George Osborne is winding himself to smash the UK economy tomorrow.
People of intelligence and understanding sit watching in silent, horrified agony at what he is doing.
With so much information being fired at us, it would be helpful to remind ourselves of the essence of the story that is unfolding about our ears.
- There was a global economic crisis in 2008-9, based on Toxic Assets, loans made to people who were clearly unable to pay, by bankers whose judgment was clouded by excitement of a housing bubble and confused by fancy new financial instruments.
- This threatened the stability of banks, and millions could have lost their savings if they crashed.
- So the banks were rescued by the Bank of England, who borrowed money from, er, the banks to stabilise the bastards.
- This, together with Labour's generous but unwise borrowings to pump into the NHS and education system, have built up a huge deficit.
- Osborne claims that "The Markets" (i.e. the financial service industries that caused the problem in the first place) would come and get us if we do not reduce the deficit.
- This despite the fact that before they got to us, "The Markets" would have to kill numerous weaker economies first, namely Greece, Portugal, Ireland, Spain, Japan, and the USofA. Yes, good old Uncle Sam.
- Despite the complete and utter self-referential stupidity of the above 6 points, the Tories are still ahead of Labour in the polls, because people buy Osborne's line: "This is all Labour's Fault, There Is No Alternative".
- In fact, Osborne is motivated by the ideology of the Small State.
- Osborne is able to sustain this lie because he is supported by Murdoch's Media (Times, Sunday Times, Sun, News of the World, Sky News), the Daily Mail, the Express, and the Torygraph. The same group that demonstrate their lack of integrity by ignoring the Andy "I Knew Nothing" Coulson story.
What happens now?
Many expect that Osborne's actions will make worse the coming recession.
NEF believes that the banks are going to ask for another £750 billion sometime soon.
It seems to me quite likely that the UK will lead the world into a global recession, which will be good for the atmosphere in that recessions lower CO2 emissions from industry, but bad for people who are thrown into poverty, and raises the risk of war.
What can we do?
- Write to our MPs (hah!)
- Hold a General Tea Break, as a forerunner to a General Strike.
- Be ready to rebuild the economy from the bottom up if the financial system crashes.