Jonathan Adair Turner, Baron Turner of Ecchinswell and the man tipped to be the next governor of the Bank of England, has broken ranks to point out the essential insanity of Tory economic policy. Their idiotic obsession with deflating the economy in order to protect the interest rate on money they have no intention of borrowing is, Lord Turner pointed out, self-defeating and promises to leave Britian in the economic doldrums for decades. Nor has the policy of quantitative easing had any effect, other than padding bankers wallets, as far as the economy is concerned. The present economic crisis, he admitted "arose from poor supervision, from bad rules and structures, from dangerous cultures - and the errors were made by regulators, economists, central bankers and public policy makers, as well as bankers themselves." Not the poor, disabled and unemployed then. Of course this is fine as far as it goes, but Lord Turner is still apparently only half awake since the question that follows on naturally is "What are we going to do about it?" The neoliberal experiment in shovelling money from the poor to the rich has run its course and the lack of demand it has caused in the world economy has proven to be the utter disaster anyone with a brain knew that it would. As Lord Turner ruefully admitted, the economic catastrophe of 2008 was not "a bolt from the blue" - it was entirely predictable and was only allowed to happen because of the insane greed of the banks and financial institutions and the sheer lack of intelligence displayed by our leaders.
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