This crisis is built on shitty malfunctioning credit markets, and an assortment of property bubbles which haven’t burst yet. Overvalued assets underpinning malfunctioning credit market, a financial system brontosaurus nibbling at its own tail, at the centre. Growth there at the expense of everything else, the cancer cell ideology demanded as a response to symptoms which should have been treated as diagnosis, and trigger for treatment.

Economics as an academic discipline has long been colonised into confusion about the relationship between finance, the ‘market’ economy, and the real economy. That confusion also afflicted Downing Street and the White House, and spread across Europe while it was imposed on the rest of the world whether they believed it or not. All evidence to the contrary, marginalised, demonised, or ignored or hidden.

A confusion today’s economics students are addressing in elite institutions worldwide. As politicians spread this cancer into the bedrooms and lives of those whose inequality was exploited for it, using that to demonise them.  The social policy consequences of the failure of our economic settlement, the basis for demonization since the Beveridge Report shaped political debate in the 40s.

This crisis originated at the heart of Wall Street, and the City of London is intertwined with Wall Street to a level that defies belief. The big bang of 1986, more of a calculated fusion that involved the treasury, number 10, the City of London, Wall Street, and the White House. And in the Europe that emerged when it became political consensus.

American election news is a horrific, tragi-comic, cautionary tale of a nation stupefied out of noticing bullshit dogma about market efficiency strangling their stake in their political system, and the public services they built and need to function as an economy. Idiocracy or plutocracy, who cares?

The idea Keith Joseph and Margaret Thatcher were hungry for in 1975, as the Keynesian settlement reached its limits in a changed and changing world with a rising US, has been shown to be quite the problem.

This is why we manufactured deficit crisis and expanded social conservatism to absurdly brutal and offensive lengths, to place this cancer at the heart of any ‘recovery’ plan. That idea has been rejected, and the IMF, who used to be known as Uncle Sam, in the form of Christine Lagarde are suddenly desperate to appear compromising. With talk of ‘growth’ added on to the austerity demanded. And it would appear that Europe’s path out of this may be much easier than the UKs.

This is why we manufactured deficit crisis and expanded social conservatism to absurdly brutal and offensive lengths, to place this cancer at the heart of any ‘recovery’ plan. That idea has been rejected, and the IMF, who used to be known as Uncle Sam, in the form of Christine Lagarde are suddenly desperate to appear compromising. With talk of ‘growth’ added on to the austerity demanded. And it would appear that Europe’s path out of this may be much easier than the UKs.

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