What did we learn today? Osborne will defend the banks. Again.

The Chancellor's Autumn Statement shows a commitment to backing the unregulated and reckless financi

Forget the bluster, the spin, the deflection of blame. Forget the bleat that "there is no money". Forget the "fake metrics". Forget "the plan to ensure we keep Britain safe from the sovereign debt crisis".

This Autumn Statement represents a welcome, if still inadequate, u-turn.

Underlying all the carrots and sticks is the Treasury's frank admission of error, the Bank of England's £75 billion (with a promise of more to come), and a frantic volte-face.

Of course, the Chancellor has had to disguise his about-turn by dressing it up as austerity, but he has dramatically relaxed fiscal consolidation -- even though public finances are, by his own admission, in far worse condition than they were just six months ago.

The Autumn Statement goes some way to acknowledging the cause of the rise in government debt and of turmoil in markets, noting that there was in the UK "the greatest expansion in debt of all the world's major economies over the last decade" and that "the full scale and persistence of that impact is slowly becoming clearer."

But while Treasury orthodoxy is finally "becoming clearer" about the scale of the crisis -- one deepened by synchronised austerity -- the Chancellor seems unable to learn the lessons and fully reverse course. While acknowledging that "the financial sector has acted as a drag on growth," the Chancellor today promised to ensure Britain "remains the home of global banks and that London is the world's pre-eminent financial centre".

In other words, the government is committed to subsidising, bailing out and rewarding the City of London -- at grave cost to public sector workers, pensioners and private firms. Their analysis, reactions and policies to this crisis remain profoundly inadequate.

For make no mistake, we stand at a pivotal moment in world history, and today our politicians and economic authorities are revealed to be disgracefully ill-prepared for it.

We remind them again: Britain is not facing a sovereign debt crisis. This is not a eurozone crisis. It is a private banking crisis: the catastrophic unravelling of the private, liberalised financial system. Governments, including our own, are not the cause of turmoil: they are victims of the turmoil in private financial markets -- in the City of London, "home to global banks".

The unregulated financial sector has lent recklessly and expensively for some thirty years to itself, to firms and to households. As a result, private indebtedness -- as both the Autumn Statement and the McKinsey Global Institute carefully document -- is at its highest as a share of income ever in history.

The unfolding and related crisis of sovereign debt is a consequence; the result of four years of futile attempts by western governments to maintain, compensate and support this bankrupt system. Osborne, in his statement today, persists in his backing of this failed order.

As rising unemployment, falling incomes and despair begins to crush western societies; as "indignants" in Britain, Europe and the US lead protests against more cuts in pay and pensions and are brutally assaulted by police for their pains, we are confronted by a frightening reality.

Our leaders and their advisers simply cannot absorb the lessons of the crisis. As a result they have abrogated any responsibility to lead. Instead, they struggle manfully to maintain and uphold the old, catastrophic financial system -- and are incapable of constructing a new, global order.

The resulting policy vacuum is frightening. No wonder the Polish foreign minister warns of "a crisis of apocalyptic proportions".

Ann Pettifor is executive director of Advocacy International and a fellow of the New Economics Foundation

#Match4Lara
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#Match4Lara: Lara has found her match, but the search for mixed-race donors isn't over

A UK blood cancer charity has seen an "unprecedented spike" in donors from mixed race and ethnic minority backgrounds since the campaign started. 

Lara Casalotti, the 24-year-old known round the world for her family's race to find her a stem cell donor, has found her match. As long as all goes ahead as planned, she will undergo a transplant in March.

Casalotti was diagnosed with acute myeloid leukaemia in December, and doctors predicted that she would need a stem cell transplant by April. As I wrote a few weeks ago, her Thai-Italian heritage was a stumbling block, both thanks to biology (successful donors tend to fit your racial profile), and the fact that mixed-race people only make up around 3 per cent of international stem cell registries. The number of non-mixed minorities is also relatively low. 

That's why Casalotti's family launched a high profile campaign in the US, Thailand, Italy and the US to encourage more people - especially those from mixed or minority backgrounds - to register. It worked: the family estimates that upwards of 20,000 people have signed up through the campaign in less than a month.

Anthony Nolan, the blood cancer charity, also reported an "unprecedented spike" of donors from black, Asian, ethcnic minority or mixed race backgrounds. At certain points in the campaign over half of those signing up were from these groups, the highest proportion ever seen by the charity. 

Interestingly, it's not particularly likely that the campaign found Casalotti her match. Patient confidentiality regulations protect the nationality and identity of the donor, but Emily Rosselli from Anthony Nolan tells me that most patients don't find their donors through individual campaigns: 

 It’s usually unlikely that an individual finds their own match through their own campaign purely because there are tens of thousands of tissue types out there and hundreds of people around the world joining donor registers every day (which currently stand at 26 million).

Though we can't know for sure, it's more likely that Casalotti's campaign will help scores of people from these backgrounds in future, as it has (and may continue to) increased donations from much-needed groups. To that end, the Match4Lara campaign is continuing: the family has said that drives and events over the next few weeks will go ahead. 

You can sign up to the registry in your country via the Match4Lara website here.

Barbara Speed is a technology and digital culture writer at the New Statesman and a staff writer at CityMetric.