Interesting for those further to the left of me I think.
The two above the fold stories on the front page of the FT today.
One is that limiting the growth of government spending to less than 1.1% in real terms is in fact "savage cuts". It\’s something of a sign of how the language has become debased, don\’t you think? That slowing the growth of the State is now "cuts"?
The other story is about the mutuals, the Building Societies. There are many who state that the solution to our banking ills is that we should get rid of the capitalist, shareholder owned, banks and stick purely with mutuals. They won\’t cock things up by haring after short term profits.
Unfortunately, the story in the FT is that those mutuals did indeed hare off after short term profits and did indeed cock things up.
I\’ve no objection to mutuals at all. But they\’re not the golden bullet perhaps?