Across the pond

The election is not yet called, and the manifestoes are not yet published. But already it is clear  that no party is grappling with the causes of the truly horrible condition of the UK economy. Which according to the economists is far far worse than what Britain faced in the 1970s and even worse than the 1930s years of depression.

But the consensus is that the villains of  this  particular crisis are the bankers, so that in Britain, as in Obama’s US, the antit-dote is measures to bring the bankers into line.

Which is necessary. But it is dealing one of the symptoms, not the cause of the present crisis.

The banks are not the arch-conspirtors, who run the world. They are people who shift money around, and make sure they are well paid for their efforts. They get their fees mostly from the giant companies, whose budgets are bigger than that of many small countries.

These companies have an enourmous impact on our personal lives. So even, if we live in vibrant democracities, as in Britain and the US, have a profound impact on our well-being.

The presest crisis has arisen because their activities, as well as  those of the bankers, have been insufficiently regulated. Thanks to unthinking worship of the free market, imprinted on Britain by Margaret Thatcher, and re-inforced by Tony Blair, imprinted on the US by Ronald Reagan, and urged on by George W Bush.

The problem is to do with un-regulated capitalism.

And none of te parities is yet addressing this problem.