To those who believe in markets, give up hope of change

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Will Hutton is a man with whom I don't always agree. He was spot on in the Observer today when, after noting the string of poor economic date from the last week he said :

[Y]ou may expect our political and financial establishment to want to do something. Some hope. It is not just that there is dither and inaction, there is not even a debate. Shadow Chancellor George Osborne has a golden opportunity to shred a sitting government's economic policies, but he has not landed a single punch.

That would require passion, an argument and belief. The Conservatives, along with the government and the City, are instead locked into the now sullied ideas of the last two decades. Everyone has embraced the fiction that deregulated banks and building societies competing in liberalised, global financial markets will promote their own efficiency and that of the wider economy. They cannot let it go, despite the living proof it is tosh. Osborne believes the same things as Brown and Darling - only even more so.

That's pretty much why we're heading for a recession in a nutshell

Time to consult this man, I say:

Time for some original thinking too. There's scarce little of that about.

Why, I wonder?


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