James Crosby was probably paid for this report, and that's what makes it shocking. If he hasn't found anything new or surprising about why Britain has landed in this mess, it means that we might as well have had Orangutans running the Bank of England and the Treasury.
Well here's my simple explanation for people who cannot count, let alone care about money:
Britain exposed its monetary economic control to global financial markets. It was borrowing money from global supplies, for example to sell mortgages. It thought it was keeping control of its money supply, through the Bank of England, but it didn't count how these inflows of global money were affecting its money supply.
Oh yes, could an anti-globalist wish for anything better? The global financial system failed in one part of its machine, and the whole damn machine broke down. Britain was so proud of being part of a global machine. Well globalists don't tell you the downside of globalism, do they? The bigger the machine, the bigger the breakdown when just one thing goes wrong in the machine. A bit like a whole Space Shuttle blowing up because one person used the wrong type of washer when they were fitting a bolt.
So now Britain's monetary economy has been left to recover on its own, and all they can manage to say is that:
The global system broke. There are no quick fixes. We will have to live without the global machine and learn to be self-sufficient again. This will take at least two years.
To which I add:
Stop eating mortgages. In fact, stop eating and wasting so much food, otherwise the global food system will break down too!
I hope the wide-eyed kids who studied politics in university who work at Westminster for our busy, simple-minded, Members of Parliament can explain these simple facts of Globalization to their bosses:
Global isn't always Good. Global always is dangerous. Take the collapse in World Trade Organisation Doha round talks for example.
De-Globalization is best managed, and not left to chance, or worse, to War. Everybody needs to have a Plan B, and people who walk around saying Globalism is Good never seem to give us a Plan B.