If we want to avert this, and avoid sharing Japan\’s experience of a "lost decade", then we have to dust down the history books. One of the monetary tools used by the postwar Attlee government was the direction of bank lending. The government must have an idea of the level of lending that is needed, and of which sectors of the economy need the most assistance.
Government allocation of credit? Ed Balls deciding who gets money and who does not?
Can you actually think of anything worse? All the available credit being sent to declining tin bashers in marginal Labour constituencies?