Last summer the cornerstone of Corbynomics was People's Quantitative Easing.
That was pretty illogical at the time, and I say that as the person who created the idea in the form described as green quantitative easing. I had no choice as a result but explain last summer that the commitment was for a future crisis when emergency action was needed to dig the economy out of a hole, which was what PQE was designed for. We did not have that in the summer of 2015 so I offered the excuse, in all sincerity but also to dig Andrew Fisher, who had used the idea for Jeremy Corbyn's economics manifesto in a straight lift from my work, out of the hole he had got himself into.
Today the country is in a hole.
The Bank of England wants to boost the economy and is going to pump money into making the wealthy wealthier again through conventional QE. It's even going to do some QE with commercial debt. But People's QE did not get a look in.
And what of Labour's commitment to People's QE through a national investment (all of it outlined in the Green New Deal and my book The Courageous State) which was the big original idea in Corbynomics? According to the Guardian Jeremy Corbyn said:
it would be better to borrow because interest rates are so low than go for the “people’s quantitative easing” plan advocated by Corbyn in his last leadership election.
So, no commitment from him to debt constraint.
No commitment either to making sure that government debt is not simply a boost for private wealth.
And definitely no attempt to cut banks out of the funding mix to constrain the City of London.
No, nothing like that at all.
Just the same as ever relationship of fear between Labour and the bond dealers. It's as if Gordon Brown is riding again.
All that really is, to put it mildly, incomprehensible barring one thing, which is Jeremy Corbyn can't now admit it was a good idea all along. He'd rather abandon Labour principles and support the City than do that.
It's very sad to see.