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And, sadly, the UK has had 'austerity' already for almost a decade. So, will the UK be the new Greece? I ask this only half facetiously.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Aug 21st, 2017 at 01:49:15 PM EST
How quickly and thoroughly can the UK implement an import replacement policy? Or is that even in the realm of the conceivable in the UK now. That is the only real protection for a plummeting currency. And such an emphasis on domestic manufacturing will likely be anathema to the 'wealth extraction' parasites in 'The City'?  

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Aug 21st, 2017 at 01:53:30 PM EST
[ Parent ]
I think the strategy (insofar as there is one) is to replace EU imports with Commonwealth, Asian or Latin American imports at lower cost. You don't really expect Brits to get their hands dirty and make this stuff themselves, do you? The problems will come when they can no longer pay for these imports after many years of balance of payments deficits and rising consumer debt allied to a Sterling devaluation and credit crunch.

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Aug 21st, 2017 at 05:12:17 PM EST
[ Parent ]
Well, you are referring to the stereotypical upper middle class and upward type of folks. Unless the electorate tires of them and their self serving actions and stays tired until new elections are called there is little that can happen. But, if willing to upset some apple carts, a lot could be done and there are almost certainly lots of Brits willing to do it.

Going full bore import substitution would be the best thing the government could do. Else they could find out why things are so difficult in places like Venezuela. But to get such a program going there would likely have to be a serious reform of the current situation with the popular press.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Aug 22nd, 2017 at 12:50:49 AM EST
[ Parent ]
And changes to the current land tenure structure, like, say, a Georgist tax scheme on undeveloped land near cities and on prime agricultural land.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Aug 22nd, 2017 at 12:53:18 AM EST
[ Parent ]
"you are referring to the stereotypical upper middle class and upward type of folks"

Yes, but fortunately they are the ones in the leadership positions and with the access to the capital and connections required to drive through a transformation of the UK economy.

And it will take more than a transient election loss to Labour to change this:  Nothing less than a social revolution which changing the structure of the ruling class in the UK for ever is required.

The nearest parallel I can think of is the WWII years where women entered the workforce, a lot of non-ruling class types achieved positions of leadership, and Brits showed huge ingenuity in overcoming the exigency of war and the loss of raw materials from abroad.

However, with Victory, the UK quickly slipped back into the old ways, with the toffs back in charge, the women put in their place, and the Irish and Commonwealth immigrants doing all the hard work.

Will it be any different this time?

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue Aug 22nd, 2017 at 09:01:34 AM EST
[ Parent ]

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