George Osborne, Hubris and Nemesis

This piece appeared in the London Observer on Sunday, 4th March, 2018

By asserting the policy of “monetary radicalism and fiscal conservatism”, Osborne and his colleagues ensured that those responsible for the crisis benefited from the Bank of England’s quantitative easing programme, which inflated asset prices largely owned by the more affluent. Simultaneously, the Conservative government, aided by Orange Book Liberal Democrats like Danny Alexander, used austerity to shift the burden of the financial crisis away from the shoulders of those responsible and on to those least responsible.

It is hubristic to celebrate that “achievement”. Nemesis – that dark, punishing female spirit and goddess – is already at work.

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