Sir Ed Davey’s conference speech wasn’t a reinvention of the Liberal Democrats. Into that vacuum, Sir Ed calculates that moral clarity is more valuable than ideological caution. In Tuesday’s speech Mr Musk – the biggest donor in US politics – symbolised the forces that threaten democratic institutions and public safety. Perhaps the most important feature of the speech was who Sir Ed targeted – and who he did not. Sir Ed is fighting a three-front war: against populism, against Labour complacency, and against irrelevance.