If the Liberal Democrats form an alliance with the discredited Labour party they will be committing political harakiri.
In the first place, such an alliance will be short-lived because numerically it cannot survive. Sooner rather than later it will fall on a vote of ‘no confidence’ in Parliament, and a new general election will have to be held.
The electorate will not be forgiving in a situation where Labour and the Liberal Democrats will certainly be seen to have jointly alienated public opinion and defied the verdict of voters.
Repercussions to such an outcome would spell disaster for both parties, with the Liberal Democrats routed as a political force and their opportunity to influence squandered for another generation.
As for Labour, they will suffer a far worse defeat than they have already.
The only winners will be the right-wing of the Conservative party, who will regain their influence and work to reverse every move towards reform.
The longer this political masquerade goes on, the more the Liberal Democrats are likely to lose ground. Nick Clegg is gradually forfeiting his popularity with the public, and unless he moves quickly to repair the damage he has already caused by courting the Labour party at this late hour, he will find himself permanently marked by a reputation for indecisive duplicity – and as discredited as Gordon Brown.