In its first Quarterly Bulletin of 2014, the Bank of England (B of E) finally admitted what some siren voices down through the ages had been espousing all along; namely that the dominant theory and practice of money was wrong and hence any policies derived there from are in error and therefore doomed to fail.
Indeed, Mervyn (now Lord) King, Governor of the B of E from 2003 to 2013 and currently Professor of Economics and Law at New York University and School Professor of Economics at the London School of Economics, who was also appointed Knight of the Garter by the Queen in 2014, is now of the same opinion; as evidenced by his new book entitled: “The End of Alchemy: Money, Banking and the Future of the Global Economy”.
Similarly, Richard Murphy (a noted academic tax specialist) in his book “The Joy of Tax”, offers cogent arguments against the efficiency, effectiveness and morality of the current system of taxation and hence provides a radical manifesto for change.
Yet, despite the obvious disillusion with austerity programs and the mantra that there is no alternative based upon such flawed theories amongst an increasing number of people throughout the country, currently manifesting itself in a surge in support for Corbyn, nevertheless the dominant factions within the three main parties (in particular Old New Labour) patently refuse to recognise the shortcomings in the accepted wisdom and hence continue to reject calls for change. Indeed, Old New Labour, rather than seek to harness the changing mood with a view to forming a radical new government at the next election, instead prefer to engage in witch-hunting hysteria against Corbyn; seeking at present to blacken his and his supporters name and reputation by attempting to brand them “Trotskyite” infiltrators hell-bent upon sabotaging the Labour Party’s prospects; when in actual fact it is they who are doing that and then seeking to blame Corbyn for their success in this regard. Seemingly being quite prepared to sacrifice the party’s electoral chances on the alter of their own ambitions.
To be sure, it appears that anyone advocating and hence willing to embrace change is now to be dubbed a “Trotskyist”, when most people will have little if any inclination as to who Trotsky was and what he advocated. Thus leading one to question precisely how effective such an attempt at stigmatisation will prove to be in the real world rather than the fantasy one Old New Labour have invented for themselves. Besides begging the question as to whether or not a pillar of the establishment such as Lord King will now be tarred with the Trotskyite brush, given his latest views and calls for action to change the status quo.
But the further question remains as to why Old New Labour (ONL) in particular are so avidly anti-change in the teeth of reality. As JK Galbraith pointed out, what is referred to as sound economics is very often what mirrors the needs of the respectably affluent. And given many ONL adherents have made a pretty nice living out of the existing political and financial system, its only natural that they would wish to continue to support it, whilst kicking the ladder away to prevent anyone from challenging their dynastic position.
These people represent nothing more than latter day upper class Luddites, who care nothing for (in particular) the lower classes and their plight; they pray only for themselves and not their people. Is it therefore not time for the ONL hoard to do the decent thing and leave and go to their natural Conservative home? And if not, then, for them to be helped along their way by means of deselection?
Robertshaw Crescent, Deepcar, Sheffield, S36