Labour are partially blame for the "global economic crisis" as are all national governments.
The problem is we have a global economic system which serves the interest of the big banks and the top richest 5%. The feral elite have acted with impunity, gambling with public money, scamming one another and the public, losing the money, and then using public money to bail them out.
What has happened, in effect, is the the banking crisis has turned in to a sovereign debt crisis. This is because the public have bailed out the banks.
So there has been a massive transfer of wealth from tax payers (the public) towards the banking system, in order to rescue it from its own vices and bringing everyone else down with it.
The people who make the 'there is no money left' argument are typically right-wingers and Tories who have always resisted public spending, and have wittingly or unwittingly fallen in to the mistaken idea that it is huge amounts of public spending which has caused these deficit crises all over europe and the world.
It isn't public spending which has caused this crisis, it's the financial meltdown which caused the crisis. This cost the public hundreds of billions of pounds, caused a recession, caused a loss in tax receipts because of the recession, and put tens of thousands of people out of work.
I'm pissed off too, but blame the right people, for God's sake - it's not that we have too many hospitals in the UK that we have a huge deficit. It's because we rescued the financial system from total meltdown, caused by the gambling city crooks.