Politicians are now talking about cuts. So gallingly obvious is the need for restraint that even Peter Mandelson last week admitted state spending will be reined-in. But all the main parties – in cahoots with their banking friends – insist such actions are for the future. So, for now, the UK's fiscal and monetary policy remains wildly expansionary – with the wealthy few gaining from that largesse while the general public shoulders the costs in terms of higher taxes and high future inflation. If such a

state-facilitated wealth transfer took place in a country with hotter weather, we'd purse our lips and call it kleptocracy.