The lenders will come out alright. Even if the utilities end up being renationalised their debt will be converted into government bonds. The mugs here are the public, which end up paying to service the debt that has been used to issue dividends.

> That The Economist, the City of London's answer to Pravda, published this article at all is telling.

Do you mean it's extremely left wing? Or pro-authoritarian capitalist? Or the most left-wing publication you can find in an otherwise capitalist group?

I mean that it usually parrots the party line (in hte case of Pravda, literally). Criticizing privatization is for them heresy of the highest order.

I wouldn’t read that much into it.

Pravda is both the Russian word for ‘truth’ (правда) and was/is a publication advancing the interests of the USSR/Russian state establishment.

The ‘economist’ implies a similar ‘truthfulness’ (it must be right about the economy if it’s an economist!) and advances the interests of the London financial establishment.

I'd assume they meant (generally) uncritically pro City of London corporations and the London influenced strain of economic liberalism which they represent.

But I do think it's a bit of hyperbole in a way, although I'm only tangentially familiar with the publication.