http://www.eurotrib.com/?op=displaystory;sid=2007/5/11/4047/06568

Non- toxic local investment in local productive assets is one of the consequences.

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky

The only thing that's public about it is the fact that it swallows vast sums of public money. Rather too much of that goes on free-market theatre and management consultancy, not on patient provision.

However, because Gordo has cunningly avoided saying 'We're privatising the NHS', people have been willing to put up with the changes - if only because there's no single political leverage point that can be used to fight against them.

If the Tories push try to push the process over the finish line, service provision will become a major political issue and it's unlikely they'd survive another term.

It's all rather devious, and actually quite clever.

The solution for the Tories would be to lower expectations. 'We'd love to provide a full NHS, but unfortunately - growing elderly population - increasing costs - not enough money - reluctantly we'll have to - essential services only...'

That would probably work, and there are already signs that both sides are gearing up to make exactly those kinds of statements.

(The other alternative would be to increase taxes, especially on the rich. But we all know that's not going to happen.)