The quasi dash for growth
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Jonathan Cook offers this reminder of the two-edged sword.
Truss’ Mauling is a Sharp Reminder that the City can Bend Any Politician to its Will
“Can anyone doubt that had Jeremy Corbyn, the former Labour leader who came within a hair’s breadth of winning the 2017 election, actually made it into Downing Street, he would have been treated at least as harshly as Truss is being dealt with now? His radical programme of spending and investment was a much bigger threat to “the market” than Truss’s confounded efforts to win favour with big business and voters at the same time.
Corbyn’s programme would have been greeted with hostility not because it exuded incompetence, as Truss’s does, but because the City would have refused to stomach his plans to meaningfully redistribute wealth and make British society fairer. He would have been made to bend to the will of “the market” even more ferociously than Truss is being now.
The establishment who maligned Corbyn as a traitor, and a spy, and an antisemite, did so not because these things were true but because the former Labour leader was a threat to their wealth and privilege. The devastating war they waged on his political programme was simply a foretaste of the war they were all too ready to wage on his economic programme.”
“Mohammed El-Erian, the chief economic adviser at Allianz, the asset manager, said the UK’s mini-budget was an example of a country exacerbating existing market volatility via misguided policies.” (Times today)
“Ignorant and mistaken bank legislation, such as that of 1844-45, can intensify this money crisis. But no kind of bank legislation can eliminate a crisis.” (Marx, Capital, Volume 3, chapter 30)
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