http://www.guardian.co.uk/world/2011/dec/29/us-egyptian-forces-raid-cairo

Get in there and and close them down – they are political movements and so closely linked to US foreign policy in the region that no one should be fooled.

We have today a situation where the only thing driving growth is increased government expenditure due to unemployment pushing up benefit costs and at the same time reducing government tax receipts.

What a dilemma for Obama and the Western poodles (merkel, cameron, others). Do they support the new movement? Do they insist that the junta remains in power until elections can be organised?

I love the irony of this one!

May this be the first place that the Arab people take control and define their destiny!

It is no surprise that Lebanon and Yemen voted against the recent vote to exclude Syria.

If I have one call it is for the Arab world to work together and stop the infighting that has been and continues to be encouraged by the Judeo-Christian developed world!

The mainstream media characterise them as anti-capitalists – akin to anarchists, Marxists, or worse…is there worse? Any lack of policy suggestions is treated with the same derision as any suggestions. They have however made an Initial Statement – here it is:

• The current system is unsustainable
• We stand together with occupations all over the world
• We refuse to pay for the banks’ crisis
• We do not accept cuts as necessary or inevitable
• We want regulators to be independent of the industries they regulate
• We support the strike on 30th November and student action of 9th November
• We want structural change towards global equality
• We stand in solidarity with the globally oppressed

I can’t really argue with that!

Over half the Greek debt can be attributed to some Nato arms spending spree over the last 20 years the rest to over-zealous bankers high on the discovery of high interests rates with no risk.

If Greece does not agree to the austerity package then Greece does not have to leave the Euro. The debt will be written off, Greece will start again. The banks that lent will need to be rescued and Italy, Spain, Portugal, Ireland the UK will be next. So be it. The system needs cleaning – in fact if you look at what the banks are doing now (they have strong survival instincts), they are offloading bad debt as fast as they can and reducing the size of their balance sheets – see http://www.guardian.co.uk/business/2011/nov/08/europe-banks-retreat-into-mini-crunch – or what the Guardian calls “Beggar-thy-neighbour” economics. BTW this is a well-known policy of a country devaluing its currency to improve its competitiveness and reduce the attractiveness of imports and is not at all relevant to this discussion but anyway…..

http://mrzine.monthlyreview.org/2011/venezuela221011.html

Convicted Lockerbie Bomber Probably Not Guilty—So Who Is the Real Criminal?.

There is more to this story than we are being told. Why does mainstream media not probe further for the truth?

Yesterday I again heard that Gadaffi got what was coming to him for his role in ordering the Lockerbie bombing! It amazes me that people are prepared to believe whatever they are told by Governments and mainstream media and look no further.

In this scenario there is one benefit and only one…….

The Government deficit can be funded without impacting interest rates. That’s it!

Remember politicians and civil servants (they are rarely blamed although John Prescott, the Minister in charge of the project, made an exception here this morning about the IT project that went from £100m budget to £500m without him being aware – click here for story ) have built up such a mountain of Government debt that any increase in interest rates would be disastrous. This is a very key point so please weigh it up. Can you imagine the situation if our Government were forced to take massive austerity measures to avoid defaulting? The riots were nothing to what would be seen in this country if that happens.

So please, when you here anyone talk about QE as an attempt to boost the economy, please! The banks just go out and buy more Government debt with the money so there is no impact on the economy. QE is a new name for monetising the Government debt. Simple as that.

QE is about avoiding a sovereign default. The real problem is that it is no cure, just a plaster. The wound however is festering. The Government is broke and still spending and banking sector was bust years ago. I suspect that the next wave of QE will be more focused on buying what will be termed “investment grade assets” from banks. This is effectively turning the BoE into the “bad banker of last resort”. Oh my God. The thought of Mervyn dressed as the Bad Banker of Last Resort is too weird…..

I urge the UK Government to cleanse the banking system in coordination with the major powers by nationalizing the solvent commercial and retail banks and letting the the rump go into liquidation. Our mortgages will remain, we will be able to get cash from the local dispensers, our credit cards will work, companies will have overdraft funding and loans and the world for all of us will be a better place without a mountain of casino debt.

Anyone interested in the evolution of the BoE’s balance sheet (or do I mean metamorphosis) then look no futher than below

See link to BoE site here

Some figures:

Greece joined the EU in 1981 and has spent at least $250 billion in defence spending since then. There debt is around $450bn. Remember that the German and French armament industry have done very well out of this as have their bankers who have lent Greece the money to gorge itself on missiles and such like. Greece is number 23 in the defence spending league!

I urge you to default on this debt! Say no to your Government now and make the Governments and bankers of the EU, the UK and the US face up to the consequences of their greed. Let’s cleanse ourselves and them in the process!