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September 28, 2011


Dick Pountain

If Miliband were aggressive enough, and were willing to repeat the message enough, the electorate might be successfully reminded that our economic woes originated with a series of one-way bets made by a few thousand millionaires living in London...

So the problem is in fact politics, not economics. The problem with Labour "social democrats", even perhaps Will Hutton, is that they still believed that a social democratic consensus prevailed in the UK and so they could just tinker with the economy till it came right. The notion of real contest between, er, how can I say it, classes with incompatible interests had just faded away.

Of all the dozens of books on the current crisis, by far the most impressive is still James K Galbraith's "The Predator State" (actually written just before the crisis), which spells out just how far predation has reached, and accepts that halting it requires, if not a revolution, a great upheaval on the scale of the New Deal. Which requires a level of proselytising and organising that Labour has just forgotten how to do.

Sorry that was so long a little venting of suppressed rage that happened to explode in your excellent blog, which refreshes the parts that Guardian CiF cannot reach.

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