The bankers won (not a Spoonerism). "Austerity" is the result= we bailed them out, now we owe them the money we gave them. There aren't half been some clever bastards.

Now, using the (false) analogy of household finances, the UK Conservatit government has passed a law useless except for propaganda purposes "outlawing" unbalanced budgets. It's useless because no law can constrain future Parliaments. They are sovereign under the (unwritten) British constitution.

Even in its own terms it's stupid. No family conforming with this "law" could buy a house unless they had cash in hand. I hope the next government uses it as an excuse to raise taxes for the rich to a 95% marginal rate- the Beatles' "one for you, nineteen for me"- which was applied in the Sixties. If they emigrate (become "economic migrants") all tghe better for us, a sort of delousing.