The current slump is both quickening and confirming Britain's century-long slide from global top dog to Third World also ran and the policy of bailing out the financial institutions for the sake of the financial institutions will add to the
bone-crunching impact of such a sharp descent. The banks are doing to Britain
what the victorious allies did to Germany after the First World War. Instead of
crippling war reparations, however, we are paying over the nation's wealth to cover Eton and Harrow's finest `masters of the universe' by racking up a truly staggering public debt. This in the hope that our one and only `industry', if saved, might one day make a few bob again. This madness will be followed by tax hikes, money printing, mass unemployment, deflation then hyperinflation, public sector and welfare
provision meltdown, destruction of the NHS, extreme austerity measures, endemic and
widespread violent gang crime, a police state, pockets of starvation, a growing fascist menace and permanent civil war. How much more sensible would it have been to have nationalised the bankrupt banks, guaranteed deposits then wiped out all individual (mortgages, credit cards, personal loans) and small and medium enterprise debts to these institutions thereby bailing out the people? That would have ended the credit crunch overnight. Instead we have mass repossessions and small business
bankruptcies driving us ever further into permanent depression whilst the trading, energy and manufacturing monopolies (most of which are also technically bankrupt)
squash their competitors underfoot, shed jobs by the hundreds of thousands and put the squeeze on their remaining small suppliers and workers. At the same time, the neo-liberal EU, Gordon and Mandy and the Cameroons tell us that to take these giants into public control would be `protectionist' and that we should get on our inter-continental bikes while they elect a new population. Sacre bleu!