Osborne’s puppet-masters: Soci?©t?© G?©n?©rale.

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Debtonation ¬ª Blog Archive ¬ª Osborne’s puppet-masters: Soci?©t?© G?©n?©rale..

Ann Pettifor notes the delightful style of Societe Generale who wrote last week:

Removing the stimulus will involve pain; lower growth, higher unemployment and political unpopularity. But policy-makers don't like lower growth, higher unemployment and political unpopularity. They enacted the stimulus in the first place to avoid it! At what point will they decide they do want lower growth, higher unemployment and political unpopularity?

Given the choice, they won't, ever. So it will be imposed on them (and therefore us) by a suddenly less generous bond market via a government funding crisis.

So there we have it: banker's attitude to democracy is stuff electorates, we'll get what we want by imposition.

Have no doubt about it - the fight with bankers is about who rules. And the antidemocratic elites of finance (for that is what they are - in banking, accountancy and the legal profession) want to rule. Democracy is not for them. And they'll precipitate a crisis in it to get what they want.

This still has the capacity to turn very nasty indeed.