Corbyn ‘earthquake’: due to huge disaffection with our current political and economic elites?

 

Natalie Bennett, Green Party leader in the Financial Times (emphasis added):

natalie bennettEconomist Martin Wolf is a commentator who shares more views and interests with the Green Party than many might suspect, on issues ranging from basic income to fractional reserve banking.

And he’s right to identify that in “Corbyn’s leadership is an earthquake that might shake more than Britain(September 21) and that there’s huge disaffection with “conventional wisdom” and our current political and economic elites. 

Where I’d part company with his analysis is on his tone of surprise:

  • We’ve had more than seven years since the global financial crash,
  • we have in Britain a “recovery” built primarily on consumer credit
  • and millions of households are struggling to put food on the table and keep a roof over their heads.

From the comfortable perspective of the City, this might not be too obvious, but the further you get from London, the more obvious it becomes that this is a non-recovery in the experience of whole communities, a period of bitter struggle and misery with no light at the end of the tunnel.

The US Federal Reserve has clearly signalled that there is little confidence even at the heart of the system in our current state – and there shouldn’t be, given that global debt levels and instability continue to soar, and that we are now economically dependent on growth and consumption patterns incompatible with a stable environment.

The future of politics does not look like the past, and nor does the future of economics. Luckily.

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Posted on September 23, 2015, in Economy, Environment, Jeremy Corbyn, Politics, Watershed and tagged , , , , . Bookmark the permalink. Leave a comment.

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