This is one of the most fascinating articles we have posted for some time. It is a one-sided recollection of an event, so one has to be careful, but it is in keeping with much of the criticism of the Labour “fiscal rule”. Rules as corsets are never good where not necessary – and as any pragmatist knows, rules are there to be broken. Mitchell probably has identified the problem: the financial power of the City of London. This is truly a threat and the only way to effectively deal with it would be capital controls (it worked brilliantly for Iceland), but no one will dare mention this in public. Thus other innocuous solutions are sought, such as the “fiscal rule”. And Mitchell is right. Labour will be crucified by corporate media, when they do break the “fiscal rule”. But Labour would have four years to smash Britain´s arch-reactionary commericial media, one could argue, and, and, and….
Fortunaely there is still some time until the next general election.