So Labour Have Imploded Then.

In May this year the UK held it's General Election. Almost from the moment of the 2010 General Election and the introduction of fixed term Parliaments the plan was that in 2015 the Labour Party would return to power and under close supervision would repair the damage done to the country in the Conservative/Liberal Democrat (ConDem) coalition.

Unfortunately the Labour Party completely blew it and not only failed to win power but even managed to lose seats reducing their total number of MP's handing the Conservative Party an outright victory. Obviously there are a wide variety of reasons behind this epic failure by Labour which I only ever got halfway though. However I think one of the key ones was Labour's demand for greater press regulation through the "Hacked Off" campaign that led to the Leveson Inquiry into press standards.

Driven by the totalitarian wing of the Labour Party the purpose of the exercise was to introduce Soviet-style controls on the press preventing them from criticising the less then competent Labour Party in any way. Although it ultimately failed the multi-year campaign had an immediate and chilling effect on the media in the UK with everyone suddenly afraid to say anything even vaguely controversial. Instead they simply produced wall to wall coverage of the Leveson Inquiry itself. This was at a time when Britain was engaged in illegal wars of aggression in Libya and Syria whilst at home the ConDem's were slashing public spending and sending the national debt skyrocketing.

To my mind Labour's war against the press has been one of the key factors that has absolutely killed off any form of political discussion within the UK. Although I have very easy access to UK news I barely pay it any attention to it anymore because there's rarely anything there of any substance.

This Pravda-style campaign also meant that nobody in the UK media had any incentive in seeing a Labour government until the more grubby edges of the party had been removed. So when the Conservative Party started putting about a fanciful story about Labour trying to form a coalition with the Scottish Nationalist Party (SNP) in the run-up to the 2015 election no-one in the media felt the need to set the public straight.

The SNP are of course a symptom of this death of politics to the point where I don't even consider them to be a political party. Their entire existence is predicated on the rest of the UK being prepared to bail them out to the tune of USD18bn per year, every year. Obviously this cannot work on a national scale.

What the Labour Party should have done is look hard at what brought about their collapse and make the tough changes needed to avoid it being repeated. Instead they decided that they really needed a hug and elected Jeremy Corbyn as leader to tell them what they wanted to hear and position themselves to out SNP the SNP.

Prior to his ego getting the better of him I actually had a lot of respect for Corbyn. However I always understood that his role within the party was that of an outsider allowing him the freedom to meet with people like Hamas and Hezbollah that need to be heard even if mainstream politicians couldn't be seen to meet with them. This fanciful fringe of the party - which is often represented by Ron Paul in the US Republican Party - also plays a vital role in producing some of the wild ideas that although don't become policy themselves help shape the discussion within the political mainstream.

A prime example of this is a centrepiece of Corbyn's manifesto which would see USD140bn in so-called "business subsidies" cut every year. Although I don't think any of Corbyn's supporters have actually read it the report that produced this 140bn figure did so by counting health spending and education spending as subsidies for business. After all if the public is too sick or too thick to work then business wouldn't have any employees.

This type of thinking obviously highlights how important it is for the government to spend on things like health and education whilst promoting discussion about how much business should pay towards that government spending on health and education through taxation. However introducing it as an actual policy creates this rather lunatic Neo-Conservative world where there is no taxation and no public spending so if you want healthcare or to send your children to school you have to pay for it yourself.

I don't see it as the role of the Labour Party to give deluded private school boys like David Cameron and George Osborne anymore ideas in that direction.

The other centrepiece of Corbyn's economics- "People's Quantitative Easing" - is just bonkers and straight out of the SNP/SYRIZA economic school. It has it's roots in the 2008 economic crisis in which global debt markets seized up.

In response the members of the G20 agreed to together print money to buy debt from private banks to get the system moving again. This is known as quantitative easing. Although the bank debts would ultimately be repaid and this was considered a short-term move that was co-ordinated throughout the global economy there is continued concern that it will lead to higher inflation.

Corbyn's plan will see the UK central bank (Bank of England, BoE) issue bonds and then print money to buy those bonds off itself. This new money will essentially then just be handed out to the public. Being a permanent plan and one that it done without international co-operation this will obviously cause inflation to soar and the UK currency to collapse.

Corbyn's response to this is to simply get the BoE to write off the bonds it has issued to itself. This will have some effect in reducing inflation but it will destroy the credibility of the BoE massively undermining confidence in the UK likely leading to it being locked out of the global debt market causing the currency to collapse driving up inflation even further.

As if to underline that Labour has no intention of being party of opposition, let alone a party of government ever again at the same time they elected Corbyn as leader they elected Tom Watson as deputy leader. It was Watson who led Labour's war against the free press.

So basically Britain has gone back to the days of Margret Thatcher. To say that she was unpopular is an understatement because the miners strike saw pretty much the entire north of England and Wales rise up in insurrection against her. Barely a year went by without one or other of Britain's major cities exploding into rioting which really peaked of the Poll Tax Riots of 1989. Throughout Thatcher's rule all of Britain's local governments, councils and Mayors were stripped of their power for objecting to Thatcher's policies.

However Thatcher's Conservatives still manged to win four General Elections remaining in power for 18 years because despite all the opposition the Labour Party were incapable of providing a credible alternative.

16:40 on 13/9/15 (UK date).