How Left Is Corbynomics?

One of the things that most irritates me is the idea that Corbyn is Hard Left. What the fuck is Hard Left but cant? I know people who are Marxists and people who believe in the kind of stuff Corbyn would have spouted in 1980 about nationalising the top 250 companies. How fricken hard left is someone advocating clearing the deficit and monetizing new spending? Austerity lite.

Even economists whose first reaction was “People’s QE, what shit” are reduced on thinking to the pathetic defense of the pointless independence of the Bank of England and its Chauncey Gardneresque head Mark ‘The Bleeding Obvious’ Carney. QE is hardly a left wing vehicle.

Indeed the only thing left is that only the left call for expansionary fiscal policy these days even though that is not in and of itself left wing policy, it’s just a policy. Indeed the best criticism is that why monetize this debt when Govt is paying 2% and many would welcome bonds paying 2.5% and that would still be cheaper than PFI funding – can always monetize in an emergency like 2008. Osborne himself is a fan of Infrastructure spending provided it is done with maximum cost/waste of PFI.

Plans to not put rail franchises out to be purchased or gradually re-own pointlessly privatised utilities where Govt already takes all the risks and guarantees all the loans for no benefit as foreign owned hedge funds and Sovereign Energy companies syphon off operating profit to avoid any tax may sound left but only the barking wing of the right would dare argue seriously it was much other than sensible or little different.

My worry is that the rest of Corbyn’s ideas are stuck in the same 1980s time warp as his critics. How left can he be with 90% of his MPs fervent neo Libs?

On the surface his economics hardly scream leftist by 2015 standards never mind 1985.

How Left Is Corbynomics?

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