I was watching some morning TV today and was watching a mouthpiece from British Airways give his thoughts on BA returning its first ever loss. He said BA was going to "reduce its cost base". That is an original euphemism for job losses, I have to admit. He then went on to proudly boast that they have shed thousands of jobs and will probably shed a lot more.

What sort of economy have we created when you can now publicly boast you are going to sack thousands of people?

The UK is plunging towards depression if it isn't there already. And yet,despite this the major political parties are racing to the bottom in announcing how many cuts they are going to make. The lunatics are definitely running the asylum. The true unemployment rate could be closer to an unbelievable 25%. This would make it on par with the Great Depression of the 1930s which lasted almost a decade.