The 'Looney Left' is Back

As the Blairites retire to their non-executive directorships and their former SpAds run herd-like to become leader of the Labour Party by tacking to the voter-repelling left, it is fair to say that Labour’s once marginalised looney left is back.  Even David Miliband, formerly Blair’s tea-boy, now supports a 50% tax rate, has become a born-again peacenik, personally nominated Diane Abbott and is, all in all, beginning to sound like a student union leftie.

So Guido intends to regularly highlight examples of left-wing lunacy going mainstream – today it is the ever reliable Bob Crow describing the spending freeze as “fiscal fascism”. The sophistication of his political and economic analysis would have Karl Marx revolting – fascism did not seek to reduce the size and role of the state.

Bob’s policy of choice? A general strike. Just what a weak economy needs to boost jobs and growth.  Crazy? Well Bob reckons “hundreds of thousands of workers will take to the streets.”

It is as if Tony Blair never existed…




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Quote of the Day

The FT’s Wolfgang Munchau on the “fake maths” of economic forecasts:

“The truth is that our ability to forecast the future beyond the current quarter is limited… The curse of our time is fake maths. Think of it as fake news for numerically literate intellectuals: it is the abuse of statistics and economic models to peddle one’s own political prejudice… The fakeness of the maths lies in an exaggerated inference. Economic models have their uses, as do opinion polls. They provide information to policymakers and markets. But nobody can see through the fog of the future.”

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