It wasn't being 'too left-wing' that did for Labour; it was the belief that, so far as it was desirable to fight on the economy at all, the objective had to be one of aping the Tories on 'fiscal responsibility', for which read deficit reduction for its own sake.
What makes me nervous is the way Corbyn and his allies are flourishing QE as though it solves all economic problems at a stroke. Using the power of money creation is not something that can be done irresponsibly; it must be subject to two important constraints.
Labour will not thrive again unless it finds the guts to convey a bold message that gives people hope. Aspirants to the leadership should lift their eyes and embrace the case against austerity. There really might be some votes in it.
Long a monetarist advocate, Tim Congdon's distinguished career involved roles in the City of London and as a key advisor to the Thatcher government. To this day, Money in a Free Society remains one of the only critiques of the financial crisis from a monetarist standpoint.
Miliband is certainly an intellectual full of ideas and a clever strategist. But Osborne has proved himself to be an equally powerful intellectual, better at gaming strategy. Labour could outwit Tory strategists. Instead of fielding Miliband in a 'presidential style' election, it could play the party instead as a collegium.
There is a money tree, and it's called the Bank of England.
Poised on the brink of economic meltdown as we are, governments all over the world are baying frantically for growth. But growth is not the answer to our problems.
This crisis is an object lesson in globalisation. National politics - except those of Greece - are effectively suspended until the euro crisis is resolved one way or the other. Here's hoping it's resolved soon.
Unlike a pure Keynesian approach of investment in infrastructure to promote employment and through this economic activity, I am suggesting that we use investment to redistribute cash and create activity which leads to jobs.