Yet another bail-out for the banks and businesses was pledged by Osborne last week during his Mansion House speech. This would be the third! And once again we were told it really had nothing to do with the parlous state of the British economy, but was all because of the "crisis in the eurozone"!
The convenient pretext which Osborne used this time, was the general election taking place in Greece at the weekend, which, according to Osborne, was likely to herald the exit of Greece from the euro. Except that it did not. So much for the off-the-wall, nationalistic politicking which Osborne and company engage in.
The eurozone is in crisis, of course. Just like the rest of the world is in crisis. But at least industrial production in the Eurozone has not been falling - as it has in Britain, over the past 6 months. The British economy is officially "flat-lining" - but some experts say that it is actually shrinking.
As to the Greek election, the left-wing Syriza party, which might have won, but in the end came second in the poll, never argued in favour of leaving the euro. Contrary to what Osborne kept implying. Syriza, among others, merely refused the "solution" offered by Osborne's European counterparts - that is, that more and more austerity is the only answer to this crisis.
Today we have Cameron telling the Greek political parties that they must now "get their act together" and form a government quickly, so that stability can be restored to "Europe" and thus to Britain as well. Behind that bossy arrogance, he obviously has the remaining stake of British banks in Greek government bonds, in mind, but little else!
...But who would it help?
Anyway, once again, the "eurozone crisis" is being used as the big scarecrow - to justify splashing out more billions on the banks and their shareholders. Speculators betting on the financial markets understood this only too well - as was shown by the sharp rise in share prices following Osborne's speech.
However, significantly, the prices of non-banking shares did not increase - which shows that contrary to Osborne's expectations, the capitalists themselves don't believe that the new bail-out will kick-start the failing British economy.
In fact even the so-called financial experts are baffled by Osborne's new scheme - the actual details are so shrouded in secrecy that no-one knows how exactly it will work! The overall cost of the handout is nevertheless estimated to be £80-100bn this time round. In other words, more cash for British banks than the entire bail-out of the Greek "failed state" by the EU!
This pumping-in of money is supposed to be yet another way to "encourage" British banks to lend money to businesses. But just like before - there is nothing in any of the conditions, to force the banks to cut their interest rates to borrowers.
Don't turn to us!
And there is another question to be answered: is the real problem for companies really that they are unable to borrow money from the banks? In fact, no, not at all! Their real problem is that they do not want to invest right now! It is not cash which they are short of, but what they would consider to be "risk-free" opportunities to make short-term profits.
And this is despite being given incentive after incentive to help them along, among these, tax cuts, the cutting of "red tape", and now the possibility of "employing" workers for free, under the government's so-called "work programmes". Yes, schemes which are themselves designed to be money-spinners for the private companies which run them, forcing the unemployed into unpaid jobs!
Of course, ever since the beginning of the banking crisis, when the Labour government was still in power, the successive bail-outs of the banking system never had any purpose other than to maintain the profits of the capitalist class. This 3rd bail-out is no different.
And like before, it places the bill in front of the working population - because that is who is asked to pay, always, and again. Yet for the third year running, the amount of cash in our pockets has fallen - both due to rising prices and falling incomes. So isn't it time the government and the capitalist class, which it defends and whose interests it represents, were told that our patience is wearing thin, and that we neither "buy" their pretext, nor do we accept their bill?
Like the Greek population did last weekend, at the polls, and at the football (!) - we could tell this government where to stick its austerity. We cannot and we will not pay!