Friday 29 March 2024

Nothing Cryptic About It

Tony Blair and Bill Clinton may have gushed over Sam Bankman-Fried, but where cryptocurrencies were concerned, then I have always thought that the clue was in the name. It gives me no pleasure to have been right, but I was.

What matters is to get our hands on the power. Then there would be no cost of living crisis. Recession and inflation are both political choices. A sovereign state with its own free-floating, fiat currency has as much of that currency as it chooses to issue to itself. All wars are fought on this understanding, but the principle applies universally. The State also has the fiscal and monetary means to control inflation, means that therefore need to be under democratic political control in both cases.

As you can see, I have never professed to agree with George Galloway about everything. We do need to work on him where cryptos are concerned, although the whole thing is busily collapsing as it is. But when I tell you that there is going to be a hung Parliament, then you can take that to the bank. I spent the 2005 Parliament saying that it was psephologically impossible for the Heir to Blair's Conservative Party to win an overall majority. I predicted a hung Parliament on the day that the 2017 General Election was called, and I stuck to that, entirely alone, all the way up to the publication of the exit poll eight long weeks later. And on the day that Rishi Sunak became Prime Minister, I predicted that a General Election between him and Keir Starmer would result in a hung Parliament.

I have no plan to join the Workers Party of Britain, although nor would I expect to stand against it. If, however, it did not contest North Durham, then I would. To strengthen families and communities by securing economic equality and international peace through the democratic political control of the means to those ends, including national and parliamentary sovereignty, we need to hold the balance of power. Owing nothing to either main party, we must be open to the better offer. There does, however, need to be a better offer. Not a lesser evil, which in any case the Labour Party is not. We have made a start.


  1. Certain people need to revisit their enthusiasm for cryptos since they discovered MMT.

    1. We would be prepared to draw a veil over the matter.