I’m not an expert in either politics or economics (or anything else, for that matter), but this sounds suspiciously like Ed Balls is blaming globalisation for the current economic woes.
“I think that this is a financial crisis more extreme and more serious than that of the 1930s and we all remember how the politics of that era were shaped by the economy.”
Mr Balls, MP for Normanton, added: “We now are seeing the realities of globalisation, though at a speed, pace and ferocity which none of us have seen before.
“The reality is that this is becoming the most serious global recession for, I’m sure, over 100 years as it will turn out.”
I’m sure he’s also going to carefully catalogue how, exactly, it was globalisation that put off the bankruptcy of the UK for the last 12 years of Gordon fucking everything up. Yes, Gordon may finally succeed in bankrupting everyone now, but the ability of the UK consumer to get what they needed cheaper because of free and fair international trade, and the ability of the UK private sector to make money because of free and fair international trade, has put off that day for many years.
Or I could be entirely wrong, and Mr Balls might be talking about something else entirely. I’m not putting any money on it though.