Dr Johnson, speaking about the politicians of the 18th century, said that patriotism is the last refuge of a scoundrel. Outright accusations of treachery to the nation have become rare in today’s politics, but they have been replaced by rumours about economic treason and betrayal of market confidence. In today’s financially obsessed world, confidence has become the last refuge of the humbug.
In the past few days we have heard repeatedly that our politicians are risking the country’s credit rating or threatening sterling or facing retribution in the bond markets. Political leaders have been forced to take decisions of immense historic importance within days, or even hours, to satisfy arbitrary deadlines laid down by supposedly implacable financial markets. Any political action that a media commentator or a business leader happens to disagree with is attacked for undermining business and consumer confidence. Like Greek oracles, who claimed to hear voices from Olympus, financial analysts hold forth on television, invoking market confidence and insisting that no sacrifice is too great or too painful to propitiate this new god.
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