Big politics

"Now you could say, that was war, that is different. Yes it is different. But we now face a crisis that is the economic equivalent of war.
"This is not a time for business as usual or politics as usual".
Vince Cable - speaking to the Lib Dem conference today.

We know Vince likes to make a show. But for once he is leading with his brain. The next wave of the economic crisis is rolling towards us from Euroland. Nobody believes Greece will be able to pay its debts to the bankers. The dominoes will start to fall. And after that?

"European institutions need to finance nearly £2000 BIllion (£2 Trillion) over the next five year period" (Deutsche Bank - 9 September FT.) These are debt repayment commitments.

So. The clouds of economic war are piling up. The battles already underway are a fight over our living standards and social wage. Any all out war will also be waged against us - by the rich and their friends; to save their system. And what happens in politics when you have war? You have National Coalition governments. They are organised at times of crisis 'to save the nation,' 'to bring all the talents together.' From 1931 to 1940 the National Coalition sliced up the Labour Party leadership and 'won' 75% of the national vote. Today such a 'national' appeal by the great and good would take with it nine - tenths or more of the current crop of Labour MPs.

It has fallen to Vince Cable, every wet digit in the air to follow the direction of the prevailing wind, to issue the first warning. We will hear much more of this.

We need to start thinking about the 25%.