass anti-capitalist party. But I fear any new mass party is more likely to be brown than red.And we're reminded by Counterpunch that options like this are always considered in such times.