Report Osborne's First Budget? It's Wrong, Wrong, Wrong! in House prices and the economy Posted June 30, 2010 http://www.independent.co.uk/news/uk/politics/osbornes-first-budget-its-wrong-wrong-wrong-2011501.html Joseph Stiglitz, the Nobel prizewinner who predicted the global crisis, delivers his verdict on the Chancellor's first Budget and tells Paul Vallely it will take the UK deeper into recession and hit millions – the poorest – badly Check out this comment. In threads such as these, here and over at the Guardian, I detect the depression stage of grieving over the death of the Great Socialist Experiment. After the collapse of Socialism, Brown & co. thought they'd try one last attempt at resuscitation by applying Steiglitz-style defibrillator policies on a permanent basis. But the public called it off. Brown and his fellow-travellers also thought that the banking sector was just another 'free-market', which could be regulated by a typical OFBANK in the form of the FSA. He was warned, but as a Socialist (aka a permanent late-adolescent with a degree to seal his condition) he knew better. After this colossal failure, the fool must now realise that banking is not a 'market' but in fact it is a permanent ongoing infrastructural project, with the contract to provide good money being let to a Prime Contractor in the form of the Bank of England, whose job is to keep the hierarchy of subcontractors in line. It does this by close surveillance and behind-the-scenes cooperative action among the various levels of subcontrator down the line, before things get public. Now the new government has quickly moved to reinstate the natural structure of the banking hierarchy, we should see an end to the ludicrous debauchery of the banking system that has brought the UKstate (whatever that really is any more) to this crisis of personal and corporate debt, which is a species of public moral degeneration, and the destruction of the state itself. Of course the useful idiots such as the academic economists, sociologists, & co., have gone along with the Brown corruption because they secretly want to see the pure Marxist Dream come true at last, and have been actively helping in the withering of the state . And we also see the depression and anger phase of the post-socialist grieving process in expressions of millenial doomings such as Peak Oil, Global Warming etc.This abject fatalism denies human creative capacity, and is misanthropic. For example it is only 100 years since motor transport became feasible, and our current problems with this sytsem are minor side-effects of an amazingly beneficial product of the human creativity. Given a clear incentive, it will take the application of further collective human ingenuity to clear up these side-effects. As for the millenial 'Peak Oil' lamentation, I would commend mourners of Socialism (RIP) to follow the progress of Shale-gas technology, when they have finished their ritual weeping/wailing/gnashing/garment-rending, etc. And BTW, for any ex-socialist probably atheist adolescent who still doesn't understand the basics of banking ... look up the etymology of the word 'Credit',and have a bit of a think.