Where are our statesmen when we need them?

If global capitalism seriously falters, as it is threatening to do with a vengeance, there will be very little national politicians can do economically to protect the poor. Politically, however, they can save the day on the high road by inspirational rhetoric ("we have nothing to fear but fear itself") and charismatic leadership - as Roosevelt did so superbly in the 1930s with the (largely symbolic) New Deal; or alternatively on the low road by scape-goating the rich or some other unpopular minority, as Hitler did during the same period. One way or the other, it will be by the black or white arts of politics that the necessary oil will be poured on the turbulently troubled waters.

Yet the Cameronians still seem to put their faith in an economic cure - more privatisation, more de-shackling of private enterprise, a new Governor of the Bank of England. This is crazy. You can't alleviate the cruel insecurities and

gross social injustices of capitalism - which are just as much an inherent part of the system as the economic dynamism – by more capitalism. No, these sufferings can only be rendered acceptable by political genius - something which the current media climate of cynicism and denigration does nothing to nurture.

Since the end of the Cold War we have prioritised economics over politics, preferring to put our trust in the invisible hand and the bottom line. We can only hope that the hour will produce the indispensable statesman, as it may already have done in Barack Obama. What about here? As it happened FDR early on was described by the leading American columnist of the day, Walter Lippmann, as "a man of mediocre intelligence". So the much disparaged David Davis need not despair!