It's seldom a good idea to underestimate your opponent, so when I'd stopped hugging myself at what Twitter was telling me Ed Balls was saying over the weekend, I reasoned he isn't a fool and so there must be method to his apparent madness. Which of course, there is.

And so picture if you will the shadow chancellor luxuriating in a large armchair and stroking a white cat as I take you through his dastardly scheme...

There has of course been some misrepresentation of the facts. Ed Ball's speech actually positions him as the irritating local, replying to a request for directions with a lopsided grin and a sarcastic "I wouldn't have started from here'. This promise to map out a course from wherever he finds himself in 2015 conveniently saves him coming up with any solutions of his own for a while and at the same time allowing him all the wriggle room he needs over coming months.

And it's a trick he's seen pulled off before. It's from the Gordon Brown school of 'how to demonstrate economic competence if you're Labour' that played so well pre the 1997 election. Accept Osborne's sums, say you'll spend the money they leave you more wisely - spending is an area the electorate believes Labour does know something about -and you win. It's worked once before...

And it needs to work again. Because for all the distinctiveness of the shadow chancellor's Keynesian approach, the country seems more inclined to support the notion of belt tightening and austerity to dig us out of the economic mess we find ourselves mired in

There are also tactical advantages to all this. It's been Balls over the last few months who's been leading the doe-eyed flirting with us Lib Dems. What better way to lay the groundwork for a future potential pact, than to accept that all that has gone before cannot be undone? It's like the shadow chancellor is gearing himself up to come over, give us a big hug and say 'what's past is past'.

Of course, some people within the Labour movement are going to be upset by all this - especially the unions when they read about accepting the need for public sector pay freezes. But the unions weren't exactly supportive of Ed Balls during the leadership campaign were they? So not much to lose there. The only one who's going to suffer in that camp is poor Ed Miliband. As some idiot pointed out on Friday, Miliband is safe enough in the leadership while he's seen as playing the game by the rules of the party - but as soon as he starts going anywhere near the centre, the gloves are off, and he's in trouble. And that opens all sorts of doors.

Of course, I hear you cry, the man wielding the knife never gets to lead - Balls wouldn't be so obvious. Except of course, in the Balls household, it's not Ed's turn to go for the leadership - and Yvette is untouched by all this. Isn't it better when you sort out these potential family disputes about whose turn it is to be leader in a mature fashion behind closed doors? If only everyone took the same approach.

So all in all, the latest front in the battle for the economic high ground opens up all sorts of interesting possibilities for the Balls camp.

He's not stupid, is he....

Richard Morris blogs at A View From Ham Common which was named Best New Blog at the 2011 Lib Dem Conference