Our politics could be about to get really interesting.
Today's business section of the Sunday Telegraph has a hit piece against Jeremy Corbyn, alleging 'Corbyn's policies would reduce Britain to 'Zimbabwe-style ruin'. So far, so standard. But the detail is what makes Peter Spence's article worth reading and re-reading. The title of the online version indicates the underlying nature of the subject matter 'Jeremy Corbyn's 'People's QE' would force Britain into three-year battle with the EU'
After getting in the immediate dig that Corbyn would turn Britain into Zimbabwe, Spence writes:
"Key parts of the Labour leadership frontrunner's plans would fall foul of EU laws intended to avoid runaway inflation, and consign the UK to a three year legal battle with the European Court of Justice"
So, vote Corbyn, vote for what is being styled as 'People's quantitative easing' - and get the European Court of Justice. That is not acceptable. The economic policy of the UK - whether free market, socialist or a thousand shades in-between, is a matter for you and me as British citizens. Not judges overseas.
Rather than focus on the political nature of what he has just outlined, Spence turns to the economic consequences (as you might perhaps expect in the business pages). Economist Tony Yates, and Bank of England Governor Mark Carney are wheeled out to predict the descending of plague and pestilence upon us all. Several paragraphs through, Peter Spence gets political again:
"Mr Corbyn's proposals would clash with Article 123 of the Lisbon Treaty. which forbids central banks from printing money to finance government spending. Lawyers warned that a lengthy fight with the EU would be a certainty, and could mean that infrastructure projects end up incomplete."
Long term tax campaigner Richard Murphy of Tax Research LLP has emerged as somewhat of a guru in recent months on the issue of taxation, and a potential change of economic direction under Mr Corbyn. I do know that some of those behind Notes from the Borderland magazine, who worked with Mr Murphy in the past on the issue of the UK's tax havens, were less than impressed with him, a matter which I am sure NFB will turn to on another occasion. On 'people's quantitative easing', Spence declares:
"Richard Murphy, named as the architect of People's QE, said that some fiddle would be required to get round Article 123."
Syriza tried that type of approach. Brussels said no. And were prepared to destroy Greece in the process. For Corbyn's policies to have a chance of implementation, Britain would either have to leave the European Union, or negotiate some special dispensation to be allowed to develop truly independent economic policies. How likely is that?
If you are wondering why Nigel Farage and UKIP have avoided the Conservative and New Labour attacks on Jeremy Corbyn, it is for a simple reason. You can't have socialism, and the EU. You can't for that matter have capitalism. Only corporatism. And the more Corbyn's supporters learn that, the more people will be questioning exactly what Britain is committed to in the European Union. Many will then be voting No in the forthcoming EU referendum.