Sir Mervyn King, the Bank of England governor, in a statement today said that the current financial crisis facing the UK was “the most serious financial crisis at least since the 1930s if not ever.”
That means we’re all heading for a double dip recession and another roller coaster ride of social devastation, economic hardship and financial ruin (well, all of us except bankers and politicians obviously).
Fortunately and thankfully in this time of great crisis, both the main parties have come together and are in full and complete agreement over the causes of this global economic meltdown.
According to Labour, the last economic crisis was caused by events in the global economy beyond their control.
And according to the Tories, the present economic crisis was caused by events beyond their control in the Eurozone and elsewhere in the global economy.
So both Labour and the Tories are in complete agreement on the causes of our economic problems.
When they’re the government.
When they’re in opposition, of course, it’s the government’s fault. Or the previous administration’s.
The real truth is that whatever governments do, they are helpless in the face of an all-powerful financial system which is completely beyond their control.
But none of the parties can ever admit that. So they pretend they’re in control.
Until everything goes wrong, in which case, they’re not.