Bank of England slashes UK economic growth forecast: Growth is grinding to a halt and GDP will only rise 1% in 2012, according to the Bank's latest forecast (Guardian 16th November 2011)
Some economists predicted this, and others using different models ridiculed their predictions and said everything would be fine. But it's not about who is right and wrong, it's about which models work and which are rubbish. Some of the economic theory in place right now is rubbish, and we are in big trouble. It's like when the Black Death was coming and some people said 'improve urban hygiene' and others said 'forget hygiene, let's all flagellate'. The flagellation didn't work. It couldn't work.
If you have been listening to us bang on like this for a couple of years now you must consider the possibility that there is something in what we say. Surely by now the evidence is starting to look convincing even to those who were most sceptical.
I bloody hate the right wing Tory and Lib Dem MPs but it is possible that they could stage some kind of coup and save the country, in some awful irony. I strongly urge these people, who I think are culpable and misguided in the extreme, nevertheless to do the right thing. It would be very unfair for them to get the credit, but I am past caring about who gets the credit. This has got to stop. And I guarantee I am not the only person thinking this.
